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Old 09-04-09, 05:20 AM   #1
timmyquest
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Chase: The Bank that keeps on taking

I like banking with Chase. They offer me a lot of things. I have a very low interest credit card. Their point reward system is actually useful. Their ATM machines kick ass (new check/cash deposit feature? Brilliant.). But every once and a while they really rub my taint the wrong way.

I really only use the credit card to float purchases from paycheck to paycheck. It's almost always zeroed out at the end of the month. A few days ago I bought a new camera which is primarily going to be paid for by the sale of my other camera. Went on the CC. Two days ago, I bought a new phone as my old one broke. This was an unexpected expense that I hadn't planned on making until next month, but i couldn't be without a phone. On the CC.

This was an oversight on my part, my math was wrong as it was $10 over my credit limit. I have another card that I should have used as the limit on that card is much higher. As a result, the interest rate is too, so I rarely use it.

So, instead of Chase denying the purchase, they let it run through. Then they charge me $40 for going over my limit. What happened to denying credit cards? Am I missing something?

I'll pay the $40 because I ****ed up, but seriously...wtf man?
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Old 09-04-09, 05:52 AM   #2
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This is new standard practice since people aren't buying as much. They make their profits on fees instead. I think the new law will address some of this next year, but not sure of details.
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Old 09-04-09, 06:06 AM   #3
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Yes, the talk has been around for a while; they don't mind you going over the limit because there's money to be made on those fees.

Chase isn't the only one, if it's any help.
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Old 09-04-09, 06:24 AM   #4
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So, instead of Chase denying the purchase, they let it run through. Then they charge me $40 for going over my limit. What happened to denying credit cards? Am I missing something?

I'll pay the $40 because I ****ed up, but seriously...wtf man?
It's not the bank's job to balance your checkbook.
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Old 09-04-09, 06:29 AM   #5
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It's not the bank's job to balance your checkbook.
Read the thread.
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Old 09-04-09, 07:35 AM   #6
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We left Chase a couple of months ago. They started posting AUTOMATIC payroll deposits days after the deposit was made causing some of my bills, also automatic, to be paid from "insufficient" funds. Only insufficient due to Chase. Then they wanted to charge OD fees for something that was their fault. They also, for no reason, would put holds on my debit card. It's embarrassing to go out to eat or to some store and have your debit card declined when you have a plenty of money in your account.

Bye, Bye Chase
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Old 09-04-09, 07:37 AM   #7
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This is standard practice. They will say that they are trying to be nice to you and not limit a purchase.

My Citi Mastercard is actually no limit, as long as I pay off everything over the limit when the bill comes. Of course, my limits are so high now that I could buy a new car and still be below the limit.
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Remember, with a no pre-set spending limit you MUST PAY IN FULL any charges over the revolving credit line indicated.

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Old 09-04-09, 08:16 AM   #8
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This is standard practice. They will say that they are trying to be nice to you and not limit a purchase.

My Citi Mastercard is actually no limit, as long as I pay off everything over the limit when the bill comes. Of course, my limits are so high now that I could buy a new car and still be below the limit.

That makes perfect sense. They charged me $40 for being $10 over. Standard practice since when? I don't doubt that to be the case but I was always under the assumption that your card would just be declined.
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Old 09-04-09, 08:22 AM   #9
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Why is your card all maxed out in the first place you spendthrift 20 something hoser?
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Old 09-04-09, 08:23 AM   #10
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Why is your card all maxed out in the first place you spendthrift 20 something hoser?
Read the thread old man. The card is getting paid off next Thursday. Your lawn is getting long. Take care of that.
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Old 09-04-09, 08:27 AM   #11
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I also hate Chase.

Join a Credit Union, Tim.
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Old 09-04-09, 08:33 AM   #12
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Overall, credit cards are federally approved extortion-racketeering.
Banks pay a lot of money to make sure students,
old people, unemployed, sick and other people in difficult situations
are pwnt by them for as long as they can be.
Anecdotally speaking, CHASE is the worst Ive ever dealt with.
From hitting us up with Bu$h era flood insurance give-a-way on
our last mortgage to a teller refusing to look up my balance on the car
I was trying to pay off, they are THE WORST. They are on my list
of companies I will never, ever patronize under any circumstance.
Wal*Mart, Chase, Microsoft.


Good luck having anything positive come out of dealing with them
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Old 09-04-09, 08:39 AM   #13
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Their ATM machines kick ass
The ATM advertisements are the thing that bother me about Chase. I only use them for checking though.
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Old 09-04-09, 08:42 AM   #14
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Read the thread old man. The card is getting paid off next Thursday. Your lawn is getting long. Take care of that.
Read the fine print.
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Old 09-04-09, 08:52 AM   #15
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Read the fine print.
Can you regurgitate your banking contracts?
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Old 09-04-09, 08:56 AM   #16
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Read the fine print.
Actually, that has nothing to do with anything. Even if I had known that they let you go over your balance and then charge you for it, I would have still made the math mistake.

The issue I have with it is that they knowingly let people go over that agreed upon amount because they can generate revenue through fee's. Furthermore, I would be willing to bet that most people who do end up doing this are in no position to pay the card off, and I bet there are new fee's applied for every day that the card remains over. It's malicious and irresponsible on their part. They could very easily not let overages occur. Instead they see it as an opportunity to make more money.
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Old 09-04-09, 09:15 AM   #17
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Actually, that has nothing to do with anything. Even if I had known that they let you go over your balance and then charge you for it, I would have still made the math mistake.

The issue I have with it is that they knowingly let people go over that agreed upon amount because they can generate revenue through fee's. Furthermore, I would be willing to bet that most people who do end up doing this are in no position to pay the card off, and I bet there are new fee's applied for every day that the card remains over. It's malicious and irresponsible on their part. They could very easily not let overages occur. Instead they see it as an opportunity to make more money.
Even up to the early 80's, a 12% card was illegal in some places.
It was considered 'Usury'

A study of how credit card companies have come to where they are now will make you nauseous.
Some genius found a loophole for banks located in South Dakota and Delaware or something
like that, and the situation digressed from there...here we are.

State sanctioned extortion and fraud.
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Old 09-04-09, 09:23 AM   #18
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Actually, that has nothing to do with anything. Even if I had known that they let you go over your balance and then charge you for it, I would have still made the math mistake.

Actually, it means that you very likely had agreed to this in advance. And then made your arithmetic error. And then cried about it on the internet. And then were obnoxiously rude to folks who thought that maybe you should accept the mistake as your own.

On the other hand, if the agreement says nothing of the sort, refocus your guile on the card issuer.

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The issue I have with it is that they knowingly let people go over that agreed upon amount because they can generate revenue through fee's. Furthermore, I would be willing to bet that most people who do end up doing this are in no position to pay the card off, and I bet there are new fee's applied for every day that the card remains over. It's malicious and irresponsible on their part. They could very easily not let overages occur. Instead they see it as an opportunity to make more money.
Malicious, no. Opportunistic, yes. Predatory? Perhaps. Hate them if you like.
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Old 09-04-09, 09:39 AM   #19
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And then were obnoxiously rude to folks who thought that maybe you should accept the mistake as your own.
What the hell are you talking about?
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Old 09-04-09, 09:43 AM   #20
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Malicious, no. Opportunistic, yes. Predatory? Perhaps.
pred⋅a⋅to⋅ry
  /ˈprɛdəˌtɔri, -ˌtoʊri/ Show Spelled Pronunciation [pred-uh-tawr-ee, -tohr-ee] Show IPA
Use predatory in a Sentence
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–adjective
1. Zoology. preying upon other organisms for food.
2. of, pertaining to, or characterized by plunder, pillage, robbery, or exploitation: predatory tactics.
3. engaging in or living by these activities: predatory bands of brigands.
4. excessive or exploitive in amount or cost, as out of greed or to take advantage of consumers or patrons: predatory pricing.
5. acting with or possessed by overbearing, rapacious, or selfish motives: He was cornered at the party by a predatory reporter.

ma⋅li⋅cious
  /məˈlɪʃəs/ Show Spelled Pronunciation [muh-lish-uhs] Show IPA
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–adjective
1. full of, characterized by, or showing malice; malevolent; spiteful: malicious gossip.
2. Law. vicious, wanton, or mischievous in motivation or purpose.

I'm not sure the two are all that dissimilar. They certainly aren't mutually exclusive.
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Old 09-04-09, 09:43 AM   #21
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Oh well. Life goes on.
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Old 09-04-09, 10:27 AM   #22
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Actually, that has nothing to do with anything. Even if I had known that they let you go over your balance and then charge you for it, I would have still made the math mistake.

The issue I have with it is that they knowingly let people go over that agreed upon amount because they can generate revenue through fee's. Furthermore, I would be willing to bet that most people who do end up doing this are in no position to pay the card off, and I bet there are new fee's applied for every day that the card remains over. It's malicious and irresponsible on their part. They could very easily not let overages occur. Instead they see it as an opportunity to make more money.
You are paying for them providing you the convenience of them paying for a purchase that was important to you, despite the fact that you can't do math or check your available credit online or by phone before doing so.

These folks are in business not only to make money by providing funds to you that you do not have whenever you want them...and also make money by taking advantage of your own stupidity and mistakes. You agreed to the terms, so why cry foul when you gotta pay the piper?

My best advice...learn how to live within your means and manage your cash flow...then you don't need to keep yourself going from paycheck to paycheck using someone else's money.

Our youngest son just learned this lesson the hard way (and the value of keeping up your checkbook register) after the bank constantly allowed him to make purchases with his debit card even though he was, or would be, overdrawn...to the tune of over a thousand dollars in overdraft fees by the time he quit being mad at us for nagging him about his checkbook and the light bulb went on in his head.
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Old 09-04-09, 10:32 AM   #23
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You are paying for them providing you the convenience of them paying for a purchase that was important to you, despite the fact that you can't do math or check your available credit online or by phone before doing so.

These folks are in business not only to make money by providing funds to you that you do not have whenever you want them...and also make money by taking advantage of your own stupidity and mistakes. You agreed to the terms, so why cry foul when you gotta pay the piper?

My best advice...learn how to live within your means and manage your cash flow...then you don't need to keep yourself going from paycheck to paycheck using someone else's money.

Our youngest son just learned this lesson the hard way (and the value of keeping up your checkbook register) after the bank constantly allowed him to make purchases with his debit card even though he was, or would be, overdrawn...to the tune of over a thousand dollars in overdraft fees by the time he quit being mad at us for nagging him about his checkbook and the light bulb went on in his head.

My finances are fine. This is a low interest low limit credit card. The fact that it's maxed how says little of the status of my finances.

I bought a $1000 camera and am selling the old one for near that. I broke a phone and need one for work, i didn't have the cash for that new phone yet and I wasn't going to waste my upgrade on a phone I don't want.

This thread isn't about whether or not I can't add. It's about one of the largest banks in America making money off of morons--likely poor morons.

Business is business, but just because a lawyer can make money by following ambulances doesn't make it right.
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Old 09-04-09, 10:38 AM   #24
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To me it's as if they learned nothing of the last 2 years. Why on EARTH would you allow someone to go beyond a max spending limit and then charge them fee's for that? That's irresponsible lending, and it's that type of **** that ****ed the banks in the first place.

I was an irresponsible borrower. That's on me. But I don't see how this practice is good business on their end. It just seems irresponsible.
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Old 09-04-09, 10:54 AM   #25
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What the hell are you talking about?
You're kidding, right?
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