Chase has charged me over $750 in fees – READ ON
We don’t all have equal opportunity.
But we all have the opportunity to be better than what we currently are.
We ALL have the opportunity to be, and do better than we did yesterday.
Let me say that again and allow it to sink in
.
We don’t all have equal opportunity.
But we all have the opportunity to be better than what we currently are.
We ALL have the opportunity to be and do better than we did yesterday.
WE ALL have the opportunity to learn more today than we did yesterday
WE ALL have the opportunity to GROW more today than we did yesterday
WE ALL have the opportunity to become MORE than THEY thought we could become!
WE ALL have the opportunity to ATTRACT whatever we desire into our experience.
IT IS UP TO YOU
And you alone.
IF, you take responsibility for your life.
And seek the opportunities you wish to find,
you WILL find them,
and when you do:
FIND THEM and CONQUER THEM.
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I’m not sure if I marked appropriately, and I was torn between regulations and complaint. Anyways. So I’ve been living paycheck to paycheck for….ever. Poor spending habits, a low credit score, substance misuse, mental illness, the works. But I just got my head on straighter, and I now have enough money to pay off my debt and then some. I’m still ignorant about a lot in the world and will always be, so excuse me, but even though I CAN pay these costs, I’m not sure why I’m expected to be honest. My account was terminated in April, I believe, but when I contacted in August to check on the damage, I discovered that what was formerly roughly $100 in overdraft penalties (understandable in my opinion) had now risen to somewhere north of $800.
The individual who assisted me then informed me that it would charge off again in September? What exactly is going on here? Why would they keep charging and charging on an account that clearly belongs to an imbecile with no financial concern? For crying out loud, I bet the charge that triggered my overdraft was less than $50, and that’s being generous. How can I be asked to pay not 200%, 500%, or even 1000% of what they have covered me for? Where is the logic in having to pay overdraft fees? Even if the majority of these penalties are Direct Deposit charges rather than overdraft fines, why would they not terminate my account after 3 months of no deposits or activity of any kind? I owe them 1600% interest on the amount of money I was expected to repay, according to my calculations. Maybe my arithmetic is off, or maybe I underestimated how comfortable I should be with being monetarily raped, but that is a HUGE increase. Is there something I’m missing? Is there a feasible way to reduce this figure to a lower sum, or is this a SOL situation? Okay, I know, phone the banks or schedule an appointment and inquire; each bank is unique, but I’d rather hear from the audience first. I believe whoever responds to this message will be more honest with me, whereas Chase will try some unusual things. Chase has charged me over $750 in fees, what do i do ?
CANDID ADVICE
You should review your account’s terms and conditions as well as your transaction history. I’m sure you’ll get the answer you’re looking for.
I’m guessing they have a copy for me? I assumed it was something in the fine print that I had overlooked while creating the account. Ignorance is bliss until reality arrives.
That is the source of the problem. You’re assuming something, then getting fired up about it without checking the facts.
If fees were assessed for whatever reason, they will be highlighted and clearly on your bank statements. If there were any penalties assessed (for example, the overdraft was referred to a collections agency, which piled on additional penalties), each one will be recorded.
Your first step should be to call whoever you owe the debt to (if it’s still the bank or a third-party collection agency) and get a thorough and detailed explanation of each charge that leads to the present amount owing. Also, call your bank to request your last few months of bank statements before the account was closed, so you can check what costs the bank assessed prior to account closure.
Because you owed them money, it didn’t close straight away. If you didn’t want the fees, you could have done one of three things: (1) not spend money you didn’t have, (2) pay back the money you owed, or (3) pay back the money you owed and close the account. When you started the account, you agreed to all fees in writing. Your monthly fees have been reflected on your statements.
As a kindness, the bank may now reimburse some of the fees. But blaming the bank for your several errors is ridiculous: overdrafting the account in the first place, not paying it back, not cancelling the account, and not checking your bills or online banking to see what was going on in your account. I understand you have a lot going on, but this isn’t a financial problem.
Chase has charged me over $750 in fees, they most likely have a daily overdraft fee, and if you have any auto payments set up, those are subject to nsf fees as well.
I’m not as familiar with the compliance aspects of shutting an account before its charge off period, but I’m thinking they require some kind of reason to do so, such as threats, fraud, high risk, and so on.
I’d check to see if they have a fresh start or payment plan that you may use to get back on track. Then look for a free checking account somewhere so you don’t have to pay monthly fees. Also, if you aren’t excellent with money, make sure you cancel overdraft protection on your account and card.
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In general, banks cannot cancel negative accounts before a specified time limit. This is to prevent the bank from canceling your account as soon as you go negative. They usually want to offer you a chance to get your account back in good standing because cancelling an account can be a big inconvenience for the consumer. There might be some consumer protection law that requires this, but I’m not sure.
In college, I had a similar experience with Bank of the West. My father and I spoke with the branch manager, and they were able to smooth things over; the bank ended up cancelling my account but canceling the most of the costs.
According to my knowledge, many banks will cancel an account if it remains negative for 60-90 days. This helps to reduce loss/fraud. If you didn’t satisfy a balance or direct deposit criteria, you’d be charged a monthly service fee (msf) in addition to the amount you were already paying. If you go over -$50, there is a nsf cost. Depending on the bank, this is normally between $20 and $40. And each time this occurs, you are charged the nsf price. Some banks even have an extended nsf, which means that if you’re negative for x number of days, you’ll be charged a fee on top of everything else. When your account has already been charged off, it can be more difficult to reach an agreement. But I’d call or walk in and explain your position. As long as it’s not a recurring issue, they’ll usually work with you. Otherwise, you’re up a creek. Credit unions typically have no fees or easy ways to avoid them. They are constrained in what they can do. However, if it is simple, you should be OK. Though I’ve heard that if you have bad credit or have charged off accounts, it’s more difficult to get a new account. So I’d take care of it as soon as possible. When opening your next account, I recommend asking a lot of questions and seeing what budgeting/financial tools they provide to assist set you up for success.
The only way to find out is to seek a copy of your most recent statements and study the terms and conditions of your checking account. Also, there is a distinction between nsf and overdraft fees. NSF indicates that the bank will not pay the bill, whereas overdraft indicates that the bank will pay it. From what I’ve seen, the fee for declining or accepting is usually the same. This is significant because when there is a nsf, retailers will frequently try again to commence the charge on the checking account. Wf, for example, has a policy that permits the merchant three attempts to retry the charge. So you can see how rapidly nsf fees can spiral out of control.
If you want to sort things out with the bank, whatever it is. Negotiate!
Also, make sure it is trackable or documented. Chase has charged me over $750 in fees.
In any case, it appears that you have overcome your substance misuse and mental disorders. That is priceless, and I am overjoyed for you! Best wishes!
Overdraft costs, charge-off fees, and so forth. Also, as previously stated, be certain that you question about the precise type of account you have. Perhaps you have a minimum balance account, in which you must keep a certain amount of money in the account at all times or it will be closed out? Something to think about.
I understand that this sounds harsh, but actions have repercussions. You can have a cordial conversation with the bank, but there’s a chance you’ll still have to pay the costs.
Having read the real disclosures provided at account opening (or provided electronically), Chase will continue to charge any applicable fees for your account if your activities do not result in a fee waiver (such as $500 in ACH direct deposits for the statement period for their $12/month account). They will charge you $34 for each overdraft, up to three each statement period, as long as the penalty is greater than $5 and your balance is less than -$50. If you have debit card coverage, debit transactions, like ACH transactions and cheques, can create overdrafts.
After a certain number of statement periods with no activity, they will usually cancel the account and charge off the balance. Take a look at your statements. You have something automatically withdrawn from your account, resulting in ongoing overdraft penalties and preventing the account from being closed.
I’m a 35-year-old banker and Chase has charged me over $750 in fees, not good.
Visit https://www.consumerfinance.gov/ for more information. and submit a formal complaint (upper right corner). Assume you want to settle the account for $100. Say it’s “unfair” and “abusive,” and all you want is to settle with Chase. These are CFPB trigger phrases, and Chase does not want to be connected with this activity. Although it will take time, this government agency and the regulator will be involved. And, for God’s sake, maintain the proof that this debt has been paid. You could need it if you ever open another checking account. If you open a new checking account, you DO NOT WANT overdraft protection (unless it comes from your savings account) or Courtesy Pay, which allows you to overdraft up to $XXX.
Best wishes.
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