JP Morgan chase Complaint - Checking overdraft / insufficient funds scam
I have been a customer of Washington mutual bank for several years which was recently taken over by chase. Within my last 5 months of banking with chase they have managed to hit me with about $250 in overdraft and insufficient funds fees (this never happened with Washington mutual). This bank doesn't update transactions for several days and allows the funds to continue to overdraw until it has updated 4 or 5 days later. With that said your account appears to have more money than is actually there causing repeated overdraft fees for 4 to 5 days after the first emailed overdraft notice. When I called the bank to complain they told me the transactions didn't update because they occurred over the weekend which makes sense but they failed to explain to me why my overdraft fee came on a Wednesday and why it takes 4 days to update when there are only 2 days in a weekend. This bank will do nothing to help you if this happens to you (and it will, this exact same thing happened to my mother as well, also a victim of the Washington mutual / chase merge). I will be closing this account and I'm moving all funds to bank of America (an excellent bank, I've had a problem free checking account with for a year now). If anyone knows how to go about reporting a financial institution to a government regulatory comission I would greatly apreciate any feedback.