CHASE online payment requires 24-48hrs to process a payment to a vendor, but when the payment is made to the Chase VISA company the process is accelerated. The nice branch banker probably offered you to put an ODP (over draft protection) on your new chase credit card for which they receive an incentive for signing you up on.
Now that the ODP (over draft protection) gives you piece of mind for those times when your transfers from SAVINGS or the cashed CHECK from your client is NOT handled in the same expeditious manner that your payment was taken by the Chase VISA card processing, Do NOT be SURPRISED when you receive several FEES.
However, you MAY NOT know about this FEE for several weeks.
- It is NOT listed on your screen on the ONLINE payment,
- it is NOT listed on your STATEMENT,
- it can NOT be "Calculated" by the pleasant person at the call center either.
The branch manager will tell you that it is an issue with the Credit Card Division,
and the Credit Card Division will tell you it is an issue for your Branch manager.
In either case, NEXT MONTH, you will receive a statement that will clearly show that while you funded your checking account the same day last month, that CHASE CREDIT CARD SERVICES has decided to give you a:
- FINANCE CHARGE for the ODP,
- A FINANCE Charge for the CASH Advance,
- and a Transaction FEE.
These Charges will be calculated 28th of the month and added to your NEXT Statement, many days after the payments you made (and thought you covered were due),
the CASH will remain in your checking account accruing 0% INTEREST and when you finally get the next statement 2-3weeks later, you MAY notice the issue.
BUT TOO LATE, the enormous daily compounded interest rate, will have been ticking since that last month and CHASE never thought they should notify you of the HIGH INTEREST RATE LOAN that you have been accruing during the past month.
I guess they can let you do everything by phone, online or email, accept let you know that you have begun to accrue charges, because the "BANK BRANCH" miss processed the payment a few hours earlier.