Explore your opportunities! Create an account or Sign In
The most trusted and popular consumer complaints website

Chase Bank / hidden fees

Houston, TX, United States Review updated:
5
Following is a letter I wrote to Chase Bank. They have denied all responsibility. So if you are dealing with Chase Bank, JP Morgan Chase Bank or Chase Investment Services be sure that you read ALL the fine print and make a recording of all your phone calls or person-to-person meetings. I trusted this savings and trust. BIG MISTAKE...




Two of my three grandchildren have had secure savings accounts for years at what is now Chase Bank. They invested their hard earned dollars from baby-sitting, rolling up pennies, leaf raking, and other chores around the house plus their birthday and Christmas gifts into their own savings accounts. The oldest 14 year-old Tricia had saved $1, 217.63, and her younger sister 10-year old Alexis had saved $1.095.37. I decided to open a third savings account for the youngest 4 year-old Annabelle with $100.00 just like I had done for her sisters.



In September, 2007 when I went to Chase Bank to open a new account for Annabelle I was introduced to Alex Berry who was a Chase investment representative. Alex suggested that instead of opening another savings account I should invest all 3 girls savings into the College Choice plan offered by the bank. He made it sound so enticing that I withdrew all the funds from both girls’ savings and then added Annabelle to the list. All three girls were invested in this fund, which was supposed to be a great opportunity for them.



What Alex neglected to inform me was that Chase Bank would take almost 6% from each and every deposit made into the girls’ accounts for total commissions, underwriter commissions and servicing agent commissions. That’s a lot better interest than I was getting. I only learned about this when I received the first College Choice Confirmation Statement. Tricia’s initial deposit of $1, 217.63 was now only worth $1, 153.70, Alexis’s went from $1, 095.37 to $1037.89 and Annabelle’s $100 was reduced to $94.76. Presuming this must be a one-time charge I called Alex to verify this. That is when he informed me that each and every deposit would be treated the same. I then asked him about monthly service fees and he assured me that there were not any. He conveniently failed once again to mention the annual fees of $40.00 per account. In addition it was never revealed that these were not really savings accounts, but were actually tied to the stock market. I was not given any written information until I had signed all the necessary papers. And even then I blindly trusted Chase Bank and Alex Berry to look after my grandchildren’s money. In the end when I was finally able to get the girls’ savings returned to me they had lost a great deal of their hard-earned dollars AS DISPLAYED BELOW.

After 5 months the account settlements for Tricia, Alexis and Annabelle, respectively were:



Initial Contribution Commissions, Fees, Services,

and Stock Market Fluctuations Remainder



1, 217.63 (229.99) $987.23

1, 095.37 (248.33) $847.04

100.00 (92.34) $ 7.66



TOTAL LOSSES ($570.66) = to 24% reduction in value.



The accounts for my grandchildren would never have been opened had I been informed from the very beginning that:



There would be several commissions equal to almost 6% taken out from each and every deposit.
There would be service fees taken annually.
The accounts would be tied to the fluctuating stock market with all the risks involved.
The accounts would not be FDIC insured.


Each variable above would have been a deal breaker.



Why was I not informed of the risks, charges, fees, commissions, etc associated with this so-called savings plan for children? Clearly, if I had known this retired grandmother would never have invested so unwisely with her grandchildren’s futures. And, obviously Chase Bank and Alex Berry did not tell me because they were the ones to benefit either way. This is a sad commentary on the way reputable (?) banks and their representatives do business this day. Buyer beware has now become saver beware.



The only ethical solution for this situation would be to reopen the girls’ savings accounts with the remaining amounts and for Chase Bank to make up the difference. If this is not possible I will be closing our checking account that has been opened since the 1980’s and will be canceling all our Chase credit cards. I will no longer wish to do business with a bank that knowingly and willingly took advantage of children and their grandmother. Just like taking candy from a baby.



Sincerely yours,


Frances A. D’Angelo



Obviously Chase Bank chose not to make this right...
0

Comments

Sort by: UpDate | Rating
Tr
  26th of Apr, 2008
Agree Disagree 0 Votes
Unfortunately, we have all been victimized by Chase i.e., from dates surrounding service fees to NSF fees, and other investment accounts.
The majority of Chase Bank Employees are very unrpleasant. I hear, there's a history behind all that: over-worked employees in a very unhealthy working environment.
For a little friendly advice: Get with the Branch Manager or someone higher at your branch, be persistent, and all losses will be reimbursed.
It worked for me!

Trace...
Ce
  21st of Oct, 2008
Agree Disagree 0 Votes
I can personally assure you that it is NOT just one part of chase that chooses to take advantage of people like this. I have had a checking account with chase for almost 10 years now with a direct deposit of my pay check and another direct deposit from the VA. In the last year I have had more problems with them than at any other point through out the time I've had my account.

I have caught and called them out on with holding a cash deposit made well before the "next day" cut off of 4pm so that they could charge me an NSF fee of 35 dollars. I have had them take money out of my account to put in my savings account without my authorization that presently has me over drawn to the dollar amount of over $300 between money spent, NSF fee's, returned check fee's, and so on. I've also caught them ever so quietly trying to put things through in the wrong order so that they can charge NSF fee's also. Due to the gas prices the way they have been lately I had gone the night before my pay check was deposited into the bank and filled up my car with gas so as I could get to work the next day. Mind you this was done around 10pm, well after they are closed, on my debit card. Yet the next night when my pay check was deposited into the account they took the the money I spent on the gas out first putting me into a negative balance for them to then add my check in and charge me the 35 dollar fee.

I do not get how it is that with the financial markets the way they are now a days a bank can treat their customers so poorly. Also when did the rules change that if I make a mistake I have to pay for it, which is only fair, but now if they make a mistake I have to pay for their mistake also? I personally feel that not only is it completely unprofessional, not good business ethics but to top it all off it's down right criminal that they can pull such shady practices. Then to constantly do everything they can to almost bully people that have just barely enough money to get buy with their constantly rising NSF fee's that they do everything they can to make sure you get more of. Yet banks need a huge bail out from the government because robbing us in the middle of the day with everyone sitting and watching isn't profitable enough for them. I'd like to see a bank like JP morgan chase actually get back to customer service, take ownership of their own mistakes and pay for it themselves instead of trying to pass the buck back to us if it is our mistake or theirs. If not perhaps more banks will be closing their doors because people will stop taking loans from them, depositing money, invensting money, and paying all their hidden fee's for everything

It is tragic that any employee of any business would knowingly take money away from such young children like that and seemingly have no regrets about doing such a lowly and horrible thing. I hope that you continue to fight them until they pay you back all that money that your grandchildren rightfully earned and once you have it all back I hope you will then close all your accounts and go to another bank that will treat you like a customer not a criminal. Best of luck to you
Li
  31st of Jul, 2011
Agree Disagree 0 Votes
I called Chase yesterday to ask about ATM's in Canada. I was told there are none and I would be charged an additional fee of about $3.00 per ATM transaction and also I believe an additional fee of $5.00 per any other transaction I used the card for while in Canada.

In addition I was also told I needed to "authorize" my card to be used and specify where it will be used on my trip or the card would not work. How nice it would have been to go to Canada to see friends as I do just about every year, only do not be able to have fun, or, to possibly have my card declined when I'm treating them to dinner! NOT!
I went online to try and find out how much, but only could find this statement: Additional fees may apply when using an ATM outside the United States, Puerto Rico, or the U.S. Virgin Islands.

The additional fees are not clearly posted, or findable

Also, I was told I could only withdraw $500 US per day. While I doubt I will need to do that, just let me say this: "If I have funds available, I should be able to withdraw them. PERIOD"


Being a sneaky bank isn't a good thing.

Post your comment

Submit
Chase Bank / JPMorgan Chase Bank Logo Chase Bank / JPMorgan Chase Bank
Customer Service
Overall Satisfaction Rating

1129 Reviews
270 Park Ave
New York
NY
United States - 10017
+1 877 242 7372
View Full Information
     

Reply to

close
Send