Jpmorgan Chase / unscrupulous collection practices
Chase has absolutely immoral, unscrupulous debt collection practices! Never deal with the people that call you on the phone because they will just get you to admit something in order to take your money in an unauthorized fashion. Here is my story: I had two separate accounts with Chase; one business and one personal. I decided to close out the business account on 11/17/2010, as I was no longer planning to start the business. I went into the bank to close out my account and they said that there were no pending transactions and gave me a check to close the account. As it turns out, there was a transaction, that was authorized by me two weeks earlier, that came through that day. Instead of closing the account, it caused my account to overdraft in the amount of $2040 ($25 in closing account fees and $15 in overdraft).
The collections department of Chase then called me on 12/2 to inform me that my account was overdrawn. I told them that it wasn't possible since the account was closed. They said they couldn't do anything and told me to go to my local branch to figure it out. I was so furious, I went into my local bank to close out my personal account, but they said I could have everything but $2040 to cover the BUSINESS overdraft! I said the accounts had nothing to do with each other - but they had a different story and said that they do because they have the same social security number. I told them that I was in the process of declaring bankruptcy and I was going to add the business account overdraft to my bankruptcy. They the asked if it was my intention to have it charged off, to which I answered yes, since a charge off would go agains my already screwed up credit!
Lo and behold, that was not Chases's definition of a charge off. Upon me telling them that that was my intention, even though I was in the bankruptcy process, they took the money from my personal account!!! I talked to the collections department again and asked them why they would do that when they told me they were going to charge it off? They said, because I told them I did not intend to pay, they were now able to remove the money from my personal account. They said they were justified because it was IN THE FINE PRINT!!! OMG, are you serious?? I asked them why they would not just openly disclose what "charge off" meant at that point in time? If I would have know that they would steal my money instead of ruin my credit, I would have bought additional time! I believe what they did was absolutely immoral and unscrupulous at the very least and it ought to be ILLEGAL! I will never ever do business with Chase in any fashion ever again and I will lobby every person and organization I can think of to have silly practices like this outlawed!
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