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Another reason that Chase is sketchy is that they won't cash a check issued through their bank if you are not a customer.
Whenever I have gotten a paycheck anywhere else, whatever bank that paycheck is written on you can go with ID to a branch and they will cash that check. Not Chase... even though my paycheck is a City of New York paycheck written through THEIR bank, they refuse to cash it if I am not a customer.
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Fleet used to do this too, not that I actually liked using Fleet but they bought my original bank which then themselves was bought by BoA
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Yet another example of why I am so pleased with my credit union. No minimum balance, no fees ever, and 4.85% on my savings account.
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Falconfire - Baybank > Bankboston > Fleet > BOA
Same thing happened to me, granted, I only kept a few hundred in there. I even got the same response from Chase.
isn't the point of a savings account to let money sit there and not touch it while it gains some interest?
That 60-day policy makes absolutely no sense.
I don't understand how holding an untouched chunk of money puts Chase at any disadvantage.
Jeez. That's horrible.
An old-fashioned safe is starting to look appealing to me...
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This Chase online policy is ridiculous. Does the money continue to earn interest while the account is in \"deactivated\" status. That would seem unlawful.
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I used to have several credit cards, a savings account and a checking account with Chase. It seemed to me that they were doing everything they could to get the fees higher and higher, to limit access to accounts, to make it impossible to pay on time, and on top of all of this, they raised my interest rates on my cards to 29% after no late pays OR missed payments for 8 years on any of my accounts, not just the Chase ones. Their idea of customer service baffles me. I closed all the accounts (at a cost of probably $250-$300 per month at the time to them) and they even charged me an account closing fee of $1.57 on my checking. Never again will I deal with them on ANYTHING! They are truly the devil!
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Try contacting the FDIC. This might be some kind of illegal infringement on your rights to access your money at a bank. Also, make sure you go after Chase for any bounced check fees you incur because of their shenanigans.
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When i had a chase mortgage and it was horrible, I wouldn't bank with them for anything. Good luck!
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I'm with thejbs. The entire point of a savings account is to put money in it and then not mess with it, and have that money available. \"Personal Finance for Dummies\" specifically says to keep 6 months of expenses in a savings account, so you have instant access if you should need it. If Chase savings accounts don't guarantee instant access, why on earth would you use one? Certainly not for the 0.40% interest...
At the risk of heading outside Consumerist territory, I've had *good* experiences with ING Direct. I pretty much leave the account alone 11 months of the year, but on the one occasion when I suddenly needed to do something with it there was no trouble at all, no \"reactivation\" crap.
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Chase should send out a courtesy email when the account is disabled alerting the user that it has been disabled and provide a convenient link for the customer to re-activate it.
/troll
A guess a simple solution would be to set-up and automatic transfer of a $1 from your checking to your savings account once a month just to make sure it stays. The simple fact that you need to set-up a hack to keep your account active is utterly stupid of course.
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Through the magic of mergers and debt sales, I've reached a point where my mortgage, primary credit card, and auto financing are all on Chase. Good to have all these accessible from one website but for a few complaints:
It takes only one day for a payment from my bank to my Chase Credit Card to post. Mysteriously, this same transaction takes three days for my Chase mortgage.
I don't have to pay a fee to pay my Chase Mortgage or Credit Card online - but it costs $10 to pay my auto financing online! I guess they prefer tro process all that mail...
Recently Chase Auto Finance lost one of my checks and an automated nag call started 3x a day, starting @ 8AM. I called and talked to a rep about it and sent another check. The calls ended for about 5 days at which point they started again - very annoying. So I talked to them AGAIN, this time irritated because I had also just sent in my next month's payment as well (that's 3 checks for those keeping track). The rep was very rude and said they would NOT suspend the nag calls despite the fact that my account was in good standing for my Chase Credit Card AND Mortgage (which I had also just made a large payment to). She didn't care about the fact that I was carrying ~$200K in debt with Chase that had always been paid - she wanted her $289 NOW (and wanted to hit me with the $10 transaction fee). I told her she could forget it and hung up. I didn't get nagged again, but Chase is on the razor's edge with me - one more botch and I'm going elsewhere.
Chase - you're on notice!
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Chase got rid of my savings account over lack of use as well. I'm keeping with Chase, because of the obscene # of ATMs in NYC, but it is still very annoying.
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taylorich says \"they raised my interest rates on my cards to 29% after no late pays OR missed payments for 8 years on any of my accounts, not just the Chase ones.\"
They did the exact same thing to me. When I asked for an explanation, they sent a letter saying something about not liking the activity on the rest of my (non-Chase) accounts. I had no late payments on their cards or other cards. I paid off the card and cancelled the account. It was an account that had been aquired by Chase in the current festival of mergers.
This behavior is one reason why I keep getting paper bills even though I do all my accounting online. Sometimes it's impossible to check your interest rate at the online website, but it's always on the paper bill.
I was considering transferring my Chase debt to another card, now I surely will - this is just too, too shitty.
Funny...we had this discussion Sunday @ dinner. A friend of my wife works for Chase and she is in charge of this part. She also stated that, according to Louisiana law, if you do not access your accounts within another time period, they turn all the money over to the state as unclaimed funds!
I can find out more if needed, but I will start watching my booty or keeping it in a hole in the mattress.
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I just cancelled my Chase credit card, since a few days ago I found out they'd raised my purchase interest rate. When I got the card it was supposed to be fixed. (That was with Providian, before they sold out) Not that I've carried a balance in the last 10 years, and they might have sent some sort of notice...but they've sent so many purchase checks and shit like that that I just burn anything I get from them unopened.
Also, I got two consecutive months of late fees, despite paying my bill the same time every month. I got several (all bullshit, I suspect) explainations as to why. They changed the due date (without telling me), they changed the billing cycle to 25 days (uh, WHAT?), they changed the billing cycle to 20 days (uh, last month I was told it was 20), they changed the GRACE PERIOD to 20 days (which means there's a 10 day window during the month where if you pay a bill it is neccesarily not on time?)... \"That's how credit cards work, sir.\" \"Uh, no it isn't. That's not how THIS card has worked for the last 3 years. That's not how any other card I've had has worked.\"
I finished my last transaction I expected on that card, paid it off, and cancelled it. I'm surprised I didn't get more of a runaround on the cancellation...the CSR tried to lay a script on me, but I cut her off and said \"I just want to cancel.\"
Ohio has similar Unclaimed funds laws. But the turnover to the state is after 5 years.
And the Unclaimed funds are not lost. they are held by the state. You can check on thier website and you can get the money back just by filling out a form.
(I had 2 paychecks from working at Hardees in highschool, that got turned over to unclaimed funds. Got them back with just a letter. Didn't even have to pay any tax or penalty since i paid tax on the funds when I first earned them)
I use a HSBC checking account and an online savings account. I reccomend it. the online savings yields almost 5% - no minimum - and I can instantly transfer money between the two accounts, both ways with literally a few clicks. The got plenty of ATMs in NYC area.
From the other posts here sounds like Chase just sucks.
tagline sohuld be -Chase: Your Money (around and around)
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I can't believe people actually bank with Chase in any shape or form, especially after reading this article. The only half-decent credit card they once had is the only chase-related financial product I have, and it is no longer available.
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After reading this, I jus cut my Chase credit card and will deactivate the account for good!
I have a bank account with PNC bank in Pennsylvania. Every month I have 300 dollars transferred from my checking account where my paycheck is direct deposited. More than once when I've needed to put some money into my checking account to cover a large purchase I've discovered that my savings account has been deactivated. Reactivating it is generally fairly easy but I'm always disturbed that I have to do it and I can think of scenarios in which it would be quite inconvenient. I am also confused why they consider my account to be inactive when it is clearly active since I'm adding money to it monthly.
This policy isn't unique to Chase, it is an annoyance and could be a big old pain in the butt in some circumstances. Perhaps banking institutions can learn from the consumer and make this policy optional.
well I wrote the story and my attorney is very interested.
I am going to sue Chases' ass off for breach of contract and other various sundry offenses they have/are committing.Who the F*** do these corporation heads that make BILLIONS of dollars off our money for basically doing nothing really and we reap practically nothing in return have the nerve to even try to pull this crap??
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I second that. I haven't banked with Chase since 2003? 2004? when they decided to freeze my account and didn't tell me. I was much poorer then and my account was at $0 for about 10-14 days. That warranted a freeze or close, I forget which. I think it was a close. Guess what happened when my job tried to direct deposit my paycheck? I was right pissed!
At least they didn't go all Lycos and delete his money, then refuse to recover it...