He writes:
I wanted to let you guys know about the pain & suffering I have been enduring in dealing with these jokers at Chase Bank. About a month ago, I went into a branch for a simple deposit, and was solicited to sign up for overdraft protection on my checking account. I am usually skeptical about items like this, so I started asking questions. The customer service rep assured me that it was 100% completely free, no negative implications anywhere, no costs, nothing even remotely, potentially negative.
I told him to add it, and with a quick surrendering of my household income and mother's maiden name, it was added. He started describing some of the details, and mentioned I would be receiving a card tied to the overdraft program, but that I didn't have to use it. This struck me as a little suspicious, and I started to ask more questions. He suddenly started describing it as a 'line of credit', and eventually I had to drag it out of him that it was indeed a credit card the joker had signed me up for. I told him to cancel the app process immediately, and after several more attempts to reconvince me, he assured me it was cancelled. I left the bank, and on my way home, I get a call from him again trying to convince me that there are no negative implications for having the card, but I insisted that I wanted it terminated. I thought everything was taken care of, until later in the week I receive an email welcoming me to Chase Freedom, and to expect my credit card in the mail.Sure enough, the unwanted card arrived several days later. I was furious - I felt misled
and lied to. As far as I am concerned, this constitutes fraud, and a form of predatory lending. When I attempted to call Chase and cancel the card [I refused to return to that branch after what happened], I get passed between 4-5 different departments, including customer service, credit accounts, and security. No one seems to know how to deal with this fraudulent opening. At this point, my main concern was negative reporting on my credit report. I finally got one of the reps to cancel the card, labeling it as a fraudulent account. Several weeks later, I pulled a credit report, and both the card and the inquiry are being reported to the bureaus. Imagine my fury. I called the Chase fraud line once again, only to get passed between three people and then disconnected. As a last resort, I called the branch manager and explained the situation, along with my requests to a)have the items removed from my credit history and b)reimburse me for $50, to cover the cost of pulling my three reports. He told me that he would contact Chase's back office to try to resolve the credit report issue from their side [of which I am doubtful much can be done] and that he would most likely be unable to reimburse me $50, as they apparently can only reverse any insufficient funds fees or overdraft fees. I am sorry Chase, but I don't have any of those charges that contribute oh-so-much to your bottom line. I told him this is a matter of me cancelling my account with them, and asked him if that was worth $50. It amazes me how little banks can do in the way of resolving customer issues. This is by far the most miserable customer service experience I have ever had.
Since Steven shouldn't have paid $50 for something he could get for free, it's hard to argue Chase should refund him the money. But it's also inexcusable that the bank allowed his account to open and that it gave him such a hassle to wipe it off his record.
If he feels that Chase has broken the law, he should report the bank to its regulating agency.
Here's how you do that:
* Contact Chase with a formal complaint. You can do this in writing, or by email. Keep a copy of this complaint for your records.
* Figure out which agency regulates your bank by calling or using FDIC's Bank Find.
* Write a formal complaint letter to the bank's regulatory agency. Follow the FTC's instructions for writing a complaint.
This document also has the correct contact information for the various regulatory agencies. Keep a copy of this complaint for your records.
According to the FDIC, "The regulatory agencies will be able to help resolve the complaint if the financial institution has violated a banking law or regulation. They may not be able to help where the consumer is not satisfied with an institution's policy or practices, even though no law or regulation was violated. Additionally, the regulatory agencies do not resolve factual or most contractual disputes."
By filing a complaint, the regulating agency will investigate whether Chase actually violated any banking regulations.
]]>Either way, the teller should have been very clear, to protect the bank from crazy accusations and demands.
]]>Each product or service that we sold to a customer was assigned a specific point value.
These point values were known as PVC's. I do not remember what that stood for.
Credit cards had the highest value of either 20 or 25 points. Free checking or online bill pay was 5 points. Monthly bonuses were dependent on how many points you could accumulate for the month and quarter.
If a banker in the branch sat with three people and each of them were approved for a credit card and chose to take it or was talked into taking it they were considered more productive than another rep that took the time to try and build a relationship with a customer and see how they could be helped by products or services the bank had to offer. Services and products that took more than one interaction to close. Consolidating assets, investments , and insurance took more time and the bank was looking for more transactional items.
That is part of the reason why I was not happy there and part of the reason I no longer work there.
]]>That said, they made it quite clear I was signing up for a credit card. As for that, who cares? I actually never used it. When they send me new ones I don’t even activate them; they go straight to the shredder.
As for the OP, yes some level of irritation is justified, but fury? Unless you are now applying or will soon apply for a mortgage, or maybe a new car loan, one additional credit card (likely with a low limit) and one inquiry on your credit reports won’t make a damned bit of difference.
I worked as a personal banker at Chase for about a year. This is exactly how I was trained to SELL a credit card as overdraft protection. Tellers, but especially Personal Bankers, are trained to be salesmen and are expected to meet a quota. They also receive paid incentives per "service" they sell once they reach a certain goal; these incentives begin to multiply the more they sell. If I remember correctly -a credit card, once used, earned the banker 17.5 points= $17.50 base.
When your account is pulled up so are eligible "products" or "sevices" - however you want to spin it; it's the banker's job to sell you these. My first day I was pressured by a superivsor to sell a CC to an 18 year old girl who was clearly hesistant and could barely manage a checking account. I tracked her account out of guilt & found that she had gone over a $200 limit within a week, incurring multiple fees and ruining whatever good credit she had. They would never admit it but we were trained to use deceptive selling practices & even psychological manipulation. Upper management eventually tired of me questioning the ethical integrity of these practices & my low sales; and I tired of their b.s. and quit. Chase is a sleazy company, they need to go down hard.
]]>Tell him/her to shove it up his/her arse OR fire the employee while you watch.
]]>I like knowing before I get involved with the evils of Chase, Best Buy or Cap One.
Thank you Consumerist!
]]>The point is that if people want to open a credit card account, they will. If they don't, they won't. Chase shouldn't force you to open one.
]]>There's more dominos involved in opening a credit card account than people think.
]]>I didn't have any need for a new one, but then again I'm not planning to make a major purchase in the near future. If anything, it's a little more financial freedom should other banks continue to play shenanigans.
]]>If OP doesn't activate his card, 1) his credit files have already taken the "inquiry" hit and 2) the unwanted card will still be reported as a valid tradeline.
It can still potentially cause the OP trouble down the line in numerous ways. Depending on the OP's financial circumstances and credit file, existing creditors can potentially perform adverse actions against him because a new tradeline showed up and it could be another set of pains if he intends to apply for a loan soon
BTW, I believe the Consumerist even had an article about "unactivated" cards being ready to use anyway.
]]>The employee probably earns some kind of reward for getting people to successfully apply for credit cards, and has found an effective way of talking his way around it like he did here. Steven clearly wasn't sure what was going on, and it sounds like the employee took advantage of that.
]]>Anybody conscious and particularly knowledgeable about credit would be absolutely livid at the prospects of a credit card issued to them unsolicited!
Unfortunately, the "don't like it, don't use it" line of thinking is nothing more than wishful thinking. Things are rarely that simple in the realm of credit.
]]>Were it not for the ding on the credit report for the inquiry, I would certainly describe adding that form of protection completely free of negative consequences, provided you're responsible and pay off the card balance if you do end up needing the overdraft protection. I just don't think the rep was really acting in bad faith when he upsold the overdraft plan in the first place.
]]>Chase retail bankers can activate overdraft protection by linking a checking and savings account together (for overdraft purposes). I suspect that: 1) that is something more along the lines of what OP was expecting and 2) the Chase banker was desperately trying to meet quotas and misled the OP (which doesn't surprise me at all).
]]>What about that would make you think it is NOT a line of credit. By definition overdraft protection IS a line of credit. It is possible he put the information in the system and was unable to cancel it in time. Credit can be pulled in a matter of seconds. If they sent you a card, do not call to acticvate it. Send a letter with the card and tell them you do not want it. It will not "ding" your credit negatively.
To call this fraud is a misrepresentation on your part. You admit to agreeing to let them give you overdraft protection. You can cancel that at any time. The fact "I told him to add it, and with a quick surrendering of my household income and mother's maiden name, it was added." shows you weren't asked if you wanted and said no.
You are spending way too much energy on something that is easy to fix or ignore. It has not cost you anything. I would suggest educating yourself on several issues, including buying a credit report for $50, when you could get all three for less than $20 OR pulled them for free. . If you had stopped your irrational anger and gone into another branch they would have pulled the report for you for free.
also, why are people so paranoid about receiving a card from a financial institution? don't want it, don't use it. i have a visa and an amex from fidelity brokerage that i've never used and never been so paranoid that i had to pull a credit report to cancel the account. here's an idea--if you don't want the card, don't use it. the "not using" technique works for every single person who does not suffer from "credit burning a hole in my pocket" syndrome.
]]>Duh.
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