Chase bank can suck my non-existent cock

[Alice S. Fuzzybutt]

I got a letter from them today saying that I exceeded my allowance of on-line transfers from my checking into my savings and vice versa.

The only way i can avoid going OVER the allotment is to transfer at an ATM. Otherwise THEY WILL CHARGE ME.

FUCK THEM!! REALLY? REALLY?!?! Chase is the one bank that's doing relatively well so they're screwing their customers.

BRAVO.

[PopPop]

try to find a credit union.

[EddieMoscone]

Those fucks were the first ones to charge $3 (!!!) for an atm withdrawal (outside of Atlantic City and Vegas) if I remember correctly.

[IMSlacker]

There's a limit of 6 transfers per statement cycle on online savings accounts set by the Federal Reserve Board. (http://www.moneybluebook.com/be-careful-not-to-exceed-6-ach-transfers-on-your-savings-account-per-month/) Is this what they're referring to? If so, it's not a Chase issue. I got a similar warning once from Wells Fargo.

[Coach_Mac]

I really liked Key Bank when I lived in the northeast. I miss it cause I don't like my bank here.

[Death Metal Moe]

I used to transfer money all fucking day and night from my Lakeland Bank savings account into my checking account. I've never heard of this.

Are we just talking about regular checking and regular savings accounts or something else?

[TheMojoPin]

I had signed up for Bank of America when I first moved here because it seemed most convenient, but most of the locations that made it tha way have closed. Chase is now the bank I see everywhere around me, plus they sent me one of those "we'll give you $100 if you open an account with us" things that I'm a sucker for. Yey or nay to signing up with Chase?

[Death Metal Moe]

I had signed up for Bank of America when I first moved here because it seemed most convenient, but most of the locations that made it tha way have closed. Chase is now the bank I see everywhere around me, plus they sent me one of those "we'll give you $100 if you open an account with us" things that I'm a sucker for. Yey or nay to signing up with Chase?

What are the stipulations for opening the account to get and keep the $100?

[TheMojoPin]

What are the stipulations for opening the account to get and keep the $100?

I have to open a checking account with a minimum of $100 in it. If I close it before 6 months, they take it back. I'm assuming it's probably one of those "gotta have direct deposit or we'll fee you" accounts.

[lleeder]

Why so many transfers?

[oldladyfacepuncher]

There's a limit of 6 transfers per statement cycle on online savings accounts set by the Federal Reserve Board. (http://www.moneybluebook.com/be-careful-not-to-exceed-6-ach-transfers-on-your-savings-account-per-month/) Is this what they're referring to? If so, it's not a Chase issue. I got a similar warning once from Wells Fargo.

from that article:

However, Transactions That DO NOT Affect Your Limit Include:
Transfers and deposits into a savings or money market account
Withdrawals and transfers made at an ATM machine
Withdrawals and transfers made in a bank branch via a teller

If she's using ATMs she should be good. I'd call them on it. Thanks to IMSalckker you exactly what the Regulation D is, so don't let them try to throw that on you.

[razorboy]

This sounds like a job for the Halloween Jack.

[Death Metal Moe]

I have to open a checking account with a minimum of $100 in it. If I close it before 6 months, they take it back. I'm assuming it's probably one of those "gotta have direct deposit or we'll fee you" accounts.

Eh, 100 bucks for that? Doesn't exactly seem worth it unless you've heard something REALLY good about having an account open with them.

Just seems like all the changing accounts, money and paperwork isn't worth 100 bucks.

[angrymissy]

We have Wamu which is now Chase.

They've been putting ridiculously long holds on Jeff's business checks.

He's been getting the EXACT SAME 3 checks every month from his clients for almost 3 years. They never bounce. Suddenly Chase is putting SEVEN DAY business holds on them. It's causing a gigantic cash flow issue. So the 3rd check comes is it's local from 2 towns over. FOUR DAY hold. Fucking ridiculous.

[TheMojoPin]

Eh, 100 bucks for that? Doesn't exactly seem worth it unless you've heard something REALLY good about having an account open with them.

Just seems like all the changing accounts, money and paperwork isn't worth 100 bucks.

Seems pretty straightforward. Opening/transferring accounts has never been a hassle for me in the past, so I don't think it would be here unless Chase has some crazy draconian procedures I'm not aware of. Besides, who am I to turn down $100 these days?

[Death Metal Moe]

Seems pretty straightforward. Opening/transferring accounts has never been a hassle for me in the past, so I don't think it would be here unless Chase has some crazy draconian procedures I'm not aware of. Besides, who am I to turn down $100 these days?

OK then open it.

[TooLowBrow]

heres what i dont get...
i dont have an account with bank of america.
my work checks are from bank of america.
everytime i cash a check they say i owe them $5 of it.
how?? why??
what entitles them to some of MY money?

[cougarjake13]

heres what i dont get...
i dont have an account with bank of america.
my work checks are from bank of america.
everytime i cash a check they say i owe them $5 of it.
how?? why??
what entitles them to some of MY money?



never heard of that


where are you cashing them ??

[TooLowBrow]

never heard of that


where are you cashing them ??

i cash them at bank of america. they say if i dont want to pay the fee i have to open an account with them. meanwhile, if i cash the checks at my bank i either have to deposit it or have enough in my account to cover them cashing the check, i guess in case it bounces.

[cougarjake13]

i cash them at bank of america. they say if i dont want to pay the fee i have to open an account with them. meanwhile, if i cash the checks at my bank i either have to deposit it or have enough in my account to cover them cashing the check, i guess in case it bounces.



ahh gotcha

im guessing thats their way of trying to get people to join the bank

its no different i guess then going to amscott and they charge like 3%

[TooLowBrow]

The fee as a non-customer is a way for the bank to mitigate the risk that the check is no good. See, if you were a customer and the check were no good, the check would bounce and they could debit your account. However, if you aren't a customer and the check bounces, the bank has no recourse against you.

but their bank issued the check! how is it my problem if THEY write checks that They might not be able to cover?

[sailor]

i cash them at bank of america. they say if i dont want to pay the fee i have to open an account with them. meanwhile, if i cash the checks at my bank i either have to deposit it or have enough in my account to cover them cashing the check, i guess in case it bounces.

you're cashing it at BoA without an account. it's no different than you going to a check cashing place. they're charging you a fee for their service. i've never heard of a bank (your bank) making you have enough to cover a deposit. it is usual for them to make you wait on the check (see missy's post) to make sure it don't bounce. get a new bank if this is in any way indicative of their overall quality.

[TooLowBrow]

ahh gotcha

im guessing thats their way of trying to get people to join the bank

its no different i guess then going to amscott and they charge like 3%

my company keeps its money in B.ofA's bank.

my company writes up a BofA check to pay me.

I wind up giving BofA $6 so they can take my companies money and give it to me.

this is like charging people extra if they write a check and dont just pay cash

[cougarjake13]

are you living paycheck to paycheck ??


why cant you just deposit it in your bank and not worry about the fee ?

[TooLowBrow]

are you living paycheck to paycheck ??


why cant you just deposit it in your bank and not worry about the fee ?

because i hate banks, they do everything they can to take your money away

so i keep cash and my savings get invested


..i gotta move to CA...

California employers are breaking the law if they process their paychecks through banks that charge check-cashing fees to workers who don't hold accounts with the banks, state officials said this week.

The state Department of Industrial Relations issued the statement in response to a San Francisco Chronicle column last Sunday that explored such fees.

Since August 2002, Bank of America has required Californians who don't hold accounts at the bank to pay $5 anytime they want to cash a paycheck issued by a BofA business client. Wells Fargo plans to follow suit on April 1.

The state Department of Industrial Relations said the charges violate Section 212 of the California Labor Code, which requires that payroll checks "be negotiable and payable in cash, on demand, without discount."

[cougarjake13]

my company keeps its money in B.ofA's bank.

my company writes up a BofA check to pay me.

I wind up giving BofA $6 so they can take my companies money and give it to me.

this is like charging people extra if they write a check and dont just pay cash



well theyre in the business to make money

and i guess they dont care where the checks come from, if you dont have an account with them, they dont care and will charge the fee

[SP1!]

you're cashing it at BoA without an account. it's no different than you going to a check cashing place. they're charging you a fee for their service. i've never heard of a bank (your bank) making you have enough to cover a deposit. it is usual for them to make you wait on the check (see missy's post) to make sure it don't bounce. get a new bank if this is in any way indicative of their overall quality.

I dont think a bank will cash a check for say $500 if you only have $100 in the bank, when I was younger the most I could get out was half or less. I was pissed cause I needed drugs right then!

Plus it doesnt surprise me that banks are getting more stringent just because they can right now, assholes.

[sailor]

well theyre in the business to make money

and i guess they dont care where the checks come from, if you dont have an account with them, they dont care and will charge the fee

i think you're missing something here (but you're still basically right). the only reason he can cash the check is because it is from a BoA account. because his payroll is processed thru their bank he can cash it there as well. if his company used chase, for instance, there's no way they'd cash it for him at BoA.

[sailor]

I dont think a bank will cash a check for say $500 if you only have $100 in the bank, when I was younger the most I could get out was half or less. I was pissed cause I needed drugs right then!

Plus it doesnt surprise me that banks are getting more stringent just because they can right now, assholes.

i misread and thought he was trying to deposit it. i realized afterwards and was way too lazy to go back.

[TooLowBrow]

Plus it doesnt surprise me that banks are getting more stringent just because they can right now, assholes.

my girlfriend closed out a savings acct.

two weeks later she was at the bank and they tell her that her savings acct is $2.60 overdrawn.

turns out that when she emptied out the acct and closed it the teller screwed up, he didnt close it before adding 40 cents which interest had accrued.

now the 40 cents is to little to hold in an acct so the bank issues a $3.00 a month penalty.

luckily she caught it in the first month, but it still really seems like a scam

[sailor]

my girlfriend closed out a savings acct.

two weeks later she was at the bank and they tell her that her savings acct is $2.60 overdrawn.

turns out that when she emptied out the acct and closed it the teller screwed up, he didnt close it before adding 40 cents which interest had accrued.

now the 40 cents is to little to hold in an acct so the bank issues a $3.00 a month penalty.

luckily she caught it in the first month, but it still really seems like a scam

if she closed it out (and has some paperwork to that effect) there is no way they can charge her the money. heck, with a savings account they will draw that $3 a month out until you hit zero, but they don't bill you beyond that. basically, she just tells them "i don't have an account here."

[TooLowBrow]

if she closed it out (and has some paperwork to that effect) there is no way they can charge her the money. heck, with a savings account they will draw that $3 a month out until you hit zero, but they don't bill you beyond that. basically, she just tells them "i don't have an account here."

she just paid it.

[Fallon]

Citizens does that too.

So I just use the ATM.

[TooLowBrow]

has anyone seen the chase bank commercial with the mom and 2 daughters?

theyre all just hanging out and 1 daughter saays how she just texted some guy.

then the mom gets a text

its from chase bank

"they just want to let us know how our money is doing" the mom explains



...what does this mean?
is the mom receiving constant texts of her account balance?
i understand getting a text after a big purchase or $ transfer but just a random update seems nuts

[Alice S. Fuzzybutt]

I used to transfer money all fucking day and night from my Lakeland Bank savings account into my checking account. I've never heard of this.

Are we just talking about regular checking and regular savings accounts or something else?


Yes, regular checking and regular savings.

Someone asked why so many transfers? When I get paid, I "pay myself" first and transfer money into my savings. This month I had some unexpected expenses so I transfered money from my savings into my checking several times.

I never knew this rule existed. I've been transfering on-line for a long time and never exceeded the limit. Guess I'll use the ATM more often.

[Death Metal Moe]

Yes, regular checking and regular savings.

Someone asked why so many transfers? When I get paid, I "pay myself" first and transfer money into my savings. This month I had some unexpected expenses so I transfered money from my savings into my checking several times.

I never knew this rule existed. I've been transfering on-line for a long time and never exceeded the limit. Guess I'll use the ATM more often.

Not knowing anything about how banks work, I would think online transfers are cheaper for the company. You don't need to maintain a branch and that machine to allow your customers to access money and do certian things.

I don't know, I had a savings account for awhile that I had automatically take money from my checking account the day my work check officially cleared. But when times got tough, I'd take small amounts out to get from the ATM or I'd take large amounts to pay my car insurance so I just closed it and rolled with the checking account. I was never warned about anything and I checked my statements and didn't see any weird charges.

Eh, someone linked something that made it sound like a rule that isn't theirs, but it reeks of nickel and diming their customers if you ask Moe.

[sailor]

Yes, regular checking and regular savings.

Someone asked why so many transfers? When I get paid, I "pay myself" first and transfer money into my savings. This month I had some unexpected expenses so I transfered money from my savings into my checking several times.

I never knew this rule existed. I've been transfering on-line for a long time and never exceeded the limit. Guess I'll use the ATM more often.

depending on how accommodating your employer is (generally better at a bigger place), if you have direct deposit, they can set it up top automatically get deposited to more than one account. like you can have them send 25% to a savings account, 10% to a mma and the balance to checking. heck, you can even send some to a vacation account with a spiffy name.

[Death Metal Moe]

heck, you can even send some to a vacation account with a spiffy name.

Pffft, only a mentally unstable person would do that.

[IMSlacker]

The reason for the limit on online transfers is because of the reserve requirements banks have for checking accounts vs. savings accounts. Checking accounts are considered transactional accounts and the bank is required to keep a higher cash reserve for them, because someone's checking account can go from $3000 down to $200 in a day and then back up again the next day. For savings accounts, the expectation is that you'll put money in there and sit on it for a while, then occasionally make withdrawals. The bank has a lower reserve requirement for savings accounts because the expectation is that the balances in those accounts will be less volatile. This is the money that the bank loans out to people to earn interest, so they can pay you interest on your savings account. So, when you make more than six online transfers in a month, the bank is required by the Fed to treat your savings account like a transactional account and charge you fees accordingly (as if it were a interest bearing checking account).

[lleeder]

The reason for the limit on online transfers is because of the reserve requirements banks have for checking accounts vs. savings accounts. Checking accounts are considered transactional accounts and the bank is required to keep a higher cash reserve for them, because someone's checking account can go from $3000 down to $200 in a day and then back up again the next day. For savings accounts, the expectation is that you'll put money in there and sit on it for a while, then occasionally make withdrawals. The bank has a lower reserve requirement for savings accounts because the expectation is that the balances in those accounts will be less volatile. This is the money that the bank loans out to people to earn interest, so they can pay you interest on your savings account. So, when you make more than six online transfers in a month, the bank is required by the Fed to treat your savings account like a transactional account and charge you fees accordingly (as if it were a interest bearing checking account).

After that how can anyone wish a non-existent cock sucking on any financial institution?

[Death Metal Moe]

After that how can anyone wish a non-existent cock sucking on any financial institution?

Easily, completely and with ever fiber of my being. I will even offer up my actual cock that exists for banks to drain of all fluids, I fucking hate banks.

[Alice S. Fuzzybutt]

The reason for the limit on online transfers is because of the reserve requirements banks have for checking accounts vs. savings accounts. Checking accounts are considered transactional accounts and the bank is required to keep a higher cash reserve for them, because someone's checking account can go from $3000 down to $200 in a day and then back up again the next day. For savings accounts, the expectation is that you'll put money in there and sit on it for a while, then occasionally make withdrawals. The bank has a lower reserve requirement for savings accounts because the expectation is that the balances in those accounts will be less volatile. This is the money that the bank loans out to people to earn interest, so they can pay you interest on your savings account. So, when you make more than six online transfers in a month, the bank is required by the Fed to treat your savings account like a transactional account and charge you fees accordingly (as if it were a interest bearing checking account).

I still don't understand what the difference is if I do transfers on line or at a Chase ATM. The letter stated I could do transfers at an ATM. I'm still transfering funds regardless.

Oh wait-- I'll probably get a letter next month telling me I exceeded my transfer limit at the ATM.

[west milly Tom]

I have a great railroad credit union I never get charged for anything, I put in and draw from every week. Employee credit unions are great.

[IMSlacker]

I still don't understand what the difference is if I do transfers on line or at a Chase ATM. The letter stated I could do transfers at an ATM. I'm still transfering funds regardless.

Oh wait-- I'll probably get a letter next month telling me I exceeded my transfer limit at the ATM.

I think the reason is that using the ATM requires actual human interaction with the bank kind of like going in and talking to a teller. I think they're trying to prevent someone from programatically moving money back and forth between their checking and savings accounts on a daily basis, essentially turning their savings account into a interest bearing checking account, without meeting the usual minimum balance requirements or paying the associated fees.