Richardson, Texas
Not resolved

I had a problem with unscrupulous business practices by the collections department at JP Morgan Chase Bank. Here is my story and I hope something can be done to change practices like this, as well as hopefully help me:

I closed out a business account with Chase. When I closed it, they said there were no pending transactions and gave me a check. As it turns out, there was a transaction, assumedly cleared, that came through that day. So, instead of closing the account, it caused my account to overdraft in the amount of $2040 ($40 in fees). The collections department of Chase then called on 12/2 to inform me that my account was overdrawn. I told them the account was closed. They said to go to my local branch to figure it out, which I did. I went to close out my personal account, but they were holding my $2040 hostage to cover the BUSINESS overdraft! I said the accounts had nothing to do with each other. They said they did because they have the same social security number. I told them 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 (and affect my credit), to which I answered yes. They negelected to inform me that their definition of ''charge off'' was to steal the money from my personal account!

Despite the bankruptcy and their statment that this would affect my credit, not my cash, they took the money from my personal account anyway. I again talked to the collections and asked them why they did that when they said it would be charged 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! I asked them why they would not just openly disclose what ''charge off'' meant at that point in time? If I would have known 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! Also, I don't buy that they didn't see that charge as ''pending'' when I closed my account - it showed as coming through at least two days earlier.

Monetary Loss: $2000.

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you dork, the USCRUPULOUS part came when they could have clearly state that they were going to take my money instead of telling me that it would affect my credit...but you actually have to read and comprehend the whole story to understand that.


There is a clear difference between a business and a personal account. I'm guessing you have limited knowledge of the difference or you would understand but heres a crash course as you are probably a bank employee and should be educated on how money works.

First off a business BK can mean several things, unlike a personal BK there is a business behind it. This person may or may not be using it in this manner but most commonly when business are slow they declare BK to re-assing the bills comming in to provide time for things to pick.

Donald Trump does this often, vendors usually remain with the customer as they are aware of how this works and want to keep them stocked to sell product and rack up the bill so they get paid more.

This is just 1 of many ways business BK is different, think of it as an extended credit line.......and SURPRISE........Banks and car companies did alot of this durring recession. This is simply a reassignment of debt.

As for the letter writer...look at FDCPA. Google it, file complaint with the FTC and record calls. I have a problem with chase and am winning money because they failed to follow the collection laws repeatedly. They will now be paying their own debt off and me with it :)

Just whittle away at little things until you get them, asked not to be called they have to do it for a certain amount of days, asked them their full names but get them mad first, if they seem like their going to H/U state that your not done discussing this to hang up is unethical.

You bait them enough you'll run across an *** like the WHAT guy and he'll screw it up for his company. But dont get just one recorded get a fair amount to show distress and harassment.


YOU used the account (whether before or after you closed it) and it came through after you closed it, and you are saying THEY are being unethical by making you pay YOUR debt? It seems to me that you are being unethical by taking a check from them and not paying the amount that you owe them. It is not stealing if I take what belongs to me.