Consumer complaint received 2024-12-01 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: JPMORGAN CHASE & CO.
State: NY

Complaint narrative:
Back in XXXX I contacted the Department of Finance for NYS attempting to file a claim. I was redirected here, but my letter was sent to Chase ' executive team. I gave them the opportunity to thoroughly address my issue and still there was not a reasonable resolve.

This was the official complaint : I am writing to formally lodge a complaint regarding the consistent overdraft fees that have been assessed to my Chase Performance Business Checking account, despite my adherence to the terms of Chases Overdraft Assist program. 

When I opened this account, I was bringing in $ XXXX to $ XXXX per month through XXXX. The banker who set up my account opened a Chase Performance Business Checking account that required maintaining a daily $ XXXX balance, something I was unaware of at the time. Over the following months, I noticed high charges for service fees, but neither I nor the tellers at my local branch could determine why. Eventually, a telephone banker informed me of the account requirements and explained that I had Overdraft Assist due to the nature of my account, which required me to transfer funds into my account before XXXX XXXX  the next business day to avoid fees. 

Since then, I have been diligently transferring funds before the XXXX XXXX  XXXX  cut-off via instant ACH transfers from XXXX, but I continue to be charged overdraft fees. These transfers reduce my balance to under {$50.00}, which should, according to Chases published terms, exempt me from these fees. 

Here are the specific issues : I have had to call customer service repeatedly over the past few months to request fee reviews. Each time, a supervisor would confirm that I made the transfers on time, and the fees would be reversed, though I was told this was done as a courtesy rather than a correction of a technical issue. 
Recently, I was informed that further fees could not be reversed, and a case was opened. However, I was given no valid explanation for why the fees continue to be applied, despite my compliance with the Overdraft Assist terms.

I have not seen any indication that instant ACH transfers from external sources like XXXX  are exempt from Overdraft Assist, yet I am still incurring fees. This is contradictory to Chases own terms, which state : Chases Published Terms on Overdraft Fees : No Overdraft Fees should be charged if my account is overdrawn by {$50.00} or less at the end of the next business day, or if I transfer funds to bring the balance to {$50.00} or less by XXXX XXXX XXXX 
No Overdraft Fees should apply to transactions under {$5.00} or debit card transactions authorized when sufficient funds were available. 
I have also reviewed the agreement and found nothing excluding instant transfers from external sources. 
This situation has placed an undue financial burden on my business, as I have complied with all terms and have consistently made transfers before the XXXX XXXX  cut-off. Yet, the fees persist, and I am continually told they can not be reversed beyond what has been labeled as courtesy adjustments. 

Given the above, I am respectfully requesting : A full audit of the overdraft fees assessed on my account over the past few months. 
Reimbursement for any fees that were wrongfully applied, despite my adherence to the Overdraft Assist terms.

Clarification on why these fees continue to be assessed despite my timely transfers, as I see no language indicating that external instant transfers are not covered.

This ongoing issue has caused significant financial strain on my business, and I hope for a swift resolution. I trust that Chase will address this matter with the seriousness it deserves. 

Thank you for your attention, and I look forward to your prompt response and resolution. 
-- -- -- -- -- -- -- -- -- -- -- I even took a step further to post it on XXXX in case it was me who was mistaken. 
Full Story : I've been a Chase customer for over 20 years, initially for personal banking and now for business. In XXXX, I opened a business checking account at the regular level. By XXXX, a banker upgraded it to Premier Checking, saying it was best for high transaction volume. The account requires a $ XXXX daily balance to avoid monthly fees, which sometimes is a stretch. 

Since the pandemic, Ive noticed substantial monthly fees ( often $ XXXX {$900.00} ) that Chase labels as " service charges. '' I use XXXX for payment processing and only transfer funds into this account to cover rent, vendors, and expenses. 

Heres where it gets confusing : Overdraft Assist Issues : Ive always requested overdraft protection be turned off, so I avoid fees if the balance is low. But I started seeing fees that Chase couldnt explain. Eventually, a rep told me my account has " Overdraft Assist, '' meaning if I transfer funds by XXXX XXXX  the next business day after an overdraft, I should avoid fees. Since then, Ive been meticulous, making transfers well before this cutoff. Still, I see these fees. 

Refunds and Escalations : From XXXX to XXXX, I called Chase each month to review these charges. Theyd usually refund about {$700.00}, as the reps saw Id made my transfers according to policy. In XXXX, the fees hit again, but this time the rep escalated the issue instead of refunding. A Chase executive then called to review the case, but still no resolution. They say Im being charged courtesy fees, but no one can explain why its happening in the first place.

Inconsistent Explanations : Some reps say these fees are due to ACH transfers, others mention high transaction volumes, but nothing in my account terms seems to justify these charges. It doesnt make sense, as my transfers are done before the cutoff, and Im not exceeding any transaction limits. 

Cutoff Confusion : One recent rep claimed theres a XXXX XXXX  cutoff for ACH transfers to avoid fees, but another rep said the cutoff is XXXX XXXX. I make instant transfers from XXXX, which should be nearly immediate, so this shouldnt even apply. 

Ive filed a complaint with the state, and Chases executive team is involved, but they havent given me a clear answer. For now, Im not depositing more money until they reverse the fees and explain why this is happening. 

Question : Am I missing something here, or is this an issue on Chases end? Is anyone else having similar issues with Overdraft Assist or Premier accounts? Im open to any advicethanks in advance for your help! 
-- -- -- -- -- -- -- -- -- -- - Update : After weeks of misinformation, I finally received a vague letter stating the charges were " service fees ''. There was not a breakdown provided for the service fees broken down as requested. I was also recommended to read my service agreement. I have read my agreement back to front and I can not see anywhere where it explains service charges that amount to what I am receiving. I thoroughly believe that Chase has been charging me for overdraft assist because I am transferring from my XXXX account into my Checking account. Even though my available balance and present balance are always in the positive once transferred since it instant, they have been charging me. 

Coincidently, since filing my complaint, all of a sudden the attached messages have shown up on my other Chase business account which is a basic account. My account in the complaint doesn't have the message that conveniently spells out how Overdraft Assist works. It still states that if transferred from an outside account the it may vary, however, again, my present and available balance shows the positive amount from the instant transfer. I have always been transferring in good faith under their rules. I have since stopped transferring funds into the account until a proper resolution happens My account was at a negative {$1400.00}. Majority from fees. This has put me in such a terrible financial position. First, I use my Chase account to pay all of my vendors including my landlord for my business. With the negative balance despite my timely transfers, I had to set up XXXX XXXX with XXXX to make my payments including rent to avoid losing money that I already don't have. I didn't have an extra {$1400.00} to pay in fees.

Company response to consumer: Closed with explanation