Chase Bank Change in ToS Let's Them Keep Money From Deposit Amt Errors

[labboypro]

... or did I misunderstand what I read? It seems as though they are saying they get to pocket money for deposit amount errors up to $10... so, if I forget to "carry the 1" when hastily adding up the items on my deposit slip, they just get to keep that money. Wow! What happened to accounting standards? Especially the one where THEY (the professional money-handlers) check my math at the counter?

Or, as I ask... did I misunderstand what they're exercising here???

 

[Josh F]

I think your understanding is correct. However, they do use the terms that they "are not required to". So it doesn't mean that they won't/can't, but that they don't have to. I'm guessing if you contact them, they will adjust it, in reality...

 

[nickelfish1]

Overstate a few deposits by less than $10 and see if you get to keep it. Goose. Gander. I'm betting the public is gonna get goosed.

 

[Billiken]

Errors in the bank's favor??? Sorry, customer.
Errors in the customer's favor??? We'll get right on that problem.

In my entire 55 yr life, the only error a bank made was when an ATM spit out 3 $20s on a $50 withdrawal (in the 1980s).
Went into the branch and told them (gave them the $10 back).

About two weeks later got a nice letter from the regional VP of retail banking.
Included were two field box tickets to a St. Louis Cardinals baseball game.

 

[labboypro]

In my entire 55 yr life, the only error a bank made was...

<ramble alert>

In my youth (a verrrrrrrry long time ago), when I didn't know/care to keep track of my account balance closely, and I was making "lots" of fast (legal, BTW) money, I noticed my checking balance was about 4k higher than I would have expected (it didn't surprise me as I had lots of income and no real bills)... so I spent it on a new car. A few weeks later, I got a letter from bank demanding I return their "misappropriated funds" (their words). I went to see 'the man' in the big corporate office and they had security personnel there and they verbally assaulted me, and bullied me into signing a loan agreement at 18% interest... they literally refused to let me leave the building until I did (yes, today, I would have used my cell phone to call the police and tell them I was being held against my will... back then, we barely had cordless phones... much less cell phones). So, I signed, left, paid off the loan with my next 2 paychecks, filed charges against the bank executive with the police (which went to court, where I testified-- he was found guilty by judge and sentenced to community service). Somewhat satisfying, but also very scary for a recently-on-my-own teen. Now I know my account balances at all times.

</end ramble>

 

[Voyaging Doc]

<ramble alert>

In my youth (a verrrrrrrry long time ago), when I didn't know/care to keep track of my account balance closely, and I was making "lots" of fast (legal, BTW) money, I noticed my checking balance was about 4k higher than I would have expected (it didn't surprise me as I had lots of income and no real bills)... so I spent it on a new car. A few weeks later, I got a letter from bank demanding I return their "misappropriated funds" (their words). I went to see 'the man' in the big corporate office and they had security personnel there and they verbally assaulted me, and bullied me into signing a loan agreement at 18% interest... they literally refused to let me leave the building until I did (yes, today, I would have used my cell phone to call the police and tell them I was being held against my will... back then, we barely had cordless phones... much less cell phones). So, I signed, left, paid off the loan with my next 2 paychecks, filed charges against the bank executive with the police (which went to court, where I testified-- he was found guilty by judge and sentenced to community service). Somewhat satisfying, but also very scary for a recently-on-my-own teen. Now I know my account balances at all times.

</end ramble>

but you signed a contract under duress...

 

[janetdoe]

Errors in the bank's favor??? Sorry, customer.
Errors in the customer's favor??? We'll get right on that problem.

That's exactly what it sounds like to me. I'm actually surprised (in such a highly regulated environment) that this is legal. In a world where movie plots revolve around rounding a fraction of a cent to make millions, how can $10 be 'ignorable'?

@pointsaholic @niehlin2 - any insight into this?

I wonder how many times you can 'accidentally' carry an extra 1 before you get shut down.

 

[pointsaholic]

That's exactly what it sounds like to me. I'm actually surprised (in such a highly regulated environment) that this is legal. In a world where movie plots revolve around rounding a fraction of a cent to make millions, how can $10 be 'ignorable'?

@pointsaholic @niehlin2 - any insight into this?

I wonder how many times you can 'accidentally' carry an extra 1 before you get shut down.

No insight