So I went into my local Chase branch yesterday for a wire transfer. In the past, I have gone to the Customer Service center, where they give you a 2-foot long form on carbon paper, you fill it out, and bring it to a teller, who may or may not enter your information correctly, and then gives you a summary receipt with just the amount transferred. Then you hope for the next 24 hours that the money actually went where it was supposed to go. I’ve never had a wire transfer go astray… but the process never inspired any confidence.

Yesterday I walked over to the Customer Service desk and asked to perform a wire transfer, and the rep actually did the transfer at the desk, printed out a preview copy, had me review and OK it, and then sign it. Wow, how very almost-21st century! I was actually impressed that process had improved.

Until I told the rep that I wanted the transfer taken out of my savings account. My rainy day account. He informs me that I can’t transfer from my savings account. Did I run out of money in my savings account? Nay. I haven’t touched the money in that account in months. Which turned out to be the problem. He says to me, “you haven’t withdrawn or deposited any money into that account for 3 months”. I say “yes, I know, its a savings account, I have money there that I am SAVING”. He says, “it’s a good thing you are dealing with this now, your account is *only* inactive”. Now I am starting to get indignant… what do you mean that my savings account is inactive. I have a decent amount of money in there… nothing of epic proportions, but enough that I care about losing it. He says, well, once an account goes inactive, then it can go to “dormant” from there, which means, “the money goes to the state as unclaimed monies”.

Are you serious, Chase? The rep goes on to tell me that “we’re working with a guy who lost $15mm, still trying to find his money”. Like I was supposed to be appeased by that, that someone is in worse shape.

The solution? He set up a monthly process where I transfer $1 from my checking to my savings account.

As I was walking out, I mentioned to the rep that I was about to congratulate them on improvements in process with wire transfers… but I’ve chosen to withhold that compliment, based on the savings account incident.

I’m sorry, but that’s really dumb, draining an account with money in it just because no one withdraws from it for a year. Bad, bad Chase.

Update: This hit the Consumerist. Viva la internet indeed, Eliot!