Tom Drapeau

So back in August I posted this about my experiences in a Chase branch in NYC. I’ve been a busy guy since then, so haven’t had a chance to get back to Chase and talk about this whole “your account goes inactive” thing. The post ended up on the Consumerist website as well, and it got a fair amount of comments. In typical interweb fashion, some thought me an idiot. Some screamed conspiracy. And some more thought me an idiot for choosing to save my money in a savings account.

So I went back to a different Chase branch today, and asked to speak to the branch manager. The manager knew about accounts going inactive, but couldn’t tell me if it happened after 3 months or 9 months. He knew about an account going dormant, but didn’t know when that would happen after going inactive. He knew about the state taking the money after a certain amount of time, but didn’t know when. He did say that setting up an automated transfer between my checking and savings account to avoid inactive status wouldn’t work, because “what if you up and died, you wouldn’t want the automated payment to keep going, would you?” Well, actually, I think a $1 transfer payment on a monthly basis wouldn’t be my biggest problem, in that case.
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tdrapeau Chase, Customer Service, Funny

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 He says to me, “you haven’t withdrawn or deposited any money into that account for 3 months”.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!

tdrapeau Chase