Chase Deactivates Your Savings Account If You Don't Use It For 60 Days

If you don’t use your Chase online savings count for 60 days, it becomes deactivated. Which could be a big problem if you were counting on making a transfer to cover checks that you just wrote. What’s worse is that they don’t send you any notification that they froze your account. At least that’s how it goes according to reader Thomas’ complaint:

Last week on 2/7/06 I scheduled a $4,500.00 transfer from my savings account to my checking account, both accounts are with Chase bank online. So I wrote some checks and payed a few bills online and didn’t think about it. No problem. WRONG!!!!! Today I look at my account and the transfer failed! So I immediately called Chase to find out why the transfer failed. This is what I was told verbatim.

Me: Why did this transfer fail?
Chase: Your savings account has been deactivated due to inactivity on the account since you haven’t accessed it in over 60 days
Me: Chase deactivates my account without any notice and denies me access to my own money??This is outrageous. Where is there any type of notification or clause on any Chase statements or documents from Chase regarding this?


Chase: Uhm, ugh, well let me think ugh well I don’t,ugh uhm I think it might be on your statement,or maybe ugh uhm.
Me: So what you are telling me is that you are not sure and you haven’t the faintest idea what the F*** you are talking about…
Chase: No, No you can re-activate the account any time by just going to your Chase branch.
Me:I can’t do this online with you now??
Chase: oh sure no problem but it take 5 business days to go activate if you do it over the phone.
Me: I have written checks against these funds and you are telling me I have to wait 5 days to activate the account over the phone??
Chase: Yes
Me: I am going to my branch tomorrow and withdrawing all my funds from all accounts and canceling all my Chase credit cards.I am also contacting the BBB and NY State dept, of Banking.
Chase: ………Sir,I am sor….

I hang up.

I am closing my Chase account and canceling all my cards. What other recourse do I have here?? Please let all your readers know about this unbelievable behavior by Chase bank and tell them to switch banks. I cannot understand how they can even try to get away with this. I have over $50,000.00 on deposit with them and they pull this??


Thomas B

What this means for your weekend: don’t bank with Chase, they’re jerks. — BEN POPKEN