By: Revanche

The case of the disappearing checking account

March 5, 2010

A common side effect of nomadism is that you’ve got to have online management down to a science.  And that’s not usually a problem since I switched to Paperless Statements and Online Bill Payments eons ago.  It is a problem when accounts just don’t show up at all!

My Chase Business checking, which I’ll admit was opened 60% for the account bonus and 40% for the actual account, disappeared from the Accounts page and I couldn’t say when I last saw it.  This occurred to me when I was triple-checking my documents in preparation for dealing with income taxes.  There was a small payment made through that account and for the life of me, I couldn’t find the electronic record of the transaction or the account.

Two phone calls and 20 minutes later, I discovered that instead of imposing monthly inactivity fees, Chase just closes these accounts without activity after 45 days! 

Well then.  I suppose it’s better than having to argue my way out of another fee (for my failure to read fine print, it seems), but no mention was made of this when I first opened the account and I had specifically asked about any inactivity or minimum balance penalties. 

This isn’t a major imposition for me since I got my opening bonus and didn’t end up needing the account as much as I thought, but be careful!   

Read your fine print, and make sure you know what’s going to happen to your bank accounts, credit cards, and other financial accounts when they’re over or under utilized.

I’m not the only one this has happened to, ChiTown of Windy City Blues lost her checking account as well.

8 Responses to “The case of the disappearing checking account”

  1. Are maintenance costs that high that Chase HAS to close an account for inactivity? What’s wrong with letting the account sitting there. I guess Chase is anti-clutter.

  2. Anonymous says:

    Did you get a check for the amount you had in the account?

  3. eemusings says:

    Huh. So I’m confused – did you end up losing money? If not, hurrah!

  4. Rip-off artists! Arrogant chuckleheads!!

    It is simply inexcusable to treat customers like that. Look into credit unions. I had an account that I let go dormant for a couple of years, and it just sat there. Nothing was said and no harassment was delivered.

    After the layoff, I decided to simplify my budgeting and bookkeeping systems and so closed several accounts at the credit union, rolling a bunch of money into one and shifting funds between two others. The CU’s staff helped me confirm that everything was in place the way I wanted it and that I didn’t make any of my goofy mistakes. They were great, and not a penny was charged for their considerable services.

  5. That is the strangest thing. Did they cut you a check for the $$ that was in there? (I’m assuming the balance was minimal.)

  6. Mike says:

    Haha. That is so weird.

    I hope you didn’t lose any money!

  7. Sara says:

    This comment has been removed by a blog administrator.

  8. Revanche says:

    @Investing Newbie: I have no idea how high the maintenance costs are but LOL @anti-clutter. I can’t really hate on that.

    @Anonymous, eemusings, RainyDaySaver, Mike: I double and triple checked, I didn’t lose any money. You can bet I’d be right there on their front door if I did!

    @Funny About Money: I’ve got to find a more convenient CU, though, the ones I used back in college weren’t online, didn’t have ATMs that were open 24 hours (working really odd and long hrs meant I need 24 hour service), and very restrictive business hours. I’m sure they’ve changed since then, but I’ll have to search that out.

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