HuffPo item dissects JPM overdraft fees

Over at the Huffington Post today, reporter Arthur Delaney walks readers through the case of a former Washington Mutual customer whose account converted to Chase Bank when JPMorgan Chase & Co. bought the failed thrift late last year. The customer, Matthew Miller, recently discovered he’d been charged a total of $1,446 in overdraft fees during the course of a month.

Take a look, BankThink readers. See if you can figure out Chase’s method for ordering the transactions that lead to overdraft fees. Whatever the logic may be, it's worth wondering how long it would take the bank to simplify it into a more customer-friendly policy.

Comments (1)

OD fee policies have become predatory. They have become an ongoing channel for revenue that has little to do with either the cost of processing the NSF or influencing the consumer to be more careful.

Both of my children have been caught in OD buzz-saws as young adults. One fairly minor overdraft quickly spirals into a viscous cycle because of the fees, not irresponsibility on the part of the customer.

Greed always eventually comes back to haunt the perpetrator. It is unfortunate that Congress is now motivated to impose more regulation, but this was earned.

Posted by David B | Thursday, November 05 2009 at 9:25AM ET

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