Chase got me really good

[thing]

I have/had an overdraft of $1000 I can access through the ATM at chase, so what i usually do is take 1000 from the atm buy 2 boxes from wells fargo then dump the rejects back on chase, as long as I get the money back same day I am not charged any fees.

Unfortunately, my account was subject of a periodic review and this behavior was deemed to risky by chase so they just shut down my account. That normally wouldn't hurt too much but I just put 1400 in the account to pay some other bills, and now chase I saying that they will mail me a check for the funds remaining in the account in 4 weeks, now that doesn't seem fair and a little vengeful.

Does anyone here have any experience with this kind of event, I doubt I am the first person here this has happoned to.
Any advice would be welcomed
PS this really put a damper on my hunting activities, chase is so common in los angeles and it has the best weekend hours.
I got black listed from bofa for abusing their keep the change promotion by buying 1c stamps 1c at a time to the tune of 3000 over 2 years(i don't feel bad about that at all, but the chase thing that really hurts)

 

Amazon Forum Fav 👍

Diving for Pleasure and Treasure - Grab it through Amazon!

[47thelement]

I'm not saying your right or wrong.

However, I will say this...

Just because you can, doesn't mean you should.

 

[FormerTeller]

Out of curiosity, how often were you overdrafting?

 

[The_EE]

I think the title should have been, You got Chase really good. You were basically using their money to gain financially while they assumed the risk and saw no interest in the short term loans.

 

[thing]

maybe 3-4 times a month

 

[47thelement]

Based on the additional info, I'd say they are justified.

And another thing,

please stop this behavior, you actions could be deemed detrimental to our hobby!

 

[jrf30]

You were closed out by Chase. You were blacklisted by BoA. And for a good reason. <<I got black listed from bofa for abusing their keep the change promotion by buying 1c stamps 1c at a time to the tune of 3000 over 2 years(i don't feel bad about that at all, but the chase thing that really hurts)>> And you don't feel bad about what you did. 3000 times over 2 years. Specifically so you COULD abuse them.

What you did wasn't illegal in any way. Was it moral? Nope. YOU even use the word "abusing" for your actions. But it means nothing to you.

Sorry, but in this case I vote with Chase, and say what you do gives ALL of us a black eye. Stop trying to sponge off others and cut the corners, and instead do the right thing. Then you won't get shut down at Wells as well. You're running out of options, so wise up that it is not the banks that are at fault, and realize YOU need to change your ways.

You asked for input and that's my input. You may not like it, but it is honest, and also not meant to insult you, but to help you with this wake up call, to realize you need to do it right.

Good luck in the future hunting. Gert back on track, get a good rapport with a bank instead of milking them, work it within the boundaries, and you'll be fine.

 

[namster]

Thou doth presume to use the kings money? Lowly peasant, a fortnight in the stocks and then maybe you will learn to behave as a peasant should.

 

[thing]

I am on really good terms with all the tellers at my 5 local chases, this action occurred at high management.
Honestly I wouldn't think this would bother anyone here, seems like I have read alot of stories about talking to managers about tellers not giving up silver in their trays, dumping on rude branches and opening then closing accounts.
Also how would my use of overdraft mess things up for any one at this hobby, unless they are doing the exact same thing.

 

[palidin20603]

I am on really good terms with all the tellers at my 5 local chases, this action occurred at high management.
Honestly I wouldn't think this would bother anyone here, seems like I have read alot of stories about talking to managers about tellers not giving up silver in their trays, dumping on rude branches and opening then closing accounts.
Also how would my use of overdraft mess things up for any one at this hobby, unless they are doing the exact same thing.

Think about it. You borrowed money at no interest in order to buy coin from another bank and then stick Chase with the dumps, costing them time and potential money. You hurt them on the no interest and potentially fees to a coin service to ship your dumps out. Your behavior is determental to the hobby because you took adavntage of a bank to search coins. Please tell me you understand what I am saying.

 

[47thelement]

One more comment: overdraft is an oops not a process.

 

[BuffaloBoy]

You were closed out by Chase. You were blacklisted by BoA. And for a good reason. <<I got black listed from bofa for abusing their keep the change promotion by buying 1c stamps 1c at a time to the tune of 3000 over 2 years(i don't feel bad about that at all, but the chase thing that really hurts)>> And you don't feel bad about what you did. 3000 times over 2 years. Specifically so you COULD abuse them.

What you did wasn't illegal in any way. Was it moral? Nope. YOU even use the word "abusing" for your actions. But it means nothing to you.

Sorry, but in this case I vote with Chase, and say what you do gives ALL of us a black eye. Stop trying to sponge off others and cut the corners, and instead do the right thing. Then you won't get shut down at Wells as well. You're running out of options, so wise up that it is not the banks that are at fault, and realize YOU need to change your ways.

You asked for input and that's my input. You may not like it, but it is honest, and also not meant to insult you, but to help you with this wake up call, to realize you need to do it right.

Good luck in the future hunting. Gert back on track, get a good rapport with a bank instead of milking them, work it within the boundaries, and you'll be fine.

very well said

 

[SFBayArea]

Why are you trying to work the system for a couple cents from BoA? You benefited short term but got squeezed out long term.

There's always people that abuse the system in getting stuff for the short term but in the long run they lose. Greed over does it. You're going to ruin it for other CRHers not just yourself. You're shooting yourself in the foot. The ones that last are the ones that lay low, keep their eyes on the prize, and they win in the long run. Remember what Frank Lopez told Tony Montana Those who want it all at once, Chicas, Champayne, Flash, they don't last. Over-reaching always has consequences.

 

[thing]

You guys really lost me on how this affects the hobby. Considering my account was closed for overdraft not dumping coins. I would think people who turn 5000 a week could do more damage then 4000 a month.

 

[bazinga]

Why are you trying to work the system for a couple cents from BoA? You benefited short term but got squeezed out long term.

My guess is that he made about 3000x$0.99. So roughly $2970. I would probably risk losing a BOA account over $3,000. I did KTC a couple years ago and only did about $500 on it.

I can understand why chase did what they did. But I also don't understand why people here really care. It's not something that is happening and being looked at as a coin roll hunting specific problem.

In my eyes, it's like getting a 0% balance transfer from your CC and putting it into a high yield savings / checking account. That wasn't the intent of the CC company, but it does happen.

thing... Keep thinking outside the box. There are always ways to make money off of somebody else's money if you so desire.

 

[The_EE]

You guys really lost me on how this affects the hobby. Considering my account was closed for overdraft not dumping coins. I would think people who turn 5000 a week could do more damage then 4000 a month.

The problem is this.

You have $1 in your account.

You write a check to another bank for $1000 to buy two boxes of halves, bringing your account to -$999

You sort the boxes, go to your main branch, deposit the dumps with enough added in to bring you back to $1.

This goes on once a week.

You are basically using the banks money as your CRH funds, not your personal funds. Had you used the $1000 in your account and then redeposited it, that would be a different story but you are not. You are basically taking money from the bank to fund your searches. They are taking all the risk and receiving nothing, not even interest in return. Overdraft is supposed to be used for accidental overdrafts, not done on purpose on a weekly basis for your own gains.

What is so hard to understand about that?

 

[47thelement]

You guys really lost me on how this affects the hobby. Considering my account was closed for overdraft not dumping coins. I would think people who turn 5000 a week could do more damage then 4000 a month.

Uh.... I believe YOU requested advice from the treasurenet CRH community. Sometimes the advice from your peers is the harshest to accept

Does anyone here have any experience with this kind of event, I doubt I am the first person here this has happoned to.
Any advice would be welcomed

 

[quiksilver]

pigs get fat hogs get slaughtered

the real question is whether or not people understand what this means . Every day i see people trying to get over on a system , i then wonder how many of them are either naive , stupid, or coniving.

This statement was in no way to imply a negative comment to you as many just dont understand what their actions can mean in the long run. I myself have done plenty i shouldnt have [ tho much less now]

 

[SFBayArea]

You guys really lost me on how this affects the hobby. Considering my account was closed for overdraft not dumping coins. I would think people who turn 5000 a week could do more damage then 4000 a month.

I can understand your Chase thing but the BoA thing I don't. I use BoA very often as one of my banks if not main bank in personal banking. I would never do something like that for 3 K and lose my account. I have used them before for orders before and dumping. The services and Ag I've gotten over 10 years doing CRHing is more than 3 K. That is where the long term matters not short term.

However if someone asked me about stocks, I do not get attached. I will buy/short whatever. I do short term and not care about them at all long term.

 

[FormerTeller]

To be honest, I don't think what he did with Chase was that big a deal. I thought he was doing it several times a week, but 3-4 times a month? Not a big deal, with respect to CRH'ing. Doesn't surprise me that Chase cut him off, but I don't think it's that detrimental to the hobby.

just my 2 cents...