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Rant: Bank Customer Service Hell

Close Encounters of the Cheap Kind has a new home at www.CheapEncounters.com!

This was not a good day for my nerves in maintaining my various financial accounts. Today I have had to waste nearly an hour on the phone to fix errors by my banks. Here’s a rundown of the stupidity:

Chase – I opened a new Chase personal credit card account in October and did a balance transfer to my Capital One account, where the promotional rate was about to expire. After a couple of weeks, the account was no longer available for viewing on my Chase Online page and over a month past the opening date I had yet to receive a statement. I called to find out that a fraud alert had been placed on my account (although no one from Chase ever called to tell me that) and I had to basically re-answer all of the questions from my application to verify that it is indeed a legitimate account. Thankfully everything is fixed now, but it is still a royal PITA. Time wasted: 22 minutes.

Capital One – Despite calling twice to verify that no finance charge would be assessed on my promotional balance if I paid it off before November 1, on my latest statement the clowns at Capital One proceeded to charge be a finance charge on the balance I paid off on October 23. I called up customer service and waited on hold for a while for the first line rep, who immediately declared he could do nothing for me and I would need to talk to an account manager. After waiting on hold for the account manager for a while longer, she comes on the line and I repeat my story and she looks at the account and agrees that an adjustment is needed almost immediately. Time wasted: 25 minutes.

HSBC – Reviewing all of my accounts in Yodlee, I noted that my HSBC Checking which I closed last month had been charged a service fee of $12 for falling below the minimum balance requirement. I call up HSBC and after navigating their Labyrinth of a phone tree menu I finally talk to a person and explain the situation twice. She reviews the account and noted the account had been requested closed last month and manually closed the account and submitted the credit to reverse the finance charge. Time wasted: 9 minutes.

In total I spent 54 minutes on the phone correcting errors made by my banks. This isn’t including the time I spent to pull up my notes on the accounts. I also didn’t even do anything with a bank by mail deposit that isn’t showing up on my Presidential Checking account, although at this point I can’t be sure if it is an error by the bank or the postal service lost the deposit in transit.

November 16, 2007 Posted by | banking, Credit Cards, Customer Service | , , , , | 2 Comments

$200 bonus for opening a Chase Business Checking account

Close Encounters of the Cheap Kind has a new home at www.CheapEncounters.com!

Update 11/27/2007: New working link at http://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/smallbusiness/shared/page/200_coupon_offer&ID=0000007224. Offer still expires on 11/30/2007. Thanks RJ!

Update 11/24/2007: Unfortunately, it looks like the link to generate a coupon code for this offer is now dead. You may want to try contacting one of the nice Chase bankers that have posted their information in the comments to this post to see if they can still get this offer for you. If you already have a coupon code for this offer, you have until 11/30/2007 to open your account.

Just when I am trying to simplify my financial life, here comes a financial offer I can’t refuse!

From now until 11/30/2007, you can get a $200 bonus for opening a Chase Business Checking account by bringing in the coupon from Chase here. Watch out because the fees can get you on even their most basic account, however you may qualify for a fee waiver for the first 12-24 months (see my experience below). Also note that this is a business checking account, so you may be required to produce some type of documentation to show you actually have a business of some sort. Minimum balance to open is $100, and you have to keep the account open for at least 6 months or the bonus will be debited from the account at closing.

Here is my experience: I did this offer yesterday by going into a branch here in Texas.

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September 28, 2007 Posted by | Deals | , , , , | 45 Comments