I closed out a business account on 11/17/2010. When I closed it, they said there were no pending transactions and gave me a check. As it turns out, there was a transaction, assumedly cleared, that came through that day. So, instead of closing the account, it caused my account to overdraft in the amount of $2040 ($40 in fees). The collections department of Chase then called on 12/2 to inform me that my account was overdrawn. I told them the account was closed. They said to go to my local branch to figure it out, which I did. I went to close out my personal account, but they were holding my $2040 hostage to cover the BUSINESS overdraft!

I said the accounts had nothing to do with each other. They said they did because they have the same social security number. I told them I was in the process of declaring bankruptcy and I was going to add the business account overdraft to my bankruptcy. They the asked if it was my intention to have it charged off (and affect my credit), to which I answered yes. They negelected to inform me that their definition of "charge off" was to steal the money from my personal account!

Despite the bankruptcy and their statment that this would affect my credit, not my cash, they took the money from my personal account anyway. I again talked to the collections and asked them why they did that when they said it would be charged it off? They said, because I told them I did not intend to pay, they were now able to remove the money from my personal account. They said they were justified because it was IN THE FINE PRINT!

I asked them why they would not just openly disclose what "charge off" meant at that point in time? If I would have known that they would steal my money instead of ruin my credit, I would have bought additional time! I believe what they did was absolutely immoral and unscrupulous at the very least and it ought to be ILLEGAL! Also, I don't buy that they didn't see that charge as "pending" when I closed my account - it showed as coming through at least two days earlier.