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I got an e-mail from Chase Bank regarding a change of terms and services and I simply couldn’t believe it.  It reads (emphasis mine),

Dear XXXXXXXX:

As part of our continued effort to enhance online security, we’ve changed the way we process online payments or transfers, and have updated our online terms and conditions to reflect those changes.

The updated terms and conditions will be available online and will take effect April 13, 2008.

Here’s a summary of what we’re changing:

We may delay or cancel a request to transfer or charge money back to the Pay From or other account at our discretion including if the payment:

* Looks suspicious or fraudulent
* Appears to have incorrect amount or recipient information
* Seems to duplicate another payment

You can review the latest Online Services Agreement For Consumer Customers with Checking Accounts online anytime by logging on and clicking “Legal Agreements” at the bottom of any page.

So Chase Bank may delay or cancel a request if they don’t like the way something looks huh?  I suppose that if I pay off some credit card arbitrage for say $25,000 it may look “suspicious” and Chase will not process the transfer or payment.  This philosophy will do wonders for your FICO score when payments don’t go through huh?

What really peeves me is they don’t write something like, “if a transaction look suspicious, we’ll call you because we’re watching your back” but no, they’ll simply not process a payment because they don’t like the way it looks.

Additionally, I actually do duplicate payments on occasion because I may be expecting an additional expense to an account but those may not get processed now because Chase doesn’t like duplicate payments.  I wonder if this applies to ACH transfers that might be setup to go to online accounts like ING.   Are those duplicate payments?

Needless to say, I’ll be closing my account with Chase bank soon.