20090414   

Michael considered fate at 12:01   |   Permalink   |   Post a Comment

There is a great post over at Emptywheel with a number of links outlining some of the evils perpetrated by JP Morgan Chase in Michigan. Among the you-can't-be-serious realizations:

• JP Morgan Chase is reportedly pushing Chrysler into bankruptcy.
• About 300,000 people will lose their jobs.
• JP Morgan Chase will profit off the unemployed it helped to unemploy by providing unemployment insurance debit cards under a state contract.

Great, but.. no biggy, right? Because the free market will be more efficient than the government, right? Well, not if you give the free market carte-blanche to abuse the consumer. In this case, while it is no payday-loan bologna, it is still a bit head-scratching. This is what JP Morgan Chase charges for use of their debit card:

• More than two withdrawals in a 2-week pay period: $1.50 each
• Non-Chase withdrawals: $1.50 each
• More than one bank teller withdrawal in a pay period: $4.00 each
• Transaction denied for insufficient funds at POS, ATM, or teller: $1.50 each
• More than one ATM balance inquiry in a pay period: $1.00 for each
• Statement delivered by regular mail: 95¢ per statement

So, a simple catch-22 is already obvious, above and beyond the obviously extreme fees: if you don't know your balance you may get a fee for trying to withdraw money that you don't have, but if you want to find out your balance, you'll have to pay a fee to see it. Brilliant!