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I have a business checking account at Chase, the account had about 10 dollars and a few ach charges started to come in, the first one was for 350, but after the account was negative they paid more charges and in all are charging me a 35 dollar fee, I know banks do this all the time, that's there business, but they keep paying with the account in negative to charge me fees, now the account is 850 negative. A friend told me that I should go to the bank and ask who is the agent of service for process and tell them I will go to small claims court with this, and that they will settle right away, is this true?
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That is not true. The bank's right to charge these fees to you depends on your having opted into their program of overdraft protection, which is governed by their agreement with you, which you signed when you opened the account. You can opt out of the overdraft protection and, in the future, those charges will be allowed to bounce. You will still be charged a fee for each bounced item presented against your account.
Answered on Aug 26th, 2012 at 1:01 PM