Chase confirms it will automatically reverse ‘duplicate’ transactions as issue with fees and double payments continues
CHASE Bank customers have reported technical glitches in the app – some say they have been charged twice for purchases.
The giant bank confirmed the technical difficulties to The US Sun and is asking its customers to hold off while the disruption is fixed.
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Chase told US Sun customers that they will be automatically refunded for duplicate payments made in the last 24 hours.
“We’re sorry that some customers are seeing duplicate transactions and charges on their checking accounts,” a Chase spokesperson told The US Sun.
“We are working to resolve the issue and will automatically cancel all duplicates and adjust any associated fees.”
Chase customers first reported issues with app sign-ins at 7 a.m. ET.
Customers reported other issues with the app, including duplicate charges and additional cell transactions.
The bank confirmed the technical issue to The US Sun and said it would be resolved within five hours.
Customers took to Twitter to express their dissatisfaction with the additional bank charges.
“Check your Chase bank account ASAP,” warned one Twitter user.
“They deduct the same fee from your account twice.”
Another said: “I wake up broke this morning and I’m wondering where’s my money?!!!!”
Another Twitter user preached patience to the customer service representatives who tried to help.
“I feel sorry for Chase Bank’s account managers this morning,” they said.
“It’s a big problem, there’s no denying it, but if you can talk to someone, remember to be calm and friendly. The person you are speaking to did not cause the problem.”
Chase Bank’s technical glitches stem from a series of transitions.
NEW CHASE TECHNOLOGY
The country’s largest bank announced plans to invest $14 billion in new technology, new branches and more bankers and merchants.
The company announced investments in technology following recent cuts in the mortgage sector.
The cuts came after rising interest rates made the home loan market less lucrative.
“Big companies are constantly changing. We add and subtract,” said JPMorgan Chase CEO Jamie Dimon while announcing the technology investments and layoffs.
“Unfortunately, mortgages can be a very difficult and very volatile business. There have been some cuts in mortgages. For the most part we are expanding.”
JPMorgan recently announced a major merger — one the company claims helped save the US economy.
ACQUISITIONS BY JPMORGAN
The bank recently assumed the financial obligations of First Republic Bank.
The First Republic was on the brink of collapse in late April — a domino that many banking pundits feared would lead to a recession.
In early 2023, several mid-sized banks fell into obscurity – Silicon Valley Bank and Signature Bank both collapsed in March.
Investors with large amounts of money at the three banks began withdrawing their cash at unsustainable interest rates.
SVB and Signature customers retrospectively had their entire bank accounts insured by the federal government – First Republic was on the verge of the same collapse.
After competitive negotiations with other major banks, the US government handed over the assets of the medium-sized bank to JPMorgan.
The bank said the transaction “supports the US financial system through its significant strength and execution capabilities.”
“Our government called on us and others to get involved, and we did,” Dimon said after the transaction.
“This acquisition brings modest benefits to our business overall, adds value to shareholders, helps further advance our wealth strategy and complements our existing franchise.”
The US Sun reports on the banking sector – here’s another bank updating its technology guidelines and closing branches.
Also, check out what’s going on with federal student debt relief.