The bank does not have the right to just draft a payment from his account. He did not authorize it. The fact that a payment is late is a separate point. What if the bank “taking” a payment from him causes a domino affect? Rent check bounces, late fees, NSF fees? He may have CHOSEN not to pay Chase at that time for his own reasons and cash flow situation. Does not give Chase the right to just take the money.
I never said the bank had that authority. My reply was to another about why banks auto-magically taking the money out to help the person avoid late-fees.
Your logic is exactly right and I fully agree. Online banking and paying by phone opens up a very interesting perspective regarding certain things, always good to read the full T&C’s.
Please remember punjabi isn’t English so they (Indians) can’t be held responsible if they translated “Don’t you dare take money out of my account, I’ll do it online” as “Oh yes DO take the money from my account have a good rain day and enjoy the circus.”
Sorry, but join a local credit union, with people you know and trust in the community, Navy Fed, Pentagon Credit Union etc etc. Why keep money in Chase of all the crooks out there?