To the consumer, a debit transaction is perceived as occurring in real-time; i.e. the money is withdrawn from their account immediately following the authorization request from the merchant, which in many countries, is the case when making an online debit purchase.

This is a story that all consumers who have or plan to have a bank account should be aware of:

I have been a loyal patron of Washington Mutual Bank before it was acquired by Chase Bank.  While washington Mutual was managing my account I never incurred any problems with my money.   Since Chase Bank took over my account, there have been repeated errors and discrepancies.  One example that really drives my point home is described below.

On the morning of November 18, 2009 I woke around 6:00am to check on my ACH deposit of my payroll check.  I accessed my account and my transaction history showed that my payroll check had posted and there were 4 authorized debits pending.  I withdrew some of my funds and proceeded with my day.  Later that day I attempted to use my debit card again and it was declined.  Needless to say I was embarrassed and confused.  I contacted Chase customer service department and was advised that the bank debited funds from my account.  For what? I asked.  The customer service representative could not tell me the reason for the debit.  I was transferred to three different departments before I was informed that the bank had made an error on a 10/20/2009 debit.  They pushed through the funds they had debited unauthorized, and they returned two of the authorized debits that were showing pending when I check my online transaction history after speaking with Chase.

Previously, on 10-20-09 I contacted Chase to inquire and complain about the unfair posting of my debit transactions and the excessive overdraft fees.  After speaking with a Chase representative on this date, I was advised that the matter would be looked into.

I distinctly remember making an ATM withdrawal on 10-20-2009.  When I arrive back home on 10-20-2009, I immediately check my bank transaction history.  My transaction history reflected the debit transaction.

On the morning of October 21, 2009 I check my transaction history again there was a posting for my debit on 10/20 and a credit which posted on 10/21.  I assumed that this was credited back to my account due to my incessants complaints on the previous day regarding the unethical posing of my debits to the account.

This was not the case.  After getting bounced around several different departments at Chase I was advised that the ATM where I withdrew the funds made an error.  I advised them that I withdrew funds that had been deposited into my account on the morning of 10/20 and I did not touch the money that was credited to the account on 10/21. 

If there was an error and they did credit my account, I never used the money, so why was it debited from my paycheck? 
I checked my statement online and now, there is no record of any debit or credit on 10/20/2009 for the amount that the bank specified.

If there was an error, why was I not informed by Chase of htis error.  Chase can contact me via phone, email, or US mail.  I called several times to Chase during the period of 10/20/09 - 11/18/09, and no one advised that there even had been a mistake.

Can the bank debit your account without authorization due to their mistake without notifying the comsumer?  There were no account alerts posted regarding the bank error.  Also, Chase changes my transaction history when my account is low on funds, or when it suits them; so that they can apply as many fees as possible.  Can they change a customer's transaction history to reflect what they want on and account? They are holding debit transactions for three, four, sometimes five business days.  Unbelievable!!