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Shredded my Records, Can't Prove Zero Balance
I bank with Chase. Yesterday, they withdrew $1,178.60 from my account, saying that it was to pay off an old Bank One account that was overdrawn. I had a bank account with Bank One, but it was over five years ago. Can they take money from my account to cover this? I do not recall being overdrawn on the old account by that much, in fact, I don't remember much about that account, except that I closed it due to Bank One changing hands. Please help. Chase said I had to prove that I had closed the account with a zero balance. I have no documentation from that old account. I shredded everything when I changed banks.
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 Since JP Morgan Chase bought the assets and liabilities of Bank One, they have both accounts. They show you owe "them" a debt and you have a deposit with them. Taking the deposit for a debt owed is called setoff or offset, is done routinely and is allowed for in all the bank account agreements.
There isn't much you can do at this point except ask them to research the records they have. This should duplicate what you had, but they will likely charge you an hourly fee for this. Accessing Bank One's records would likely be difficult. If they had proof of payment they likely wouldn't show that you had a balance due. Short of having your own records, there just isn't much you can do at this point.
It's not wise to abandon an overdrawn account. That is a debt that is owed and in this case, it was unresolved.
Published on BankingQuestions.com 3/04/10
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