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Home Equity Line Of Credit
By -

NEW YORK, NEW YORK -- I sent an email to the CEO of Chase. It, of course, bounced back (I am unrecognized). Chase bank executives do not want to hear from its customers and the bank workers are too afraid to lose their jobs so they run interference, never getting any opinions up the ladder to corporate.

I have a Home Equity Line of Credit with Chase Manhattan Bank. I own a property. I recently stopped working full-time though I am looking for full-time work. I worked for 20 years in a business that is no longer a money-making field. I was approved for a Home Equity Line of Credit in May 2008 by Chase Manhattan Bank for a fairly large sum of money.

I received a notice in the mail today that my line of credit was suspended because of "negative credit information" that came up on a random credit report that Chase Bank ran on me recently. There was no warning, no directions in the letter explaining how to get my line of credit active again, nor was there any information on the "negative credit information" Chase found that caused a Chase officer to make such a final decision regarding money that the bank had already approved for allocation.

There was a phone number to call in the letter. I called. I not only called, I went to my bank personally to see if the bank loan officers there could do anything about this. I was told that I would need to purchase a credit report myself and fix whatever problem there was on the credit report and then send in a letter and a copy of the cleared credit report to Chase Bank, after I cleared up the problem. Until then - no money available to me.

Chase Bank made a decision suspending my line of credit based on 2 reports of delinquency reported by Bank of America for credit card non-payment. I fell behind on 2 payments on a credit card that is no longer active. I had closed this credit card because it was in my married name and I didn't want any association with that name any longer. My husband moved out of the country and left me with a mound of debt that I have been slowly repaying.

So Chase suspended my line of credit, after 2 silly delinquent credit card payments from another bank institution. I have been working part-time and paying all my bills. The credit bureau report from Bank America reads "consumer closed account" and delinquent payment for 2 months. Most important is that there was money paid to Bank America on the delinquent payments via a direct deposit from my Chase checking account because I had made a deal with a collector from Bank of America who offered a reduced monthly payment to me for a few months. They did not disclose to me that the reduction doesn't change the fact that the payment is delinquent.

The way it works with them, which I found out today, is that even though I paid partial payments, it is technically considered delinquent. Why would Chase Manhattan Bank choose to use this ridiculous credit report to make a huge decision over finances that rule my daily life, instead of my history of payments and business dealings with Chase?

Since Bank of America reported these 2 partially paid payments as delinquent to the credit bureau (and they should be crucified for this), my credit rating has plummeted to 520 and my home equity line of credit was suspended.

The fact that I have banked with Chase for 20 years is not significant. I had direct deposit scheduled for repayment of this line of credit. I cannot believe that Chase Bank would suspend my line of credit, because of 2 minor inaccurate reports by the Bank of America, even though I own a home and the equity in the home is enough to repay the debt. I cannot understand how Chase Bank could get away with closing a line of credit, when they are getting paid on time every month?

There has not been any delinquent payment at all on my Chase line of credit. On top of that, I have been a good customer to this bank. I'm not penny pinching and sometimes paid high ATM fees. I've travelled throughout the world and used my banking card internationally, paying large fees to Chase in addition to monthly overseas wire transfer fees - incoming and outgoing.

When you call Chase, you can't get a person with decision-making power on the phone. All of their bank employees are bound by very strict company policies and the consumer can't reach the policy-makers at Chase. There are no personal decision makers any longer available to the customer, not even in person in the banks themselves (they all blame the corporate office for the policies). There aren't any flexibility in their policies that are fair to the consumer.

This is a terrible way to do business. Sounds like they hired a cookie cutter consultant with inaccurate research on how to make more money by screwing people over. I've seen this before in various other businesses (in the long run - they all lose mega billions after their CEO's get mega million pay-offs after running these companies into bankruptcy with their genius anti-consumer theories).

Though this is a letter from a frustrated customer, it is more than that because quite frankly, they are engaging in unfair and unethical business practice. Anyone who takes a home equity line of credit is in pretty dire need of the money. And anyone who is using a credit card is too. And any bank that rescinds the money after approving it, without taking into consideration the economic situation of the borrower, is the lowest of the low.

If they were a good consumer-oriented company, they would have reached out to customers upon a red flag raised, and at the very least, proposed reducing the loan amount that the bank would make available. That would be good and fair customer service. This cancellation of my credit line, notified by a black day letter, without any information attached to it, and a robot voice on the end of the line is purely sinister.

There is really no accurate evidence that I will default on my loan. The fact that I own my home, and that this is a home equity line of credit that was previously approved for a specific amount against my home, is a guarantee of a return of the money. None of this makes logical sense. In fact, the bank will make more money if they kept my line of credit active. It is not right for Chase to penalize me for my dealings with Bank of America (which is really not any of their business). Bank of America is very wrong here and I am going to deal with them on this but that should have no bearing on my business with Chase Bank. Truly flabbergasted.

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Closing a Business Account
By -

NEW YORK, OREGON -- Began a process in February, 2011 attempting to close a business account that has been open for probably 7 years. Originally hoped to transfer this acct. but there is no Chase Manhattan Bank in our area, so cannot transfer the acct. The branch where the acct. was opened advised that the owner of the acct., my boss, needed to come to the bank in person to close the acct. When I pressed the issue, I was given an 800 number to call. After speaking at great length, giving every possible piece of information about the acct., was told that it certainly could be closed over the phone. They would send paperwork.

A month later, no paperwork had arrived. I again called, got bounced around to a couple of people and finally was told that yes, this acct. could be closed over the phone. Again reassured, gave all the information, again...told the paperwork would be sent to my boss' home address.

Now my boss is getting frustrated. So in August I called again. This time I was instructed to write a letter, I was given a fax number to their "National Account Closing Dept." Per the conversation, 10 to 12 days after receipt of this letter, the account would be closed and the check would be mailed. To neither my boss's surprise nor mine, no check ever arrived. He then got on the phone and spoke with someone at the 800 number. As their conversation continued, he was given the same royal run-around that I was.

Finally in total frustration, he asked to speak with a supervisor. He was told that there was none on duty. He asked when a supervisor would be on duty and...got the run-around. She finally appeased him by telling him that he would be sent paperwork that needed to be completed. Once that was returned, the acct. would be closed and a check would be mailed. Well, that didn't happen either. No paperwork ever arrived - again.

Today I tried calling the branch where the account was originally opened. I asked to speak with someone who dealt with closing accounts. I was sharply told - you have to appear in person! I asked if I could speak with someone else. I was told there is no one else. I asked if the bank employed anyone besides the woman I was speaking with? She clicked off the line and when she came back on, she told me again that you need to appear in person to close an account. I asked again to speak with someone other than her. She finally transferred me around (I know it was at least twice) and I ended up speaking with another woman.

She asked for acct. info, etc. She then informed me that the acct. was closed. I asked how that happened? She then told me that because the acct. was inactive, the monies has been forfeited to the State of New York. She told me to give her a few minutes to make a few calls and she would call me back. About 20 minutes after that, she did in fact call me back. She then informed me that she needed to know if I knew "this name". She rattled off a name and I told her since I was not involved when this acct. was opened, I did not know or recognize the name.
However, since my boss was standing at my desk I could put him on the line.

He spoke with her and she asked him the same questions she had asked me - acct. #, etc. Finally, she told him that he needed to provide two photo IDs, copies of the checks, and other information about the account. Then she gave him a fax number. I have tried twice to get that fax through and have not been successful. It registers as "incomplete number". I guess the only recourse is to turn it over to an attorney and stop the madness.

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Horrible Customer Service
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I guess I had an overdraft protection service on my checking account that I was not fully aware of. The year before, I had gone to a branch with my husband and was asking about something else. A representative at the branch decided to do something on my account without my consent and I get a credit card in the mail. I do remember specifically telling the representative that I did not need a credit card account or a credit card.

I received the credit card and never used it since. I did notice a credit card account on my accounts under my Chase login, but I assumed that it had to do with the credit card and not associated with something else. I noticed some charges on my Chase credit card that were my overdraft charges on my checking account and the fees for it. I contacted the credit card department to see what charges were these and how did they get there. So, since it was seen as being correlated to my checking account, I was asked to go to the checking account department and discuss it with them.

I was on the phone with someone and asked her to hold while I verify the appropriate checking account number. When I came back to my phone, I was pretty much hung up on and I could hear the replay of the menu that directs you to the appropriate customer service representative Finally, I get a hold of someone to talk about my checking account. I am asking her all sorts of questions about it and specifically why I have an activated credit card account and how does that work. I am trying to figure out why I have an activated credit card account when I have never used the credit card.

So, the lady tells me that I should contact the credit card company and ask them those questions since it is relative to the credit card account. I spoke to the credit card department again and the person explains to me that it is activated because I have overdraft protection. On top of that, the representative explains to me that anyone of the reps that I may have spoken to in either departments could have explained this to me and that they were just pretty much passing the buck. I am sorry, but that just upsets me even more.

I had a few more questions as she continues to explain it to me because she stated that the minimum charge from the credit card is $50, which I can see on my credit card, but I see another overdraft protection fee which is 5 bucks. From her, I am being told that I have to talk to the other department again to see why the minimum overdraft protection fees are variable.

It just got really frustrating since I am being bobbled between two different departments to get all of my questions fully answered because the overdraft protection fee is associated with both the credit card and the checking account departments and neither department is taking full responsibility of the situation. Not once have I ever heard someone even state that they will do a three-way calling with the other department to fully answer all of my questions. That would have made it so much easier on me as a client to fully resolve the issue. Me, having been a customer service representative, I have done that so many times for a client to fully resolve issues.

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Want Obnoxious Customer Service? Bank with Chase!
By -

My, my, my, we really miss the days of Washington Mutual (WaMu)! The transition to "commercial banking" has been emotionally and financially brutal to say the least. Now unsuspecting walk-in customers are ambushed by suited predators whose devious premise is to "assist you with your transaction(s)", when they are actually lined up to slam you with the Chase mega-sales pitch.

Their tactics are more aggressive than a seasoned auto sales persons, which leads me to believe there are definitely commission perks lurking in the shadows. Prior to today, I had managed to avoid the harassment by using the ATM or flat out refusing to leave the teller line and enter into the "cubicles of deception". Well, today (1/23/11) at 10:22 AM (PST), my core Chase nerves were aggravated by an extremely rude, arrogant and argumentative representative within Operating Loss Prevention (OPL)!

My issue is quite simple, a personal check was deposited into my checking account on 1/20/11 and the funds were withdrawn from the payer's account within a few hours on the same day. My question, after two business days, why are the funds still not available? Well, I was transferred from the primary customer service office to the OPL office which is located outside of the US. After hearing the empty response from the Chase rep, I asked to speak with a supervisor/manager. He adamantly refused and became extremely upset and argumentative. His accent went from "thick to mushy" within seconds!

After at least five ignored requests to be transferred, I informed this obnoxious and arrogant man that I would not respond to his repeated statements of "The sup./manager cannot release the funds on a non-business day", and would wait silently until he transferred my call. Yes, you guessed it, I was placed on hold for five minutes! After his supervisor answered the call, she had to do additional research which meant another five minutes on hold. Thankfully, she was able to provide me with sound information and an effective resolution.

Regretfully, when I asked to receive the mailing address for written complaints, she asked to place me on hold to search for this information. Yep, another five minutes (10:42-10:47 AM PST)!!! Oh, it gets better! Much to my surprise, when she finally returned and apologized for the long wait, she claimed to NOT HAVE an address for customers to mail their complaints, but would note my concerns in their "system"! My response was that I would do an internet search to find the mailing address to their corporate office and send my letter to the President and Vice-President of their corporation.

My final request was for her to note in their "system" that as a Chase banking customer and loan mortgage client, the poor customer service I received today was nauseating, obnoxious and a total disgrace to the banking industry! Well, my search turned up this website and has allowed me to vent some steam before sending out my formal complaint letters to the Chase Executives (for what it's worth!). Thanks for offering a networking website for the people!

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A Check I Did Not write...How Was It Cashed?
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345 HUDSON STREET, NEW YORK -- On September 13th, 2010 I called Chase to make sure that I did not have any overdraft charges on my account and if my account was in the negative I would transfer any money that I had from my savings into my checking account in order to cover the funds. I was told that I had a fraudulent check that someone attempted to post into my account and because of this reason, Chase was going to close the account. This is where the wild goose chase begins.

I explained to the representative that I don't have my ATM card with me and that I didn't report it lost or stolen because I understand that I am careless and switch bags and perhaps I left my card in another bag. After she informed me that my card was used in fraud, I also explained that I do have a Post-It on the back of my card with my pin on it because I have a bad habit of forgetting my pin. She transferred me over to the fraud department because my account was restricted and there was no more information she could offer.

I was told by the fraud department that someone attempted to cash a check in my account earlier that day {in which I was not notified} and they were unable to via chase contacting the maker who explained that they never distributed such a check. I was told that there was no need to report the card lost or stolen because the account was in the process of being closed and no one would be able to use it. I was told that I needed to go to the bank where this transaction took place, show them proof of identification and see if I could open another account since this one was being closed. But once again let me repeat I was informed that the check was never cashed.

I went the next day to the bank in which the representative called Chase in front of me and was I was told I could not open another account and they would get back to me with details in about ten business days. I most certainly was not going to wait that long to hear from them. After calling Chase and checking my online activity, I was told numerous stories by numerous chase representatives.

** in the fraud department explained to me that this check of almost 2500 was never able to be cashed and it was only because the check was being returned from my account back to the sender that my online statement was saying that I owe chase almost 2500. She said once the account closed in ten business days that the account would return to the amount before the fraud and then any leftover money would be mailed to me via check.

On Monday, September 20th I was called by the collections agency and told that I owe them the amount for almost $2500. I called Chase again and spoke to an official that told me to go to the bank that I opened my account in and ask them to send Chase an affidavit for fraud. On Tuesday, the 21st I called Chase's fraud department again while waiting towards the bank that I opened my account in. While standing infront of the Chase employee, I explained to a representative by the name of ** in the fraud department what was going on.

** explained to me that indeed the check was cashed but because there was not enough money in my account near the amount of money that the check was written for, I would be refunded the amount of the check which would take about five to seven business days. Now today I call and ask another representative the status of my account and was told that ** was not correct, that my claim was denied and that I owe Chase again. I tried to explain to the representative how this is possible by explaining a few facts to te representative.

First off, the spelling of my name on the check was incorrect {I can view a copy of the check online on my chase online account}. Second, I spoke to the head of the company who supposedly wrote the check - Caribe Medical PC - who informed me that he explained to Chase that the check was unauthorized. Third the signature on the back of the check did not match my signature. And last, I have all my identification so how was an individual able to cash a check without my ID?

I explained to the young lady that now I'm going to have to make a police report because I feel that this is an inside job and she just told me that the police report would be a good idea, and that once I had a report # to give it to them so perhaps a manager could put in a second claim to have these charges reversed. I went to the police station and then the bank that these transactions happened in in order to get a copy of these transactions to give to the police for further investigation.

I called Chase one last time and asked them if they could explain to me one more time, due to all the multiple stories, exactly what's going on with my account in detail so I could write my police report. The last person I spoke to was ** in the fraud department and another discovery was announced. I assumed the whole time that the check was cashed at a Chase bank because I know that Chase is the only place where a Chase check {it shows it was a chase check online} can be cashed the same day. To my surprise, I was wrong.

** explained that the reason everyone got so confused on if the check was cashed or not is because it was cashed at a facility that was not a Chase bank. Whoa whoa whoa. I said, "so let me get this straight - an individual can make a check out in my name, make some sort of transaction in Chase and cash the check at another facility the same day even if my account has nowhere near those amount of funds?" "In this particular case, yes ma'am", ** says.

Chase has officially convinced me that they have no interest in customer satisfaction but more interest in protecting their own assets. I understand that I was careless in losing my card in which an individual was able to get my pin, but with such a large amount of a check, wrong name, wrong signature, and no ID - is that all it takes to cash a check? I don't think so and with my police report as well as reporting this to the newspapers, I'm going to get to the bottom of this.

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Corporate Greed to the Max
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WASHINGTON -- Corporate Greed to the max...sit back enjoy the top 11 Chase issues.

Issue 1a. Applied in Dec '08, I'm in the mort. mod program. No derogatory credit will occur, as long as you're in the program and complying. Not so...I'm marked as foreclosure on my credit as I still pay the xxx per month for the past year. I sent in tons of the same thing over and over. House value, income, assets etc. 18 months later. I have too much equity and I'm kicked to the curb. Chase claims they no programs for me. NONE!!

Issue 1b. Chase waited a year and a half to tell me I fail to quality for any workout through Chase, even though I informed Chase of my tax value and my loan amount in Dec of '08. Chase claims there is NO workout program for my situation through them. ** in Underwriting said I should have never been started on a trial payment program. Even the MHA-escalations verbally agreed it appears to be a setup failure? Banks have been doing their things for over a century. They know what to do to make themselves the $$$.

Issue 2. Chase bounced cashier's checks during the WAMU/Chase conversion. Marked us produce transactions records to show what we did - to get credited fees - then admitted it was an internal error and brushed it off. Financial damages and hardship occurred.

Issue 3. Chase took WAMU checking accounts before they gave access to the WAMU personal. My checking account was inaccessible for months and the funds in the account were inaccessible to the WAMU branches. I fell behind on my WAMU loan. Chase's loan department said "take that up w/ the checking department". The Checking department said "take your loan issue up w/ the loan department"€.

I said I'm late because of this bank error. The two departments couldn't care less. And I quote a Chase loan collection representative: "Problem w/ your checking acct? Open up another one elsewhere". I applied for a hardship on the loan. Chase collected my income, bank statements, etc. and then never called back. I called and emailed, no reply. Months later, I get a call. The loan has been charged off and headed for court. They collected my new banking info and then bailed.

Issue 4. Had a brokerage acct. at WAMU for 10 years, never a fee. A small amount was left after the 2001 fall. Chase took over and said we have 10 days to vacate the account or they will charge a fee (would wipe the account out in a few quarters). We filed the papers to move the acct. Chase sent a deficit to the receiving firm. It took 9 months to get the deficit credited. Then sent solicitation - "€I get $125.00 if I open up a checking acct".

Issue 5. Been in my home for 25 years. Had one insurance company for the past 6 or 7 years, my mort. statement shows one address that matches the original loan documents. The insurance department of Chase has a different address in some system some place (where customers have no access). I get a threat letter for forced place insurance and 10 days to correct the matter. As I see it, two departments of Chase, two different pieces of data and until I correct it I get fined. 6 months later and it's still pending.

Issue 6. A long time ago I had an insurance loss. My attorney sent Chase the insurance check for endorsement and a letter explaining the situation. Chase put the check in a file, 7 months later sent it back to my attorney "document stale dated - please reissue". My attorney complied. The 2nd check was also put in a file and left. One week before it was set to expire, Chase finally processed it. Inflation took its toll. Never got my items replaced due to cost.

Issue 7. I attempted a refi when interest rates dropped to 6% in 2005. I discovered the former owners were still on title. I was refused a loan unless I paid off the sellers again. I called Title, they said "no problem, a few keystrokes we can have this cleaned up". The problem was, Title said, Chase was the policy holder, not the homeowner.

Title said to have Chase contact them. Chase never did. I had to do it on my own at my own cost (took me 2 years to track down a handful of former owners. By that time the programs disappeared, companies folded, economy went in the toilet. To this day, Chase still fails to take responsibility for their part in the hardships created. I'm denied for a mort. workout.

Issue 8. When I drafted my hardship letter to Chase to let them know the current events that were a brick in the wall to my hardship, I get this reply, and I quote: "How dare you blame your own financial problems on Chase, it's not Chase's problem I can't handle my money".

Issue 9. I had a credit score of 800+ when I was with WAMU, current on all my debts. Chase took over WAMU and closed every one of my cards and lines of credit. Even my checking overdraft. The only reporting I have messing up my credit is Chase. Issue 10. Does Chase feels there is no ramifications to their actions of a tsunami of banking mistakes, then leaves a mess on the beach for other to clean up?

Issue 11. I contact many mort. companies, got one to work w/ me. The new mort. companies said to pay something on the Chase mort. to keep the balance down. Some companies may have pulled my credit, some may have contacted Chase.

I called Chase in Feb. 2010 to make a payment on the amounts to keep it under a threshold. All my called were met w/ "don't make a payment, you'll mess up the program" or "well have someone call you back". (No return call ever came.) I was denied the right to get an address, amounts permissible to pay. I then get marked on my credit as "in foreclosure". I'm now told by all companies "we can't assist you w/ the status marked 'in foreclosure' on your report. Another coincidental action or intentional?

Thoughts? Class action? Damages? Deception/misleading/self-serving advice? Professional/gross negligence? This household is very short on time here. These people are leading and handling our $$$. Can we say "credit union"? Monsanto? Chase? What big difference do you see? The spelling maybe? Grapevine, in 2012/2014 the FDIC insurance may be dropped to $100k per depositor. Watch your accounts.

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Former Chase Exec Makes Debt Sales Allegations in Lawsuit
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Texas News

http://www.mysanantonio.com/business/Chase_accused_of_fraud_in_SA_card_division.html

A former assistant vice president for JPMorgan Chase Bank in San Antonio claims in a lawsuit she was fired after she told her bosses the bank had misrepresented the value of thousands of delinquent credit card accounts slated to be sold.

Chase knew that about 5,000 accounts had incorrect balance information, and that more than 11,000 accounts on which it claimed it had court judgments lacked adequate documentation showing judgments actually were obtained, former Chase credit card services “team leader” Linda Almonte charges in her lawsuit.

In some cases, she said, the judgments were against Chase rather than customers.

A spokesman for Chase, one of the nation's largest credit card issuers, said it doesn't comment on pending litigation.

The accounts in question were among some 23,000 delinquent credit card accounts with a value of more than $200 million that Chase packaged for sale, the suit says.

While Chase expected to receive no more than a few pennies on the dollar from a sale, it marked one of the largest portfolio sales ever for the credit card division, Almonte said by phone.

Almonte, who worked in Chase's collection litigation support section, said she was responsible for auditing the accounts. She took the portfolio of delinquent accounts off the market when she couldn't certify the accuracy of some of the judgments and balances.

(Accounts with judgments are more appealing to debt buyers because the court costs have been litigated and the buyer can pursue judgment remedies, such as garnisheeing wages or levying bank accounts, Almonte said.)

Almonte brought her concerns to her superiors, warning them the bank was violating federal law by intentionally misrepresenting the accounts, her lawsuit states. Nonetheless, she said she was told to proceed with the sale.

When she “refused to participate in Chase's fraud,” the lawsuit says, the bank fired her Nov. 30.

“I had to do the right thing even though I knew it wasn't the right thing for my family,” said Almonte, 39. “I'm still unemployed, and I have four children.”

Almonte's lawsuit, filed last week in Bexar County District Court, seeks unspecified financial damages. She's represented by John “Bruse” Loyd of Houston.

Institutions write off debts deemed uncollectible. They can sell the delinquent debt to collection agencies or debt buyers and then apply the money from a sale to their bottom line.

High unemployment has made it harder to collect delinquent debts, so buyers today are paying less than a few cents on the dollar for consumer debt more than 30 days past due, Almonte said.

Michael Cramer, president of the American Collectors Association of Texas, a trade group of collection agencies, expressed surprise when told of the allegations against Chase. Parties that sell debt make warranties that, if untrue, allow the buyers to return the debt and pocket a refund, Cramer said.

“I can't imagine them doing that,” Cramer said of Chase.

Anyone making fraudulent misrepresentations wouldn't be able to sell debt once the collections industry found out, he said, adding: “You're going to be out of business.”

Asked how Chase expected to get away with allegedly misrepresenting the portfolio of delinquent accounts, Almonte said, “Some of the conversations people had with me were, ‘We'll worry about it next year.'”

The primary concern, she added, was to sell the portfolio as quickly as possible to “offset the loss numbers” for 2009.

The card services division lost $2.2 billion last year after earning $780 million in 2008. It blamed the drop on a “significantly higher provision for credit losses.”

“Chase has grossly mismanaged its business, leading it to find ways to prop up its earnings,” Almonte's lawsuit charges.

Almonte said she believes Chase has sold some of the accounts.

Almonte's suit also claims the vast majority of the delinquent accounts with incorrect balance information had balances that were lower than what Chase represented.

Cramer, who's president of Arlington-based Dyck-O'Neal Inc., said any creditor providing incorrect account balances would be a concern for collection agencies.

That's because collection agencies typically notify credit bureaus of delinquent account balances 45 days after acquiring a debt, he said.

Reporting incorrect account balances to the credit bureaus is a violation of the Federal Credit Reporting Act, he said.

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Credit Card Bill Mess
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Consider myself to be pretty fair. If I screw up, I'll be the first one to admit it. Having said that, I have been a CHASE credit card account holder for 10+ years with a promotional 3.99% APR for the life of the loan. I have never made a late payment on this account and my credit score is in the high 700's. When Chase bought out WAMU, I thought it would be a good idea for me to set up bi-weekly auto pay from what is now a Chase checking account (formerly WAMU). After all, it would only take 1 day to post the payment since it is transferring within the same institution. Great. Not so fast!

They have a bi-weekly payment option for their credit card which for those of you who know the credit card game, it is advantageous from an interest perspective to split your monthly minimum payment into bi-weekly payments. Sure enough, I went this route and what a big mistake.

The payments posted fine for months without any problems but one day, I got a letter saying that my account payment was LATE and that my promotional APR on a substantial balance due would skyrocket almost by triple the APR. Frantically I called to ask what this was about and what happened was, the bi-weekly payments screwed me over.

What Chase does is nothing short of conniving. They have what's called a billing cycle that varies from your statement cycle. For instance, my statement cycle for January 2010 is from January 1 - 31, however, my billing cycle is actually January 7 - February 6. What this means is that my auto-payment that may post January 6 due to a scheduled bi-weekly payment plan will go towards my December 2009 bill and NOT January's, even though my due date for December 2009 has long passed. Confused yet?

Well where this royally screws me is that my next bi-weekly payment initiates 2 weeks later, only 5 days before my due date and this is only my first payment! Want to know what happened to my next bi-weekly payment? They hold it because it falls on a weekend or for what they call "processing time" and so I miss my January minimum payment because of this. Had I been forewarned by Chase during the setup of my payments that there were so many factors at play on how my payment is handled, I would not be in this mess.

The worst part about it is that I have made numerous calls and written numerous emails to Chase about this mishap and they won't budge. I have my auto-finance with them, credit cards, money market, checking and savings and still, this institution that reported record earnings last quarter (7 billion) won't work with a long time patron and honest customer like myself. Then they have the audacity to tell me, I have several options to choose from. Option 1: Deal with the rate hike! Option 2: Close your account for good and lose 10+ years of customer history (not to mention the negative effect closing an account has on your credit score)

CHASE...REALLY, DO YOU THINK THIS IS FAIR?

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Worst Banking Experience Ever!
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I own and operate a small business in Washington state. Over the past 4 years, I had done my business banking with WAMU which, unfortunately, got bought out by Chase. That is when all the problems started. For the past 4 years, I had deposited a check just about every month from the same place (I'm in the financial services industry so these checks came from my "back office".). Sometimes the checks were relatively small (a few hundred) and sometimes they were relatively large. In all cases, I have never had any problems in terms of the checks being ISF or "bouncing" etc.

As a matter of fact, I was a "regular" at the "WAMU" branch and my funds were always available to me the next day. Even though most of the branch workers remained in place after the Chase buy-out, boy did the customer service go dramatically downhill. All of the sudden my checks were put on hold and had to "clear" often taking a week or more.

I talked to the Branch Manager and asked, "How can it be that I've been a good customer here for 4 years, depositing checks from the same place every month for 4 years - and NEVER a problem - and now you treat me like I'm nobody. (Don't misunderstand - I'm not trying to be a big shot or anything... It's just that I felt like I was being treated like I had a customer who had been paying with a check for 4 years and I never had a problem with them and all of the sudden I tell them they have to pay me in cash!)

Then, the straw that broke the camel's back. I deposited a check - from the same people as always - on Nov. 4. They (Chase) told me it would take until Nov. 11 or 12 to "clear" the funds. I was furious! The check was only for $3500 but apparently, based on my past banking history with them, I was too much of a risk. Then, I had a few things that hit the account and without those funds available, I would be ISF and would get hit with a fee. I asked the Branch Manager if they could release enough funds to cover the overdraft and they declined. So, I deposited enough cash to make the account positive.

Well, a few days later, I noticed the account was again negative and it wasn't because anything came "through." No, the reason the account was negative again was because these thieves charged me over $100 in ISF fees which took the account negative again - because they would not release my funds - and now, I see where they have released my funds but not before they bagged me more ISF fees.

I am livid! This bank is very crooked. I used to hate Bank of America but doing business with them is a joy in comparison to Chase. Net result: I will close my business account with Chase and will (hopefully) never do business with them again. If this is how Jamie Dimon (or whatever the CEO's name is) thinks business should be run - where profitability is placed ahead of good customer service - then I want nothing to do with you or your lousy bank.

And, my advice to anybody doing business or contemplating doing business with Chase - think again! Find somebody else. Hate to say it but even B of A is better. Or, better yet, find a local bank that will treat you like a person.

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Blatant Profiteering on overdrafts
By -

CASA GRANDE, ARIZONA -- So I am a one man business, S Corp and have 2 Chase accounts under the WAMU name. One for my merchant incoming transactions the other for general operating transactions. Three weeks ago a transaction posted to my operating account that caused it to be overdrawn. Chase charged me $34.00 of each item that came in after that and then because 3 of the items were electronic they charged me an electronic return fee of $20.00 then another $34.00 overdraft fee because the $20.00 fee couldn't be collected. One of these overdrafts was for a $5.99 one for $10.88 purchase making the overdraft fee $88.00 on each item.

The interesting thing is my other merchant account had money in it that would cover everything. They though will not take money from your one account to protect the other one, only if you have either an additional saving account or an overdraft protection loan set up.

So now with what's posted and all the overdrafts the account is almost $600 negative with over $400 being overdraft charges. Being a one person business and needing to survive in this tough time I call customer service to see what can be done. I am basically told, "too bad, so sad we can't help you." I ask at that time how long I have to bring the overdrawn account current and was told, "AS LONG AS YOU ARE MAKING DEPOSITS TO CORRECT IT, IT WILL BE FINE." That if I ignore it they will close it after like 25 days or something.

So on Friday 8/21 I get some money in my merchant account and transfer $50.00 to the overdrawn one. Remember, these are both under my corporate name. Then on the 24th I get a check from a customer, put that in the merchant account bringing my balance to over $500.00 and transfer another $50.00 to the overdrawn account.

At this point I have bills that have to get paid. My business took a 4K hit this month and I am barely getting by. I now, buy some food, gas, dog food (22.00) and pay my water bill and my part time employee. This totals some $200.00 but I have $500.00 in the account so all is good.

On 8/25 I check my balance as I am getting more money in within the next couple days and can finally get the overdrawn account back to positive but no... Chase has, on their own, without my permission, taken all the funds but $5.00 out of my merchant account and put it in the overdrawn operating account still leaving me with a negative balance.

At this point I call them and talk with a customer service manager and am told that their computers automatically do this every night and if your account is overdrawn they will take the money from another account that has money to make it whole. THIS IS A LIE! There was money in the one account on Friday, and on Saturday and Sunday and Monday and it wasn't until TUESDAY that they did this.

So now besides getting almost $400.00 in overdraft fees from me on the operating account they now have taken all the funds from the merchant account that had I paid $200.00 worth of bills on and those transactions posted today leaving that account overdrawn $399.00 meaning I have another almost $200.00 in overdraft fees.

I searched Chase and WAMU's service agreements and nowhere does it say the bank can do that. And... if they can why not do it before they charge all the overdraft fees? Why?? I will tell you why! Because the banking industry are the worse crooks on the face of the earth. I am seriously moving forward on a class action suit against Chase about this and the other over the top overdrafts fee charges they instill.

My business has now come to a halt because of them. They have, temporarily put me out of business as I cannot ship product because UPS cannot charge my account for the shipping labels as they do, so I cannot sell product. It takes 3 days for my funds to clear the merchant company and get to my account, UPS gets paid upon printing the label. Chase has stopped my business and income to profit from overdraft charges and they're moving my money from one account to another without my permission. If you are interested in being part of this please let me know.

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