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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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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
By -

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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Unauthorized Withdrawal
By -

COLUMBUS, OHIO -- Chase called me on December 19 regarding my December 1 payment. I advised the Chase employee to transfer the funds out of my bank account on January 4, 2010. She advised me that I would not be reported to the credit agency. Instead, the Chase employee scheduled the money to come out of my account on December 22, which posted on the 23, two days before Christmas, which caused my bank account to go into a negative balance by nearly $400. I called Chase, and the manager said they would expedite getting my money returned to me but it would take two to three business days. I explained that I needed to get food, gas, a present for my child and begged them to reverse the transaction. They said there was nothing they could do. My bank told me the same - that it would take two to three business days after I completed an application (because it was a check transaction and not a Visa transaction). I called Chase the next day (on Christmas Eve) now angry and threatening a lawsuit, for the bottom line was that I did not authorize this transaction and just as easily as they took my money out they could hit enter and put it back in. Therefore, in my eyes this was bank fraud. I spoke to Missy (a Chase Manager) and after nearly 40 minutes on hold she advised me that my "bank would help me today" - that I needed to go to my bank and speak to Adam and my bank would replenish the funds. I praised Missy and rushed to the bank, but Adam didn't know what I was talking about. I could fill out the forms but it would take two to three business days to get my money back. I called Chase back at the bank and someone named Trever told me "Chase would not refund any funds because the funds that were withdrawn were already past due. The only way you'll get your money back is if your bank gives it back to you." This is after several Chase employees (including Missing told me that my funds would be returned.)

The fact that my mortgage was late does not diminish the fact that taking money out of my account early was not authorized. Chase records their communication and we mutually agreed upon the date the money would be withdrawn. Also, they have notes in the database that several of the Chase employees read to me stating that the money was to be taken out on January 4. (I'd catch up on my January payment in January with three paycheck dates).

I am writing this on Christmas morning. I know I can't be the only person that this has happened to. Wrong is wrong, and what Chase has done is ridiculous.

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Worst Banking Experience Ever!
By -

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 bigshot 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 Diamone (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 BofA is better. Or, better yet, find a local bank that will treat you like a person.

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Blatant Profiteering on overdrafts
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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 there 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, temporily 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 there 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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This is so evil - billing scam
By -

I have a airline miles credit card. I have had the card since 1986 or thereabouts. Until recently, it was my primary credit card. However, after finding it almost impossible to void the late fees, I stopped using it. Tonight, with $203 on the card, I tried to make a payment before it was late. But alas, I needed to have submitted the payment before 4PM EST so now the payment goes through tomorrow and I will have to pay a late fee.

I have had it with Chase. They tell me that they give me a 25 day grace period to pay my bill. That is not true. I listened to the wording of the customer service representative tonight very carefully. She said that the 25 day grace period starts when the bill is generated. She then added that it might take 10-14 days to get to me in the mail. Huh, this is 2009. It should take 2-3 days to get to me. I am guessing that they "generate" the bill, put it in a warehouse and mail it out after about 10 days. This bill usually arrives around the 10th of each month. They claim to "generate" it on the 24th. So it takes more than 2 weeks to get to me. Something very fishy there.

But it gets worse. If I pay my bill using Quicken Bill Pay, unlike every other vendor, my Chase bill gets mailed out as a check from Quicken Bill Pay rather than going electronically. That means that instead of being paid in 1 day, there is an automatic 5 day delay in my payments. Every single business I deal with except Chase can take an electronic payment. Chase cannot. They lack the technology to accept an electronic payment apparently. I think not. Instead they know that the extra delay creates a late fee windfall, so they benefit from not taking an electronic payment.

In summary, here is how the scam works:
24th day of the month: bill is generated.
the next 2 weeks: bills sits waiting mailing
7th day of the next month: bill is mailed out.
10th day of the month: bill is received.
18th day of the month: bill is due.

This means that I must pay my bill between the 10th day and the 13th day in order to not pay a $39 late fee plus interest charges. In essence, I get a 3 day grace period. This is an utter scam. I have put up with this nonsense for about 10 years now and I am so fed up with it.

When I try and speak to someone at Chase, they are amazingly unhelpful. They know that this is a scam and they aren't allowed to do or say anything about it.

I have tried to resolve this so many times, but I never get anywhere. In the end, I only use this card a minimum so as to keep my airline miles. But otherwise I avoid the card and refuse any card that is issued by Chase. They are an evil company.

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Chase closing former WAMU credit cards
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WILMINGTON, DELAWARE -- On Saturday, July 11th, I charged $371 (of a $2000 limit) to 1 of 3 Chase credit cards. (There had never been a late payment or overlimit issue with any of the three cards.) This particular card had had a zero balance and was previously owned by WAMU. On July 18th, the card was declined for an online transaction for $89.95. I called Chase, the representative stated she could not understand why the card was declined since I had entered the card information correctly online, so she transferred me to a supervisor, Carlita. Carlita was quite rude, said the account was closed, would not explain what that meant, eventually said Chase closed the account, refused to tell me why, said a letter went out on the 14th of July, said they have every right to close an account since they are a bank, said she would not connect me with her supervisor since my account was closed, ie I wasn't a customer. I subsequently called Chase on July 18th regarding the other two accounts. As I suspected, of the other 2 cards, 1 was closed and 1 remained open. The cards from the previous WAMU accounts were closed. The reason given over the phone was a credit report.

Again, I was told a letter went out on July 14th. The card originally issued by Chase remains open. (Apparently my credit report only affected the former WAMU accounts and not the Chase issued card!)I do not believe Chase has acted in good faith:they have given no notice of closure to these accounts, which have always been in good standing. There is a change of terms notice on their web site effective Aug.1st relating to account closures. Chase is harming people's credit scores by closing accounts without cause. From what I've seen on other sites, many folks are being affected, often finding their accounts closed when on vacation and trying to use their cards, etc.

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