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Home Equity Line Of Credit
Posted by Allegorical on 09/02/2008
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 it's 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 I fell behind on 2 payments on a credit card that is no longer active.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 crucifed 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 corportate office for the policies). There aren't any flexibilities 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 millon 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 recinds 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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Posted by Suusan B. on 2008-09-02:
Banks that issue mortgages and HELOCs are looking for any way possible to either freeze or cancel the line of credit due to the decrease in the value of homes.
Posted by kbgpin on 2008-09-17:
My son just had his HELOC canceled in middle/end of a home remodel project. His credit is perfectly fine- this was just an example of how banks & insurance co.'s will do anything no matter how unethical to rake in the money and screw their customers. It was never mentioned to my son that this could happen- yes it was in very small print somewhere in the contract. He was given no notice- just found a return check charge. We need to stop utilizing these institutions and slam them every chance we get-- they only understand the pocketbook bottom line.
Posted by snoopy123 on 2008-09-24:
Chase is the worst.
Posted by kkrober on 2008-10-06:
Did you get the email of the CEO yet? I have a similar case and if you read the contract I think they are in violation of breach of contract. In my situtation the only thing that changed was that I opened 2 new credit cards (never mind that I closed two) but my points dropped and they are using that to suspend my account -- WITHOUT NOTICE. I think we need to find a lawyer that wants a class action lawsuit.
Posted by donadame on 2008-11-01:
Chase is not the only bank freezing HELOCs. Do a search on the web and you'll find many banks are doing this even when their customers' credit reports are fine.

It sounds as if you have more issues with Bank of America than you do with Chase. Just remember that HELOCs are borrowed money - it's money not yours to begin with. Therefore, YOU don't get to make the rules. Any bank can see you as a risk and freeze their lending to you and they can because it's THEIR money - do not rely on someone else's money and you'll be okay. :)
Posted by Fuego on 2009-04-24:
Chase suspended my HELOC too! I have an 800+ credit score, unchanged income and 80% equity. More than enough equity to justify the line of credit I currently have. Chase requested a form 4506 to get a transcript of my tax returns. I sent it to them as they requested. They then sent a letter claiming I never sent the form, and my account is frozen. So, I faxed the form from one of their branches. Still they claimed they did not receive the form. It took a complaint to the OCC to get them to finally admit they had the 4506 form! It's been thirty days, and every time I contact Chase I get a new LIE! I'm so sick of this. Does anyone know how long they have to make a decision on my HELOC. 30 days, 45 days, 60, 90, or forever... ?
Posted by Miles Thomas on 2010-02-24:
I'm glad these bozos are getting sued. If your Chase heloc was closed, read this and get in on the class action suit: http://www.helocbasics.com/class-action-suit-filed-against-chase-for-heloc-freezes/
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Not sending out statements
Posted by Nellie on 03/09/2006
BELTON -- Since August of 2005, I have not received a monthly statement from Chase on one of my credit card, which was formally owned by Bank One. They called me at my office and told me that I was two month behind, so I immediately did a transfer of funds via wire. In October of 2005, I waited for the statement, which did not come and I called and got my balance. I sent them an amount that was almost the total payoff and then the next month I sent them the balance of 63.81, which I thought would take care of the balance. It did not as they continue to charge on my account as they had increased my interest rate to 27%, they did not send a statement, I thought it was paid in full. Today (March 9, 2006) I received a notice from one of credit card companies that they had to reduce by credit limit on my card from $6,800 to $900.00 because of the problems on my credit report. I had checked my report and the only problem was big ole Chase with the late payments for statements that I did not receive. I called Chase and low and below they had a balance of $207.00 that I did not know about. They had put interest on the account and each month a late fee of $15.00 each time since October. The credit card companies have no compassion, they are made of steel and they don't care if they take our hard earned dollar, when most of us that use these cards are not rich but they don't care. The credit card is ready to be sent back to them in little pieces and I am going to report them to every reporting person and companies that I can to get them to stop these practices against the consumers that have made them filthy rich. Please contact me if you have not received your monthly statements from Chase as I feel this has been deliberate to increase your interest rate and it is not just a little increase it is about 20+%. Someone needs to stop them.
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Posted by miketech on 2006-03-10:
I hope you don't have to much on any of your cards cause that's gonna hurt you. Chase will probably say something like "We aren't obligated to send you a statement, but you are obligated to pay us" The bad news is most of your credit cards are going to shoot up to over 25% so hopefully you can pay them off. The bright spot (not really so bright)is that late payments stay on your credit report for only 2 years (I'm pretty sure I'm right). Don't feel alone Chase is evil and maybe you can get them to understand since it was a change over they should change their reporting and credit you late fees. They will say they can't but you know they can if they want to. Best of luck.
Posted by dsmith68 on 2006-03-10:
Just because you do not get a monthly statement, does not mean you can neglect the account. There is a lot of personal responsibility in this. All accounts you have open should be checked every month regardless of if you have no statement or even zero balance. To assume that companies today will be caring or helpful is just silly.
Posted by tawanda on 2006-03-10:
You may find the website: www.law.whittier.edu/trademark_electronic_supplement/Chase_Sucks.htm interesting (it used to be chasebanksucks.com until Chase decided to sue them for diminishing their "good" name.

Some of the experiences others have had and post there are quite enlightening - and they point out other disturbing practices of this bank...
Posted by tawanda on 2006-03-10:
Some of the posters at the site have been threatened (and Chase has made good on it) - even after the timeframe has elapsed legally for posting negative information on one's credit report, Chase goes back and posts false information on the same person (again) to continue hurting them and their credit.
Posted by tawanda on 2006-03-10:
I keep fighting to get Chase off of my credit report for accounts that are not my own. I was placed on the accounts as an autorized user - not as a co-applicant, but Chase is reporting the debt as mine (the account holder had to file for bankruptcy). I have sent requsets and documentation to all of the credit reporting bureaus, but Chase turns right around and resubmits the information - and the bureaus post it...
Posted by tawanda on 2006-03-10:
As bad as Chase can be, the credit reporting bureaus can be worse. At what point in time do they become responsible for the inaccurate / fraudulent information they report about people? They, by allowing themselves to be used as pawns, can do tremendous damage to consumers and most consumers don't realize it until they get burned...
Posted by dsmith68 on 2006-03-10:
It is so easy for companies to ruin your credit and extremely difficult for the consumer to fix the errors.
Posted by tawanda on 2006-03-10:
I have also been told (although I haven't taken the time necessary to research this for myself) that JP Morgan Chase is a major financier of our national debt.
Mr. Morgan had tremendous sway over the Treasury when the "national debt" was first incurred and only "created" enough money to meet the "loans", but not enough to pay off the interest.
How can the government control someone they themselves are indebted to? They are servant to the lender and can't effectively wield the legislative power necessary to protect consumers from banks such as Chase. :(
Posted by wary-consumer on 2006-03-10:
Dah!! Do you think that just becasue you dont get a statement, you don't owe anything?? Did you ever think Chase may be sending it to the wrong place, or it gets lost in the mail, or someone my have stolen your identity!? Take some responsiblilty!!! You should have gooten to the bottom of why you werent getting the statements and get that resolved, instead of getting mad at them for tacking on late fees and letting the interest pile up!!....What did you expect??? Also, you should know when you call in for the pay off amount, it is for that day only. When you pay it, it takes a day of to to post to your account, and durning that day or two you accumulate interest charges until it acutually posts to your account. Then since you didnt bother to check you balance, or correct the issue why you werent getting statements, you never paid that interest (probaly a matter of 80 cents or so), then you were late and you got socked with a late fee, and another the next month, and another, and so on..keep in mind this new balance is also subject to the 27% APR now too. Now its $207 from 80 cents or so, since you did not resolve the original statement mailing issue. To get this taken care of once and for all you need to pay Chase an aomount such as $25 over what the pay off is today to cover any fincance charges that accrure up to the day they post your payment to your account. Then AFTER, NOT BEFORE, the next satement is printed out, call them and have them send your credit balance to you as a refund (this will be less than the $25 you overpaid). Then after another month, NOT BEFORE, follow up to make sure the balance is still zero and the account is closed (if that is what you wish).
Posted by DebtorBasher on 2006-03-10:
It's my understanding by some of their reps, that they treat their employees as badly as they do their customers...
Posted by miketech on 2006-03-10:
Wow tough crowd. Over what appears to be a couple hundred dollars Nellie is about to take the $#)$(%@# of her life. It will not end anytime soon. If you believe anything close to "Let the punishment fit the crime" kind of person you won't believe what's about to happen to Nellie. I wish you luck Nellie.
Posted by wary-consumer on 2006-03-13:
Posted by wary-consumer on 2006-03-13:
------I hope you dont have too much revolving/unsecured debt!! If so I would look into a home equity loan before all your credit cards review your credit report and find out about your default with Chase and slash your credit lines and jack up your interest rates to 30% APR under the "Universal Default" Clause of your cardmember agreement.
Posted by nellie on 2006-03-17:
Update-For all of those that say I am responsible (as Chase/Bankone would say as well), why would the other credit card statement from them, convenient checks on both accounts from them arrive via postal mail? Both cards are paid in full and I closed both accounts.
Posted by DebtorBasher on 2006-03-25:
Sometimes (I don't know about Chase, but other cc companies) have statements sent from different locations depending on the type of credit it is for...even if it's from the same company. When this is the case, one system isn't always connected with the other. At NCO we can have a customer with two accts but depending on the type of credit it's for, their original statements and payment address' were different. We would have a customer sending both payments to the same address, and the original creditor would only post one, the other would either be mis applied or considered a missing payment all together...so, the one with the missing payment goes without payment being applied and it sent to us as deliquent, then we have to straighten up the mess. That is when we need to have copies of checks or information to research.
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StarEmpty StarEmpty StarEmpty StarEmpty Star
No fee for cashing a check
Posted by Polaris850 on 04/12/2012
BECKLEY, WEST VIRGINIA -- I went to Chase Bank to cash a check written on their bank. I had proper ID. After checking to make sure the money was in the account, the teller told me "I can cash the check for you, however, I will charge you $6.00 to cash it." I not so nicely told her I would cash it at my bank.

Does that seem fair to you, that you would write me a check and your bank would charge me to cash it? They probably are charging you to write the check, also. Needless to say I knew there were several problems that caused me to cancel my checking, my savings and my safety deposit box a few years ago. I will never do business with this bank, again.!!!!!!
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Posted by Anonymous on 2012-04-12:
"Does that seem fair to you"

Given that is standard practice, yes.
Posted by clutzycook on 2012-04-12:
You are not their customer. Do you not have a bank you could take it to?
Posted by FoDaddy19 on 2012-04-12:
Is your account with the bank that you are attempting to get the check cashed at? If not, then I don't see anything out of the ordinary here.
Posted by Churro on 2012-04-12:
True, the OP is not their customer. So what? Their customer is the one who presented the check to the OP in lieu of cash and the service of redeeming the check is a service being provided to the check writer and not the one cashing the check. If any fee is to be charge to redeem the check it should be paid by the one writing the check and not the one redeeming the check since the check writer is the one receiving the service from chase. How is it fair somebody should be expected to pay for somebody else's service.

If it were me I would demand that the person who wrote you the check find an alternative method of payment or compensate you for the cost of redeeming their check. Now that sounds fair to me.
Posted by Anonymous on 2012-04-12:
If you have a bank account at a different bank, why wouldn't you just use your own bank to cash the check? I don't quite understand why anyone would cash a check at the bank it was drawn on, instead of at their own bank.
Posted by Churro on 2012-04-12:
One reason is if you deposit a check that bounces you can be charged a fee.
Posted by tnchuck100 on 2012-04-12:
Churro, you hit it dead on!

Clutzy, samanthasmom: You need to read the review again. OP stated he was going to take the check to his own bank. He went to Chase to establish there were funds in the account to cover the check. He did not want to have his own bank hit him with a returned check charge.
Posted by jktshff1 on 2012-04-12:
+100 Churro
Posted by trmn8r on 2012-04-12:
"Does that seem fair to you"

Absolutely, and let me explain why. You do not have an account there. Some banks are charging *their own* customers if they need teller services, I believe. Perhaps in the form of a higher minimum balance account. Fact of the matter is, it costs money to provide that person standing there, waiting for a customer.

This practice is fairly standard. Have you checked (get it?) to see if your own bank has a fee if you were not a customer?
Posted by slimster on 2012-04-13:
Interesting review. I especially like the comments with some varying viewpoints. Though I don't appreciate posts that refer to this as a jokesite.
Posted by Anonymous on 2012-04-13:
If the bank cashed the check without charging, then they are basically providing service for free. I don't know too many businesses that operate free of charge.

I have to RESPECTFULLY disagree with Churro and his assertion that the onus should be with the customer that wrote the check. It seems to me that the OP should be charged the check cashing fee as a convenience charge. After all, they had their own bank at which to cash the check, but willingly opted to take it to the bank it was drafted from.

TNChuck100> The OP wouldn't have been hit with a returned check charge at their own bank if they simply asked if it could be cashed, then deposited. If there were insufficient funds, the OP's bank would have informed them they weren't able to cash it, and simply handed the check back.

Onion Balls> There is a right way to disagree with the OP and fellow members, and there is a wrong way. As others have suggested, you might consider offering helpful or insightful advice, as opposed to blatant insults and barbs. Just a suggestion.
Posted by Churro on 2012-04-13:
"The OP wouldn't have been hit with a returned check charge at their own bank if they simply asked if it could be cashed"

That's not true.
Posted by Anonymous on 2012-04-13:
It is at my bank...er...uh...credit union.
Posted by jktshff1 on 2012-04-13:
big difference between banks and credit unions
Posted by jktshff1 on 2012-04-13:
good job addy, on the ball this morning!
Posted by Anonymous on 2012-04-13:
Jktshff1> Too bad it took me several years to figure that out.
Posted by trmn8r on 2012-04-13:
Most excellent comment, DIRM: "It seems to me that the OP should be charged the check cashing fee as a convenience charge. After all, they had their own bank at which to cash the check, but willingly opted to take it to the bank it was drafted from." If I could vote yours "Helpful advice" 241 times I would.
Posted by Churro on 2012-04-13:
Well the next time somebody writes me a check from chase I'm going to require them to add an additional six dollars to the amount in order to cover handling charges.
Posted by oldisgood on 2012-04-13:
You might also consider not accepting the check from whomever and just ask for cash. Problem solved.
Posted by Churro on 2012-04-13:
Good point oldisgood. Sure it would be inconvenient for the check writer but hey they chose to do business with a bank like chase. Not my problem.
Posted by Anonymous on 2012-04-13:
I think I've wrote maybe 3 or 4 checks in my lifetime. I stopped altogether about 15-yrs ago.
Posted by Slimjim on 2012-04-13:
There was a time a bank would cash their own issued checks for non customers. We all know they now are being regulated differently regarding fees no longer allowed to be imposed, plus a horrific economy which killed all sub prime, and even loans/lines to average credit scores. They are looking for alternate ways to generate revenue. One easy way that won't alienate their customers, is to charge for services to non customers. When the day is done, it's very easy to argue lending institutions are not obligated to offer anything to people who don't do business with them, for free. It's still cheaper than a check cashing store.
Posted by Churro on 2012-04-13:
Again the redemption of a check is a service provided to the check writer not the check casher. Crazy world.
Posted by Slimjim on 2012-04-13:
One could counter argue the redemption of any service is for those who pay for such. Hence why Check Cashing Stores exist
Posted by Anonymous on 2012-04-13:
The local check cashing business doesn't charge for any amount under $100. They must make their buck from somewhere else. Maybe an insider can shed some light.
Posted by skelly39 on 2012-04-13:
I'm with Churro. Being charged to cash a check at the bank at which the check was drawn on has to be the stupidest excuse for money grabbing I have ever heard. They have to cash it anyway even if the OP takes it to their own bank and deposits it or cashes it. And if they cash the check at their own bank and the check is no good, well, guess what? The OP's account is raided for that cash PLUS a return deposit fee which can range from $3 to $7. Chase, on the other hand, can cash the check and put an immediate hold on the funds in their customer's account. I am really trying to understand the rationale of those who believe that the bank is entitled to take $6 just because. And that's really all it is. There is no excuse.
Posted by DebtorBasher on 2012-04-13:
Never, EVER deal with anything that has the name 'Chase' on it! Just run from them, run far, far away and never look back!
Posted by trmn8r on 2012-04-13:
My rationale was clearly stated. I don't know how to make you understand my point of view further. If you could cash the check without human intervention, I would agree with your point of view. But there isn't a way to do that.

How much do you think it costs the bank per hour to provide tellers to sit there and wait for a customer to walk through the door? And is that traffic increasing or descreasing as the years go by?
Posted by Cwazychicken on 2012-04-13:
I agree with deb. Chase is AWFUL.....
Posted by trmn8r on 2012-04-13:
Chase is a big bank. Lot's of baggage with that - look at BoA. I use Chase for my CC's, and love them. I don't think I would feel the same about having a checking account there.
Posted by Churro on 2012-04-13:
The OP isn't a Chase customer so why in the world would the OP give a ratz azz about how much Chase spends on anything. The only involvement the OP has with Chase is foolishly accepting a check from a Chase customer that's effective value is less than what was represented by the check writer.

The service being provided is for the benifit of the check writer yet chase expects the check casher to pay for that service. Simply insane.
Posted by Paulaszone on 2013-02-03:
I just got nailed with a $20 returned- check fee when I deposited a $50 check at MY CREDIT UNION! A copy of the bounced check was sent to me in the mail stating that the account was closed and there were charging ME!! for someone else's bad check. After further inquiry, I found out that for instance
Posted by Mariel on 2013-06-14:
It really is obnoxious. A bank note or check that comes from a specific bank ought to be as good as cash at that bank. As to why the OP didn't use his own bank, it's quite possible that he can't. If he is staying in an area where his bank has no branches or ATMs, he is SOL until he can get back home.

At least that's the situation I'm in. I've got a piece of paper that's supposed to be worth the amount of money I am owed, and the very bank it comes from wants to take part of my money just for the onerous service of handing me what is already mine. I'd rather do without the money until I can deposit it without getting screwed. What a scam!
Posted by Former JPMC Employee on 2013-06-27:
Chase in NY/NJ metro area charges $8 to cash checks. I worked there and received a paper check from my flex spending reimbursement account and because I didn't bank with them I was charged an $8 fee.
Posted by take22 on 2013-07-20:
One word....risk. when a non customer cashes a check at the bank on which the check is drawn the bank assumes all risk. There is no recourse(ability to recover funds if check is found to be fraud).

Verifying funds is only a very small portion of the service rendered.
Just because you waltz in with a check drawn off John Smith's account, does it mean that John Smith wrote the check. The check could be stolen, the check could be altered but ultimately it could be a fake check (extremely easy to make, hundreds of independent companies make checks).

The trend I find is folks forget the fact that not everyone is being honest and not every piece of paper that bears a banks name is actually a legitamate check. The only way for an institution to combat this is either establish recourse(I.e. the account at your own bank) or charge a flat fee accross the board.

obviously a profit is still made but a different angle nonetheless
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Chase Bank is the most evil, unethical bank I have ever used
Posted by Chase is evil on 11/07/2009
BUFFALO GROVE, ILLINOIS -- I have had several banks in my life, and have been fairly satisfied. I switched to Chase a few years ago because my mortgage was with them. I have come to realize that Chase is the most unethical and corrupt bank out there. They are thieves and preying on people especially in this difficult economy. Last week I was out of town and used my debit card at a cafe at the hotel we were staying at. My account was low but I was getting paid in a couple days and have direct deposit. I had more than enough to cover the two small debits at the cafe. I knew this for sure because the cafe had a computer for customers to use so I checked my balance. There were no other pending transactions other than the two small transactions at the cafe I had put through. When I got home that evening, I checked my online banking again and noticed that there was another transaction pending from later in the day from the toll authority. Apparently my transponder on my car was low on tolls so the toll authority put through an automatic debit without any warning. My account did not have enough in it that day to cover the toll authority debit so I knew I would be charged one fee. The toll authority charge was listed after the two small cafe debits so the toll charge was the last debit of the day and the only one that would have caused an overdraft. I accepted the one fee and had no problem paying it. But after my payroll check was direct deposited, I noticed Chase had charged me 3 overdraft fees for a total of $105.00. I looked again at my online banking account and noticed that Chase had rearranged the order of the debits and put the toll authority debit before the two small cafe debits. This switch in order gave Chase the opportunity to hit me with 3 fees instead of the one. I was furious and I called their customer service department. I told them that I knew they had rearranged the sequence of the debits which maximized their fees against me and they ADMITTED TO IT. They said they can arrange them however they choose without regard for the order the debits actually came through. I could not believe what I was hearing. I asked to speak to her supervisor and was told the same thing, that basically they can do this, it is not illegal and to bad so sad. I am closing my account and moving to another bank next weekend when I get my next paycheck. The new bank I called, which is actually a bank I used a few years ago, asked me what bank I was leaving. I told them Chase and she laughed and said they have tons of exChase customers coming over. Do not use Chase, they are thieves. I am also writing my state government to find out if what Chase is doing is legal and if so why! The greed of this bank is unbelievable.

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Posted by tnchuck100 on 2009-11-07:
As unethical as it is it is legal. Close the account and find a credit union. This scenario you just described would have resulted in ONE overdraft fee, not three.
Posted by msnanny on 2009-11-07:
Be sure to read the terms of your new bank as they are likely to follow those same procedures. It's not just Chase.
Posted by MaggieMcT on 2009-11-07:
While the re-ordering of debits is scummy, it's also widely-known. And you did overdraw. Hardly qualifies as "most evil" anything.
Posted by Chase is evil on 2009-11-07:

My first two transactions did not cause the account to overdraw, it was the last transaction that did. The last transaction was not expected but I understood I was responsible for that one fee. My issue is the fact that they can re-sequence a customer's transactions in any order they choose to maximize the number of fees they can charge. That is not ethical and should not be legal.
Posted by DebtorBasher on 2009-11-07:
A few weeks ago, this very issue was on TV. What the bank does (and I believe it was more than just Chase Bank) is exactly what the poster stated. They arrange the transactions where they can get two fees instead of one. They were warning consumers to watch for this.

Don't even get me started about what they do with their mortgage customers!
Posted by Chase is evil on 2009-11-07:

Do you remember what the TV program was? I would be curious to know because I want to find out if this is legal and so why.
Posted by DebtorBasher on 2009-11-07:
I wish I did, but I'm sorry I don't. I think it was on our local news but that was a few weeks back.
Posted by Chase is evil on 2009-11-07:
I gave my story to Ann Minch the woman leading the Debtors Revolt against the big banks. My story is not about usury interest rates but it is still about unethical fees being charged by big banks. All the same evil practices. Think of the millions or even billions they are bringing in with these unethical fees.
Posted by DebtorBasher on 2009-11-07:
And that is how Chase can afford to buy out all those other banks that they took over.
Posted by new57 on 2009-11-07:
The only advice i can give you, like the many others that have encountered this problem is the following: Do not allow anyone to auto debit your checking account. It allows these types of situations to occur, dispite your best efforts to keep track of your bank balance. Auto debits are just too risky IMHO. Companies can and will debit your account whenever they feel the need to.
I hope you can switch those auto payments over to a credit card.
Posted by Chase is evil on 2009-11-09:
After doing some checking and listening to comments from others, I am moving my account to a credit union, not a bank. I found one in my area. My son used a credit union out west as they are pretty popular out the in Vancouver, WA area and he said it was great. He loved it and said they were very forgiving on fees and their customer service was great. They were not out to screw people as we have found with Chase and the other big major banks.
Posted by old fart on 2009-11-09:
good for you... Credit Unions are the bee's knees...
Posted by Anonymous on 2009-11-09:
Credit Unions are great places!
Posted by DebtorBasher on 2009-11-09:
Wise move!
Posted by Chase is evil on 2009-11-22:
I just started an account at a credit union. I am amazed. Their checking is free and as long as I have my paycheck direct deposited, use my debit card at least 10 times per month and receive and estatement instead of paper, they pay 3.56% interest on my checking. Their fees are much lower than Chase. I don't know why more people don't know about credit unions.
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Satanic Thieves. Let them go down in flames.
Posted by Melissa9909 on 05/15/2009
STAMFORD, CONNECTICUT -- I am filled with outright hatred for Chase Bank. I have two accounts with them, one a business Visa with a 12,000 limit, one a personal Visa with a $2,000 limit. I almost never carry a balance with them, except for this January when I charged $4,000 on my business Visa for office furniture. I was looking at my bill one day and realized that they upped my interest rate to 29.9 percent. I called, and they wouldn't tell me why. Of course. They said there was "nothing they could do". What a surprise. It's particularly interesting, because my credit score is in the mid 700's and always has been. So I paid it off in full, immediately. I almost never use it now because I hate them so much. But I received my current statement today, and my balance from last month was $480, and my payment to them was $430. So, inadvertently I had a $50 dollar carry over balance to the next month. They charged me almost $30 in finance charges on a $50 dollar balance.

So, I called and they customer service person said that if you don't pay the entire balance in full every month, they charge you finance charges on the average balance of the ENTIRE months purchases, even if you paid 99.9% of them off, in full, including the purchases made in YOUR MOST RECENT CURRENT bill that were not part of the last statement. So, if I pay even one penny less than the entire last statements balance, I will be charged interest on the daily average on every purchase for essentially two billing periods.

Sounds confusing? You bet. Unethical? Yes, and I told him so. Of course his response was a stony silence. I guess he has to respond this way, he gets his paycheck from Chase. That must be one heck of a way to earn a living, rationalizing complaints by furious customers who have been repeatedly screwed by their employer.

Let me reiterate. I was charged $30 in interest for a $50 dollar carryover balance.

So twice scorned, shame on me. I'm done. I will never charge one penny on either one of my Chase cards. I had a car loan with them, I'm paying it off early. I will never use Chase for ANYTHING again. My company will never take a loan from them, never use them for business checking, nothing.

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Posted by Slimjim on 2009-05-15:
Thats the result of the infamous 60 day billing cycles credit card lenders use. They all do it from what I know, not just Chase. I remember the first time I was introduced to it, a very similar situation as yours. Paid most of a balance and still got hit hard with interest that month. Grace period on credit cards requires full balance payment by the due date. You learned now what I learned then with MBNA.
Posted by Anonymous on 2009-05-15:
This review is exactly why cash is king. I avoid using credit cards at all costs. Thank you for the review.
Posted by NofriendofAX on 2009-05-15:
WOW you dislike CHASE as much a I dislike AMERICAN EXPRESS
Posted by Anonymous on 2009-05-15:
Right On John in SC! The credit card companies are weaning us off credit. That is something we refuse to do ourselves.
Posted by Melissa9909 on 2009-06-04:
Here's an update to my original post. They just upped my interest rate on the other card another percentage point. Reason given: "The principal factor we considered in amending your account is maintaining profitability on your account."

I don't know how this will affect the "profitibility" of this account as I never use their cards. They will never receive another cent from me.
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Beware! Chase Is Ripping Customers Off On Safe Deposit Boxes!
Posted by ChaseIsAbsoultelyHorrible!!! on 04/02/2009
In 2007 I opened a medium-sized safe deposit box at my local Chase branch for an annual fee of $75. In 2009, my annual fee which is automatically debited from my savings account appeared on my March statement as $160.50 WITHOUT any notification from the bank before the fee was charged. Thinking the bank had mistakenly overcharged me, I called my Chase branch and asked that this charge be corrected. Before I can even take a breath after asking this question the bank manager on the phone RUDELY informed me that that was indeed the new fee and that Chase has a no-refund policy. When I proceeded to remind her that I was not informed by the Bank and that I did NOT receive any NOTIFICATION whatsoever about this drastic and OUTRAGEOUS increase in the annual safe deposit fee BEFORE it was charged to my account, the branch manager ADMITTED that no notification had been sent out and that the notification was simply the actual charge on my savings account statement...which she continued to repeat over and over is NON-refundable. So basically after expressing my OUTRAGE to this bank's practice of charging outrageous fees to customer accounts WITHOUT prior notification to the customer AND deliberately imposing a NO REFUNDS policy on these charges, I was in complete and total AWE at the criminal practices of this bank!!!

In fact, I found out from another personal banker at the bank in a phone conversation that my fee should not only be $75 but that I also qualified for a 20% discount because of my long-time excellent relationship with the bank and the fact that I had over $15K in my savings account. When I challenged the branch manager with this information indicating that not only was I overcharged over DOUBLE the $75 fee which I should be paying annually, but that actually according to one of her employees at the bank I actually qualify for a 20%, the bank manager was turned bright red in anger and raised her voice at me and proceeded to YELL and SCREAM at me. At this point I was genuinely frightened and walked out of the bank and called 911 to request police officer presence at the bank since all I wanted at that point was to completely close all my accounts, take all my money and get the heck out of there in peace. The police arrived heard my story and escorted me back into the bank to close out my accounts, get my money and peacefully leave. COMPLETELY OUTRAGEOUS!!!! We have all heard of bank robberies but I think what I experienced was a REVERSE BANK ROBBERY!!!

Where is the accountability for these criminal bank practices?????? CHASE CANNOT BE TRUSTED WITH ANYONE'S MONEY EVEN THE MOST LOYAL AND LONG-TIME GREAT CUSTOMERS LIKE MYSELF!!! PLEASE REMOVE ALL YOUR FUNDS FROM CHASE UNLESS YOU DON'T MIND IF YOUR BANK RIPS YOU OFF, FAILS TO NOTIFY YOU THAT THEY'RE ABOUT TO CHARGE OUTRAGEOUS FEES WHICH YOU NEVER AGREED TO, AND THEN IN THE END STRICTLY ADHERES TO THEIR NO-REFUND POLICIES WHEN YOU CHALLENGE THE UNLAWFUL FEE DEDUCTIONS FROM YOUR ACCOUNTS. THIS IS OUTRAGEOUS. EVERYONE IN MY FAMILY HAS CLOSED ALL ACCOUNTS WITH CHASE AND TRANSFERRED ALL THEIR BANKING BUSINESS TO OTHER BANKS SINCE I HAVE HAD THIS EXPERIENCE AND EVERYDAY I TRY TO SPREAD THE WORD TO MY FRIENDS AND COLLEAGUES TO NOT TRUST THIS HORRIBLE BANK. I have written 7 letters and sent them to the Chase Corporation about this horrible experience WITHOUT any return letter or any acknowledgment of my grievance. I also reported this incident to the US Treasury Dept Office of the Comptroller of the Currency, which deals with national banks like Chase, and they have notified me that they are investigating Chase regarding this and other similar complaints they have received from former Chase customers.

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Posted by bargod on 2009-04-02:
I can see closing your accounts and leaving, but calling the police? are you kidding me. You must have felt pretty darn threatend.
Posted by BokiBean on 2009-04-02:
I dunno, in this instance I might have called the cops to escort me back in and get my stuff cleared out too.

There's no excuse to treat a customer like this and it sounds like they really botched this up from the beginning to the end.
Posted by memoryx57 on 2009-04-02:
As a side note, I believe Chase is the one that is now refunding all the $10 fees that they recently started charging their customers on credit card accounts. They were called to task by the feds and realized the error of their ways!! Of course to hear them talk they can do no wrong..Glad you pulled your money out...They certainly don't deserve it.
Posted by Anonymous on 2009-04-02:
If the personal banker (at Chase?) gave you good advice, which appears to be so, why blame Chase entirely. The grievance was with the branch manager who, if the OP is truthful, is a real dolt. Closing the accounts was a lot like refusing to take the whole class on a picnic because one kid horked a spitball. And I'm no fan of 'Cheese' Bank.
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Chase Brakes Rules On Credit Card Contract
Posted by IMG on 01/09/2009
2 1/2 Years ago I received an offer from chase for 3.99% Apr promotional loan on a credit card. This rate was supposed to be valid for the lifetime of the balance. The offer looked good so I consolidated my debts on chase card and have been making regular payments by automatic withdrawal from my checking account. The minimum payments started at $460 and over the 2 1/2 years were gradually reduced to $260. That is until last statement-1/09. When I looked at it I was stunned to see that my minumum payment increased to $642 dollars and a montly fee of $10 was added to the account. Assuming it was a typo error I called the chase customer service. I was informed the that my options were: 1)to agree to the new terms 2) get lower minimum payment but double APR to 7.99%, Or 3) opt out by paying the loan balance within 30 days. None of these were the terms of the initial agreement.
What this tells me is that chase can brake the contract at any time, for any reason
let me add that I have an excellent credit rating (over 800) and was never late on any payment to anybody. This makes me think that with this move chase targets its best customers. Way to do business chase-alienate the customers who are paying you regularly.
As for me, since I am sill getting 0% offers from credit cards I will give another bank a try. Hopefully with better lack. As for chase services - stay out.

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Posted by Starlord on 2009-01-09:
It is a pet peeve of mine when people cannot use the proper word to describe the action of stopping a car or knocking out a window. I have a litle aid I giv people to help them remember how each spelling is used. BRAKES stop cars, if they don't, then something BREAKS. You can brake a truck, or you can break a promise. I used to be a deputy sheriff, and the dispatcher/secretary typed our reports. I finally had to tell her not to type mine, I would do it myself. Every time I stated in a report that a subject vehicle braked and slid, or that someone would break a window to gain entry, she would 'correct' my report. Constantly telling her the difference did no good, so I had to take over typing my reports myself. At least I knew they said what I meant them to say then.
Posted by Anonymous on 2009-01-09:
Star, I feel your pain. It's sort of like grammatical fingernails running down a blackboard. Or is it a blackbored?
Posted by agentaustin on 2009-01-10:
Chase just did this to me as well. I had a 4.99% permanent rate. They added a $10.00 per month service charge/finance charge (as listed in their own statement) and changed the minimum payment to 5% of the balance. I never received any statement of a change of terms. I will be contacting attorneys about filing a class action lawsuit, and told them so.

Of course, even canceling the card and paying off the balance immediately is to Chase's benefit, since it still gets them out of low rate that they had guaranteed.
Posted by Madtypist on 2009-01-10:
Hey IMG, I appreciate your post, not so concerned about the using of "brakes". I do tons of transcribing and constantly have to go back and proofread to catch my homonyms. And close enough. You could have said "Chase puts BRAKES on contract." That might have been okay with your literary critics. But I digress.
I have to say I'm amazed at the tactics Chase comes up with. I consider it cheating. Here they make an offer for the "life of the loan". When they make this offer they are actually gambling on the probability that the customer will either 1.) screw up somewhere along the line and pay a minute late so they can then ramp up the interest to the roof ***OR*** (and the more likely possibility) that the customer will continue to charge purchases on the card and THAT interest will be paid first -- which is usually around 19.9%. So they make out there. I have played the "transfer balance game" before with various banks and generally do screw up somewhere. These days when I "play" I not only make sure I have a safety net so I can pay off the balance if I have to but I actually call the bank first and ask, "Is this for the LIFE of the loan? Are there any other fees?" And then I ask (and this is thanks to Chase -- just because they send the convenience checks, doesn't mean they really mean it - they RETURNED mine two weeks after I had deposited them and I had payments bouncing all over the place -- not to mention the nose dive my FICO score took at the time) -- I then ASK the bank to look at my credit rating or whatever else they need to look at because I need to KNOW the check is going to go through or else I'll be much worse off than before I take their offer.
So here you are, playing the game fair and square and Chase throws you the curve ball with the $10.00 monthly "service" charge. I don't do business with Chase these days any more than I would meet a loan shark in a dark alley and I know I've heard other people say "Oh, but all credit card companies are alike." Nope -- I have never had any problem with any other credit card company. And Chase is the only one I've heard of that has pulled this paticular stunt.
I hope you can get another transfer from a more honorable bank and pay off those Chase loan sharks. Good luck!
Posted by DrLahmdotcom on 2009-01-28:
I "hear" all of you! I am a college entrepreneurship professor, so I understand that somewhere along the way, the system has not served us regarding writing skills. Thus, to the original author of the complaint, I would say two things (in order of importance, in my opinion).

Number one: I understand that you are suffering an injustice at the hands of Chase (I have other posts on this site regarding my personal battle with Chase Card Services).

Number two: writing well is hard work. In university environments, I often must point out that it really takes a deep, and enduring commitment to pick over every word, and get help. No one is perfect, so do not become discouraged.

I write all of the time, and yet my wife, if she proofreads my work, seems to take special pleasure in finding my typos. The "moral" of the story? You and I, or anyone who takes pen to paper (or who uses a keyboard) is simply trying to get a point across. Any writer can be more effective by trying hard, "sleeping on it," checking for errors, and getting help (me included, and may the good Lord help me if I have a boo boo, here!).

[solicitation snip] I wish you all the best.

P.S. It is a very "big deal," to mention that the change in terms agreement specifically called this a "finance charge." This was a critical mistake on the part of Chase, because it promised a "fixed rate" until the balance was paid in full (and therefore, Chase did not live up to the offer that it promoted in the original marketing materials that it disseminated).
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How the Chase Card Services is Changing the Rules and Hurting Account Holders
Posted by DrLahmdotcom on 01/05/2009
Chase Card Services has recently "changed the rules of the game" and is going to hurt many card holders by raising minimum payments from 2% to 5% and adding a "finance charge" with no "opt out." The steps I have taken can be summarized as follows:

1) I have sent a certified letter to the CEO of Chase Card Services.
2) In the past few weeks, I have been developing a site, [snip - no solicitations please] (where I have posted the aforementioned letter; see "About").
3) I have sent letters, faxes, and emails to Senators, advocacy organizations, the FTC, OCC, and the FED, and members of the media.
4) I have responded to blogs and forums, like this one.

If you are interested, you can visit the site for more information, but I am not just concerned for myself. I am an entrepreneurship professor, and one of my research areas is small businesses -- particularly "bootstrappers." These businesses are the lifeblood of our economy; they comprise the majority of all businesses; and, credit cards are a primary source of capital for a large percentage of small entrepreneurial firms. I have written numerous papers and even provided testimony before Congress on the subject of credit cards and small businesses.

Folks, I am afraid that this topic under discussion is a "life and death struggle" should the credit card industry continue down the path being forged by Chase, relative to our collective interests and economic future.

Most of the fairly thin media coverage on this action by Chase repeats the basics of the changes, but not the repercussions. Nor do reports that I have seen address the outrageousness of these changes. Can you imagine what would happen of your automobile loan suddenly changed from $239/month to $589/month? No other industry has been allowed to be so incredibly arbitrary or unfettered in its ability to promise one thing, and then through "bait and switch" as well as other deceptive tactics, deliver something that is altogether different (and harmful to consumers and small businesses).

To reiterate a point made on my site, one cannot really "change the terms" when dealing with credit card companies from a legal perspective, but one can change the terms under which he or she relates to these companies from a marketing perspective. From that latter perspective, I have only begun to fight. I've taken about all I can stand from this industry, and as the site's slogan suggests: "Now I'm Coming After You [credit card companies]."

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Posted by madconsumer on 2009-01-05:
this was changed by congress a few weeks past. if you want changes, you will need to address congress.
Posted by Anonymous on 2009-01-05:
You've "provided testimony before congress", but didn't realize that the reason credit card issuers raised minimum payments was because it was mandated by federal law? It's a direct result of consumer advocates and govt. deciding to 'help' consumers by making them pay off debt faster. And any small business that uses a consumer credit line to finance operations is fundamentally misusing the product. Consumer credit was never intended for business use, and it's not the card issuer's fault if a customer uses a consumer card when they should be using a business card or obtaining a real business loan.
Posted by DrLahmdotcom on 2009-01-05:
The OCC and other advocacy groups have encouraged higher minimum payments, but a 5% minimum payment is not mandated by federal law. At this point, few credit card companies are requiring a monthly minimum at this level. Further, Chase has applied this change only to select accounts with low interest rates, so as to encourage customers to accept a "deal" they are offering, which entails doubling rates.

With regard to businesses using credit cards, please don't shoot me, I'm only the researcher. My site provides links to published papers, if you will read them before passing judgment. One little tidbit, the Federal Reserve published a report based on a 2002 study which found that 46% of all start-ups used personal credit cards. So, maybe they are being misused relative to terms of service agreements (I am aware of this). But, if you have ever bootstrapped a business, then you may know that even if accounts are separated as "business accounts" or "personal accounts," the fact is, struggling entrepreneurs juggle any and all resources as best they can, to meet business and personal expenses. Start-up entrepreneurs generally cannot obtain money using traditional sources of capital until they have a history.
Posted by DrLahmdotcom on 2009-01-06:
Addressing the first comment, "this was changed by congress," if you would specify what you mean by "this," I might be able to reply.
Posted by DrLahmdotcom on 2009-01-06:
I did not realize until just now that the site I am working on in protest of Chase Card Services would be "snipped" as a "solicitation." Readers of the my3cents post are obviously going to be missing a whole lot of information regarding the background and context of this issue.
Posted by Soaring Consumer on 2009-01-06:
I suggest you copy and paste all of the details here so we can see everything.
Posted by jktshff1 on 2009-01-06:
Soaring..NOOOOOOOO! I had enough trouble reading thru all this stuff.
I know someone will correct me if I am wrong, but when the terms and conditions were changed on the cards I used to have, I could cancel the card and pay off under the existing terms. Has that changed also?
Posted by Anonymous on 2009-01-06:
Nope Jkt, you are correct. As long as the card is not used again you are automatically opting out. Unless it is a default rate change, they cannot force the changes on purchases you've already made.
Posted by lobo65 on 2009-01-06:
I chose to opt out of Citibank's attempt to raise my interest rate. I only had about a 30 dollar balance any way, so I paid it off, and am waiting for it to expire. I will NOT be using it within that time period either.
Posted by jktshff1 on 2009-01-06:
lobo, it will expire, but they will auto renew. You need to send them certified letter canceling the card.
Posted by DrLahmdotcom on 2009-01-06:
I regret to inform some of you that there is no "opt out,"; I have the terms of service agreement, and I have numerous reports already in the media quoting Chase spokespersons. This is a significant and alarming change, and it is a major development in terms of what's happening in the credit card world -- coming to a card and brand in your wallet, if the move is not stopped in its tracks.

You will probably need to use some search engine phrases and research this matter further on your own (try Chase raises minimum payment 5%, for starters). The admin software here cut off links that I provided (such as my "protest" site), which is covering the matter using authoritative resources, including testimony, posted letters from the FED and Chase executives on government sites, articles in the WSJ, and already has a significant body of content and links address this subject under discussion here.

The "profile" about me on this my3cents site could help you find me (I am easily researchable as well), and it will lead you to the information and publications that you would need to appreciate the gravity of this issue. It would also prevent posts about what laws or rules may or not exist that are not fully informed relative to what's going on now -- this is all brand new; this is unprecedented.

I am not an attorney, but I am in communication with attorneys and other widely known experts, advocacy groups, and others, and they have attorneys.

Meanwhile, I feel like with the above I'm blasting out a message that could come across bluntly (since this is all text), but I really am not trying to be short with anyone -- just in a hurry, with a lot of work still to do! I very much appreciate your interest, thus far, and in the future.
Posted by jktshff1 on 2009-01-06:
lahm, don't testify in my behalf...your are just as guilty of taking money from the taxpayers (grants, research, etc) as the credit card companies are.
"entrepreneurship professor" you will take a buck from whoever is willing to pay...kinda like a consultant..can't do anything but run your mouth and stir stuff up.
Posted by DrLahmdotcom on 2009-01-06:
Your personal remarks are evidently based on stereotypes. You obviously know nothing about me, but I am not a life-long academic. Far from it -- I am at odds with university cultures, and I hardly "fit in" as an outsider to the values and ways of doing things that are standard in academia. I spent two years of my life (on my dime), writing a thorough review of the quality of the U.S. education system (failing), but based on your tone and accusations, you have not read that.

Meanwhile, even if I was "running my mouth," your comments, rather than being focused on the subject at hand, are a personal attack, and I did nothing to deserve such an attack.

It's always a possibility that I may be wrong about some aspect of this matter as it pertains to Chase, or other matters in general, but I do not talk about things that I have not at least tried to document and understand before I simply "run my mouth," as you accused me of doing (based on no evidence other than my job title at the present time).

I spend my time trying to help people: students, entrepreneurs, and the readers on this site. However, if others feel as you do, we will soon find out, and I will withdraw from this site as I do not want to be a bother to its members.
Posted by jktshff1 on 2009-01-06:
You did not say that, so I could not read it. btw...1st job with public @ 12yrs, left home at 17yrs and been on "my dime" ever since and done pretty well.
Your post looks more like a submission for a grant, rather than a complaint and (before editing) a commercial for a web site. A good small business advocate would not recommend credit cards for a small business as a source of capital, that sinks a lot of them. That's why I responded like I did.
People need to take responsibility for their actions (ie pay bills, read fine print, follow the contract) and not have some "advocate" like mom and pop or the government bail them out.

Posted by DrLahmdotcom on 2009-01-06:
Posted by DrLahmdotcom on 2009-01-06:
I never said that I advocated the use of credit cards. I have simply spent a lot of time trying to understand basic things, like how many start-ups use them, and why they use them, and what they think their choices are. When I deliver presentations and have the ability to engage people "eye-to-eye," it's easier for me to get that message across (meaning, the fact that credit cards are being used by a huge percentage of small businesses is simply the way it is, but I am only reporting the trend, not taking sides that credit cards should be a source of capital -- clearly, relying on credit cards is a dangerous strategy).

Unfortunately, start-up capital is limited, yet we need small businesses to flourish because they really are the pillar that upholds the economy. I left home at an early age, and I appreciate your point about being on your own at a young age (and thereafter).

I would mention that the problem with the idea that if people would simply be responsible and read their "contracts" is that contracts are based on the notion of "good faith," as compared to "bad faith" by and between the parties thereunder. As it stands, there is substantial evidence that credit card companies are using predatory and deceptive marketing practices to trap account holders by means of using "bad faith" strategies. I ran a search on "credit card gotchas" earlier this week, and the hits were disheartening.

I know, our society lives under an assumption of "buyer beware." On the other hand, at a certain point in terms of where one might draw a line, we still tend to recognize when something is patently unfair. True, it's like "art verses pornography" (as the famous quote from a judge goes), but we ultimately "know it when we see it."

The fact that this site exists, or that my site exists (and the the freedom to create these sites exists), is in some ways a testimonial to the fact that we still can debate what is fair, and what is not (and thank goodness, we have the freedom to do that). But in the end, we'll decide as a culture where we draw that line. I think Chase is being extremely unfair, so much so, that "I've thrown my hat into the ring," engaging in the discourse that makes this country great, despite its challenges and any disagreements we may have.
Posted by jktshff1 on 2009-01-06:
lahm, good points and good discussion. Thanks for the responses.
Posted by UncleVic on 2009-01-15:
Same story here. Had 0% interest rate, promise of no annual fees, and 2% minimum payment requirement. Have paid steadily and faithfully, even exceeding minimum payment. Now this $10/mo fee of theirs that they try to call a FINANCE CHARGE comes out of the blue, with no provocation (my excellant credit score hasn't changed). After their refusal to recant these changes and no "opt out", I been writing to the same long list of congressmen and senators, FTC, OCC, Fed Reserve, Calif Consumer Protection, etc. It's my belief that these changes are ILLEGAL--an abrogation of contract stipulated in the original promotion. Hopefully, when the list of complaints tops 1000 or more, these agencies and elected officals can force a change. Too bad the proposed credit rule changes by the Fed Reserve don't take effect until July 2010.
Posted by DrLahmdotcom on 2009-01-26:
UncleVic, Did you see the post on my [solicitation snip] about the correspondence I found between a Chase attorney and the FED, prior to the passage of Reg. Z? I'm sure you can find it (don't think I can directly link here, but Chase advocated that it needed 18 months to comply -- very cozy); yet, at the same time, Chase wanted to be able to make changes on customer accounts with only 15 days notice! What a coincidence and a huge "compromise" (sarcasm), banks will have to give 45 days notice, but Reg. Z doesn't kick in for how many months? Oh, yeah, that's right: banks have 18 months to comply. In the meantime, it appears that Chase is going to try to collect every last nickle that it can, bullying anybody and everybody in its path. Other posts point out that it just wants to buy other banks at bargain basement prices, like it did with Wa Mu. Sorry for your troubles, I'm fighting back has hard as I can.
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Bad check from the bank
Posted by Sargent6 on 03/06/2008
WILMINGTON, DELAWARE -- My wife won a lottery on SurveyLot.com for the sum of$22,955.00.She received a check from SurveyLot.com for the sum of$2,955.00 Drawn on Chase Manhattan Bank located in Wilmington,De.She deposited the check in our bank but the check bounced an my bank took out of my account and it left me $2,500.00 in the hole.The gentleman that signed the check from SurveyLot.com name is Mr. Mark White.I think the both of these companies made their fortunes by ripping people off.
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Posted by MSCANTBEWRONG on 2008-03-06:
Unfortunately anytime you win a "lottery" off the internet, it will 99.9% of the time be a scam. Sorry this happened to you but hopefully you've learned a very expensive lesson.
Posted by Anonymous on 2008-03-07:
Just because Chase is on the check doesn't mean they are involved other than being used in the scam. The check could have been drawn on any bank. They simply used a Chase check for this one.
Posted by madconsumer on 2008-03-07:

sorry to say you fell for the lottery scam.

once you deposited the check, did you spend the money?
Posted by MRM on 2008-03-07:
Im sure that Mark White is not a real person either.
Posted by tnchuck100 on 2008-03-07:
First, as much as I dislike Chase they are not the ones who should be dinged on this complaint. They didn't have anything to do with this scam.

Second, as widely publicized as this scam is it's amazing how many people still fall for it.

At the rate people are falling for this there has to be more than one "sucker born every minute".

Posted by FoggyOne on 2008-03-07:
I hope you didn't send any money to SurveyLot or Mark White for any 'fees' or taxes.
Posted by Anonymous on 2008-03-07:
And did you ever ask your wife if she entered a lottery? It is totally amazing that in this day and age, anyone is this gullible. It is unfair of you to name Chase in the complaint, they had nothing to do with it. You acknowledge the check was bad, it was a phony check. How is this Chase's fault? And Foggy, you just know they did.
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Absolute Crooks
Posted by No Credit Better than your Credit on 02/15/2008
Chase bank is legalized OC. They have more ways implemented into their system aimed to cause you to mess up than one could ever imagine.

If you pay your bill early one month, your date moves- so you will be late next month.

Call Customer Service- They lie and tell you it won't happen again- same routine every month.

Online payments- Whats the point if you cannot make them 24-7 WITHOUT FEES THAT ARE HIGHER THAN YOUR MINIMUM

Pay by phone? 10.00 FEE

They are setup to charge fees no matter what you do or how much effort you make.

I would SOONER TRUST MY CREDIT WITH THE MAFIA OR EVEN TERRORIST GROUPS OVER CHASE BANK. This is not an exaggeration - just another POS company playing the "good guy" while robbing you.

I would from this day forward my DOUBLE INTEREST with ANY BANK BUT CHASE because if you aren't willing to fight monthly, you will ALWAYS SPEND MORE with Chase.

Please fell free to email me at wmhalloran@hotmail.com before you get a chase card or account. I promise I do not advertise competitors or any company and would gladly take time from my day to maybe save a person from getting wrapped up with this legalized form of loan sharking.
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Posted by thensider on 2008-02-15:
ummm, i dotn know about oyu, but all of my credit cards have FREE online bill pay, unless you want to RUSH a payment, in wich case you should budgeted the moeny better, instead of trying to pay your bill at the last minuete. Companys charge phone payment fees, because THEY have to pay a fee. there is no reason to pay on the phone anyway
Posted by noh8rz on 2008-02-15:
i agree with thensider also i have had a chase card for about a year now due date has always been the same regardless how early i pay it.
Posted by MRM on 2008-02-15:
I agree that the due is always the same even when I pay early.
Posted by Slimjim on 2008-02-15:
Me too, yet this is the second complaint on the home page about two different banks doing the same thing. It appears to be something to be aware of.
Posted by Ponie on 2008-02-16:
I won't be emailing you because your 'complaint' makes absolutely no sense. I've had a Chase card for years and have paid no fees. Instead of payment by phone, have you ever considered online banking? I use it for everything and there's no charge. And--this may come as a surprise to you--credit card companies will actually accept a check you mail to them!
Posted by screwedbyChase2 on 2008-02-19:
I used to work there and I can honestly say that you are right.
Close your account. It's not worth it.
Most of their revenue is from credit card fees and NSF's on checking accounts.
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