MIAMI, FLORIDA -- Some thief orders temporary checks of my account and did two checks. One for $1,738.00 and the other for $1,789.00, (thief) went to the bank and cashed these checks. When I went to the bank after my accounting notified me, the bank denied my claim because it was over a month old.
Why didn't the teller verify my signature? And after my real check came to the bank with the same Ck No. the bank did not return the check or notify me. This is supposed to be a red flag TWO checks with the same number and different amount. Now the bank doesn't want to take responsibility of their negligence.
COLUMBIA, MARYLAND -- Chase reached out to me via multiple phone calls and federal express packages telling me that I was approved for a no cost modification of my first mortgages on two investment properties. Then, after I called to inquire, I was sent two, full document packages and my loans were "put into processing".
Note, these modifications were for on time paid, first mortgages, non-distressed properties. I did not reach out to Chase for a refi or modification. After I submitted the documents, there were many unanswered emails and phone calls from me to Chase inquiring as to the status of my deal. Now, Chase is telling me that my rate lock has expired and that they will continue to process my loans only if I agree to pay $3850. I believe that this process is their scheme. Do not fall for it.
Additionally, I selected a title company other than the one that Chase uses--Maryland law requires that borrowers have the right to select their title company. My selected title company was never contacted by Chase to commence title work. However, I was told by the Chase representative that my files were waiting for the title work. This could not have been true. Warning--do not bother with Chase and their promise of a no cost refi. They simply want to charge you fees.
I have carried Capital One/WaMu/Chase Visa card for many years. My use of the account has varied from periods of carrying large balances to periods of not using the account at all. Most recently, I haven't used the account much because I have better terms elsewhere. I did use the account to pay for some Christmas purchases and was still carrying about a $600 balance as of the end of Feb. 2009. Then the unthinkable happened. I MISSED A PAYMENT DATE!!! The minimum due: $15.00.
They called. I apologized for the error and told them I'd be sending $200 (more than eight times the minimum due) right away, which I did. The payment was due March 2, they received the payment March 4. I then received a letter stating that on March 3, Chase had reduced my credit limit to $568 (from $15,350) due to the late payment. The $568 limit maxed out the credit limit, thereby screwing my credit rating for excessive credit/debt ratio. I contacted Chase and asked for an explanation.
I was told that it was now Chase policy to reduce credit limits to the amount owed when payments were missed. I asked that the credit limit and interest rates be restored to their previous levels. I was told that it could be reviewed, but that would require that credit histories be accessed and committee meetings be held and several other wonders of the world be constructed before a decision could be made, and, of course, no guarantees could be offered.
I stated this: Put the account back to where it was or I will pay off the remaining $350 balance today, close the account and spend the rest of my life avoiding doing business with Chase. Several minutes of hemming and hawing later, I determined that there would be no change on Chase's part, so I paid it off and closed the account.
My question is this: When the American taxpayer was forced to give at least $25 billion to Chase, were there any responsibilities that ran with those funds, either legal or moral? Wasn't the purpose of this banking bailout to spur lending and ease the "credit crunch"? I'm pretty sure the $15,000 of credit that got yanked from me wasn't re-distributed to some other credit-needing individual. I'm pretty sure Chase just shut down that credit facility and took a potential liability off its balance sheet.
All the better to raise the stock price and maybe acquire some smaller banks that aren't in trouble. This "bailout" has turned into a fiasco - no strings were put on the funds and the banks aren't using them for the intended purpose. I'm lucky - I have the choice to pay this account off and walk away. I feel for all of those who don't have that option. Good luck to you - you'll need it dealing with these sharks.
I intend to keep track of how many solicitations I get from Chase asking me to open an account with them (credit card, bank account, mortgage, home equity LOC, etc.) for the next few months. I'm betting that it will be many (no reason for them to change now - I already get about one a week). If enough show up, I'll put it all online as a blog to illustrate the idiocy. I will also wager that the terms offered in those solicitations are better than anything they would have offered me before this incident happened.
Someone needs to tell them that it costs six times as much to attract a new customer as it does to keep an old one happy. But they have $25 billion to spend learning that anew. And your grand kids can pay the bill. God Bless America!!!
MENTOR, OHIO -- I will add to the horrible business practices that Chase and First Place Bank have. My husband and I both lost our jobs in the same year about 4 months apart from each other. Amongst other family problems, I began the workout process with our original mortgage company. I was awaiting the final papers from First Place Bank when I receive a letter that my mortgage was sold to JP Morgan Chase. I spent months arguing with Chase that there had to be some type of assistance for my situation. They kept telling that they don't reduce monthly payments. I understand that but don't you offer some type of assistance?
After 8 months of arguing and attempting to contact every government agency to prevent foreclosure, I received foreclosure paperwork. When I say every agency, I mean every agency: Hope Now, Consumer Credit Counseling, NHS of Greater Cleveland, other mortgage companies, my former mortgage company, just to name a few. I found out that Chase did have programs to help with my specific situation...why am I being discriminated against?
I have no choice but to hire an attorney and a loss mitigation specialist who proceed to call Chase on a daily basis and threaten legal action if they don't help me. I can't be discriminated against if I have the qualifying events that they list. They have helped others with the same circumstances.
So in the 11th hour, Chase finally sends the paperwork for the option they chose for me. I didn't even get to negotiate anything. But what do you do when your house has an auction date and your 4 year old will have no home? So here we are 6 months later, I have yet to receive anything from Chase that they are receiving my payments and actually applying them to my account. They REFUSE to send me a mortgage statement. Every time I call they tell me to call the person ** who has been assigned to my case.
Guess what? He never calls back. No one will give me information regarding my mortgage. So based on some legal advice, I withheld my Nov. payment. NO ONE EVEN CALLED ME TO SEE WHY I NEVER MADE MY PAYMENT. So I did the same with Dec. STILL NO CALLS. My online account states that I haven't made a payment since August. WHERE IS ALL MY MONEY GOING? Today, my only mission was to get information about my loan.
I was hung up on, transferred to a fax machine, told that I needed to call the phantom **, and told that no information was going to be given out. Now I sit in tears, I call back and finally speak to someone who has a heart. She tells me that my payments are making it to my mortgage but she can't explain anything else to me. She can get fired for giving me just that small piece of information. What the hell is that about...it's my mortgage?
I am so tired of dealing with Chase and I guess I have to take whatever they deal to me because no one will help me not even our own damn government. But I am sure that Chase will be fine and all the top execs will make out with the government bailout money. I guess I write this with the hope that someone who reads this can help. I don't know where else to turn and praying just doesn't seem to help anymore.
When I opened my account, I refused the overdraft coverage- to avoid unnecessary fees. But when I linked my Paypal account to my Chase checking, the fees still generated (because it was done with account number, rather than debit card number). So I ended up 150ish overdrawn, most of which being overdraft charges. That was my fault.
From that point, I went into the local branch, explained the situation, and setup my new job to direct deposit- directly into my account, so that it would be cleared up ASAP. I also spoke with their telephone agents and also explained everything. I told the phone agent that it would FOR SURE be handled by the 17th. She stated that wasn't a problem and that she would give till the 21st just in case.
So payday comes along, gets direct-deposited, and when I try to withdraw some money - no access. Call the phone service, get put on hold, then a recording that my call didn't go through. Try the online service - not valid. Called the phone service again, and it goes into an endless loop of entering account and password. I've dealt with poorly configured automated systems before, so I was able to hack my way through to a human who was helpless.
So spoke with a supervisor who tells me that the local branch deactivated my card, and she could send me a new one. NOW KEEP IN MIND IT IS SATURDAY NIGHT - THREE DAY WEEKEND, and I NEED to be AT work before 7am on MONDAY morning. The local branch won't open till 8 or 9 on TUESDAY.
Supervisor stated that it was policy to inactivate debit cards, when an account is overdrawn (total BS). So I stated that I'd look it up then call back- then asked if I'd still be able to get through - was told YES 24/7. The only policy they have is that they may cancel a card at any time without any notice. Tried to call back, and upon entering my info- auto-disconnected. Tried again, same thing. Again, same thing. Again same thing.
So I hacked back through to humans and was told that my info can't be accessed. Stated that I wanted to talk to the same supervisor **. Was then told that she was on another line and that if I left my number. She would call me right back. My number was confirmed by the online agent and never got a return call from the supervisor **. Because I'm now going to request their "emergency services", that is listed in their policies. I assume the service is similar to what BofA did for me when I was working in a state without any BofA's and lost my bank card. They Western Unioned me some of my money.
99.999999% chance that CHASE WILL NOT. They do not seem to care about the fact that I will lose my job if I am unable to get to work. And that without access to my money, it's going to happen. 78 miles is just too far of a walk. I WILL be closing my account as soon as I'm able to cool down enough to not get arrested when I go in there.
I had been a WAMU customer since 1997. I as was many was told that Chase would continue WAMU's practices until I learned the hard way differently. My first experience was unexpected NSF's showing up in my account. Come to find out... Chase representatives out of the blue decided to place a hold on my payroll checks without letting me know. I make my deposits at the ATM. How would I have known?
I have worked for my company for 10 years, never a problem. I understand in this economic climate how the banks could be nervous. However, the industry I work in is fortunately recession proof. So then I was told no overdraft protection. Great! With WAMU I had $1000.00 in overdraft protection. So I was encouraged to link my savings account to my checking for overdraft protection. OK so I did.
I then started seeing these credits every once in a while on my checking account. I thought, isn't this nice? I wonder what rewards program I signed up for? Then one day I checked my savings statement, savings was almost depleted! The little credits I was seeing were transfers from my savings, however I wasn't overdrawn. Apparently they transfer and charge a fee of $10.00 on PENDING transactions!!! So I quickly canceled that!
I played the float one weekend. I had several pending transactions on a Thursday of which my balance covered. These will usually clear by Monday night. I made a large purchase Sunday of which I did not have funds. I figured I would have until Wednesday night. I made a large deposit Tuesday morning and requested cash back and was told my account was negative and I could not have any cash???
Come to find out the large purchase cleared on Monday night. OK I gambled and lost so 1 NSF fee right? Wrong!!! Contrary to what I was told before, (checks clear in the order of when they are presented, *see first experience). Chase policy is to clear the highest dollar items first stacking them to the smallest dollar items. So they are intentionally setting up their customers for NSF fees!!! (I would say that is predatory). What a way to bite the hand that feeds you!
When speaking with customer service and supervisors I mentioned that a law was past that banks can no longer exercise these types of predatory business practices. Their reply is “after March 2010 some policies will change.” (So if you're a customer hold on to your seat till the ride is over!!!). In the conversations with Chase representatives I am continuously told I have the right to close my accounts. (Bet that's good for business!).
I am now shopping the market for a friendlier common sense bank or credit union. So let me sum this up by saying several dollars in fees in the last few months! (Bet Chase is proud of that!). Didn't the government give WAMU to Chase? Shouldn't we as tax payers receive a little better treatment than - after several dollars in fees to be told "close your account"? (Bet they didn't disclose this to the government either!).
YONKERS, NY, NEW YORK -- I attempted to open a checking account at 1044 McLean Ave, Yonkers, NY 10704. I was sent in the mail a Gift Card for $100 for opening the account. I started out with $100 of my own. The account never opened. I was told that different names showed up with my social security number.
I asked them what names? I knew why that had happened. They said their dept was "handling it". They needed a "verification letter" from Social Security which was brought to the branch and faxed over to "the dept". I was told it would be taken care of within 48 hours from the next business day.
When that day came, they never received the letter faxed over by the branch. I called all over the place, using their 800 number, trying to find someone to tell me where this letter was since a confirmation of the fax was provided. I was asked "What dept does that fax # belong to?" I didn't know. Security, I assumed.
They'd snort like pigs. "You don't even know what dept it is". And they do? The letter had disappeared. I asked a supervisor (800#, not the branch) to please fax a note to the number in question and ask them what happened to the letter. She was silent for 5 minutes.
Then she spoke. "The account is closed. It is closed because I said so". Yes...there is a hell and it's usually found in a bank. I made more calls and spoke to more supervisors. By the way, calling the branch was no pleasant experience. The banker, who knew who I was, said "uh huh uh huh" to my asking what was going on.
After about a week of this intrigue, I spoke to still another supervisor named **. She actually wanted me to relay my complaint to the branch manager, a young man. I said “no, please, I need someone interoffice to handle this. It's out in left field.” So I told her everything.
By the way, during this entire time, I was told by 5 people that the $100 gift card deposited in my account per notification email while the account was "closed" (I was also told the account was in a "restricted" status) was mailed to my house the week before. The branch bankers told me this, and so did cust serv at the 800 number.
** told me, we took the $100.00 OUT and you will not get it unless we reopen the account. As for the lost letter, EVERYTHING THAT GETS MAILED OVER ON FRIDAY GETS DISINTEGRATED. Lie #2: “You didn't have your account # on it, that's why it disintegrated.” Excuse me? I'm laughing at these people.
Next thing they'll tell me it was destroyed by a laser gun. Then, I went to the bank to ask for a confirmation that a letter had been faxed from that branch. My mother went in first. She came out and said "Don't go in there. They are going to call the police on you." lolololol.
I can't take it...I had been sick with the flu and was wearing jeans but had a closed wool short bathrobe on. I HAD to take care of this problem. I couldn't believe what Mom had told me. It couldn't be because of how I was dressed because I hadn't walked in there yet. I went in through a side door. I had to tell them that checking the fax machine would bring up a confirmation # that would verify once and for all that there was a faxed letter.
They were useless. They wouldn't give me a piece of note paper. Meantime, the "uh huh" banker was smirking and took her friend into a lounge so they could talk about me. I went home empty handed. No confirmation letter from the bank that there had been a fax that was apparently lost.
I made another call to another supervisor. This time I spoke to the branch manager. He said "we have security cameras. This is a case of he said - she said. The bottom line is you are not going to have an account with Chase. You have FIVE different profiles that came up with your social security #.”
Then I remembered. I was the victim of identity theft in 2004 and Chase used to be Washington Mutual where one of my stolen checks had shown up. Did I get a chance to explain this? No. I said something to this man to really rattle his brains, and it's not worth repeating here, but I think there could be some truth to it. His response: “THAT IS INAPPROPRIATE. THIS CONVERSATION IS OVER.”
Now how many times have you told the truth to someone only to hear "THAT IS INAPPROPRIATE"? You'd think by now something more original would enter their heads. So...that is my complaint. One week in hell with Chase Manhattan. By the way, I did some research on them. In 2007, a Yonkers Branch was found to have connections with very seedy investments and was under fire by the Criminal Court.
So the Washington Mutual crowd, along with my identity theft, make me wonder why any of us use banks to begin with. We'd be safer with it under the mattress. They all stick together, no one sticks up for the consumer. ANOTHER ONE OF THEIR CORPORATE IDIOMS: THAT ISN'T GOING TO HAPPEN.
NEW YORK -- In reviewing my account # ** (member since 2003), I notice that my APR has been increased to 18.24% from 12.24%, a full 6%. I am unsure when or why it was raised from the agreed on 11.99%. This was done without any prior notification or explanation for the increase, despite my having never been late on a payment, and usually paying those above the minimum. In the seven years I have been with Chase, I have acted in good faith and abided by the terms and conditions as outlined in our original contract.
By this action I view Chase Credit Card Services to be either in error or in breach. I consider this increase, if intentional, as tantamount to theft, breach of faith, tortuous interference with a contract and should this affect my credit rating, an egregious libeling of my name.
I have worked very hard to maintain near perfect credit status my entire adult life and will seek ALL legal remedies at my disposal (including prosecution for material damages) to see the that it is maintained and my good name protected and respected.
It is regrettable if JP Morgan deems it non-obligatory to abide the same lawful standards and ethics as those of its customers and competitors. The actions of JP Morgan Chase in particular, your subsidiaries, and counterparts in the financial industry, seem determined to destroy the economy of the nation that birthed it. I intend to avoid being taken victim in the wholesale larcenies being perpetrated in the banking industry. I have prepared for this occasion.
By acting in a criminal fashion, arbitrarily attempting to raise my cost of living by more than $100 a month at the height of an economic crisis without any service to show for it, value added for it, or cause to do so, you have reset the playing field and forced me to participate with you the same level of ruthlessness, underhandedness, and back dealing that you have yourselves employed.
You have also provided me an opportunity to participate in the constitutionally mandated revolt that has been provoked by the over-reaching greed of U.S. banking cartels. Thank you for the singular opportunity to serve my country in that way.
I have written to give Chase this single opportunity to restore my account to its previous status and original APR of 11.9%. Should you decide otherwise, or until such time as that is accomplished, you can expect further remittance and communication from me to cease.
I am confident that my character and reputation will be sufficient to see me through the coming years without the services your company has provided to date and am prepared to sever my relationship with JP Morgan Chase effective immediately.
Your next step as an Executive at JP Morgan is to take a look at my seven year history with Chase, in light of 25+ years of perfect payment history, and make the decision. Do you want seven more, or do you want to write down $17,950.00 of good money reliably at work in the marketplace today? Ask Mr. Dimon what is better in his opinion? Same size piece of pie? Or no pie at all?
I have lived up to my obligations with you, my other creditors, and all my relations private and professional. I will continue to do so according to the rule of law and basic civic decency. I have always believed in fair and honest dealing and lived so that my word is as good as my contract.
My credit history reflects this ethic and it is with the full weight of that 25+ year history that I promise you: if the exact terms I have stated are not met, you will have forfeited the principal amount of my outstanding balance and all future interest thereof. I say this without rancor, compunction or equivocation, as a statement of simple fact to assist in your decision and calculations.
It is my sincere admonishment that as a company, and individuals employed with JP Morgan Chase, you will return to those same principles which once allowed you to fuel prosperity and innovation in the past, and turn away from the self destructive futility evinced in these dishonorable tactics. As potentially one of thousands of small cuts assigned for your new year, I eagerly await your reply and thank you for the opportunity to address this pressing social issue in a direct and personal manner.
After dealing with JP Morgan and Chase and other banks in the Fullerton area in CA, I have come to the conclusion that whatever rationale the bank's policies are, the consumer can not directly fight the inequities of the corporate world.
Unfortunately, they can do what ever they want if they can get away with it unless it is a gross violation involving the Federal Reserve. Look at your account disclosure(s). But who do you think lobbies the Federal Reserve? I went to one bank, to deposit cash and they wanted to put a 24 hold on it. But why, to make sure it isn't counterfeit? Again, my feeling is that they want to accelerate the overdrafts (this was published in the LA times recently). Certainly, like any other business there are good banks out there but in today's economy they are hard to find.
Recently, I had received what I believed to be a bonafide offer in which if you made an online bill payment they would give you a $10.00 gift certificate. It came in yesterday's mail. Upon looking at the fine print, it had expired on 4/09/2009. I called my banking representative and she did nothing to make good about it, either did the 24 hour banking representatives.
This happens to be a well known bank. I simply told them the next time it happens again I would file a report to the FTC (OIG) and to the BBB so I can get a fresh offer which could be redeemed. Okay people make mistakes, but not correcting them is worse and showing bad faith.
Okay back to JP Morgan chase. Historically, JP Morgan, though a smart man in finance unfortunately if you read his past I think you will have to agree his integrity was severely tarnished. His greed was equivalent to the robber barons of the oil pioneers.
I myself am holding a JP Morgan Chase Platinum Master card. According to the disclosure they can close it anytime they want to. They do not have to give you a reason. In my case I have a FICO, Vantage Score, and PLUS score of 800. I have held this card for 1 year and have never made as much as a late payment. At present it is at -0- . Right after I paid it off, I got a new account disclosure saying that the purchase APR increased 60%. The cash APR remained about the same. These people are incredible.
I do believe that it is up to out lawmakers in Congress and civil courts to stop bad banking practices. I myself would like to inform the White house through the Internet at www.whitheouse.gov about my experiences and others. It wouldn't hurt to consult our 2 senators and the representative of our district.
Other than that, I have been suggesting to people that if they do not want to be dictated to, that they are going to have to pay the price of getting out of the rotten banking system, and that is when you get your pay check, go down to a check cashing place and cash your money. They normally charge 2% of the amount of the check.
Make sure that you keep your money in a strong heavy vault/box in your apt or house that is hidden. There are a lot of people doing this. I have already canceled my Chase card and ripped and shredded it. Lastly, this October 2, 1990 go out and relax and watch Michael Moore's "The Love of Capitalism - a love story" I think it will be a good documentary on our existing capitalistic system. Good luck to you.
BREMERTON, WASHINGTON -- Previous to the total "assimilation" of Washington Mutual by Chase Bank (they were in the throes of being taken over). I had signed up with WAMU's Online Savings account - they offered a 1% interest rate if you signed up online. Of course, there were no rate "guarantees", but less than two weeks after I signed up, the rate went from 1% down to. 95%, the following month down to .85%, and this month at .75%. After the assimilation, when I signed onto my account yesterday under Chase, lo and behold, the interest rate tanked out at .01%. Yes, point-zero-one percent!
Thinking there was a mistake during the takeover, I called them. I was on the phone for over an hour. I'd try to talk to one "customer service" person (English is NOT their first language apparently anywhere in Chase, by the way), and they'd tell me I'd have to talk to another department about the interest rate, so they'd "transfer me". I'd get transferred alright, back to the main menu! So, I have to push all the buttons again (press 1 for your personal checking or savings, press 2 for...), plus you have to press in your account number, debit card number, etc. And even after pressing in all those numbers, the customer service reps ask you for it all AGAIN.
After being bounced around and having to call back several times, I finally asked to speak with a supervisor. Long story short, I finally did speak to one after going through more transfers. She told me that they'd sent out notices about the transfer, which explained that the interest rates would probably change. I agreed that I understood they might change, but they did not disclose that they were planning to pay virtually next to nothing! .01% is basically NOTHING. I asked why they didn't disclose that, she had no answer. I asked why my interest rate wouldn't stay the same. She said it's because of the buy-out of WAMU by Chase, and that Chase only offers. 01% on their savings accounts.
No further discussion, no apology, no sympathy, just a "that's the way it is" attitude. I said that I would not continue to leave my money with a financial institution that RAISES my interest rate (to almost double) and drops my savings interest rate from. 75% to. 01% in one day. That is NOT ACCEPTABLE! She didn't care. None of them care.
The point is, if you are unsatisfied with Chase, as so many, many people here are, it would be wise to find another bank - preferably a local bank - to do business with and to move your money to. Granted, they don't pay as much in interest, but chances are you'll get a lower interest on your credit cards too. Plus, at least a local bank (state bank... if there are any left!) are a better choice.
Chase Bank absolutely sucks and it is appalling that they have taken taxpayer money to buy out other banks and credit cards, then raised the credit card interest rate and lowered the savings interest rate to virtually nothing! How does that make you feel??? I'm not happy with Chase on SO MANY LEVELS, and will be taking my money and putting in my local (state) bank where they actually know me by my first name when I call and come in. Go to HELL Chase. You're not wanted here.