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Mortgage Loan stopped 1 1/2 weeks before closing!!
Posted by Judyholmes007 on 03/14/2012
SHERMAN, TEXAS -- I hope I am writing to someone who can check this out. My husband and I had our home up FOR SALE. A couple (Mexican) came to see our house and fell in love with it. They went to Chase for financing, got their pre-approval, and we were all happy campers.

Now here we are, about 1 week until closing. My whole house is packed up, movers are scheduled, new house for us is ready for closing 2 days after we close on this house. BOMBSHELL!! Our realty company called yesterday around 6pm and said Chase Underwriters decided to cancel the loan.

There people had a pre-approval letter, we all had moved forward in good faith, and now Chase has pulled the loan? How crazy is that? We are all so disgusted with Chase for these actions we are thinking seriously about filing suit against Chase, and calling NBC for an interview about Chase's bogus loans, and how these "Big Dogs" have jerked the common everyday family around! I have talked to several people about this and they cannot believe how Chase treats their customers. I am not going to take this laying down. It is wrong for Chase to treat people this way. Our last
name is Holmes and the buyer's name is Sanchez. I am going to spread this as far as I can go so that people may know just how hard-hearted Chase Mtg is.

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Posted by traceylynn on 2012-03-14:
The problem isnt Chase. The borrowers had to prove what they gave Chase as far as income, debt, sales price, ect. was factual. Somewhere along that line something didnt match up and that is why it was canceled. The 'pre-approval' letter is off of information given to Chase and Chase typed up that letter in good faith that those numbers were right. Obviously they werent which is not Chase's fault.
Posted by Kris10 on 2012-03-14:
Unfortunately, pre-approval isn't an approval. I'm sorry to hear about this, but I can't see how it's really Chase's fault. They probably found something that made them decide the loan was too high risk or something equally as disturbing to a company who is in the business of loaning out money and getting it back.
Posted by trmn8r on 2012-03-14:
Think how "crazy" it would be for a bank to loan a ton of money to someone who turns out to be a bad risk. Think about it. Sounds like something came up that made the bank think twice. The timing stinks, but this is something that can happen.

Are you looking to make it to NBC with your one story, or have you found a pattern of this behavior?
Posted by FlShopper on 2012-03-16:
Why was the ethnicity of the potential buyers mentioned in the OP? Do you think this may have had something to do with the loan falling through?
Posted by Anonymous on 2012-03-16:
FlShopper> I asked the exact same question, almost verbatim, on another review about a young girl being treated rudely at her first job interview. And the comment was subsequently hidden from public view. I can see it, but I don't think others can. You can always tell by the scrunched lettering and type format.

I meant nothing disrespectful by it, as I'm sure you didn't either. I was only curious what it had to do with the review, unless they may have felt that it played a part in the incident.

*scraping the eggshells from my feet*
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Small businesses should leave Chase bank
Posted by Babylon101 on 07/06/2011
COVINA, CALIFORNIA -- This is to show everyone how Morgan Stanly Chase Bank cares and helps small businesses. You have seen their advertisements on how they love small business and how they help small businesses. Helping small businesses my A@#$% . My story will shed some light on this matter. I own a small manufacturing company manufacturing writing instruments and personal care products in southern California. We used to have over 25 employees but are down to 11 mainly due to the imported product from China. Several times, I was approached by Chinese businessmen wanting to move my production to China and get a lower price, but I wanted our products to be molded and manufactured in our factory in the good old USA. Though I knew it was financially not a smart decision.

I have lost money in the past two years but things are beginning to look better but I am still not making money, so I decided to sell my industrial building we occupy. I have about $600,000 equity in it and Chase is the mortgage holder. So I asked Chase to let me slide and not make the monthly payment for a few months until the building is sold. Then you will get your money plus interest, and this would really help my company a lot. After submitting tons of paperwork including my next years projected sales and profits!!! , a Ms. Kathy called and informed me that Chase would not go along with my need and that they would have to foreclose. I said you will get your money for sure plus interest, I just lowered my building to $1.3 million (down from $1.9 million 4 years ago), my mortgage is around $760,000; you will get your money first, so there is no risk for you. You are guaranteed to get your money, guaranteed. So what is your problem? I am one of those small businesses that you say you love to help. Her answer was for me not to pay other bills and to pay Chase instead, otherwise they will foreclose.

I was so revolted by her mannerism that I hung up on her. This woman had no feelings about small business, 11 employees losing their jobs, 11 additional manufacturing jobs lost. She did not give a damn. She wanted her $5000 per month.

Ladies and gentlemen, this is JP MORGAN CHASE, a bank that loves to help small businesses succeed, the one that we, tax payers, bailed out; and this is how they return the favor. SHAME ON YOU. I WILL SPEND 100’s of hours pasting this on web sites. It will not have any effect on a giant like you, so you will not give a damn, but it will make me feel better.

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Posted by Venice09 on 2011-07-06:
The building has been on the market for four years? I feel for your predicament, but I'm not sure you can guarantee anything at this point.
Posted by hi on 2011-07-07:
Venice ia right........the building hasnt sold for 4 years and by your own post your business is failing. Chase is there to make money, not 'go down with the ship' so to say.
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Taking money without permission
Posted by Helkaahaien595 on 05/25/2011
Chase took my mortgage out of my account because I paid my auto loan. they assumed I should pay my mortgage at the same time causing me to go negative in my account with over $300 of bills pending. After calling them and b*tching for many hours they finally agreed to send my money back BUT it will take 3-5 business days to overnight a check... mean while I have to "deal" with the inability to pay my bills, they claim they'll pay all overdraft and late fee's, I can't get gas to get to work, can't get my child's medications, can't get my husband's medications, and can't buy food for my family. Do they care about this... no. only reply I got was "we'll we're very sorry but there is nothing I can do". Pretty much they don't care and keep making me fax more and more paperwork to them just to get the check request started. Beware of Chase!

PS I never even opened my online account so there is no way it was set up for auto draft. they even agreed they don't know how this happened.
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Posted by hi on 2011-05-26:
I don’t understand.......how did Chase pay your mortgage company or even know who your mortgage company was? Is your mortgage company Chase? Was your payment past due? If you bank with the same company that your mortgage company is with some have a clause if your payment goes 'x' amount of days past due they can practice the 'right to offset' and take it out of your checking account without notifying you. Usually it happens 15 days after your due date .
Posted by DebtorBasher on 2011-05-26:
I agree with Hi. That is exactly what Chase does because I worked for Chase Mortgage for a short time and they told us they have that right to go into a Chase bank account and 'take' their payment for a mortgage or car payment. The Chase reps didn't even know that until customers called to complain that Chase took their payment out of their Chase bank account without their permission.
I guess there is mention of that in their agreement. When the Chase reps (who had a mortgage/car loan and a bank account with Chase)learned about this, THEY Closed their Chase bank accounts and transferred their accounts to other banks.

Being that I've see so much 'behind the scene' at Chase, I will never, EVER have ANYTHING with the Chase name on it OR anything to do with a company that is connected with Chase. EVERRRRRRR!
Posted by DebtorBasher on 2011-05-26:
OH....and don't be surprised if you find out they WON'T make good on their promise to pay it back.
I can almost guarentee you, it won't happen. Their excuse will be one of two. Either there will be no record of your call to them OR they will tell you the rep gave you the wrong information.

Let us know which one it is...or if they come up with a new one.

Good luck and get as far away from Chase as humanly possible.

Posted by clutzycook on 2011-05-26:
My co-worker has a Chase account and she came in this morning telling us that last week they deposited someone else's paycheck in her account, then froze her account, removed the incorrect funds but have yet to unfreeze her! They told her it couldn't be done until June 1! I think I'll stick with BOA. At least they haven't tried any unauthorized withdrawals...not yet, anyway.
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Lacking Knowledge of Policy and communications
Posted by Kirkland1 on 05/09/2011
PARADISE VALLEY, ARIZONA -- I transferred my account over to Chase. My mistake in trusting them. I had fraud on one of my accounts (not their fault). I was advised to CLOSE that account and reopen a NEW account. I had direct deposit linked to that old account. I was assured this would be monitored and handled.

I had a employee tell me he would 'take care of everything' with my direct deposit. I come in, fill out the form to be submitted to the state. Turns out the state NEVER received the form! Deposits were returned "account closed".I had checks returned, not paid because of this. Which left marks on my credit.

With all the employees running around playing stupid, even one saying, " I told you we could not take care of your direct deposit, that you had to go through the court". Please....Just admitt you all dropped the ball! YOU are fully ABLE of doing this for your customers, in fact I have a copy of the form your employee signed and supposedly submitted to the state....the truth is you lack customer service, you lack communications. You want to LIE and you got caught. Lets also say "Its against our policy to put any apology in writing" . Chase Branch Manager also told me She does not keep documentation on file that clients sign. I find that truly hard to believe that you do not keep a document on file that pertains to a customers account. I will file a complaint.


More from the author:

Chase returned a Item (not paying) on my account $34.00. Then the Merchant tried to run the debit again two days later(makes sense, they want their money), Chase then decides to pay the item, charging me another $34.00.

I did go into the branch and tell them "look, either pay the item the first time or don't. Chase purposely made money off me to benefit them."

Wait....I recall another bank doing this and their being a huge lawsuit
a few years ago.
**Lets also remind them, I would not have had all the fees (above) if Chase would not have screwed up my direct deposit information and placed this in someone elses account!!!

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Posted by Fufu487 on 2011-05-09:
Was the manager saying the forms were not kept at all? Or did she say they weren't kept in the branch? I believe most banks archive the signed forms in a separate undisclosed location.
Posted by trmn8r on 2011-05-09:
The last part is standard, where an item can be presented more than once by the payee's bank, and an overdraft occurs each time.

The fraud part is a bit hard to understand - it sounds like because fraud was involved, you were unable to change the direct deposit yourself, and the bank dropped the ball. They should look into this and refund those overdrafts if they were at fault.
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Escrow Account
Posted by Foxx44 on 02/10/2011
LOUISVILLE, KENTUCKY -- My escrow account was review on 1/25/11 and had a surplus of 1006.71 cents, after waiting a couple of days for my money to be returned to me I call customer service on 1/28/11 and was told that they had 21 business days to send me my money and ask why because I do not have 21 days to send Chase my mortgage. I was told that since they had so many people with surplus that it was taking longer for to process refunds. Then on 2/5/11 I receive a letter of the Annual Escrow Account Disclosure Statement and at the bottom of the letter it state that my surplus of 1006.71 would be mailed on 2/19/11 and to allow 10 days for receipt. Today[2/10/11] I called to find out why my money had not been sent to me and was transferred 3 times, and the 3rd person told me that my money had been place in reserve, and I said that my money should have been mailed to me on 1/26/11 I was then told that it was system generated and that there was nothing to do. I stated that the taxes and insurance was also system generated but that they got their monies on time. I then ask where the money was and she stated in a reserve account.

I stated that they were making money with my money and she stated that they were not getting any interest from my money. now everybody know that a bank does not have place to put money that does not make any interest. This company is CROOKED and has no ones best interest at hand.
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Posted by trmn8r on 2011-02-10:
What the bank representative told you is pretty much true. Money market rates are essentially zer0 (0%) right now.

But let's say you could get 1%. For three weeks, the amount of interest is approximately 21/365*.01*1000 = 210/365 = 58 cents.

The bank has told you a consistent story through all of these calls. Your money is going to take another 1-2 weeks to get to you.
Posted by Venice09 on 2011-02-11:
I haven't had an escrow account in a long time, but shouldn't you be the one collecting interest on the money?

You were not going to get the refund in a couple of days, as you thought. (Did you really think it would be mailed the day after review?) I think the time frame is reasonable. If you haven't received the refund by the end of the month, that would be the time to complain.
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Accounts closed with no reason provided
Posted by Prosecuted with no explanation on 01/26/2011
DALLAS, TEXAS -- I originally banked with WAMU, I opened a second checking account with Chase who later took over WAMU. My daughter banked there as well. I received a letter dated 1/5/2011 and received it 1/18/2011 stating that my checking accounts were being closed 1/16/2011 and the Bank reserves the right to close the Accounts earlier, at any time, for any reason without notice. My daughter has had CD's with Chase for many years and my employment checks have been automatically deposited to Chase as well. Chase refused to honor a withdrawal on the 15th of January and returned two checks for which I am now facing additional fees and the $ was in the account to cover these expenses. I called them today to see if I can withdraw my cash and they told me no that the funds would be mailed out 2/2/2011. I have never had an experience like this in my life. I would think that if I had done something wrong Chase would at least provide me the reason. If Chase sees my checking Accounts as a risk, why wouldn't this be explained to me? There are no NSF checks involved! I think this is a pretty lousy way to handle business. Now I am in a bind with additional expenses of which according to Chase, they are not obligated to explain.
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Posted by MJGoldfarb on 2011-01-26:
Check out a local credit union for your accounts.
Posted by madconsumer on 2011-01-26:
there has to be some reason.

bank of america is a great bank. i have been with them since 1986, and never any issues.
Posted by saj80 on 2011-01-26:
Banks don't close accounts without valid reason (overdraft trends, credit issues, etc.). I have been with my small community bank for 10 years, and am 100% satisfied.
Posted by Sacramento Business Owner on 2013-07-30:
Chase did this EXACT same thing to me. When I called I got a run around and transferred from dept to dept. Finally went into the branch got it handled.... two weeks later guess what, same f'ing thing. I went through this bs for two months and it had a devastating effect on my business and cash flow. I am currently suing Chase for the repercussions of their unwarranted closure of several business and personal accounts I had with them.
Posted by daniela on 2013-10-02:
THe same think happened to me this week. I never been in minus. My current balance is over $30,000 and never go lower then $10,000. I am with them 3 years. They dont want to give me reason. I am totaly shock. They told me they have a right to choose their customers and they dont need to give me reason. I find 100s of people with the same situation. This is crazy.
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They canceled my debit card on 3 day weekend- no access to MY MONEY.
Posted by Jamesc116 on 01/16/2011
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 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
call 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 help-less.

So, spoke with a supervisor, who tells me that the local branch de-activated 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 statede 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 theat my info can't be accessed.
Stated that I wanted to talk to the same supervisor (R. V.). 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 (R. V.)
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 loose my job, if I am unable to get to work. And that without access to my money, it's gonna 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.
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Posted by trmn8r on 2011-01-16:
Things happen in life. Banks are not open 24/7. It appears it was your negligence in the first place that led to this disruption. Maybe you can borrow some money to make it through an extra day or two. Good luck.
Posted by krowl on 2011-04-22:
Wow, you shouldn't have to go through all that to access your own money. What if you needed to buy food or medicine or had an emergency, it could have been a lot worse due to their business practices.
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Hold on US Treasury check due to average balance being to low
Posted by Scyimon on 12/17/2010
After 8 years of them getting 2 Direct Deposits a month and numerous Government checks (military PPM move payments). They just held a US Treasury check for $2500 because my average balance isn't high enough. WTF is that. After 8 years of loyal checking. I'm switching banks. I have not had a single overdraft, NSF or returned item fee with them this entire time. My budget has always been tight. I'm an E5 with 4 kids and my wife doesn't work as it would cost more in childcare than she would be able to earn. They should look at the total account history and not just the stupid average balance. They told me that I needed to have a $500 average daily balance for the life of the account for the hold to not have been an issue. Nobody I know keeps at least 500 in their account. Most of us are lucky to be able to pay the bills and go to a movie once a month afterwords.

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Posted by trmn8r on 2010-12-17:
It is common for banks to place holds on "large" checks. I just opened an additional account at a local bank I have used for 15 years. I deposited one large check the day I opened it, and another 1 month later. They placed a hold on most of the amount of each check for a couple of weeks.

I won't be closing the account - I just opened it.
Posted by Anonymous on 2010-12-17:
I can understand the OP's frustration. I don't know anyone who keeps a daily balance of $500 either, except for my parents and my rich sister
Posted by Scyimon on 2010-12-17:
I don't mind them doing it for a personal or payroll check but they have cashed the exact same type of check 6 times since I opened the account and this is the smallest one out of them all. Not a single one has been held. Even the one time that I screwed up on my Tax Return and didn't click Direct Deposit, same type of check only for 8500 NO HOLD. Either hold them all or not at all and they shouldn't hold a US Treasury check for any reason. If I was in your situation and it was a new account that would be different. Even a new account where you have an established account is still a new account. But this is an 8 year old account without so much as a $.01 overdraft and REGULAR deposits around the 1st and 15th (military pay posts the last weekday prior to date if it falls on the weekend) for almost all that 8 years. I have given them no reason to hold the check and it is from the GOVERNMENT not Jim Bob for his latest EBAY purchase.
Posted by Anonymous on 2010-12-17:
Scyimom its gonna get allot worse before it gets better with chase. They are going to start charging you fees soon if you don't have minimum 1500 in your checking outrageous huh?
Posted by Anonymous on 2010-12-17:
I thought you won't get charged if you have a direct deposit of at least $500 a month
Posted by Obsfucation on 2010-12-17:
By law, treasury checks cannot be held. You might want to remind them of this.
Posted by Anonymous on 2010-12-17:
Yes shorty that is one of your choices either 1500 or direct deposit of 500 each month. But not everyone has DD or wants it.
Posted by trmn8r on 2010-12-17:
The whole maintenance fee thing is covered in a different thread. This one is about placing holds on large checks. All banks do it. I have had it happen at BoA, PNC and a local bank in the last three years.
Posted by Scyimon on 2010-12-17:
The thread is about them placing a hold on a GOVERNMENT check drawn from the US TREASURY being deposited to a long established account without even so much as a red pixel on the books. As I said earlier, personal/payroll or such checks I can understand or on an account that hasn't been established long, they have to protect their people.

As for the fee, thanks for the heads up. Recently moved and notice must have gotten sent to old address. Should receive it soon. That alone would make me change.
Posted by tnchuck100 on 2010-12-18:
Chase is 100% in the wrong on this one. There is not even a remote chance of it being a forged US Treasury check. It is a direct deposit!

Isn't it amazing how a bank will allow someone to deposit a check for several thousand dollars from an easily determined unverifiable fake company, let the customers get the cash 10 days later, then nail him in two weeks when the check is found to be fake. Yet the whole time they reasonably knew the check was fake.

Then pull this crap on a government direct deposit. Despicable!
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Let's Make A Little Interest
Posted by Softie on 11/08/2010
I recently tried to have Chase write my usual monthly checks. The check page would not allow me to go further because it said the date of sending the checks was too soon. I tried to change the date on the last three checks three times, but to no avail. Since their CPU would not let me go past the first page, I closed the session and wrote my checks by hand. That did not stop Chase from sending out the first four checks, and sending 2 checks to one creditor. ALL of my checks were marked as NSF, and I was charged a fee for each one and twice for the double check. Each check was paid with the exception of their interest check (mortgagr) which they could not charge me more interest for.

When I spoke to Chase reps, I was told that this was my fault and I have to pay for everything. This is definitely Chase at it's finest. I'm on S.S. and am 80 yrs young!
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Posted by JerryCee on 2010-11-08:
Chase-sucks.org is one of my favorite web sites.
You should post your bad experience with Chase there also.
Posted by MotleyCrueGuy on 2011-03-15:
Why do people always feel the need to mention that "I'm 80 and on SS" as if their personal plight should somehow mean they deserve special rules?

I don't know the whole story here. If the Chase website said the payments were cancelled then they are at fault, but most online billpay sites let you verify that the payments are pending and you can cancel them if you do it the same business day.

Hard to really say who's at fault here without more info.

Wouldn't put it past Chase, however, and I'd agree they probably should cut some slack unless you're a habitual overdrafter.
Posted by Anonymous on 2011-03-15:
Motley> Amen! I have been preaching that forever on this site, about people tossing in that last bit of personal info, such as being 75-years old, or having their kids with them, mother-in-law waiting in the car on oxygen, etc...as if in some small way that should sway our bias towards them. Leave the personal stuff out, and just state the facts.
Posted by Anonymous on 2011-03-15:
I dont know why people feel they need to give their money to these corporate money-hungry banks. Its almost as if these banks think its a "privelidge" to be giving them your money, while they are taking your money and screwing you over AND turning around and screwing OTHER people over with it too! There are so many other choices out there like community banks and credit unions, these corporate banks would be the LAST place i would put my money!
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No Credit for YOU
Posted by Jhaines on 09/07/2010
I went to my local Chase Bank, which I have had an accout with for over 20 years, to get a Auto Loan. My wife and I are aware that are Credit Scores are in the 600's so we asked her father to Co-sign. He has an 820 credit score. Banks LOVE him, he pays everything ontime or early.

We filled out the forms at the bank with an associate. When he saw the 820 I thought he would faint. All he says we have to concern ourselves with is the amount of time for the payment. When we left he told me to call the next day to work out the details.

I called the next day and he said we were DENIED! He also told me that he couldn't tell me why, it will be sent to me in the mail in two or three days. I told him my car won't be there then, what's going on! He started telling me about my credit problems. I agreed, that's why I brought in my Father-in-law with the 820 score to co-sign! It should be a no-brainer. They told me that the co-signer doesn't matter. WHAT! When did this change? He should be welcomed with open bank wallets. His credit score is higher then MANY business!

When trying to find out why, I was given the run-a-round by chase to 5 different operators with no answers or suggestions. I have been with them for 25 YEARS! No consideration? No suggestions? No body advocating for the consumer! NO HELP!

I will be ending my relationship with the bank within the next month but just me leaving does no lesson learning for the institution so, I am asking ANYBODY that reads this to take into consideration my plight and decide for themselves if Chase is the bank for them. What have they done FOR YOU? What do you get from them that ANY other bank could also do? Consider changing banks, closing investments, or just plain get AWAY for them.

I felt the Attourney General's office might be interested so I called them. They could only say..."go to this site and fill out the form and we will get back to you. Again, there goes the car I wished to buy. You know, be a good consumer.

Even the "Domino's" pizza owner in the comercials was more upset about his pizza's sticking to the box then the bank was about their own customer of 25 years.

I'm so glad my tax money went to bail out the banking system(TARP). NOT! Let them FAIL, they don't mind if you do.
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Posted by Anonymous on 2010-09-07:
banks are becoming more and more cautious when it comes to loaning money. It would have been that he sad too much credit out already.
Posted by old newfie on 2010-09-07:
I deal a lot with this, it's no longer just your credit score, debt ratio is now a big thing.
Posted by rockfishing on 2010-09-08:
I'm glad to see that the banks are no longer requiring just a pulse to get a loan. Your best be is to build your credit rating up. I don't know if changing banks will hurt your credit rating or not. It's not how long you've been with an outfit. It's how you pay on your responsibilities.
Posted by Fufu487 on 2010-09-08:
co-signers don't account for the whole application, and they don't 'cancel out' your bad credit. Usually it' an underwriter assessing the loan and approving or declining the application based on risk. Your a high risk. it seems like you feel entitled to this loan. the bank has no obligation to gie you money. period.
Posted by Anonymous on 2010-09-08:
You say your credit scores are in the 600's, but where exactly are they? There is a big difference between someone at say 620 and someone at 650 and someone at 690. Also, old newfie is correct, debt to income ratio is much more scrutinized than it used to be.
It would be better to take this time to clean up your own credit and try again when both you and the bank feel comfortable that you can and will be able to make the payments.
Posted by rolitan on 2013-08-17:
this is the lender who was approving us at 1? 3.99 % APR with 3000.00 downpayment on a new car. What? We had a decent score of 653/617, and length at job was 13 years so at residence. Debt to income ratio was perfect to be able to make monthly payments. Did my research again and went with another dealer. We were approved for a rate of 6% with 2,000 downpayment, and the finance person was very helpful, not condescending. Apparently, the other dealership did not do a great job at presenting our deal, or JP Morgan is just what it is.
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