JP Morgan Chase - Page 3

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No Credit for YOU
Posted by on
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 than 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 Attorney 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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Anonymous on 09/07/2010:
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.
old newfie on 09/07/2010:
I deal a lot with this, it's no longer just your credit score, debt ratio is now a big thing.
rockfishing on 09/08/2010:
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.
Fufu487 on 09/08/2010:
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.
Anonymous on 09/08/2010:
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.
rolitan on 08/17/2013:
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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Online payment sent 4 times resulting in account overdrawn, no money available to me
Posted by on
GARDEN GROVE, CALIFORNIA -- I recently began using Chase online banking to pay bills and on Aug. 12 I set up an automatic payment to my Chase credit card for the following day,(Friday the 13th). When I went to the bank to withdraw money from my account there was no money and I was overdrawn by over one thousand dollars!
My paycheck had just been deposited, and there was no way I should have been overdrawn. I checked my account online and discovered that my payment for 540.00 had been sent 4 times, a total of 2160.00 had been withdrawn and sent as payment to my credit card, causing my account to be overdrawn. I immediately called my bank, they said to call the credit card company that the payment had been sent to. I was on the phone for over an hour, the credit card company said there was nothing they could do because the payment(s) were being processed, the bank told me there was nothing they could do either. I went to the bank on Saturday, and they told me there was nothing they could do, they were sorry, but it was up to the credit card company to reverse the payments and that it would take up to 5 days, (2-3 working days, and it was now Saturday).
I currently have no access to any funds because of the overdraft on my account, the payment to the credit card is not accessible to me because it is an overdraft protection account in which I do not have a card for.
It is my daughter's birthday, I have no gas in my vehicle, no food and the bank is offering no help, and no explanation for the error that THEIR ONLINE BANKING CAUSED!! DO NOT USE CHASE ONLINE BANKING!!
They told me they would try to reverse the charges for the overdrafts, but could not guarantee it.
UNBELIEVABLE!!! ON MONDAY I WILL BE SWITCHING BANKS.
     
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Skye on 08/14/2010:
Wow, that's a big mess for you. You are definitely doing the right thing, by switching banks on Monday morning.
Helpful on 08/15/2010:
The review never did state clearly whether the overpayment was the fault of the bank or the OP, by possibly incorrectly setting up the autopayment option.
grandma005 on 08/15/2010:
That is why you should not set up auto payments. I canceled my bill payment with Chase because they would take the payment out of the wrong checking account which caused overdraft fees. Try Bank of America they have a really good system. Never had any trouble with them.
oldisgood on 08/15/2010:
I have used Chase's bill pay for over 5 years and have never had a problem. I guess I am just lucky. I think Chases' system is great and rely on it totally.
grandma005 on 08/15/2010:
Do you have two checking accounts with Chase? They will make payment from the one that you have little money in and overdraft you.
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I Sued Chase and Won over $7K
Posted by on
CA, CALIFORNIA -- My mortgage with Chase (formerly Washington Mutual) included PMI because the LTV was over 80%. The problem arose when I attempted to have the PMI removed three years after the loan origination. Chase not only delayed but also made one specific statement that is illegal. I sued in San Mateo County Small Claims Court. I was awarded a judgment of over $6K (the total cost of ALL PMI payments) and less than a year later actually collected over $7K (because of additional fees and interest.) The above information is public record.
I have no doubt that Chase (and probably many other banks) have duplicated this illegal behavior thousands of times. The letter they sent to me with the illegal statements was a generic form letter that they send to anyone inquiring about PMI removal. I received at least two copies of the same information from them at different times in this process.
I am happy to share this information and a strategy to pursue reimbursement from Chase or any mortgage lender. Send requests for information to "sanmateo53@gmail.com". I am unable to reply via the "my3cents.com" site.
     
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lobo65 on 12/08/2009:
It's good to know they had to pay at least something for their shameful business practices.
pburg on 06/08/2010:
Would love to hear more about your case. We've been going around and around with BOA on PMI issues since last July. After $700 in appraisals and 10 PMI payments made that we shouldn't have they are now saying the appraisal is too old because THEY dragged their feet and we need a 3rd one.
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Checking accounts
Posted by on
RACINE, WISCONSIN -- I went online yesterday to check my account and it said that there was a hold on the account. so I called the bank and they said yes we are closing it because we choose not to continue a you as a customer anymore but I could not get my money out for 10 days. I had never overdrwn on my account always had money in there and they said I know I don't know why they are closing it. now I can not have my money and they will not let anything go in or out of the account. they also said they will not pay for any fees I get from other companys I sent money to. so now I have to pay all the fees and I have no damn money to do that until I get mine in 10 days. never bank with them they do not run a biz very well and there customer service sucks and are very rude even the managers if this ever happened to you let me know what you did.
     
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Suusan B. on 07/21/2009:
I've never heard of a bank closing a checking account in good standing without giving the customer a specific reason.
DebtorBasher on 07/21/2009:
But Suusan, you have to remember, this is CHASE they're talking about...they don't have to have reasons for why they screw their customers. That's why I say...if you have anything with the name CHASE on it...RUN..RUN..and keep running!
yoke on 07/21/2009:
If they will not release your funds I would make a police complaint.
madconsumer on 07/21/2009:
there is more than being told. there is a reason there is a hold and the account being closed.

the rest of the story would be helpful.
Anonymous on 07/21/2009:
Banks don't just draw a name from a hat to close an account. In a case like this, there is almost always suspicion or proof of fraud. The reason there is a ten day wait is to ensure that none of the funds in the account are going to be recalled. When the time limit for chargebacks has elapsed, they'll send you the balance and close the account.
andbran on 07/22/2009:
I have been banking with chase for over 20 years. never had any problems with them. or ever been screwed by them
oldisgood on 07/22/2009:
I, too, would like to hear "The Rest of the Story". I have worked in banking, at Chase when it was Bank One. This just DOESN'T happen. They do NOT just decide to close an account for no reason. I agree with KenPopcorn. I feel Chase gets a bad rap from the people who do not know how to either balance a checkbook or live within their means and consistently overdraft, incurring fees.
PepperElf on 07/22/2009:
and they didn't say you couldn't have your money but that you'd have to wait 10 days.


I'm thinking ... maybe it was somehow tied to something illegal
DebtorBasher on 07/22/2009:
Andbran...don't feel left out, I'm sure your day is just around the corner.
foodyct on 07/29/2009:
I had a car load from Chase. Always paid on time. I had no problems with them and I have never gotten a title faster on the loan payoff than I did with them.
Fufu487 on 08/02/2009:
Banks don't typically just close accounts for no reason.

yoke: Unfortuntely, this isn't a police matter. The bank CAN hold your money for a set amount of time if they have suspicion that it should be held.

And your money WILL surely be released after 10 days. If your unhappy with your bank, take your banking elsewhere.
suntrust sucks on 04/05/2012:
Actually, this has now happened to me. I opened a Suntrust acct 4 years ago paying for the additional benefit of having a skymiles card that is actually a debit card but when used as a signature card it would earn miles. I NEVER bounced a check and have had a balance of nearly 20k. I received a certified letter stating that they had done an analysis of my account and were closing my account because it was in the best interest of the bank and the other customers. I carried their card like cash and used it whenever and where ever it could be used for sales from 1.00 up to several thousand. As far as I know I have not done anything improper to warrant their actions. I went to the local bank who told me they had NEVER heard of such. They called senior bank representatives and got back to me that they could only cite the rules and regulations guidebook that states they can at anytime close an account for any reason or rather without reason. I called the senior bank personnel today to find that they sound more like a robot repeating this same information than an educated banker. I was told that it is bank policy not to give the reason and that the rules and regs covered the action. I asked what I had done improper and she said she was only authorized to tell me they were terminating our relationship due to the rules and regs. I pointed out that the letter stated they had analyzed my account prior to the decision therefore implying there was something improper. She again stated that they had the right within the rules and regs. She did give me the number to the office of the president but told me they would not give me any additional information as that was the banks policy. I absolutely do not understand how a bank spends millions advertising for customers, maintaining those customers and spending more to attract even more new customers terminate an account and will not have the common decency to step up to the plate and tell you why. Sounds a little to me like their reason would put them in jeopardy of a lawsuit so they are taking the high road and not giving the reason. Anyone have a clue? thanks!
Bob on 12/08/2012:
After having complained several times regarding their hiring applications that are clearly flawed, Chase has told me that any visits to their sites (branches) would be considered harassment even though I have current accounts with them in good standing. Can they just close my account for an issue unrelated to my account just because they don't like me?
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Chase Bank Late Fees
Posted by on
NORTHEAST, OHIO -- On May 21, 2008 I contacted JP Morgan Chase Bank concerning my VISA account. Late payment and finance charges were added in the amount of $42.84. I was told they would not be reversed because my credit card payment was received past the due date. I countered and said it was more likely a processing problem on Chase’s part than a postal problem or mailing my payment late. If it had been my fault, I would have paid the late charge. I closed the account and Chase Bank kept adding late charges and finance charges every month thereafter on the preceding late statement charges. It does not take 7 days to process a payment when ACH and Electronic Debit is available. Most transactions are closed in 3 days of mailing time.

I also brought up my good payment history, but this was ignored. I have proof that in recent and prior months Chase has posted my payments in as little as 4-5 days and not 8 as in May. I have contacted all credit reporting agencies because of the adverse reporting by this bank. In fact now I have had letters sent to me by other creditors regarding my future with them. Because of past and current actions, I have filed a complaint with the Comptroller of Currency that investigates grievances against banks with “N. A.” after their name.

I am now looking to file a lawsuit or join an Ohio class action lawsuit against JP Morgan Chase Bank, N. A.
     
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SLR+ on 04/09/2009:
Your past payment record does not matter. YOU do not matter. The DOLLAR is what matters to them. NEVER forget that! Be CAREFUL!!!!! If you are "Late" on any other payment in the next 12 months they will jack up your interest rate 3x-4x what you're paying now.

Consider sending payments via registered mail that has to be signed for so you can PROVE they got it a certain day. OR send it via UPS or FEDEX for the same thing.
yoke on 04/09/2009:
How far in advance of your due date did you send your payment in?
goduke on 04/09/2009:
You can also use your bank's online payment system to pay the bill. That way, if there's a problem, you can make the bank chase it down.
Anonymous on 04/09/2009:
You are right SLR+. I disagree about using Registered Mail to send payments. Believe it or not, some places will not accept Registered Mail for payments because someone has to physically sign for the piece (costing them money). Better to use USPS Priority Mail with delivery tracking. Costs about $5 per piece and works great. DO NOT count on it being delivered in 2-3 business days as advertised by USPS!
yoke on 04/09/2009:
Doc, I have sent my car payments registered and had no problem with someone sighning for it. After a couple of months of them attempting to say my payments were late, which they were not and I had proof of it, they stopped the late fee's. I think my account must have gotten flagged that the payments are sent registered, LOL. My payments were due on the 15th of each month. I would send the payment out on the 1st (military payday). One month they received it on the 4th and around 3 weeks later I got a call saying they had not received my payment. I was able to tell her when it was there and who received it. That check had already cleared my account. After that time I never got a call saying I was late.
Anonymous on 04/09/2009:
"Some" places will not accept anything requiring a person to sign for it (per my Postmaster, the IRS is one). Priority Mail with delivery tracking can do the same as Registered for much less money. According to my Postmaster, Registered Mail is best used when mailing negotiable instruments, cash, or similar. Because each person handling the piece must sign for it, Registered takes longer.
yoke on 04/09/2009:
doc, I wasn't disagreeing with you I was giving my story, LOL. I wonder if a lot of places don't want to have someone there to sign for the mail that way they can charge the late fee.
Anonymous on 04/09/2009:
Me neither, yoke! I was just elaborating. Not sure on who, except the IRS declines any mail-piece needing a John Henry. What does Registered cost? About $10 per? I think I've only used it once or twice.
SLR+ on 04/09/2009:
yoke, your story was exactly my point. If they get away with it once they'll try it over and over. Once you provide them the proof the problem is on THEIR end, it's amazing how fast they'll quit calling.

To them you're revenue, not a person. (Wow I'm jaded! lol)
will7489 on 08/03/2011:
This thread is old, but on the front of my electric bill it states that they mail out over 3 million bills every month. Inside it states on the return envelope to send payment only, not correspondence, to that address. This particular company services parts of 5 states and your mail is likely being routed to different centers and may even be handled at the end point by automated machines due to the volume. Requiring signatures disrupts that process, but does provide you proof and reassurance.
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JP Morgan Chase: Cold Heartless Company Deserves Bankruptcy
Posted by on
NEW YORK -- I am a young struggling twenty-something who just flew off the handle with a larger complaint about JP Morgan Chase but since I had two bad experiences with the company this week, I'm going to share my other complaint. Their customer service ABSOLUTELY, politely put, leaves much to be desired. I called the company in early January and then again this week: each time to see if there was anyway they might be able to lower my APR by even a ridiculous 2 or 3% percent because even a small amount goes a long way in the end. Each time I have spoken with the company, I have encountered rude employees and I have been told that I need to make vigorous large payments for @ least 6 mos before an APR can be lowered even by 1%. Meanwhile, every other bank card that I own has generously lowered the APR by an estimated 5% based on my good standing without making demands. Although I have good standing with JP Morgan Chase, that doesn't matter to them.

In fact, when I spoke to management on the phone this week, they didn't even believe me when I mentioned other bank cards have lowered APR percentage rates. In early January & this week, I explained to Chase that I have made early & on time payments for the previous 6 months, paying more than double the minimum on my cards. That didn't matter!! After first being given this news (in January), I struggled to pay double what I was already paying (nearly 5x the min) in the last two bill cycles, still I'm told it's just not good enough. I'll have to wait another 6 months for them to review the account. This company deserves bankruptcy. I say that with my freedom of speech, one freedom America can't take. Again, I will continue to urge people to complain. A 5 minute phonecall to the Attorney General or the Better Business Bureau is all it would take. [snip] If you don't have a Chase credit card, don't get one.

If you don't have a Chase account, don't get one. Spread the word. Chase is bad news... they don't know how to treat their customers. I'd be embarrassed to work for them.
     
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Ben There on 02/21/2009:
Why should tens of thousands of hard working people lose their jobs because you do not qualify for a reduced APR? I appreciate being young and in debt, but they don't have to do anything just because you are struggling. Don't get me wrong - I am not a fan of our banks lately - but you can't expect your debters to always make concessions any time you want them to. They make a good suggestion about making substantial payments for six months.
Anonymous on 02/22/2009:
In most cases, if you ask, bank's will lower your APR. But it doesn't surprise me in times like these when banks are in so much trouble. Consider consolidating your debts with a line of credit or a lower interest credit card. You can then bring your JP balance to zero and you won't have to deal with them anymore.
Ponie on 02/22/2009:
In your other tirade, you speak of the America your grandparents and parents grew up in. Can't speak for the grandparents, but can for parents. When I got out of HS, I didn't max out credit cards to go further in school. I got a *gasp* job and attended night school with assistance from my employer (which I truly appreciated). Sure, it took a bit longer than going to school full time and living on borrowed money, but I didn't have to complain about being charged high interest rates on maxed out credit cards. Another freedom that can't be taken from you is your ability to say 'NO.' Did JPMorgan Chase twist your arm or put a gun to your head to force you to take this easy money? I grew up in a poor family--but we kids didn't know we were poor. Don't blame the company because you put the cart before the horse. Take the advice given you by the previous posters. Incidentally, if you're still using charge cards--stop--until you get your mismanaged finances in order. Kudos to you for furthering your education, now put it to good use.
nanomarket on 02/22/2009:
You state. "every other bank card that I own has generously lowered the APR by an estimated 5%". For only being 20-something, it appears that you have accumulated a significant debt to several lenders. Unless dire circumstances, such as a medical emergency, drove you to borrow excessively, you should not be complaining about repaying debts under your lenders' terms. Don't blame Chase, blame yourself.
Nohandle on 02/22/2009:
Oh my, I read your other review as well. The Old America your parents and grandparents grew up in? My friend, the Old America didn't, in the generation you are speaking of, provide credit cards. People simply did without until they could save enough for whatever they needed. I'm truly sorry you are having a problem with your debts with the CC companies. Roll up your shirtsleeves and do your best to pay off the debt. A credit card is not a right, it is a privilege and the companies can change the rules anytime they wish. Too many discover that too late.
Disaster Worker on 02/22/2009:
Nohandle....can we say "JC Penney"? "C" stood for "Cash".
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Aggravated & Irate! - Disgusted by JP Morgan Chase Bank
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NEW YORK -- JP Morgan Chase Bank has so disgustingly decided that they are charging every single customer a $10.00 fee ON TOP OF the finance charges for anyone that has a balance! This is actually LEGAL UNDER THE LAW and they will charge the $10.00 fee on every individuals' card every month until each person has a balance of $0-. This is the most absurd and unfair thing I have heard this week. I had heard the rumor early in the week & just read the article now. I am a struggling twenty-something graduate student with a full college work load and a full-time job (trying to find a second job) and a full plate of bills that I struggle to pay. How is this fair?!??! I plan to call Chase & though I know my screaming and yelling won't do anything over the phone, I plan to scream anyway. I will complain to every level of justice that will listen- the Attorney General, the Better Business Bureau, radio stations and TV channels. This is absolutely heart-wrenching and sickening. Isn't it bad enough that all of us are struggling in today's world? I am a responsible young individual who does have cards maxed out or close to the limits. I pay all of my bills early & on time, paying triple the min balance every month but still there remains a balance. College students do use credit cards, it is inevitable.

I only use them in emergency situations. I have tried so hard and struggled so much to pay off my balances, like so many other Americans ( I can only assume). How can we allow this to happen? JP Morgan Chase is a company that is robbing the American people and anyone that represents that company should be absolutely ashamed! America used to be a country I was so proud of & New York used to be a state I loved but this country and this state is very quickly turning into a melting pot of everything I am against. JP Morgan Chase deserves to go bankrupt. If enough people complain, maybe we can achieve that! I plan to pay off all of my cards as quickly as I can, as does everyone I have spoken with. I will cut every Chase card I have. My voice will be heard. I am enraged with this news. They have some nerve.

What happen to companies that cared about the American people? Oh, that's right- maybe I forgot what country I live in. That's the old America, the America my grandparents & parents grew up in. I urge everyone to complain along with me. If we allow this to happen, Chase will only lead other companies to do the same thing to us.
     
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20+ Years Of History Means Nothing To This Company
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ROCHESTER, NEW YORK -- Today I received a statement in the mail detailing what I owed, what was due, etc. I was very surprised and annoyed to learn that a $39.00 late fee and almost $17.00 in finance charges were included. I was surprised because I paid the last bill I received (as I do all of my bills - always on time and in full, without exception).

I immediately phoned the customer service department and was told they were not going to do anything about it. I escalated the call to a supervisor who echoed that position. I was told the following: "The statements we send are a courtesy; it is your responsibility to know how much you owe and when" and "We are not the post office; we can't control whether you receive your statement or not"

I asked if the position they were taking is really more important to them than over 20 years of having me as a customer. Her response? "We understand that occasionally a customer will feel the need to end a relationship upon hearing news of this sort" (or something like that). I was stunned.

I plan to visit my local branch tomorrow and see if sense prevails in person. If not, I plan to cancel my credit cards, close my three accounts, encourage my family to do the same, and at every opportunity, share my horrendous experience with anybody I can. JPMC may get $55.00 from me, but if I can help it, they will lose much, much more than that in future business.

I might even understand this stubborn position if they had actually lost something tangible, like a piece of merchandise or something, but to not budge on an arbitrarily determined 'late fee' and some finance charge seems ludicrous. I have fantastic bill-paying history with not only Chase, but everybody; you would think that such things would be considered before taking the stand they did.

Too bad, Chase; it was a nice run while it lasted. Now I will find a new credit card provider and a new bank. And I will encourage everybody I know to do the same.
     
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Anonymous on 01/10/2009:
They just blithely socked you with a late fee? It sounds like you were late. Late payment, late fee. You can storm around all you want, but they had the right. If you did nothing to deserve it, your plan of action is good. Regardless, big business is not loyal to anyone, not its employees, and certainly not its customers. In this day and age, I'm surprised when I hear of banks being decent to deal with because it's rare.
tnchuck100 on 01/10/2009:
"The statements we send are a courtesy; it is your responsibility to know how much you owe and when" and "We are not the post office; we can't control whether you receive your statement or not"

Sending a statement on a revolving account is not a courtesy; it is a REQUIREMENT.

Tell them you sent the payment...you are not the post office; you can't control whether they receive the payment or not.

Be aware, however, mail problems only count against you not big business. They can use that as an excuse...you can't.
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Chase Card Unit’s Weak Q4 Could Extend into 2008
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Chase Card Unit’s Weak Q4 Could Extend into 2008

While the writedowns did not come close to Citigroup's staggering total a day before, JPMorgan Chase's weakness seemed focused on the card unit, with the CFO of the company conceding further weakness in cards going into 2008.

Banking giant JPMorgan Chase & Co. Wednesday reported a drop in earnings for the fourth quarter of 2007 largely due to a 23 percent slide in earnings in its Card Services unit which saw provisions for credit loss increase 40 percent. Charge-offs and delinquencies in the credit card unit also climbed higher with the company’s chief financial officer saying card performance will continue to weaken in 2008.

For the quarter, New York-based Chase (NYSE: JPM) reported revenue of $3.97 billion in its Card Services division, up 5.9 percent from the same period in 2006. But provisions for credit card losses soared 40 percent to $1.8 billion, sending earnings for the unit to $609 million, down 15 percent compared to the final quarter of 2006.

Earnings for the card unit were down even more sharply – nearly 23 percent – when compared to the third quarter of 2007.

The card group’s managed net charge-off rate jumped nearly 13 percent in the quarter to 3.89 percent. The 30-day managed delinquency rate increased 11.1 percent to 3.48 percent.

On a conference call early Wednesday, CFO Mike Cavanagh told reporters that the card unit will face more trouble in 2008. He said that credit card spending had slowed for the company in December, portending lower revenue going into the first quarter of this year. He also anticipated that the charge-off rate for cards will climb to 4.5 percent in the first half of this year.

Total charge volume for the fourth quarter increased 2 percent to stand at $95.5 billion. Total managed card loans stood at $157.1 billion at the end of the quarter.

The credit card unit of the bank, which brands its card products under the Chase name, accounted for nearly 22 percent of corporate-wide revenues for the quarter and 20.5 percent of the firm’s earnings.

Overall, JPMorgan reported earnings of $2.97 billion for the fourth quarter, down 34.4 percent from the fourth quarter 2006. Corporate-wide revenues were up 7 percent to $18.3 billion in the quarter, primarily on the growth of the Retail Financial Services and Corporate Services divisions.

insideARM.com
     
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DebtorBasher on 01/16/2008:
Hmmmmmm...I wonder why?
Anonymous on 01/16/2008:
I'll give you 2 guesses, but, you won't need them. The first one is correct!
DebtorBasher on 01/16/2008:
EmtC...I knew there was something special about you!
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Chase Unfair Credit Reporting.
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TUSCALOOSA, ALABAMA -- I have a Chase Visa card I have had for years. I have (had) great credit a 760 plus beacon. About a year and a half ago a law firm by the name of Mann-Bracken started calling me saying they were going to file a judgment on me if I did not pay my Chase account. I assured them they had the wrong person that I had excellent credit and was not delinquent on anything. The phone calls become more frenquent. They would ask if I ever lived at such an address and I told them no. They would hang up on me. Phone calls still coming and getting ugly and aggressive I told them again and again they had the wrong person, I even revealed the last 4 of my social then they would hang up. I called Chase over and over discussing this and they told me they knew nothing of it, my account with them was perfect. Phone calls still coming. Finally I talked to another person at Chase in security. She looked up my name and state and said uh-oh! (That usually means something bad!). She said it looks like we have accidentally dumped someones files with the same name as yours living in the same city as you in with your files. I was furious! She assured me they would correct the problem and contact Mann-Bracken who is one of their collection attorneys that they were at fault and to leave me alone. During this time I pulled my credit report, still good 760 plus beacon no negative from Chase or anyone. Then a couple of weeks passed. I got a anonymous fed-ex package. I opened it up and It was documents where Chase had filed Arbitration against me in Atlanta. I then went and pulled my credit again. Still good 750 Plus. I contacted an attorney and they wrote a letter to Mann-Bracken telling them they had the wrong person and to back off. About a month passed and then another attorney collection agency started calling me. Again I pullled my credit- mid 750 beacon. Nothing derogatory. This time the attorney wrote a very aggressive letter telling them again they had the wrong person and they were harassing me and any further contact would result in a lawsuit. The attorney also explaind to them she knew me personally and that the person they were looking for had the last name as me by marriage. I was single. Things got completely quiet, not a word from anyone. This was late 2006. As interest rates started to fall in late 2007 I went to refinance my home and some rental property. I was turned down due to the $16,000.00 plus judgment Chase had placed on my credit report. My beacon fell from the high 700's to the 600's. I have respoken to my attorney, we are trying to decide how to exactly approach this. I am very angry. I am a single mom supporting two small children. I have worked very hard for the things I have and Chase has givien the SHAFT. ANY COMMENTS, ADVICE?
     
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tnchuck100 on 12/04/2007:
If your attorney is worth his salt you should have no trouble suing Chase for the total of your monetary damages. Since they knew there was a problem and reported it to the credit bureaus anyway he might be able to nail them with punitive damages as well. Good luck.
FoggyOne on 12/04/2007:
" have respoken to my attorney, we are trying to decide how to exactly approach this"

You need a new attorney now - there is not much to decide here. See if you can get a free consultation with another attorney, many will let you have 1/2 hour free. You've explained your case quite well I think. Also, put in a dispute in your credit report.

steve101 on 12/04/2007:
Your beef is with your Bank, not the bottom feeders. Call back their fraud dept and work your way up to at least the VP. Tell them if they won't resolve this you will be filing a formal complaint with the Office of the Comptroller of the Currency.
If that doesn't work go ahead and contact the OCC at 1-800-613-6743. They will tell you how to file and they will investigate.
It will take some time but you should be able to get this resolved.
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