JP Morgan Chase - Not a good choice for business accounts
Business Credit Account - Complaint
ILLINOIS -- Chase’s slogan: “The right relationship is everything”: How would you like your financial institution to work against you when an employee is stealing from you?
Being a female small business owner supporting five employees, the right relationship is everything; the internal relationships with your employees and the relationship with your financial institutions. These relationships can nurture the growth of your business and make you feel as if you have an entire support system in your corner; a support team in place to help elevate you to success and to support you through the trying times of entrepreneurship. I assume this is what JP Morgan Chase wanted us, as a consumer, to feel when they chose this as one of their heartfelt slogans. Now I know their marketing and operations are unrelated.
I had been a Chase account member since 2007, and our “relationship” was satisfactory until it was brought to my attention that unauthorized charges were happening on my account. Upon this knowledge I closed my account in August of 2011 only to learn that Chase then allowed an employee of mine to fraudulently obtain a card on my closed account and run up charges.
As if the discovery of interoffice betrayal was not enough, Chase is making things even more difficult. I have found that Chase has misrepresented themselves in their fight to “stop fraud in its tracks”. There was no “Fraud Monitoring” which is their sophisticated tool to detect abnormal charges. In my case, they were clearly personal charges (Legoland, retail shopping, and child care). They also took money without authorization from my operations account to cover these fraudulent charges and have yet to provide proof of their right to do so. I am still dealing with their “Zero Liability” promise, but its more than a little hard when they’ve taken your money and ignore the written requests they asked for.
For example, when the employee who was fraudulently charging rerouted the bills to her email address, Chase didn’t call me. When Chase saw line after line and page after page of charges inconsistent with a business account they never once called me or wrote to me (over $46,000.00). Then the game came out “oh we closed your “card” when you asked but not your “account”. My request was to close the account and they have audio tape (“this call may be recorded”) which they have said they’d provide a copy of on July 11, 2012, but as of August 30, 2012 no recordings have been received.
In my opinion Chase is only interested in having the “right relationship” with your money as in, they have it and you don’t. Based on my experience, I would recommend any business owner who has any reasonable expectation of their financial institution working with them; steer clear of JP Morgan Chase.