JP Morgan Chase Bank Informative - Aren't-they-illegal ? Chase business practices
CHICAGO, ILLINOIS -- Both my small business and personal accounts are with Chase. My personal acct. has been the same for years but was a community bank, bought by First Chicago, bought by Bank One, bought by Chase. Over the past several months I've had a terrible time with all aspects of service from Chase.
1) it took a month of attempts to get my accounts on-line, and customer service people could find no reason why my accounts wouldn't load.
2) I wrote a check from my personal savings to deposit into my business checking, put 2006 instead of 2007 on it (it was early January) and they rejected the check, which led to bounced checks and fees for my business - not Chase's fault that I miswrote the year, I understand their right to charge those fees, but despite all my accounts being with them, they didn't provide any customer service. They told me I could avoid this kind of problem if I got online banking (of course this was during that month of not being able to get online!)
3) I needed a roll of nickels, a roll of dimes, two rolls of quarters and twenty singles. I got 60 dollars from the ATM, went into the lobby to cash out for change. The tellers at this branch did not have easy access to cash - the girl didn't know how to use the machine that spit out singles for my 20, and the manager had to go behind the scenes to get the rolls of change. It took over twenty mins. to obtain the change I needed. I was asked four times if I had accts with Chase, the last was an interrogation and they had to look everything up on the computer before the manager would go back and get the two rolls of quarters she forgot to get the first time. And when they gave me the roll of nickels ($2) and the roll of dimes ($5) they only gave me back $12 in ones to match the twenty dollar bill I gave them. When I pointed out they were a dollar short, they reacted as if I was scamming them, and it took another three mins of explaining. All for 4 rolls of change and some singles. I found out later that tellers-with-no-money is a new method they are trying at some of their branches.
4) An $8 fee suddenly popped up on my business checking acct. They suudenly changed policy to having ridiculously high minimums for business accts. I had to go to two separate branches and speak with several people before they agreed to look at my combined assets and waive the charges. Before I spoke with anyone at the first branch, I looked online to see the policy. A week later I was at the second facility and we were looking online: the minimum amounts had shot up another 2 thousand dollars (4000 to 6000) - and no one at the bank had been informed.
5) Yesterday (08/02/07) I got my personal accts statement and there is a $10 service charge for not meeting a new ridiculously high minimum amt in my checking acct.
Unfortunately, it will be a mess to close out my business and personal accts and line of credit (which I've yet to draw on) but Chase has become maniacal with serving fees to it's customers. And it hurts because I just renewed my "right" to a business line of credit (for $150)
Shouldn't any bank have to provide written notice to it's customers when making policy changes? I've never received any email or leaflet or note with my statements informing me of any changes before they happen- that's what ticks me off the most. They don't even give me, the customer, the chance to accommodate to their new standards to avoid these fees.
The message I'm getting from Chase is: we don't want you to use real money anymore and if your personal and business is only "small potatoes" we don't want your business at all.
Don't use Chase !