Chase Manhattan Bank Complaint - Chase Home Finance Vs The Little Guy!
I have been a Chase Home Finance mortgagee since September, 2003. a period
of almost 10 years. In that time. each and every payment was made on time..
In 2005, due to medical expenses that were not covered by insurance, I was
forced to declare bankruptcy. During the bankruptcy period all mortgage
payments were still made on time. I am 73 and unable to work. My wife is 67 and still employed because we cannot survive without her income.
The crux of the problem with Chase is that I made a mistake in a payment in January, 2007. I paid the amount of $611.96 rather than the amount of
$877.96 that was actually due.
This problem is that Chase did not notify me for 31 consecutive months that they were charging me a late fee of $23.51 for each and every month since 1/12/07 and that a total of $728.81 in late fees was due at that point. The amount has since grown to over $1,000.00.
Chase claims that, because of my earlier bankruptcy, they would only send
Monthly Statements if I submitted a written request. However, the fact is
that I did continue to receive Monthly Statements for each and every month, even without making a written request. These Statements, of course, led me to believe that I was current with all monies due Chase.
If Chase had held true to their policy of not sending Monthly Statements
without a written request, I would have been forced to contact them, at
which point the fees that they were charging me would likely have come to
light. It should not fall on me to pay for Chase's failure to follow their
I believe Chase had an ethical and legal obligation to include any and all
fees and balances on the statements that they were sending. Please note
that bankruptcy laws did not prevent Chase from continuing to send Monthly
Statements and to accept mortgage payments for 31 consecutive months before
notifying me that they were accruing fees against my account. It is
especially notable that chase did not ask for the loan to be reaffirmed at
any time during or after the bankruptcy process. Lastly, it is
unconscionable for a business the size of Chase to ambush its small
customers in this manner.
I have taken the matter to the Office Of Financial Regulation. As it turns
out, they have no authority and can do nothing to correct an abuse by any
bank. They appear to be there simply to listen.
Between the bank bailouts and shenanigans such as this, it is little wonder that people hold bankers in such low esteem. I intend to ask my
representatives to introduce a bill in both the Senate and the House to
prohibit practices such as these. It is patently unfair to attack a customer in a manner such as this. It is also very insulting to be repeatedly hung up on by Chase employees who are obviously unqualified or untrained in customer service.
It has been a lengthy and frustrating battle to attempt to right a wrong,
but it appears that the battle is lost.
Thank you for reading my complaint.