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J.P. Morgan Chase Bank Complaint - Chase charges outrageous and deceptive early withdrawal penalty on CD

Review by jewel4 on 2010-08-30
5309 COMERCIO WAY, WOODLAND HILLS, CALIFORNIA -- Recently I discovered that the WAMU CD that I had at 4.89% and an early withdrawal penalty of 6 months interest came due. I was not notified, but more importantly it renewed at .2% or $40.00 a year on a $20,000.00 deposit. I went into the bank as soon as I discovered the renewal. It was 4 days after the grace period. They had changed the terms of early withdrawal penalty to 3% of the PRINCIPLE plus $25.00. This is the the equivalent of 15 years of interest plus $25.00. Just a little outrageous. First they give you the lowest imaginable interest rate without notifying you and if you try to withdrawal your money they rip your face off by charging 3% of the Principle ($600.00 + $25.00) the equivalent of over 15 years of interest

Has anyone else had this problem. If so, please contact me at
"one.jewel4@Verizon.net"
Bob
Comments:2 Replies - Latest reply on 2010-08-30
Posted by Alain on 2010-08-30:
I haven't had this problem because I have not dealt with Chase since 2005 and will never use them again. However, this type of behaviour from them does not surprise me. Thank you for the review.
Posted by Obsfucation on 2010-08-30:
I have never seen a bank anywhere that does not allow at least ten days after rollover to withdraw with no penalty. Are you sure you have your dates straight?

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