Chase Manhattan Bank Complaint - Chase Bank Deceptive Early Withdrawal Penalty
CALIFORNIA -- Recently I discovered that the WAMU CD (Which now became CHASE BANK) 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 15 years of interest
Has anyone else had this problem. If so, please contact me at "one. jewel4@Verizon.net ". Lets consider a class action lawsuit. I need some other CD holders who were deceived as I was.