This potentially positive loan modification experience with Chase shows that even good outcomes must go through lost paperwork and plenty of other nonsensical bureaucratic snafus. It’s not Chase’s general unwillingness to work with people or admit to the realities of underwater borrowers, that is their prerogative. It is the pure ineptness of their process that I find the most distasteful. That has been WaMu/Chase’s problem for a long time, generally unhelpful and inept people.
This is the kind of stuff banks do that make us all crazy. This one customer set up automatic bi-weekly payments from his Chase checking account to pay his Chase car loan and Chase credit card. The car loan automatic payment just disappeared from the system with no explanation. The credit card auto pay caused problems because the credit card billing cycle varies and differs from the statement cycle, so one payment falls in the wrong month and leaves him with a late payment, another one falls on a weekend and gets extra long processing time. (story and story)
This persons post on her experience with a Chase trial loan modification does a pretty good job of outlining what is wrong with their program (in 34 points). One thing notable though is that although she was denied, she made more payments than she needed to because Chase conveniently forgot to notify her that she had been denied, or as a Chase agent said, “didn’t someone call you?”
I suppose any pair of big banks could be involved in something like this, but since one of the banks is Chase, it is being reported here. Seems some fine folks took out a mortgage from Bank of America, which was then immediately sold to Chase. But Chase somehow got the address wrong and so the homeowners never knew to send their checks somewhere else. So BofA was happy to cash checks it didn’t have a right to and Chase started calling them several times every day for collections. Neither idiotic big bank was any help when trying to straighten out the mess. (story)
Just for laughs, here’s a story about the president of Chase Bank of West Ohio defaulting on a small business loan.
If you are a member of Facebook and hate Chase, consider joining one (two, three, four) of the many Chase sucks groups.
Hmm, a former WaMu customer reports that a lot of things still don’t work, like transfers between accounts (says successful but money never shows up) and email alerts that never come to indicate low funds, resulting in overdraft charges. Hmm.
Chase shares confidential client information with other companies, accidentally posts it online, and then takes 3 months to tell people about the mistake, as reported by the LA Times.
Ineptitude, Loan modification | admin February 5, 2010 | 
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