JD Powers & Associates released their 2009 credit card survey, which rates credit cards by surveying 9000 users. No surprise, WaMu rated very low. What is a surprise however is that Chase rated much higher (but only industry average). Relative to the 2008 survey, Chase is about the same but WaMu has dropped a ton. It seems that Chase is trashing the credit card holders it picked up from WaMu but holding steady with its own card holders. American Express seems to be the best of the lot as it has rated far higher than others for the last three years.
Here is a blog chronicaling someones experience trying to short sell their house. What is interesting is the entry on Sept 2nd that says “WaMu’s computer system down/updating until 9/4.” Wow, pretty terrible to tell a customer “we can’t help you because our computer will be down for two days.”
I’ve made no secret of the fact that I thought WaMu was a poorly run organization and had terrible customer service BEFORE they were sold to Chase. But when the WaMu fanboys (and girls) cry foul since Chase took over, you know things are getting bad. (story)
Chase, the place where incompetence meets malfeasance. (story)
Liz was told by a Chase bank employee that because she didn’t have a high value account, they didn’t care if she stayed with the bank or not. (link)
One of the things WaMu has historically been particularly bad with is if you are using your account in a different state than where you opened it. This has gotten exponentially worse as Chase converts WaMu branches in different states at different times. A recent blog entry by a WaMu customer confirms this and shows many other problems from badly trained WaMu & Chase staff.
Despite J.P. Morgans claim of processing lots of mortgage modifications, from customer perspectives, it still looks like nothing is happening, as evidenced by this discussion on the LoanSafe.org loan modification forums; lost paperwork, lack of call back, delay after delay, and clueless staff.
This makes perfect sense: Chase is giving away $20 for people that sign up for automatic payments with their debit card. According to the Center for Responsible Lending’s Debit Card Danger document, banks steer customers to use debit cards because all new accounts are signed up for automatic overdraft protection, which leads to huge amounts of overdraft fees, primarily from debit card use. Using debit cards for automatic payments will just create more overdrafts and thus more fees.
Uncategorized | admin September 3, 2009 | 
Comments (0) 
