Unreasonable deposit hold time
Another unreasonable deposit hold time resulting in bounced check charges story. I get so many of them. (story)
Uncategorized | admin August 10, 2009 | 
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Majority profit is in overdraft fees
Why banks suck 101: CNNMoney reports banks will make $38.5 Billion in overdraft fees this year. Almost half of banks will make more in overdraft fees than their net profits, which means, all their profits are coming from overdraft fees. Make sure overdraft protection is turned off for your debit card, a feature which most banks have on be default when you open your account.
New credit card act rules in effect
S0me of the new rules as part of the Credit Card Act of 2009 are now in effect (8/20/09): Banks must mail statements at least 21 days before their due dates and must give you at least 45 days notice before any significant changes to rates or fees. (WSJ article)
Fees & charges, Legal & regulatory | admin August 8, 2009 | Comments (0)
Fraud cover-up
How is this possible? In 2007, Daniel Knox deposited $95,000 into his account. An employee promptly stole $90,000 of it. It appears that the WaMu branch involved found out about the fraud and tried to cover it up by, among other things, stopping the sending of his monthly statements. (article)
Uncategorized | admin August 7, 2009 | Comments (0)
Not honoring terms of auto loans
A new class action claims that Chase isn’t honoring the terms of its auto loans, specifically, the clauses about auto reposession. (article)
Uncategorized | admin August 6, 2009 | Comments (0)
Errors from the switchover
One WaMu/Chase customer reports that since her checking/savings statements have started coming from Chase, there are tons of errors, which, according to her local brand representative, are “because of the computer switchover.” Be sure and check your statements for accuracy. (article)
Two weeks for acknowledgement
This is the WaMu/Chase that we so despise: you apply for a loan modification (100+ pages) but have to wait two weeks to receive an acknowledgement that the fax was even received. (article)
Uncategorized | admin August 2, 2009 | Comments (0)
Suing for their golden parchutes
Sleazy no matter how you slice it – a group of former WaMu execs are suing the FDIC to get their golden parachutes. Yup, this is the same group responsible for the subprime loans and the horrible customer service. (article)
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