Lost backup tape

On a smaller note, Chase apparently lost a backup tape with customer personal information on it. But, surely this could happen to anyone.

Comments on Chase’s ads

Read the comment on this blog post to find out why Chase won’t every be your local bank.

WaMu trades lowering minimum payment for doubling the interest rate

Consumer’s Union has joined two other organizations in calling on Chase to stop raising minimum payment terms from 2% of the outstanding balance to 5%. Chase agrees to drop the minimum payment back down to 2% on loans with a guaranteed low interest rate only if customers agree to a doubling of their interest rate. Low minimum payments are a scheme originally cooked up by credit card companies to get customers to remain in debt and therefore pay more interest and other fees (see the Secret History of the Credit Card for more info).

WaMu causes heart attack

(Happy Labor Day) WaMu gives a guy an equity line credit card on a house he already sold instead of a regular credit card, freaks out when they find out about the mistake, sues him, the stress causes him to have a heart attack. They finally admit THEY made a mistake, and then are seized and sold the Chase. Now he is in limbo. Seriously, I can’t make this stuff up. (story)

More WaMu to Chase transition woes

Here is one couple’s experience from when their WaMu account was transitioned to Chase:

• Savings account overdraft protection was unlinked without notice
• Debit cards stopped working before new ones arrived
• Deposits used to be available same day, now multi-day holds are placed
• Auto bill-pay stopped working so bills that should have gotten paid didn’t

Longer hold on ATM deposits

WaMu/Chase claims to put a longer hold on deposits made via ATM. (story)

Credit card survey results

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.

Short-sale chronicles

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.”