A Chase credit card call center employee admits that they are never allowed to reverse late charges, even if it is their fault. (story)
Fees & charges | admin November 15, 2009 | 
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Don’t quite know what to make of JP Morgan Chase CEO Jamie Dimon’s recent comments. It sounds like he wants to be allowed to be too big, and to be allowed to fail if they screw up. Does that give ANYONE confidence?
I guess the days of trusting banks to provide you with all the information you need to make wise financial decisions are over. A couple in Texas put a stop payment on a check through the banks website after looking up the business on the BBB and finding an F rating. Turns out that Texas law says stop payments are only good for six months, and the owner of the business they wrote the check to cashed it 6 months and 6 days after the stop order was placed. Chase denies all responsibility and points to their policy on stop payments. Unfortunately, none of that information was provided online when the stop payment was placed. (story)
Our friends at the Federal Reserve have issued new rules for banks that force all banks to provide overdraft protection on accounts only if the account holder has explicitly opted-in. The new rules take effect next July. Great. Haven’t regulators learned that giving banks plenty of time before a rule takes effect allows them to find ways to work around the rules before the take effect? We saw this with the new rules on credit cards that take effect in January. Most banks raised rates before the new rules take effect or converted accounts to variable rates to get around the new rules.
Legal & regulatory | admin November 12, 2009 | Comments (0)
What a great quote from this article: “The nation’s second-largest bank [Chase] said a new law that limits unfair rate hikes and hidden fees will cost it as much as $750 million a year.” Wow, so being fair makes Chase lose money.
Fees & charges, Legal & regulatory | admin November 10, 2009 | Comments (0)
Chase to hire 1,200 new loan officers. Translation: when Chase is done foreclosing on its current customers, it’s going to need new ones.
Quote of the week: In talking about the change Chase is implementing next year that allows customers to OPT OUT of overdraft protection on their debit cards, Chase spokesman Mike Fusco says “There’s been a lot of growth in debit card usage, so that’s why we’re changing.” No Mike, if you don’t allow people to opt out of overdraft charges soon, Congress is going to skewer you with new laws, that’s why you are changing. (article)
Bad bad Chase, Fees & charges | admin November 9, 2009 | Comments (0)
How does a Chase card with a 23.4% APR (for a low balance, on-time, more-than-minimum paying customer mind you) show an effective APR of 47.4%? Perhaps only Chase knows. (story)
Fees & charges | admin November 7, 2009 | Comments (0)
