This scenario has disaster spelled all over it. Not a day goes by that I don’t see a story that exemplifies that Chase just isn’t good had the small details related to their core business – banking.
Now, the city of Casa Grande in Arizona has contracted Chase to receive and process all incoming utility payment checks, and they will then transmit the payment data to the city electronically.
I wonder if they will automatically debit from utility payments anyone that happens to have an outstanding debit with Chase?
I am still seeing lots of articles about unclaimed WaMu assets, which were transferred to the states rather than to Chase bank after Chase bought Washington Mutual; a total of $251 million. So go to your states unclaimed property website (search Google on ‘state name unclaimed property’) to see if any of that money is yours.
We’ve been seeing more and more reports of Chase debiting peoples accounts for very old debts, without any notice or concern for what it might do to peoples finances, and apparently without any understanding of whether the old debts are actually valid.
The latest story involves a guy on a road trip and the old debt debit Chase took against his account racked up $294 in overdraft fees.
Upon further investigation, the customer discovered that Chase was claiming the debit was from a time that he didn’t even have an account open with Chase.
A new twist on a problem Chase has had converting accounts from WaMu over to Chase. We previously reported on a woman whose account was combined with that of her ex-boyfriend of a decade prior when it was converted over to Chase; she had a very hard time getting the problem corrected.
This story involves a business account where an ex-partner was previously removed from the account but the transition to Chase added him back such that the ex-partners email become the primary email contact for the account. Following Chase’s advice to the letter didn’t solve the problem and as of yet, Chase has been unable to fix it, while sensitive personal and business information continues to be emailed to the ex-partner.
I’ve said it before and I’ll scream it again; Chase doesn’t seem to be very good at the small details.
A few years ago I had a business account with an old business partner. This account was with WaMu and came through to Chase along with my personal accounts. Though the partner left the company a couple years ago and was removed from the account his information was apparently migrated from WaMu to Chase.
I setup one of Chase’s online features – account alerts. I get a daily summary of account activity every morning and alerts when certain things happen. Things like purchases, transfers or deposits over thresholds I set.
A few months ago I logged into the Chase online account manager and noticed on the home page the e-mail address of the old business partner was listed as the primary e-mail address for my accounts. I reported this to Chase online customer service. They sent me instructions on how to change it; which I did right away. Problem solved, right? Wrong.
About 5 weeks later the e-mail address came back. I changed it again. A few weeks later it came back. Now you understand why I am spending my time writing about this.
I called Chase online and they gave me some additional steps (disable your alerts, change the e-mail, setup my alerts again). The problem continued.
I got my branch involved. They had me change it at the branch on their computer. Still not fixed. Then it got worse.
Citigroup announced that its iPhone banking app had a significant security flaw that might allow hackers access to sensitive banking information, including account numbers and access codes and urged its customers to upgrade to a newer version.
Given Chase’s track record at screwing up technical aspects of its banking services, such a flaw in their iPhone app surely can’t be far behind.
A judge all but threw the book at JP Morgan Chase over its handling of a loan to a company owned by Mexican billionaire Carlos Slim in 2007. JP Morgan Chase has tried to structure the loan such that the majority of the loan would be held by a direct competitor to Slim’s Grupo Telivisa SAB, allowing them access to confidential information. Grupo Telivisia SAB sued Chase over the loan.
The Judge barred 10 JP Morgan Chase employees, including Vice Chairman Steven Black, from having any further dealings with the loan.
You can read the Wall Street Journal article here.
If Chase thinks like this at its very top levels, just think how little it bothers them to screw the little guy, aka its retail customers.
NEW YORK (Reuters) – Joshua Hochberg, a former top official in a U.S. Department of Justice criminal fraud unit, has been appointed to examine the bankruptcy of Washington Mutual Inc , the largest U.S. banking failure.
The appointment was announced six days after U.S. Bankruptcy Judge Mary Walrath in Wilmington, Delaware, directed that an examiner be named to review a recent settlement designed to help Washington Mutual reorganize, as well as related claims.
Hochberg is a partner at McKenna Long & Aldridge LLP in Washington, D.C. In a court filing he said that prior to joining the firm in 2005, he was chief of the fraud section, criminal section, of the Justice Department.
The appointment requires court approval, and was announced by the Office of the U.S. Trustee, which is part of the Justice Department.
Shareholders of Washington Mutual had long sought an examiner, believing they have been shortchanged in Washington Mutual’s nearly 2-year-old bankruptcy.
Ineptitude | admin July 29, 2010 | 
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