When I started this blog five years ago I was reporting WaMu ineptness and bad customer service. When Chase took over WaMu they continued the WaMu tradition of doing stupid things. The latest evidence of stupid Chase tricks is their so-called secure document system. For starters, for every new account they create in this system, the default password is “password.” Any half-bred, third-generation-removed geek can tell you that is the absolute worst default password to use for anything. Read the link to find out more about why their system is so technically lacking.
Here’s a troubling story: A couple paid off their mortgage in 2001, but a company that Chase uses to service loans filed foreclosure proceedings, the couple never received notice, and the house was sold at a foreclosure auction. Chase was apparently completely unaware that this was going on. (court opinion)
Oh man, this is good. Looks like Chase forgot to record the deed of trust for a loan they made back in 2003, a judge just afirmed a ruling that Chase must get in line with everyone else for the assets from a bankruptcy, rather than having their loan secured against the property. Oops!
Yup, in addition to holding regular deposits for 4-5 days or longer, Chase does you the favor of holding direct deposits for that long too!
Looks like at least one Chase branch will be open on President’s day.
This potentially positive loan modification experience with Chase shows that even good outcomes must go through lost paperwork and plenty of other nonsensical bureaucratic snafus. It’s not Chase’s general unwillingness to work with people or admit to the realities of underwater borrowers, that is their prerogative. It is the pure ineptness of their process that I find the most distasteful. That has been WaMu/Chase’s problem for a long time, generally unhelpful and inept people.
An internal email from 2008 is helping to paint the picture that JP Morgan Chase might have behaved badly in its dealings prior to its acquisition of WaMu.
If you are having difficulty with your Chase credit card because they jacked up the rate and upped your minimum payment, so the fees keep adding up, take note of one customer who tried without fail to get Chase to be more reasonable and then months later they called her out of the blue to offer her a lower payments and a 6% interest rate. Strange. (story)
Ineptitude | admin February 9, 2010 | 
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