Here is a humorous story about a guy just trying to activate his new Chase ATM card that he received in the mail. What should have been a simple procedure had Chase thought it through turned into a major hassle that involved a half-dozen Chase employees.
Ineptitude | admin May 20, 2010 | 
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Apparently class action trollers are looking for Chase employees to join a class action suit against Chase for violation of wage and hour laws.
With its overdraft fee income in jeopardy because of new Federal laws, is Chase starting to ding customers in other stupid ways? One customer writes:
I found there was a $3.00 charge against the account because I went over the maximum of four withdrawals within a given statement cycle. For this particular cycle I only did five due to added expenses that given month.
But they went and actually read Chase’s policy on their website.
Under federal regulations, you are allowed up to six pre-authorized withdrawals per monthly statement cycle
The customer contacted Chase by phone, in person, and by email and explained the situation but Chase refused to budge.
Perhaps next Chase will institute a fee for standing in line at their branches?
Is this a new way for Chase to get people to default on their loans?
Bobby changed his password for his Chase account for an auto loan and was subsequently unable to log in. Each time he try’s to log in it asks him for his credit card number. The problem is, he doesn’t have a credit card with Chase so is unable to provide a number. He has been trying to solve the problem for two months. He finally was able to make a payment:
I was able to call them and make a payment over the phone. The special fee charged to me associated with this highly unorthodox method of payment was only $14.00(US)
Yea, they charged him to make a payment by phone when he was unable to log into his account and they couldn’t solve the problem.
Bad bad Chase, Fees & charges, Ineptitude | admin May 19, 2010 | Comments (0)
There was apparently some unhappy shareholders at a record turnout for JP Morgan Chase’s annual meeting where CEO Jamie Dimon was scolded for, among other things, a low dividend, foreclosures, sleazy business tactics, and support of mountaintop removal coal mining.
Bad bad Chase | admin May 18, 2010 | Comments (0)
The Making Home Affordable Program just released its latest report on loan modifications with some astounding information. Our good friends Chase ranked near the absolute bottom of the banks listed for percentage of trial modifications converted to permanent ones, with an amazingly low rate of 22%. Said another way, if you are currently in a trial loan modification under the HAMP program you have a less than one in four chance of being converted to a permanent modification. This doesn’t include all the trial and tribulations of getting a trial modification going in the first place, such has having to repeatedly submit documents to Chase because they lose them, misplace them, or simply won’t acknowledge having received them, and then waiting for months to get approved.
Another lawsuit calling out Chase for bad behavior. This time related to the practice of telling homeowners to stop making mortgage payments so they will quality for a loan modification:
JPMorgan Chase instructed homeowners to stop making mortgage payments, as that was the only way to be considered for a loan modification, then repossessed their house when they followed the bank’s advice, a couple claims in Federal Court.
The process seems to go like this:
1. Chase recommends stopping payments to qualify for a loan modification
2. Chase approves a trial modification.
3. Chase works in parallel on foreclosure actions
4. Chase denies permanent modification after an extended trial modification and then demands all missed payments in a lump sum or they will foreclose, or Chase skips this step and just forecloses.
