This excellent post from chase-sucks.com by a self-proclaimed insider outlines some of the bad behaviors Chase practiced during their tenure, including telling appraisal companies to lower appraisals so Chase could lower or cancel HELOC lines or charge higher interest, and then if the customer didn’t agree, they would keep the $750 HELOC application fee. She also speaks of how poorly Chase treated its customers and the poor working environment she had to endure. Complaining to higher management only got her fired for trumped up reasons.
Corliss Gittens took out a mortgage in 2000 on a home she purchased from her parents. Her loan was quickly sold several times and ended up with a company that was then acquired by Washington Mutual, which was eventually acquired by Chase. At some point, her loan records got lost and Chase was force to admit (by a judge) that they couldn’t prove they owned her loan.
So Corliss’ loan was dismissed and her home was awarded to her fee and clear.
The bank overhaul bill making its way through Congress looks to possibly include a limit on bank ATM fees – you know, the ones you pay when using an ATM at a bank that is not yours. These fees average about $2.66 per transactions according to the Federal reserve, but actually cost banks much less than 50 cents. The amendments to the bank overhaul bill would cap fees at 50 cents per transaction.
Oh Chase, what did you expect would happen. This lawsuit tells us the story of a man who borrowed $100,000 and eventually failed to make payments when due. So, Chase demanded the entire loan amount paid in full immediately. He if course did not comply and they sued him.
How can a person who can’t make their monthly payments pay and entire loan off. Stupid.
Another sad story about a 7 year customer who always paid his credit card on time and never once missed a payment. Then he moved and in the mix up was 3 days late on one payment. That won him a 10% increase on his interest rate.
I wouldn’t be doing my job if I didn’t point out a leaked memo penned by a high level JP Morgan Chase executive that is highly critical of Congress and its attempts to regulate the financial industry. The memo is highly critical of Congress in general and fires barbs at some specific members of the Senate in particular.
Can you say oops? Chase has apologized for the memo.
The battlefield over Washington Mutual’s former holding company’s assets is getting hotter.
Shareholders have filed suit to demand an annual meeting in the hopes of ousting that board members so they can get their own on the board and better direct WaMu’s bankruptcy in the hopes of getting something out of it. As it stands, the assets left in WaMu aren’t enough to make WaMu’s creditors complete, so the shareholders would get nothing.
The creditors on the other hand are pushing the bankruptcy court to liquidate the company so they can get their money already.
Meanwhile, the creditors and shareholders are fighting each other over having an independent investigation of WaMu’s collapse.
Update 5/6/10: Shareholders lost their bid for an independent investigation.
Apparently JP Morgan Chase CEO Jamie Dimon dined with President Obama and a few other select big company executives last night as Obama ask their support for financial regulations.
Perhaps if President Obama new how poorly Chase treats its customers, (just read some more of this blog to learn all about this) he wouldn’t be so excited to associate with JP Morgan Chase.
Bad bad Chase | admin May 8, 2010 | 
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