Chase was criticized in the Wall Street Journal today for continuing to push its overdraft protection while other banks drop the program altogether.
Even some bankers cringe at the fees imposed on fleetingly overdrawn customers.
Bank of America CFO Charles Noski told The Wall Street Journal that his daughter, while at college, more than once ran up a $35 overdraft fee on a $3 cup of coffee. Her mother went crazy. “That does not engender the kind of constructive, trusting relationships we should be having with our customers,” he says.
BofA has decided it will simply decline such overdraft-prone debit-card transactions, and avoid those notorious $38 lattes. Citigroup’s stance is similar. Wells Fargo is still deciding. Chase is left looking like an outlier. The J.P. Morgan Chase bank has embarked on a blitz to persuade depositors to agree to overdraft charges ahead of a rule change on Aug. 15.
Rather than protecting its own income, perhaps it should chase something that really matters—to its customers, that is.
Citigroup’s CEO Vikram Pandit was the only major bank CEO present at yesterday’s financial overhaul regulation signing event. Notably missing was Obama’s favorite banker, Jamie Dimon of JP Morgan Chase.
We ran a story yesterday and the day before regarding one months long loan modification process which resulted in a whopping 22 cent reduction in the homeowners monthly mortgage payment. I call this Chase’s 22 cent solution. It was some strange coincidence that today I came across a post about Chase canceling someones credit card account in good standing. Now, that in itself is nothing spectacular, Chase has been doing this for a couple of years now and we’ve reported on the problems this seems to be causing them (poor prospects for growth). What is notable however is that the post was from a blog entitled 22 minutes 2 corporate insanity.
I’m personally not a fan of the activist group Acorn since their fall from grace with the pimp/prostitute scandal, but for what it is worth, they apparently recently held a rally inside the atrium of a Chase bank branch in Missouri.
SeattleCrime.com posted a story about a Chase branch being robbed. The only comments on the story, some people ranting about Chase.
Obviously, a bank robbery isn’t a laughing matter so I can’t really condone the insensitivity the commentors have to the situation, but it just goes to show how mad at Chase people really are. If you really want to see the comments, you can view them here.
Matthew Pinnavaia sued Chase after the bank closed his two business accounts and four personal accounts even though the balance on each card was no more than $4,000. He may win a $2-million judgment.
Matthew Pinnavaia was among the hundreds of thousands of people whose credit card accounts were either shut down or limited over the last couple of years as banks grappled with the meltdown of the financial markets.
Unlike most people, though, Pinnavaia decided to do something about it. He taught himself the law and sued Chase bank.
Now there’s a chance — a slim one, perhaps, but a chance — that he could be awarded $2 million in damages by a San Diego County Superior Court judge because Chase failed for months to respond to his lawsuit, as required by state law.’
After much persistence and many outright rejections by the bankruptcy judge assigned to the Washington Mutual bankruptcy case, WaMu shareholders have finally won the right to an investigation, with the court agreeing to appoint a special examiner to investigate the role of the FDIC and JP Morgan Chase in WaMu’s seizure and, and the value of WaMu’s current assets.
Bad bad Chase, Fees & charges | admin July 24, 2010 | 
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