This story makes sense; Chase forecloses on a multi-tenant building and then owns it, or is responsible for managing it if the mortgage had been sold as a CDO. For two years Chase does absolutely nothing to keep the property up and it ends up in such poor shape that the city condemns it and kicks all the tenants out.
The story began over 2 years ago when foreclosure proceedings began. This Saturday, July 17th 2010, the residents of 7263 S. Coles will be homeless. JP Morgan Chase has been responsible for maintaining this property since 2008. For two years Chase hasn’t honored its responsibility, and the building deteriorated to such a degree that the City stepped in and ordered residents to vacate the property this coming Saturday (July 17th). The tenants will be put out on the street.
Update: Here is some video of the tenants protesting their eviction.
This story speaks for itself.
Today, I went to chase bank to ask about the exchange rate from dollar to Japanese yen. The guy told me that there’s no charge for the exchange and he then checked the rate at that moment and he told me that it is 1 dollar = 86.00yen. I knew that the last few days the yen dropped. I went ahead and bought $5,000 worth of yen. When I went home I realized that the rate at that moment was 1 dollar=89.56 yen. I went back to chase after half an hour and told them I would like to cancel and want my money back. It was too late because they said they already ordered the yen. Even I don’t have the yen with me, they still would not give my money. I was furious! The more I was furious when the manager told me that to get my money back I have to sell the yen to them(crooks) and now, get back less than what it cost, even though I don’t have the yen in my possession. It would take a couple of days. So now, I lost 20,000 worth of yen. I immediately cancel all my account with chase.
Chase are liars, worst than criminals and definitely CROOKS.
Yet another story of a bank integration gone bad. A customer had an account with Great Western Bank which was integrated into WaMu. Great. Then Chase takes over WaMu and the customers account gets combined with an ex-boyfriends that she hasn’t been with in over 15 years! Perfectly failing in the small details.
But it wouldn’t be a Chase story if there wasn’t a quite a bit of Chase refusing to see and/or fix the problem which this story has plenty of.
Over 15 years ago I had a Chase money market/credit card account. It was a joint account with my boyfriend at the time. We split up in 1994, at which point I opened my own account at Great Western Bank and took my name off of the joint Chase account. Great Western became Wamu, and my Great Western checking account became a Wamu checking account.
Then in 2009, when Chase took over Wamu, my Wamu checking account became a Chase checking account. In about March of 2010 I started receiving email addressed to my ex-boyfriend at my own email account. In other words, I started receiving email from Chase addressed to a man I hadn’t lived with in over 15 years! I went online and noticed a credit card account that I’d never seen before! I called Chase and they told me it was a credit card in my ex’s name. They told me they couldn’t cancel the credit card because I was not the primary account holder. They would not let me take my name off of the account myself and instead sent me a form that they required my ex to fill out.
My ex contacted them and they told him they’d already closed the credit card account per my request (although they had not told ME they’d closed the account). At about this time I started to received hardcopy mail addressed to my ex at my own house, where my ex had never lived! One letter contained two new Chase credit cards, one with my name on it and one with his name. My online sessions still showed the “canceled” credit card account as one of my active accounts. I also started getting junk mail addressed to my ex — Amex solicitations and such. I called and emailed Chase to tell them that something must have corrupted the data for my account when they took over Wamu, but the Chase reps I talked to said that couldn’t have happened.
Meanwhile, I’d been using Wamu’s online bill-pay, which of course turned into Chase’s online bill-pay. Yesterday I was contacted by one of my payees, who told me the check he received had my name and a suspicious address printed on it. Guess what? It was my ex’s current house address!!! Apparently, the bill-pay checks that my payees have been receiving since Chase took over Wamu have all had my ex-boyfriend’s address printed on them!
Today I got off the phone with a Chase rep who said they will research my bill-pay payments and send me a list of payees who received checks with invalid addresses. (I could research that myself online, but it would require about 5 clicks per check to see what addressed was printed on them.) Now I am going to have to contact each of those payees to make sure they haven’t updated their records and replaced my house address with my ex’s, and that they haven’t been sending my bills to my ex’s house.
It is a well known fact that banks like Chase are making bank (so to speak) right now because they can borrow money from the Federal Reserve at almost zero percent interest and lend that money for quite a bit higher, or use that money in their own proprietary trading operations. Life is good, and profits are fat. But when interest rates fall, what will Chase have to fall back on? There are some doubts about whether their consumer banking unit (aka Chase Bank) will pass muster as a thriving business.
First, consider Chase’s slash-and-burn tactics with retail baking customers that by our analysis appear to be driving customers away. But more important is the anecdotal evidence that their customer service just stinks, as evidenced by a customer that has only been with Chase a short while, meaning, a very important type of customer, the new and potential customer:
I’m going to start this post off in a very personal fashion, I do all of my banking with JPMorgan Chase Bank, aka Chase. I’ve been a customer for just a few months and the service is outstanding, well sort of. My business banker is a down to earth, reliable, honest person and knows the various programs in the Chase portfolio. Aside from him, the customer service at the Howard Beach, NY branch is horrific. I go to deposit my payroll check, and the teller gives me an attitude as does the manager (who mind you seems more concerned with Real Housewives of New York City than her 20+ customer in the branch). I work hard for my money, I work hard for my business, and no I don’t take things like Air Conditioning for granted, they apparently do. I’m tired of shitty customer service, whatever happened to the customer being right, or service with a half-ass smile. I guess that went out the window, when they started treating bank customers like flight passangers. Please stand in a straight line, with two forms of ID, your blood type, hair color and a sperm sample please, while we verify this is you and record your every move, so make sure you fill out the deposit slip correctly, because you CAN’t HAVE ANOTHER. Banks Suck, they really do. JPMorgan Chase can’t afford to lose even the smallest of business, because we all know they aren’t making any money anywhere else, and with interest rates the way they are, they need to start being nice or Santa is going to start thinking twice.
Let’s say you are a big thoughtless bank and you some customers you inherited from other banks you stole bought, but those customers have a great deal in a low-interest-for-life loan that other banks offered as a promotion, either for a big purchase, or a balance transfer from another credit card. Your problem is you want them to be paying a higher interest rate, but these are good customers with good credit scores who are paying on time. Hmm, what to do.
Wait, I’ve got it! Let’s increase their minimum payment, either forcing them to default on their loan, which allows us to increase their interest rate to something nearly illegal, or force them to agree to a higher rate in exchange for lower payments.
If you think this way, that might make you Chase bank. Full story below.
My credit has always been quite excellent, I have never defaulted on any credit or loan. My score is well into the upper 700 range. Chase has tried to screw me several times in the pass by jacking up my interest rate within just one statement period. Worse case. From 8.98% to 29.99% in just one month. I should have learned my lesson back then. But my personal checking was with BANK ONE(now CHASE) just down the street and I know the tellers and branch manger on a personal level.
HOWEVER! The final straw!
My story: Last February or so, I took one of their “Offers” 3.99% for the life of the balance. I needed a new furnace and windows so I used just over $20,000.00. My Credit limit was also raised to around $26,000.00 during this “special offer”. I paid the 3% upfront fee and continued to make not only the min due, but pay as much extra as my monthly budget would allow. Min payment due was around $400.00
NOW HERE is the reason CHASE_SUCKS. I get my September statement. My min payment due went up to almost $1,100.00! I checked my previous statements for any warning or info about this. NONE! I called and was told that I was sent a letter about 45 days ago outlining the reason for this. After explaining to them that I am not able to shit or grow an extra $700.00 every month. I am a single parent trying to raise my daughter with no help from her mother or anyone else for that matter and the two jobs I currently have just doesn’t leave room for much else. I ask what would happen if I cant make the min. due. You guessed it. “Default account! All kinds of Fees and charges. Current rate will rise to the now default rate on 27.9%”. When I asked about our agreement and the 3.99% offer. The manager stated. “it was a business decision on our part to HELP you pay off you account sooner, as well, we are allowed by law to make changes to our offers and account terms by sending you a 45 day notice”. So in other words, Because greedy chase is not making enough money off of me, they use some loop hole to increase my min due to an impossible amount so my perfect credit history gets trashed, so CHASE can rack up my interest rate and RENEGE on THEIR own offer.
I believe CHASE wants us to default and fail, so they cant continue to receive more government money, blame their problems and their own miss management on us the consumers, so as to keep their multi million dollar paychecks and mansions. All I can figure out in this whole mess; Is that the “powers to be” must really want Anarchy.
If you pay a mortgage, or any type of loan payment for that matter, you know, there is the due date, and the date after which a payment is considered late. For instance, my mortgage is due on the 1st of each month, but isn’t considered late until after the 16th.
I often pay after the 1st of the month (but before the 16th) and have never heard a complaint from my bank about this. After all, why would I, the payment isn’t late.
Why then is Chase harassing this customer with daily phone calls after the 1st but before the payment is actually due later in the month? Can they not figure out their own late payment date?
My wife and I have been sad Mortgage holders with Chase by accident.. We had a WAMU mortgage back in 96 that was transfered after the big mess and failure of WAMU. We have never been late with them, just on time before they could sick fees on us. The mortage is due on the 1st of course but the late fee is not assessed until the 16th. We purposely setup auto transfer of our payment for the 14th of the month before the payment is considered late. They seem to think that we need to be reminded every day after the 1st that our payment is due. We remind them that it is not late and no late fee is due. We pay the stupid mortgage unlike some of our friends and neighbors albeit just in time every month.. They seem to think that having some one call every day at least once literally to remind us starting on the 1st or the 2nd is appropriate and good business behavior. Even telling them we have it set up on the 14th does not work. They will call several times a day. Sadly I believe we will find some reason to sue them or do a strategic default since even paying the mortgage is not good enough for them. The people that call have meager english skills also and i believe my 5 year old could do better at calling people.
Point is Chase is obnoxious and even our second loan Ocwen does not even harass us.. Sad is that even Ocwen is smart enough to leave us alone since we pay consistently but Chase is not. If we default we will pay Ocwen and screw Chase if we can… Sad to say we will need to turn off the home phone or change our number because of Chase even though we are not deadbeats, work our asses off to fulfill the foolish committment we made while watching our neighbors buy new cars, take nice trips and not have to pay rent or mortgage for over a year.. Chase sucks and deserves some more bad loans….
Update: Here is another report of this same thing. Seriously, what are they trying to accomplish? I think this could be a great opportunity to mess with the Chase customer service people, like, “Hold on a sec” and then just set the phone down, or do some telemarketer pranks like comedian Jim Florentine does.
Bank of America is touting its new consumer friendly debit card overdraft policy in a full page Wall Street Journal ad in this mornings paper.
Bank of America decided that doing away with debit card overdraft “protection” was in the best interest of its customers, as most people expect debit cards to stop working once an account is out of money. One danger with debit cards that work as credit cards is that you grab the wrong card to make a big purchase. This wouldn’t make you inept at managing your account, just human. A mistake like that is likely to happen to everyone at least once in their lifetime.
Our new approach to overdrafts is getting a lot of buzz. Not a lot of fees.
We’ve listened to our customers about what they expect from their debit card. Beginning this Summer, we will help our customers avoid unexpected overdraft fees by only authorizing everyday debit card purchases when customers have enough money in their accounts to cover them. It’s another way Bank of America is helping customers keep overdrafts under control.
“Bank of America is to be congratulated for this important first step. Instead of launching a hard-sell campaign to persuade customers to opt-in to the most expensive form of overdraft coverage, Bank of America has correctly decided to simply deny debit card purchases on insufficient funds. Other banks should follow their lead.” – Jean Ann Fox, Director of Financial Services, Consumer Federation of America
There are a couple more quotes in the ad which I have left out as the first quote correctly captures the spirit of the ad; they are calling out other banks, especially Chase, which has been accused of fear-mongering tactics to get people to sign up for overdraft protection once they can’t offer it by default.
This story is so incredible it is just believable.
A customer, who got into a argument with a Chase branch manager went over her head and apparently pissed her off, because a couple of days later he found a $10 million debit on his account. It seems the branch manager was determined to make sure he wouldn’t have the benefit of his own money over the 4th of July weekend.
Bad bad Chase | admin July 14, 2010 | 
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