Chase mistake nearly kills yet another business
We recently reported on mistake Chase made that killed a Seattle area soap company. Looks like they’ve done it again in the Seattle area, this time to the wife of an area columnist. By freezing the credit line his wife used to run a small housing development business, something that broke their own contract, they cost the business two months of progress and thousands of dollars.
I was a longtime Washington Mutual customer (back when it was a “friend of the family”). When Chase took over, inertia, or maybe it was laziness, kept me hanging around.
Bad move. In the spring, Chase, for no good reason, plunged my family into a financial crisis.
Without notice, Chase froze a line of credit my wife was using to run her small housing-development business. She had a project in mid-construction. One day she had money to pay the construction crew. The next day it was gone.
She had to halt construction, lay off workers and spend two months and thousands of dollars appealing to a disinterested corporate Borg. (The loan eventually was reinstated when it was made clear that Chase, by its own contract, had no grounds to freeze it.)
Bad bad Chase | admin July 20, 2010
