Don’t do anything out of the ordinary
Don’t do anything out of the ordinary with Chase Bank, like trying to pay two mortgage payments early like this customer did, so you can go on a long vacation or for any other reason. Given how bad Chase is in handling the small details, they will probably get it wrong, and in this case they did, charging the customer a late fee.
I’m one unhappy person with Chase Bank. They are trying to charge me because they are unable to handle two payments which are actually both early and in excess of the amount owed. Its a RACKET.
I wrote an email to the CEO…copied all members of the Senate Finance Committee…and Chase sent me back a Too bad, So sad letter. They said that their currently unable to accept bi-weekly payments which coincidentally cuts off 7 years of interest on my 30 year loan…if I make bi-weekly payments. So – its a little disconcerting that they are unable to process my payments when it is not to their financial gain.
My guess is that they ignored the instructions to apply one payment to the current months mortgage and one to the next months and simply applied both to the current month. Good luck trying to get them to reverse that.
Ineptitude | admin September 11, 2010
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By Anna, December 22, 2010 @ 7:54 am
I have been waiting 33 days for my escrow check that was legally suppose to be here 3 days ago. THey assured me they would Fed Ex it our yesterday. I called today and they said it will not be sent for a couple more days. They are going to desroy my kids Christmas.
By admin, December 22, 2010 @ 9:40 am
The best way to handle this is to complain complain complain. Tell anyone and everyone that will listen, including your local TV and/or newspaper consumer help reporter, the BBB, your states department of consumer affairs, your state senators and representatives, your US senators and congresspeople, the Federal Reserve, any anyone else you can think of. Unless and until enough people complain about these abhorrent behaviors Chase practices, nothing will be done to change them.
By coakl, January 6, 2011 @ 12:45 pm
The system used by the in-branch tellers cannot process payments two months in advance, applying one payment to this month and a second payment to a different month.
There’s simply no menu option to do that.
It also does not automatically post extra amounts to principal. WaMu’s system would automatically apply anything over the regular payment to the loan’s principal. In Chase’s system, a teller must manually specify any payment for principal, i.e. use an adding machine to manually calculate what the customer wants and type that in.