Don’t surprise Chase with out-of-the-ordinary requests
Hold the pickles hold the lettuce special orders don’t upset us? Yea, not so much for Chase according to this story:
I am trustee of my mom’s trust. We, my mom and I , have a joint account at Chase. It is not a trust account, per the Attorney’s advice. I was traveling (in California) and received a dividend check from a stock in the name of the Revocable Living Trust . The check is made out to me, as trustee for my mom. Chase is the only bank in the area where we have an account (all others are local, and in the trust’s name, where we live). I tried to deposit the check into the account and Chase said they couldn’t do that. I pointed out that I am the trustee, I am trying to DEPOSIT the check, not cash it, and both our names are on the account, and that their computer system has a copy of my Durable Power of Attorney for my mother. FInally, after speaking with three managers, over a period of an hour, one of them decided they could call our local branch (in Tacoma) to get their permission to accept the deposit. Huh?
Two years ago I had to get our State Attorney General’s office involved because Chase wouldn’t accept the DPOA to open a Chase CD in my mother’s name, with her funds from her Chase Bank account!
Never, ever had any trouble with any of the other financial institutions we deal with: 2 brokerages, 3 credit unions, and another bank.
Ineptitude | admin May 11, 2011
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By coakl, May 11, 2011 @ 5:30 pm
If you have a check payable to a trust/trustee, then you need to deposit it in an account titled for a trust.
Joint accounts are not trust accounts. It doesn’t matter whether you’re depositing or cashing it, whether your names are on the account, or whether there is a power of attorney.
On powers of attorney, those must be done on Chase forms and to Chase standards and it must be approved for inclusion on your account. You can’t just bring in any POA and expect the bank to accept it.
The Chase rulebook on account ownerships is pretty long and thorough. Also, branch personnel are held accountable by internal auditors if there are any breaches of the policies and procedures. At Chase, obeying the almighty “P&P” is more important than customer service. If you don’t obey it, you are reprimanded and even fired.
By admin, May 11, 2011 @ 7:44 pm
The problem seems to be that no one at Chase can figure out their long an tortured rule book enough to tell the customer exactly what the right thing is to do. They seem to just know they can’t do what he is asking. Any why do other trust-related financial institutions have no problems with transactions like this?
By angie, May 19, 2011 @ 12:16 am
to the Admin: Amen! yes, that is exactly what i have experienced with Chase. the worst thing is that they make you feel like the customer is the problem. When I as a customer want to be informed on what is going on, and what I need to qualify for the HARP program, the representative couldn’t tell me why/how I didnt qualify. Except that my debt ratio was too high? what? The way he explained it was almost as if he was making things up, just to keep me nodding. right? I asked that my credit is good and my only debt is my home. he referred to someone else a VA loan specialist who never got back to me. Gladdly, I have had enough. so, i call USAA and they approved me!
SImilarly, days prior to this, i received a letter from chase explaining that they could not qualify me for a loan because i was missing info. no one called me to tell me this. i got this confirmation letter almost three weeks later (online submission) and the letter asked me to call a number below…really? Their was no number!!!! THIS WAS MY FIRST TROUBLE SIGN. The representative left a zero as a phone number..so, I wouldnt call..? way to go chase!
By Anon, December 29, 2014 @ 5:03 pm
Pay your lawyer to get a writ from a judge and present it to Chase bank (takes about 5 minutes and 250$). If they fail to acknowledge it in 14 business days, all business operations in that state (generally P.O.A. are state level) are suspended as he issues a bench warrant for the company to clarify why the institution is not accepting a judges order.
I found this to be MOST effective in getting the banks attention.
By Tessa, November 29, 2015 @ 6:09 am
Chase still asks for customer he can’t hear talk or see and is dying I have durable power of attorney and I’m siring them for four times and he Cousinn get his army pension because I couldn’t talk to them what funny cuz I worked there ! It’s a huge deal and I had New York executives calling me and apologizing and trying to make it right I said nope see you in court they sent a card to my house and showed up and tried to talk thy were nervous and 23,000,000 we get and they get massive fine from government