From comlaintsboard.com:
Chase froze my husband’s account because of an identity theft alert on his account. Chase never called or alerted my husband about the status of his account. The bank refused to allow him to make a deposit or cash any government checks. Which is apparently against the law in this situation. The bank required for him to prove his identity with social security which he did but the account remained frozen. The bank, however, continued to charge fees for all of the electronic transactions that were preset with online banking. They also considered allowing an electronic debit for 999, 999, 999.00. Over a week has gone by and they remain determined to collect the nsf fees that they tacked on from all of this mess before they will even consider to open a new account. Their policies don’t make sense. The customer service is appalling and I would never trust or recommend any business affiliated with Chase.
Celent, a Boston-area banking industry research and consulting firm said specifically that banks should tell their unprofitable customers “Bye bye! Please take your business to a bank that doesn’t have a handle on customer profitability”
Chase has apparently been listening because the rest of the excerpts from Celent’s suggestions to banks could have been taken out of a Chase playbook.
The problem is, people are rarely static. Today’s unprofitable customer is potentially tomorrow’s highly successful customer and a slash-and-burn policy like Chase has is borrowing for today’s increased profits from tomorrow’s growth prospects. In other words, they are pissing a lot of people off.
As an example, my partner and I bought our current manufacturing company 8 years ago. The first four years were a work in progress and we kept having to pump more money into the company. The last four years however have been increasingly profitable, despite the recession. Had our bank dumped us early on because we didn’t fit their idea of what a good customer was then, they would have missed out on the fact that we are one of the increasingly fewer ideal borrowers today and we would have gotten our recent large loan to acquire another business from someone else.
Don’t be so short-sighted Chase.
King County, home of the former Washington Mutual headquarters is striking out at JP Morgan Chase and demanding back taxes on the art collection it inherited from its Washington Mutual acquisition. JP Morgan Chase has claimed it has no art in King County despite the fact that it actually seems to. Appreciation in the value of art owned by companies must be reported and is taxes, unlike that for individuals.
Our good friends Chase made the news again today in an article in the Wall Street Journal on the creative ways credit card issuers are finding to skirt the Credit Card Reform Act of 2009.
Chase in particular is highlighted for their use raising of minimum payments as leverage to force people with very low locked-in promotional rates (like from a balance transfer promotion) to agree to higher interest rates.
I own and run several businesses, businesses that have actual customers, and know first hand that good customer service pays many dividends, some of which don’t come for years. Sometimes good customer service means giving the customer what they want even if they are technically wrong.
Well, Chase’s attitude towards customer service couldn’t be farther from this principle and their slash and burn tactics dealing with the sub-prime customers they helped create will come back to bite them, perhaps years down the road. Take for instance this customer.
I had a low rate balance transfer to a credit card. Most unfortunately, that company sold its card division to that den of thieves known as JPMorgan Chase. I was a couple weeks late just once — I was moving, all my records were in boxes, I thought I had paid the bill but didn’t. I paid it as soon as I discovered this, but oh no, they jacked up my rate sky high. The minimum payment went from about $200 to $600, almost all of which was just to service the interest. The customer service munchkins either said they couldn’t do anything about it, or just acted like I was some kind of a nut. I had to get help from my family, and then work like a slave to get out from under the thumb of those greedy loan sharks.
This is very typical Chase. The reality is that even good customers screw up sometimes, but rather than doing the right thing, Chase takes advantage of an opportunity like that to make more from their fee based banking. But what happens when you treat even your good customers in distasteful ways?
And now that I’ve paid them their pound of flesh, they’ve been sending me balance transfer offers. HAHAHAHAHA!
I got a house recently. Guess which company didn’t get my business? So they screwed me out of a few thousand dollars of interest, but lost the opportunity to get several times that much by servicing my mortgate. May they burn in *** for eternity. 
Exactly what I was thinking. You treat enough people badly and your growth rate somewhere down the line is bound to suffer.
The U.K. Financial Services Authority said today that it has imposed a record fine against JP MOrgan Chase for failing to properly segregate client money in order to protect it. Had the firm become solvent at any time during the period of 2002 and 2009 (and so many firms did or came close) the client money would have been at risk of loss.
Oops!
Chase has apparently decided to bow to all the pressure and stop financing mountaintop removal mining.
I haven’t found the data to back this up, but according to this post over at chasehomefinancesucks.com, Chase started out approving 106,000 trial modifications in the first four months of the governments program, and in the eight months since, only 86,000.
Bad bad Chase | admin June 5, 2010 | 
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