Dear Chase

Dear Chase,

A lot has happened in the last six months and we figured it is about time we wrote you a note to let you know what is going on.  Take a look at the number of daily visits our little site has been getting over the last six months:

What you see is that the number of people visiting our site has tripled in that time period.  Now compare that with the number of hits (i.e. how much people are actually looking at when they visit).

What you are seeing is that not only is the number of people visiting our site growing very fast, but the amount of information they are looking at is growing even faster.  The average person is reading almost 10 stories when they visit, stories about Chase that are not very flattering.

Now, we know people that work for you are visiting us, and we have a very strong feeling that you’ve been losing customers recently.  We hope you will take the convenient opportunity of having all the negative things people are thinking and saying about your bank all in one place and start using that information to improve the way you do business and the way you treat customers.  That has been our goal from the start.

Thanks for listening and there is no need to reply.  When the number of visits we see from your banks networks increases substantially, we’ll know that you are reading everything and taking the information to heart.

Sincerely,

Your friends at Chase-Sucks.org

Welcome, visitors from Chase

Our web logs indicate that we had visitors from Chase last month.

That’s 20 visits for a total of 167 page views. In May they were here about 6 times.  In April it was 7 visits.

I hope your learning something to improve your customer service.

What it is like to work at Chase

The definitely NSFW video (profanity) represents what it is like to work for Chase bank.  Most interesting though, are all the comments that go along with the video on YouTube and financemoz.com, which appear to mostly be from current and former Chase employees that definitely don’t like it there.

Chase trends – where have the customers gone?

Take a look at the graph of average daily visits of our site for the last 10 months.

Daily average site visits (per month)

This would seem to indicate that more people, not less, are looking for information on problems and difficulties with Chase.

When it comes to posting Chase-related stories and information on this blog, I don’t exactly go out of my way to find them; I post what people send me or what Google Alerts finds for me.  Now look at the trend in posts over the last 10 months.

Posts per month

Holy cow!  That is about a five fold increase in posts per month.  Clearly, more and more people are posting their dissatisfaction with Chase online.

I realize this information is very anecdotal and could mean different things.  When reported incidents of disease go up, you have to ask, is the disease spreading, or are just a higher percentage of people reporting being sick?  This could mean that Chase is getting worse, or that Chase has been bad enough for long enough that more people are reaching that boiling point where they want to do something about it.

What about number of retail banking customers?  That would surely be a good indicator of whether people are leaving Chase.  Well, Chase doesn’t make those numbers available, but they do make their total deposit numbers available.

• 4Q2008: $1,009 Billion
• 4Q2009: $938 Billion
• 1Q2010: $925 Billion

Hmm.  Ok, well that seems to be yet another trend for Chase in the wrong direction.  Either all Chase customers have become 8.3% poorer over that 15 month period, or Chase clearly lost some customers.  Let’s take a look at the US savings rate and household net worth over that period.

Household net worth

Sorry Chase, not only has the personal savings rate been very high during that period, but household net worth went up 6%, even as housing prices went down, meaning personal savings probably went up considerably more than 6%.  And with lots of individual investors sitting out of the stock market in the last couple of years, this can only mean the money is in mattresses or banks.  Apparently, it isn’t in Chase bank.

So, if we add up a 6% increase in household net worth and an 8% decline in Chase deposits overall, my best guess is that they have lost at least 14% of their depositors.  Wow!  No wonder they don’t include those figures on their financial statements.

Chase executive washroom picture?

Someone tried to pass this picture off as from the JP Morgan Chase executive washroom.  But it can’t be real though, because it would be $100 bills, not $1 bills.

Accessories to show off your displeasure of Chase

Bumper sticker, available here.

I dare someone to walk into a Chase branch to make a deposit with this t-shirt:

This t-shirt just says it all”

Does Chase look at YouTube?

Is YouTube the new way to communicate with your bank? (story)

Unhappy Twitters

This is a little funny: some unhappy Chase customer created a user on Twitter called J.P. MorganChase to share their discontent.