Even after having looks for this information several times I get confused on who regulates Chase or any other bank. The best place to start is here, the SEC’s website which describes what regulators do what. That site will point you here, at the FDIC where you can search for the regulator for a specific bank. According to that site, JPMorgan Chase Bank National Association is listed with 5,497 branch offices, so it is probably the correct one. The regulator is listed as the Office of the Comptroller of the Currency and the proper place to file a complaint is here.
However, the banks holding company, JPMorgan Chase & Co is regulated by the Federal Reserve, according to this and many other sites. At the bottom of Chase’s website, it says JPMorgan Chase & Co. You can file a complaint with the Federal Reserve here.
To be safe, if you want to file a complaint against Chase Bank I would do so at both places.
I’ve seen several posts in the last year relating this same story. If you have an old debt with Chase, perhaps even from a decade or more ago, they will simply take it out of your present day account without any fanfare, warning, notification, or notice after the fact. Sounds only fair you say, you owe them money, right?
It’s not that simple. The present day Chase is made up of many other businesses that they have acquired over the last 20 year buying binge, including many companies that companies they have acquired have acquired. Make your head spin? It should. It means there are lots of companies that you might have done business with in the past that might have something on their books saying you owe them money, that are now part of Chase.
Let’s say for instance that you closed an account at WaMu years ago but for some reason in the split second between when all your money left the account and when it was officially closed, WaMu decided that your funds were too low and charged you a monthly fee for the privilege of having a checking account with them with a balance below the minimum. Don’t laugh, this kind of stuff happens all the time. So now WaMu has it on its books that you owe them $16.95. All of a sudden your Chase account shows a mystery debit of $16.95 plus 15 years of interest and charges … $1,132.17. See where I am going?
I’m pretty sure this behavior violates some part of the Fair Debt Collection Practices Act. But they obviously don’t care.
JP Morgan Chase has been listed as a co-conspirator in a bond bid rigging scheme.
Read this if you want to read about JP Morgan Chase CEO Jamie Dimon whine about how banks are being treated unfairly by Washington. Given the fact that large banks are raking it in due to a favorable financing position created for them by low interest rates (aka created by Washington), I have little sympathy.
Here is some more information on the allegations made by a former Chase employee that Chase was practicing flat-out fraud when it packaged up a bunch of loans for sale with grossly incorrect information on the state of those loans. How poorly managed does a bank have to be to allow something like this to happen?
(The headline is from the movie Turk 182 if it doesn’t ring a bell.)
JP Morgan Chase has ramped up its lobbying efforts, a.most doubling money spend on lobbying in the 4th quarter 2009 compared with the same period in 2008.
Here is a video from a news program that summarizes the investigations going on into the WaMu seizure. More and more people suspect that something fishy happened.
Chase stands among the second-lien-holding banks accused of demanding off-the-books payments from real-estate brokers and buyers to allow a short sale to go through. (story)
Legal & regulatory | admin April 13, 2010 | 
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