Chase-Sucks.org

Chase and Free Checking

admin — Fri, 24 May 2013 17:07:32 +0000

In 2011/2012 as the government was implementing a number of policies that affected banks, (like limiting what banks could charge merchants for debit card charge processing), most banks complained that the hit to profits would force them to no longer offer free checking, and they changed their policies so that many if not most customers were no longer eligible for free checking accounts. Chase of course was one of the first and worst to do this.

Fast forward to today. Chase’s last fiscal year included record profits of $20 billion, about half of which CAME FROM RETAIL BANKING. So it would seem that Chase is doing just fine and could be offering free checking just like they used to.

Remember, you are giving a bank your money to play with while you aren’t using it. This is how they get much of their capital to fund loans and to do their own proprietary trading activities (i.e. London Whale). If a bank wants you to pay for the privilege of allowing them to use your money, it is time to find another bank.

How Chase treats its employees

admin — Fri, 24 May 2013 17:00:38 +0000

From a reader.

I’ve been working for JPMC for numerous years and, after every business trip I am asked take, my expense report is scrutinized by upper management with the end result being many of my LEGITIMATE expenses (according to current company policy) getting DENIED. This, in turn, results in me having to pay for the denied single-persom meals and other modest expenses out of my pay.

I checked the board of labor and similar websites, including JPMorganChase site, and they all agree that the expenses I incurred are legitimate and eligible for reimbursement. But, because a particular JPMC executive whose initials are EZ feels like it, the expenses in question are denied. While not an exec, I do hold an important position and title with the firm. Yet, after countless discussions with management above me, the spineless cowards refuse to question why EZ is denying something that ALL AGREE is counter to written expense policy. I can’t refuse to go on these trips, without putting my job at risk. And EZ knows this as well.

Clearly JPMC bullies their employees, even over trivial and modest expense reports. This place truly is getting worse with each passing year.

Chase on Gov’s sh*t list

admin — Fri, 03 May 2013 23:44:18 +0000

It seems that JP Morgan Chase has gone from government darling to heavy regulatory scrutiny since the London Whale incident, as this article from the Wall Street Journal shows (J.P Morgan Under Regulatory Fire, WSJ 5/3/13).

Burned customers have known for years that Chase isn’t the prim and proper corporate citizen it claims to be (just read this blog for many many infractions against customers). Among the concerns:

Regulators also presented Mr. Dimon and the board with an annual report card that was critical of compliance, audit and risk …

That covers pretty much everything an investment bank does. Some of the specifics they are accused of are:

The Federal Energy Regulatory Commission has served J.P. Morgan with a Wells notice accusing the bank of misrepresenting prices of electricity contracts with California and Michigan that resulted in over payments. It also alleges commodities chief Blythe Masters and three other traders had false representations under oath about trading schemes and the strategies behind the schemes.

Regulators are also examining whether customers were charged for services but didn’t receive the actual benefit and whether the bank provided adequate warnings about the fraud of Bernard Madoff, said people familiar with the bank’s discussions with regulators. J.P. Morgan and the OCC declined to comment.

Some good news for Chase customers as regulators appear poised to increase scrutiny of Chase’s consumer banking:

Regulators are making it harder for J.P. Morgan to enter new markets or introduce new products, and they are preparing to hit the bank with more enforcement actions highlighting past missteps in the bank’s consumer operations.

It seems that Chase has irked regulators by blowing them off in the past.

Regulators emphasized their lack of trust in management and their view that past guidance had not been heeded.

Oops!

Chase class action for same-day credit card deposits

admin — Fri, 03 May 2013 23:27:51 +0000

The Law Offices of Napoli Bern Ripka Shkolnik, LLP, Hanly Conroy Bierstein Sheridan Fish & Hayes LLP, and Katz & Kern LLP have filed a class action complaint against JPMorgan Chase & Co. The complaint alleges various causes of actions arising from defendants’ failure to honor its “Same Day Payment Guarantee” whereby defendants promised that payments made on-line from a Chase deposit account to a Chase credit card account would be credited on the same day. However, the plaintiffs allege that the payments were not credited on the same day.

More info here.

Wrong bank statement? Chase doesn’t care

admin — Fri, 03 May 2013 13:02:23 +0000

From a reader:

I called them 4 times and once was passed on to a supervisor who told me just to ignore them. She said there is nothing i can use from receiving someone else online bank statements so just to put it in my junk folder. I never have and never will have an account with chase but they dont seam to mind sharing their clients account info with me.

Timing and “planned” outages

admin — Sun, 14 Apr 2013 15:00:51 +0000

From a reader:

I’m speechless. It’s one day before income taxes are due, and Chase is offline for two days doing major (planned) system upgrades. So basically, I can’t find out how much money is in my account until Monday. But they’re sorry for the inconvenience!

No mobile, no customer service by phone, and I’m not sure if you can get info online because they insist I’m on a new computer (I’m not, but I’m using my *mobile* hotspot, and they don’t recognize the IP address) so they want me to verify my login information – by text, voice, email, or customer support call – but none of those things are working!

Ack.

Chase employee love

admin — Tue, 19 Mar 2013 19:15:02 +0000

From inside the nest:

2013 – Chase adopts a new internal “expenses” policy which dictates that (for example), if an employee spills coffee on a company laptop or other device, the employee shall be financially responsible for the damage.

I doubt this is legally feasible …. but it’s yet another example of how Jamie Dimon hates his employees. Couple this news with January’s 1-2% raises (if you got one at all) and you can see why most employees I’ve candidly spoken with hate this place as much as the next person.

Chase: your results may vary

admin — Tue, 12 Feb 2013 16:41:41 +0000

One frustrated customer tells us this:

My financial adviser from Apple bank and I have been unsuccessfully trying to roll over a small IRA from Chase for 3 years now. Forms that have been filled out over and over again while a Chase representative was on the phone giving us detailed instructions that we religiously followed. Every single time the forms came back with this or that supposed problem. There is no doubt in my mind that Chase has not been acting in good faith and simply doesn’t feel like forking my money over. As a last attempt we requested the transaction to be processed as a rollover in form of a check made out to me. That has now been screwed up and I have to pay taxes on the amount that is now no longer part of my retirement. I’m beyond mad and advise all my friends to take their money out of Chase.

Chase mistake cause of foreclosure; help John’s mom keep her home

admin — Tue, 08 Jan 2013 17:30:02 +0000

Join John’s petition to help his mother keep her home, which she is in danger of losing due to Chase’s mistake in calculating property taxes.

Chase’s current practices preys on widows or widowers of borrowers who own homes with loans taken out by their deceased spouse. These practices are also callous and cause unnecessary mental anguish to people who lose their husbands or wives.

My mother has lived in her home for almost 24 years, including her entire 19-year marriage with my step-father, who died in 2008. She was late paying her real estate taxes in 2010, and her lender Chase began escrowing taxes but made a mistake in their calculations and almost doubled mom’s payments instead of just increasing by $90 per month as they should have. My mom couldn’t afford the doubled payment, and tried to tell Chase they were collecting too much for taxes but all their associates refused to talk to her because my step-dad had gotten a veteran’s loan in his own name. Chase refused my mom’s payments for a year because they weren’t enough according to their mistaken figures, and their associates called constantly and kept asking to speak to my step-dad and sending letters addressed to him. My mom had to repeatedly tell them, “My husband is dead,” a painful and almost daily reminder of her loss. Chase would never update the information in their records even after we sent them certified death certificates twice. Chase sent mom a notice correcting her payment amount a year after the increase, which showed her correct monthly payment to be only $90 more to cover the taxes. Mom could have paid that all along, but by now she was behind because of all the payments Chase refused to accept, and Chase would never talk to her about any type of settlement or loan modification. When mom hired a lawyer Chase’s lawyer told us Chase would agree to talk to mom if she re-opened the estate file of my step-father and got them more paperwork, but after we did all that and completed all sorts of paperwork to modify the loan at their request they told us they would not work with her or even review the paperwork they had asked for because she was not the original borrower. So basically Chase made a mistake and doubled her payments, caused her mental anguish on a daily basis by making her repeat the phrase, “My husband is dead,” made her incur attorney’s fees to re-open my step-dad’s estate, made her complete paperwork they never intended to review, only to tell her they are foreclosing on her anyway.

I’m sure my mom is not the only widow or widower who has run into this situation with Chase. Chase’s practices are callous and irresponsible, especially when they caused my mom to fall behind in the first place with their own mistake in calculating her payment. Their practices are also likely to affect two especially vulnerable groups — the elderly and the poor — who are the most likely to be widowed and unable to financially handle a big change in their mortgage payment due to the lender’s mistakes, even temporarily.

Please help us tell Chase that their practices on dealing with widows and widowers are not acceptable, and get them to modify mom’s loan like they do with other homeowners and let her make payments to keep her house.

Does Chase actually protect your money

admin — Wed, 19 Dec 2012 17:07:54 +0000

This customer’s experience along with other comments we’ve gotten seems to indicate that Chase let’s fraud go unchecked and locks down accounts due to normal activity which they call fraud.

Last June my wallet was stolen with my drivers license, chase debit card and another credit card. Police report was filed, cards and accounts closed. Six months later the thief had the nerve to walk into a Chase branch hand over my ID and debit card and the teller gave her $2K of MY money. 1) The card she had was closed and reported stolen to Chase 2) the address on the license no longer matches the address on record at chase and 3) she didn’t know my account number BUT she was able to withdraw MY funds.

I had a similar experience 10 years ago where I had a joint checking account with an ex, we closed the account and both opened individual accounts. A few months later I noticed a large withdrawal I didn’t make. When I asked to see the slip sure enough it had my ex’s signature on it. How could a teller (this was not theft or forgery) give someone not on my account MY money? I should have learned my lesson from that experience not to bank with Chase.
When I reported what happened with the identity theft the Chase employee seemed shocked that I didn’t want to open yet another account with them. Sorry Chase, ATM convenience doesn’t win over security.

I’m also disgusted that Chase’s attitude was “it’s ok, we see this all the time,you’ll get your money back”. Really? and we wonder why banks are broke – they let criminals walk out with customers money because eh, so what? FDIC insured! I’m ready to start burying my money in the backyard. with .05% I see no difference, other than its probably safer in my mattress than with Chase bank.