One of the things WaMu has historically been particularly bad with is if you are using your account in a different state than where you opened it. This has gotten exponentially worse as Chase converts WaMu branches in different states at different times. A recent blog entry by a WaMu customer confirms this and shows many other problems from badly trained WaMu & Chase staff.
Despite J.P. Morgans claim of processing lots of mortgage modifications, from customer perspectives, it still looks like nothing is happening, as evidenced by this discussion on the LoanSafe.org loan modification forums; lost paperwork, lack of call back, delay after delay, and clueless staff.
This makes perfect sense: Chase is giving away $20 for people that sign up for automatic payments with their debit card. According to the Center for Responsible Lending’s Debit Card Danger document, banks steer customers to use debit cards because all new accounts are signed up for automatic overdraft protection, which leads to huge amounts of overdraft fees, primarily from debit card use. Using debit cards for automatic payments will just create more overdrafts and thus more fees.
But then again, perhaps there is a silver lining. A blogger over at About.com claims that if you have one of those Chase overdraft days, where you use your debit card at 5 or 6 different places and each one gets you an overdraft charge (called a rolling overdraft), Chase will often reverse all but the the first overdraft. Worth a try.
A source who regularly attends foreclosure auctions, the ones held on the courthosue steps when a property is first foreclosed upon, says that WaMu/Chase are among the banks that are dumping properties at these auctions at below market value just to get rid of them. Not very positive indicator of their desire to mitigate foreclosures.