Chase is nothing if not creative. Their latest bit of creativity that is aimed at increasing fees is to say that a payment is due at the end of business hours on the due date rather than the actual end of the day. Furthermore the end of the business day is in their time zone (EST) not the one that you are in. With electronic payments these days, the end of business hours is not the end of the ability to make a payment, so business hours shouldn’t be important.
I suspect that some bean counter at Chase figured out that quite a few payments were technically on time according to their old rules but could be considered late if they just changed their rules a little bit.
Ok, it is now May of 2010, nearing on two years since Chase took over WaMu and its crappy credit card portfolio. In response to the crappyness of WaMu’s credit card portfolio, they began to slash credit limits. One would think they would have limited this to the customers that were actually credit risks, but from reports we received, they seemed to slash credit limits arbitrarily without regard for whether people were risky or not. And they did so without informing people in any way, either before or after they made the changes to peoples accounts. The only indication could be found on customer’s monthly statements, where the credit limit itself was indicated.
So now, 20 months after they began this slash and burn campaign, why are the still doing this?
I can’t get the whole story because it is behind a paywall, but according to this headline, Washington Mutual shareholders are appealing the judges decision against appointing an independent examiner to investigate WaMu’s seizure and sale by the FDIC.
In the latest settlement agreement between JP Morgan Chase and WaMu’s former holding company (and the FDIC), Chase is backing away from its claim to tax refunds in exchange for a larger share of the WaMu assets.
Does anyone else think it is strange that Chase is laying claim to $6.4 billion in assets when they paid only $1.9 billion for all the banks assets in 2008? Someone is getting screwed here and I think it is the WaMu shareholders and bondholders.
Here is a humorous story about a guy just trying to activate his new Chase ATM card that he received in the mail. What should have been a simple procedure had Chase thought it through turned into a major hassle that involved a half-dozen Chase employees.
Perhaps Chase should adopt this clever logo to better reflect their true nature.
Apparently class action trollers are looking for Chase employees to join a class action suit against Chase for violation of wage and hour laws.
With its overdraft fee income in jeopardy because of new Federal laws, is Chase starting to ding customers in other stupid ways? One customer writes:
I found there was a $3.00 charge against the account because I went over the maximum of four withdrawals within a given statement cycle. For this particular cycle I only did five due to added expenses that given month.
But they went and actually read Chase’s policy on their website.
Under federal regulations, you are allowed up to six pre-authorized withdrawals per monthly statement cycle
The customer contacted Chase by phone, in person, and by email and explained the situation but Chase refused to budge.
Perhaps next Chase will institute a fee for standing in line at their branches?
Bad bad Chase, Fees & charges | admin May 23, 2010 | 
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