Higher new checking bonus
Chase has upped its bonus for opening a checking account from $100 to $150. Why would they do this? Are they losing too many customers?
Advertising | admin April 2, 2010 | 
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Chase’s ineffective fraud controls
This is truly amazing. Over the course of seven years, a Chase credit card customers personal assistant embezzled over $1 million by taking $200 to $700 cash advances from the creidt card, usually twice a day for the ENTIRE 7 year period. Shame on the card owner for not checking his account once in that seven year period, but what kind of fraud controls does Chase have exactly that won’t catch fraud THAT obvious.
Non-alerting alerts
Chase’s online banking alerts that tell you when your funds get below a certain amount doesn’t seem to work properly for everyone. For instance, this guy got alerts when funds were plentiful, and didn’t get them when they were low, resulting in 10 overdraft fees.
Ineptitude | admin March 29, 2010 | Comments (0)
WaMu bankruptcy falling apart
Now the FDIC is backing away from its support of JP Morgan Chase getting part of the tax break that really belongs to WaMu’s former holding company. This doesn’t help WaMu’s common shareholders though, as even with an additional $1.4 billion, there isn’t nearly enough money to make the bondholders whole, and that happens before shareholders get any money.
WaMu failure | admin March 28, 2010 | Comments (0)
JP Morgan Chase in legal hot water?
JP Morgan Chase has been listed as a co-conspirator in a bond bid rigging scheme.
Legal & regulatory | admin March 27, 2010 | Comments (0)
Loan modification shenanigans
Here is another story that outlines everything that is wrong with Chase. Homeowner applies for a modification numerous times over 9 months. Chase loses paperwork, sends paperwork to the wrong address, approves them for a program they repeatedly tell Chase they don’t qualify for, and is abusive on the phone. They won’t accept mortgage payments for 9 months and then demand a huge balloon payment or they will foreclose. Can Chase really be that inept, or is this an explicit strategy they are practicing?
Bond bid rigging scheme
Oops. JP Morgan Chase has been listed as a co-conspirator in a bond bid rigging scheme
Lawsuits | admin March 26, 2010 | Comments (0)
They can’t help themselves
When an organization like Chase has a very good reason to fix a very public problem, and they can’t, that is a clear indication that their organization is incapable. For instance, a woman sold her home and closed out her Chase mortgage, but they started harassing her about tens of missed mortgage payments. She contacted the Chicago Tribune consumer help columnist, a story was written about the incident, and Chase responded and said they would fix the problem, a problem with which she had been getting nowhere. But they didn’t fix the problem and the calls started again.
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Chase’s 22 cent solution
