The letter and the law isn’t enough
Clueless or malicious? Guy Strickland paid off his WaMu equity line after losing his home in a fire. By California law, early payment penalties are not allowed after a home is lost in a disaster. Chase corporate even gave him a letter waiving fee. But when he went into a local WaMu branch, they refused to waive the prepayment penalty despite the letter and the law. He took them to small claims and won. He sent the Sheriff with a court order to collect the money. They refused. It was only after a reporter started poking around that Chase corporate refunded him the money and sent an apology letter. (story)
Bad bad Chase, Legal & regulatory | admin September 23, 2009
