The Chase Bank Home Mortgage and Service BureauCrazy
In the wave of the government bailouts, JP Morgan Chase bank was one of the first to collect huge amounts of taxpayers money. Not that this giant bank badly needed it, but because this financial Goliath was given a chance, just in a case, to sustain and do not disappear from the face of the earth.
Many other much friendlier, small town banks closed their doors and vanished into thin air. After many years in business, these smaller community banks terminated their professional service. Hundreds of thousands of customers were left without many choices, but to deal with a behemoth bank like Chase that small businesses and mortgage holders fear.
FYI: Chase Home Mortgage is a full-service mortgage lender operating in nearly all fifty states. The organization is an arm of the larger parent company, Chase Manhattan Bank, which has branches in sixty countries. Like many mortgage institutions, Chase Home Mortgage has had complaints filed against it – some of which have made to the federal level.
If you’ll research Chase bank site at www.chase.com, you’ll be amazed how good this bank is in advertising itself with phony promises, such as,
- “Chase helps hardest hit. Over 750,000 foreclosures prevented so far.”
Comment: There is no one example published about real families to whom Chase helped so far. Real people who tried to prevent foreclosure or modify their loans tell horror stories of bad professional service, customers private documents lost, and Chase’s unwillingness to help.
- “More and more Americans are struggling to keep up with their mortgage payments. A few late payments, then suddenly you’re facing default… and you feel as if there’s nothing you can do. But it doesn’t have to be that way. The sooner you talk to us, the sooner we can help. And, the more options you’re likely to have available to you.”
Comment: Beautiful words and nothing else. You cannot reach any bank’s loan officer or modification specialist. When you call, some “Johns” from India and “Christines” from Phillipines answer you and when you ask any questions they simply disappear from the line.
- “Unfortunately, the threat of foreclosure is real for many Americans. (* Of course, not for Chase!) It impacts everyone – you, your family, and our communities. Be assured. (*Really?) Chase does not want to foreclose on your property, but it may be the only option in some cases. (*Almost in all cases!) If so, we will work with you, to make the process as smooth and as easy as it possibly can be. (*Surely, the process to take your house from you is smooth and easy for the bank, not for you.)
Comment: Chase wants to foreclose on your property because it will make money. Modification doesn’t bring the bank earnings, but some losses, and etcetera., etcetera. See our previous posts about it.
The bank’s CEO Jamie Damon says, “JP Morgan Chase & Co. is well-capitalized and rock-solid. Even during one of the worst recessions in the past 50 years, the bank maintains a strong balance sheet and a tremendous commitment to help every customer reach their financial goals.”
No wonder, the bank maintains a strong balance, because it willingly takes the money/deposits in, but is not willing to give the money out. Does this bank help every customer reach their financial goals? According to many customers’ experience, the bank doesn’t help. It is rock-solid in its decisions to decline majority of customers requests.
If customers do not have any money during one of the worst recessions, as Mr. Damon pointed out, the bank doesn’t have their money to help them achieve their financial goals, does it? So, what is it ? It’s called Catch 22. Here are some customers’ opinions that are dispayed all over the Internet:
“Awful bank.” “Poor customer service.” “Terrible experience.” “Chase is the worst bank ever…” “Chase bank, what a nightmare!” “Credit card scam.” “Overcharged.” “Dishonest bank practices.” “Bank refuses to give me my IRA money.” “Take this as a warning! Chase bank wants much more than to hold your money. This greedy, unprofessional company wants to steal your hard earned cash! If you must do banking with Chase, be ready to pay ridiculous fees and charges, and to deal with unprofessional team…”
Hmm… Does Mr. Damon ever read what customers think about his bank?
Thousands and thousands of customers complain (published on numerous consumers affairs websites) about the bank’s bad practices with credit cards bearing high interest rate and fees, and sudden closing of WaMu credit cards, a process that ruined customers credit, and about unexpected service charges on personal or business accounts with demands to keep minimum $4000 as a balance.
What for any customer must keep $4000 as a balance and do not touch it? Just to avoid $16.00 per month service charge and give the Chase bank an easy chance to make more money on customers money? How smart of the bank to create such benefits for itself and disadvantages for its customers!
How can you trust Chase, if this bank–behemoth created even more problems for its customers with home mortgages, too?
FACT: In 2009, the Better Business Bureau, a non-profit rating agency that reviews all types of American businesses, assigned a rating “F” for Chase Home Mortgage. this is the lowest rating possible on their scale from A+ to F. According to BBB, customers and agencies have filed over 700 complaints against the company. 61 of which were never handled.
Does Chase care about these problems? It’s doubtful. This rock-solid institution takes it easy for now. The customers problems are the customers problems, but not the bank’s concern. Don’t you know that customers’ problems are boring to death for the bank? Chase professionals are busy with more pleasant thoughts and plans. They bring to you, the latest news, such as
“WaMu is Now Chase Everywhere! We are excited to bring you the convenience of nationwide banking at more than 5,100 branches and over 15,000 ATM’s from coast to coast.”
Are you happy about that? By the way, WaMu really was nice, old bank, friendly to its customers. Such a pity, the government did bail it out. Hundreds of thousands of customers would be happy to see this bank in business today.
Source: photo of American money by Anna Cervova
Text copyright 2009.
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