jpmorgan-chase

In response to legal and political pressure, JP Morgan Chase is removing the mandatory binding arbitration clause from its credit card contracts. Customers will receive a new member agreement reflecting the change first quarter 2010.  More »

Remember those banks that the federal government bailed out because they were "too big to fail?" Well...after mergers and bank takeovers (some encouraged by the government) those banks bailed out because they were "too big to fail" now are much bigger. JP Morgan Chase and Bank of America combined now control more than 20% of all bank deposits in the United States.  More »

New York Attorney General Andrew Cuomo's report on the bonus structures of the banking industry is out and — oh my— it's damning. The AG says that 3 banks, Goldman Sachs, Morgan Stanley, and JP. Morgan Chase, paid out bonuses that " were substantially greater than the banks' net income."  More »

JPMorgan Chase, Morgan Stanley and Goldman Sachs are seeking permission to repay government bailout funds, says Reuters.   More »

Poverty in America is creating jobs for people overseas, says ABC News. The saga began when a Florida resident's hours working as a nanny got cut back when her boss' hours also got cut. She called a toll-free line to inquire about her food stamps and noticed that the call center obviously wasn't in the US.  More »

You're cut off! JPMorgan Chase and Citi announced they'll no longer accept mortgages submitted by mortgage brokers. The move seems to be a way for the banks to exercise more control over the loans they undertake. At first blush, this sounds like a good thing, for banks to be looking their borrowers in the eye, a throwback to the days when credit was earned instead of splooged out like candy in a parade (days epitomized in this 1950's short, "The Wise Use of Credit," posted inside...) On the other hand, it could be more just a way to snag market share and shut out the competition, which can lead to higher interest rates, borrowing costs, fees, and lower service.  More »

Bad day on Wall Street today, folks. The S&P 500 closed at the lowest level since April 1997.  More »

Over 100,000 people have been laid off by banks, but 9 in 10 executives at banks that accepted bailout money are still working says the Associated Press.  More »

Chase has announced that they will be closing 299 branches, 57 of them in the Chicago-area alone. The Daily Herald says that most of the branches are across the street or down the block from existing Chase branches and consolidation is necessary. The remaining WaMu branches will be converted to the Chase brand.  More »

The collapse of Washington Mutual and the FDIC-engineered fire sale to JPMorgan Chase has people worried -- about Wachovia. Wachovia's stock is down 45% for the week, and 27% today as bailout talks stalled in Washington and WaMu held a garage sale at the FDIC.   More »

It's official, WaMu customers are now JPMorgan Chase customers. In the interest of keeping you from pulling your money out, Chase has posted a FAQ for concerned WaMu customers that explains how the transition will take place. Most importantly, Chase says that if you bank at Chase and WaMu already -- your accounts are still insured separately by the FDIC -- for now.  More »

It's official, WaMu customers are now JPMorgan Chase customers. In the interest of keeping you from pulling your money out, Chase has posted a FAQ for concerned WaMu customers that explains how the transition will take place. Most importantly, Chase says that if you bank at Chase and WaMu already -- your accounts are still insured separately by the FDIC -- for now.  More »

Identity theft reports to the Federal Trade Commission show that Verizon was the most frequently named company, averaging over 900 events per month in 2007. According to an updated study by Chris Hoofnagle, senior fellow at the Berkeley Center for Law and Technology, the number of complaints involving Verizon nearly tripled from 2006. Rounding out the top five are AFNI (a collection agency), JP Morgan Chase, AT&T, and Capital One.  More »

Bobo and Joy Dickson bought a house had been headed for foreclosure, but JPMorgan Chase apparently didn't get the message that the former owners had moved out and the new owners were in residence. So, naturally, they hired a firm to drill the Dickson's locks and take everything they owned, including their food. Now JPMorgan Chase is "taking it seriously."  More »

What credit cards charges the least for overseas purchases?   More »

Most companies that aren't still waiting to approve funds for mimeograph machines have focused on using e-mail to handle customer service issues. But a new Jupiter research study finds it takes companies longer than answer online than it did two years ago, reports Wired.  More »