JPMorgan Chase hit up its customers for some additional cash back in 2008 and 2009 when it raised minimum monthly payments on many of its credit cards from 2% to 5%, and now it seems the tables have turned. As part of a class-action settlement over litigation brought by customers, the bank has agreed to pay $100 million to its cardholders for improperly boosting payments in order to generate higher fees. [More]
Chase Ordered To Pay $100M To Credit Card Customers For Boosting Minimum Payments
By July 24, 2012
Chase To Disabled Veteran: Sorry For Making You Do All That Paperwork For A Loan We Don’t Offer
By July 19, 2012
There’s nothing quite like slogging through tons of paperwork for months in pursuit of something very, very important, and then having the rug just pulled out from under you, is there? A disabled veteran says his bank, Chase, executed just such a disappointing move while he was trying to buy a home under a special Illinois loan program for veterans. [More]
Couple Sues JPMorgan Chase For Ignoring Instructions, Enriching Itself On Fees
By July 16, 2012
In 2005, an Indiana couple sold their baking business for a nice sum of $6.5 million and turned to JPMorgan Chase to place that money in “safe and liquid investments.” But the investors say Chase deliberately ignored their wishes and put the millions into high-risk investments that also padded the bank’s coffers with “fees upon top of fees upon top of fees.” [More]
Lawsuit: I Listened To Chase About My Mortgage And Ended Up With No House And A Dead Husband
By July 6, 2012
A Texas widow and her family have filed a lawsuit against JPMorgan Chase and others, alleging that their efforts to refinance their mortgage with the bank only resulted in foreclosure, heartache and her husband’s fatal heart attack. [More]
New Chase Devices In Stores Will Accept Payments From Mobile Phones
By June 27, 2012
JPMorgan Chase is taking a step toward its mobile future with an announcement today that it’s started the process of equipping merchants with newfangled devices that will accept payments both from mobile phone signals as well as cards embedded with computer chips, and the traditional magnetic strips. [More]
Chase Sends Customer’s Entire Payment History & Personal Info To Complete Stranger
By June 22, 2012
After three years of continual back-and-forth with a bank over a mortgage adjustment, one would think there’s nothing that bank could do to surprise you. And then it goes and sends documents containing information that even an inept ID thief could use to rob you blind. [More]
Chase Does Us All A Favor, Nixes Overdraft Fees For Purchases Under $5
By June 20, 2012
Remember when you began vehemently swearing upon realizing that before you used your bank card to buy a $3 iced coffee, you were in the red already, making that a $37 iced coffee and overdrawing your account even more? That’ll change for Chase customers, as the bank announced its going to do its customers a solid by dropping overdraft fees for purchases under $5. [More]
Shareholders Sue JPMorgan & CEO Jamie Dimon Over $2 Billion Loss
By May 16, 2012
Late last night, two separate lawsuits were filed against JPMorgan Chase & Co and its Chief Operating Officer, Jamie Dimon, accusing the bank and its management of excessive risk that led to trading losses of at least $2 billion. [More]
JPMorgan CEO Jamie Dimon On $2 Billion Loss: "We Have Egg On Our Face"
By May 11, 2012
JPMorgan Chase dropped a hefty financial bomb on everyone yesterday, admitting that it lost $2 billion in six weeks after some bad trading decisions. CEO Jamie Dimon revealed the news after trading closed last night, admitting that the company only has itself to blame. [More]
Why Did Chase Teller Hand Over $6,500 Of My Cash To Wallet Thief?
By April 9, 2012
It’s not uncommon for someone to steal your credit card and ring up some huge charges on the account. This is why there are such strict limits on liabilities for fraudulent transactions. The protections are not as stiff for debit cards, but they do exist. Regardless, a thief shouldn’t be able to walk into a bank and walk out with $6,500 of a customer’s cash after the debit card associated with that account has been reported stolen. [More]
Federal Judge Signs Off On $25 Billion Mortgage Settlement With Top 5 Banks
By April 6, 2012
It’s just like reality TV, but not at all — America, here are your top five big greedy banks, and here is the $25 billion mortgage settlement they’re all going home with, now that a federal judge has approved it. That’s their load to carry, after allegations of foreclosure abuses and misconduct in servicing home loans. [More]
Which Worst Company Contenders Force Customers Into Mandatory Arbitration?
By March 21, 2012
As we sifted through the mountain of nominations for this year’s Worst Company In America tournament, we noticed a trend of readers who cited companies’ mandatory binding arbitration clauses as a reason for nominating. And while it’s businesses like AT&T and Sony that have made all the headlines for effectively banning class action lawsuits, there are a lot of other WCIA contenders who are forcing customers into signing away their rights. [More]
Worst Company In America Round One: Bank Of America Vs. Chase
By March 13, 2012
It hasn’t been a banner year for either of these banking bruisers. But has12 months of settlements over fraudulent mortgages, along with all that planning/canceling/reinstating of fees, left these fighters exhausted, or has it hardened them into true WCIA warriors? [More]
Here It Is, Your Lineup For Worst Company In America 2012!
By March 12, 2012
Welcome to Consumerist’s 7th Annual Worst Company In America tournament, where the businesses you nominated face off for a title that none of them will publicly admit to wanting — but which all of them try their hardest to earn. So it’s time to fill in the brackets and start another office pool. That is, unless you work at one of the 32 companies competing in the tournament. [More]
How Much Have The Big Banks Been Penalized Over Mortgage Mess And Where Is All That Cash Going?
By March 6, 2012
The last few years have seen numerous settlements between the nation’s biggest mortgage lenders and various federal and state authorities. And while we hear numbers like “a total of $25 billion,” exactly which banks are responsible for the biggest chunks of these settlements? [More]
Feds To Stop Punishing Chase, Bank of America For Sucking At Mortgage Modifications
By March 2, 2012
Since the Treasury Dept. began releasing quarterly report cards on big banks’ efforts to improve their mortgage modification processes, Bank of America and JPMorgan Chase have consistently received subpar marks, leading the feds to withhold a total of $171 million in incentives. That money is now set to be released to BofA and Chase — but not necessarily because they suck any less at mortgage mods. [More]
Chase Plans On Caring Even Less About Customers With Less Than $100K In The Bank
By February 28, 2012
Are you a JPMorgan Chase customer with less than $100,000 dollars deposited? Then you are not making the bank enough money and it probably wants nothing to do with you going forward. [More]
Pair Of Positive Experiences Reminds Chase Customer That Good People Work For Bad Companies
By February 22, 2012
JPMorgan Chase is a regular fixture in our annual Worst Company In America tournament, but like most of the businesses in the WCIA brackets, there are a lot of decent people who truly want to help their customers. [More]
