Worst Company In America Round One: Bank Of America Vs. Chase

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?

BofA still has to be stinging from its by-a-nostril-hair loss to BP in last year’s WCIA Final Death Match; even our decision to honor the bank with Consumerist’s first-ever Silver Poo trophy did not seem to improve the bank’s lot, as it cut thousands of jobs and lost its one remaining bragging right — being the country’s largest bank — to JPMorgan Chase, the same financial institution against which it faces off in the Octagon of Shame.

And now that it’s the biggest bank in the nation, Chase seems out to prove it can be just as bad as BofA.

Both companies have been testing fees on debit cards, checking accounts and just about everything under the sun. Chase did away the rewards debit cards it has spent piles of cash marketing over the years, all while complaining about how swipe-fee reform would be the ruin of the entire U.S. banking system. Of course, we’ll never know since Chase and its ilk managed to convince lawmakers to neuter those changes.

Both banks have embarrassingly shoddy records when it comes to adjusting mortgage and were continually penalized by regulators for failing to meet mandatory benchmarks.

While we received mounds of personal stories on why these two banks should each move on to the next round, a couple of readers managed to sum up their feelings rather succinctly (and, amazingly, without resorting to profanity).

“I have never HATED my mortgage company before, but I do now,” writes Lori, who isn’t exactly a fan of having to pay up to $21 in fees — not to mention fielding daily calls from BofA — just for making her mortgage payment within the grace period.

While Tracy’s feelings about Chase are confined to, “I don’t even believe in the antichrist and I am convinced Chase is it.”

But, as is the nature of such competitions, only one of these two banks can move on to the next round. So choose, but choose wisely.


This is a post in our Worst Company In America 2012 series. The companies competing for this honor were chosen by you, the readers. See the entire WCIA 2012 bracket and schedule of match-ups HERE.

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