For the month of August, consumer advocate Christopher Elliott will occasionally be sharing some of the questions and problems he receives from readers. In this week’s case, Kimberly says a day doesn’t go by that Chase bank’s auto-dialing system doesn’t call her at 4 a.m. with automatic account notifications for her mother, who happens to have been dead for two years. Can anyone put an end to the hassle?
Jamie Dimon is many things. CEO of JPMorgan Chase. Crusader for the rights of banks. Self-proclaimed “defender of the truth.” A living, breathing, F-bomb-dropping reminder that we don’t live in the Soviet Union.
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.
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.
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.”
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.
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.
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.
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.
Following the collapse of the housing market in 2008-9, many homeowners who owed more on their mortgage than their property was worth were either ineligible for the federal government’s Home Affordable Refinance Program, or were made to jump through hoops by banks who wanted to discourage people from refinancing into lower-interest loans. But recent rule changes have turned HARP into a favorite of the big mortgage servicers.
Have you bought coconut water, pinot noir, a Samsung TV, or an iPhone 4? If you purchased any of these products, plus a whole bunch more, you may be eligible to file a claim in one of these recently settled class action lawsuits. Proof of purchase isn’t always required, but lying is bad consumer karma.
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.
Between ATMs, online banking and smartphone apps, the average person can now go months, possibly years, without ever having to go into a bank and interact with a teller. And a number of financial institutions are continuing to looking for ways to remove tellers from the equation — or at least move the tellers somewhere that they aren’t taking up expensive real estate.
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.
When Paul’s wife brought a small check to deposit at a Chase bank ATM, she didn’t expect to have the machine spit it back out. Deposits, you see, have a $15 minimum. Wait, isn’t that the point of using an ATM to deposit checks – not having to waste a teller’s time on an $8 transaction?
Letting someone borrow your iPhone to log in to their bank’s app quickly, then log back out is no big deal, right? Like letting a friend borrow your computer to check their web-based e-mail. They log in, they log out, they leave no trace. Unless it’s Chase’s iPhone app. Then you get all of their account alerts, no matter what you do. (Short of deleting the app, we assume.)
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.
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.