The folks at ProPublica recently looked into the all-too-common problem of homeowners who thought they had successfully run through the loan modification gauntlet only to later find out that their bank had no record of the reduction and their house was suddenly in foreclosure. [More]
jpmorgan chase
3 Big Banks Launch Pay By Cell And Email System Called clearXchange
By 5.25.11
Three of the nation’s biggest banks have teamed up to offer a new payment service that lets you transfer money from your bank account using only a cell phone number or email address. It’s called clearXchange and it’s being offered to Chase, Bank of America and Wells Fargo customers. An inkling of how it will work is revealed on the initiative’s placeholder web page. [More]
Senator Durbin To Chase CEO: You're Already Gouging The Consumer, So Stop Complaining
By 4.13.11
The main reason that JPMorgan Chase and other big banks have given for things like $5 ATM fees and prohibitive caps on debit card purchases is a soon-to-be-enacted bit of legislation known as the Durbin Amendment, which limits the amount of money banks can make off of interchange fees, the amount they charge retailers for each debit card transaction. Chase CEO Jamie Dimon has called the laws “price fixing at its worst” and “downright idiotic.” Now Dick Durbin, the Illinois senator whose name graces the legislation, has come out swinging at Dimon, telling the bank exec to quit whining and enjoy being profitable. [More]
Madoff: Chase Execs Were Aware Of Ponzi Scheme
By 4.8.11
Despite evidence to the contrary, the folks at JPMorgan Chase have denied knowing anything at all about Bernie Madoff’s multi-billion dollar Ponzi scheme. But in a new interview, the scam artist says that senior Chase execs weren’t exactly in the dark about what he was doing. [More]
Worst Company In America Elite 8: Ticketmaster Vs. Chase
By 4.7.11
The fisticuffs continue with today’s battle between last year’s runner-up and a surging contender with promise for future tournaments. [More]
Say Hello To Your Worst Company In America Elite 8!
By 4.6.11
Two rounds of WCIA bloodshed are in the book and the beaten bodies of 24 multi-billion dollar companies are being hauled off to be burned on a pyre. But for those businesses left standing — let’s call them the Elite 8 — the parade of pain marches on. [More]
Worst Company In America Sweet 16: Capital One Vs. Chase
By 3.30.11
So far, the WCIA Sweet 16 has been nothing but blowouts. This battle of the banks promises to be a more evenly matched tussle. [More]
Wells Fargo & SunTrust Cancel Debit Rewards Programs
By 3.28.11
Last week, we wrote about JPMorgan Chase’s decision to get rid of rewards programs for debit card users in response to a new law that will slash the amount of money banks receive per debit card transaction. Now comes news that at least two other banks — Wells Fargo and SunTrust — have followed suit. [More]
Meet Your Worst Company In America Sweet 16!
By 3.25.11
After eight days and 16 first round battles, the WCIA steel cage is littered with the bones of those companies not crappy enough to continue on in the tournament. But the thrill of victory is fleeting for the remaining combatants, all of whom must square off again if they hope of crowning themselves the Worst Company In America! [More]
Chase Killing Debit Card Rewards In July
By 3.22.11
With new regulations coming that will limit interchange fees, the amount of money banks charge retailers for debit card transactions, Chase has already begun testing $5 ATM fees and is considering putting a $50-$100 cap on debit card purchases. Now comes the news that the bank is going to pull the plug on most debit card rewards programs starting in July. [More]
Worst Company In America Round One: Wells Fargo Vs. Chase
By 3.18.11
Get ready for some more financial fisticuffs as Chase tries to avoid getting run over by the Wells Fargo wagon. [More]
FDIC Sues Former WaMu Execs & Their Wives Over Risky Loans And Hidden Money
By 3.17.11
They say that behind every great man there is a woman who will eventually be his co-defendant when he is sued by the FDIC for his part in the largest bank failure in U.S. history. [More]
JPMorgan Chase Also Considering $50 Cap On Debit Card Purchases
By 3.10.11
As we’ve previously reported, Bank of America has proposed a cap on debit card purchases. And if some folks at JPMorgan Chase have their way, account holders at that bank will also be very limited on the purchases they can make with their debit cards. [More]
Documents Show Chase Doubted Madoff But Did Business With Him Anyway
By 2.3.11
Newly released documents reveal that executives at JPMorgan Chase were aware of the possible Ponzi-ness of Bernie Madoff’s investment business more than 18 months before it was revealed to be a mammoth scam. [More]
American Family Association Goes After Chase Over Lack Of Christmas Trees
By 12.3.10
Fresh off its apparent victory to put the “Christmas” back into Dick’s, the not at all crazy people at the American Family Association have re-focused their laser beams on JPMorgan Chase. Not because it’s a big bank who was recently sued for its alleged part in the Bernie Madoff ponzi scheme, but because they don’t want Christmas trees in the lobby. [More]
Chase Sends Me Updates On Bank Account I Don't Have
By 10.21.10
Consumerist reader Jesse has recently started receiving account balances and deposit info via e-mail for a bank account with Chase. This would be wonderful and helpful — if Jesse had an account with Chase. [More]
Banks Hired "Burger King Kids" To Process Mortgages
By 10.14.10
JPMorgan & Chase had a cute name, the “Burger King Kids,” for the workers with little no experience or qualifications it hired to process the reams of mortgages it plowed through at the height of the housing bubble. These walk-in hires “barely knew what a mortgage was,” writes the NYT. The newbies Citigroup and GMAC/Ally Bank outsourced the work to sometimes tossed paperwork into the garbage can. [More]
Robo-Signer Confession: 'I Don't Know The Ins & Outs Of The Loan, I Just Sign Documents'
By 10.13.10
In spite of their nickname, “robo-signers” — those hired to process the mountain of foreclosure documents during the recent recession — are flesh and blood human beings. And like many human beings, they also know very little about mortgages and foreclosures. [More]
