Chase is SLOW and UNFAIR
Written: Feb 02 '04
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Product Rating:
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Pros: Make sure they get your closing payment & they pay your insurance
Cons: They are completely in it for the money and don't care one bit about customers
The Bottom Line: Avoid if you can, but unlike many consumer situations, you are stuck with them if they purchase your loan from another bank.
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| chposter's Full Review: Chase |
I have had Chase Manhattan for two mortgages. In both cases, they bought the mortgage from another bank.
After we sold the house on our first mortgage with Chase, the closing attorney sent the closing payment overnight via UPS and UPS completely lost the envelope. Chase took forever and a day to process and respond to repeated requests for the documentation that the lawyer had to produce to clear my credit. Finally, though they did clear the credit up.
Recently, Chase bought our mortgage again, and I had the following experience with them that I think it is important for other people to know about. In addition to the complaints below, I had problems getting Chase to pay my last hazard insurance in a timely manner. You would think they would pay it quickly, but they didn't. I got a couple of past due notices when they did not pay.
I have the following complaint regarding Chase Manhattan’s questionable (I think it is "unfair") business practice of forcing people to pay a FULL payment over the phone when the customer has not received a notice of payment amount change and has remitted payment on time for nearly the full amount. Details of this complaint follow.
I made the agreed January 2004 payment on the 3rd, well before the past due date of the 15th. However, my 2004 monthly payments have apparently increased by 4% due to escrow requirements for which I did not receive prior notice. I found out about the discrepancy on 1/14/2004 and the entire payment was going to be deemed past due on the 15th. The penalty for late payment was over $65.
My complaint is regarding Chase’s questionable business practice that they would only accept a FULL payment by providing checking account information over the phone. Why can’t Chase withdraw just the 4% difference? An ACH transaction costs them only pennies and the ACH transaction for the larger amount is no more expensive than the smaller amount. Alternately, Chase indicated that I could attempt to overnight payment to them. Since it was past 6pm when I called, there was little chance that I could get payment to Chase in time for them to post the payment in time. I repeatedly asked if they could just draw the 4% difference to add to the funds placed in suspense to make a full payment, and they refused. I also asked if alternative means of paying this 4% were available, and they indicated that were none. I requested that the partial payment held in suspense be immediately refunded after providing checking account information for the FULL payment, and they indicated that such a request would need to be made in writing. This practice obviously lets them earn interest on a non-trivial amount of money.
My second complaint is that it took 30 minutes to reach a representative who could “assist” me. This is unacceptable.
My third complaint is that Chase records incoming calls but will not permit consumers to also record the calls for their own records. I wanted documentation of the conversation where I requested that Chase perform and ACH pull for only the 4% discrepancy.
For the record, we did not choose Chase for this loan. Chase chose us by purchasing this loan from our original lender.
What should Chase do? Allow partial ACH payments & pay hazard insurance in a timely fashion.
Recommended:
No
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Epinions.com ID:
chposter
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Location: Chapel Hill, NC, USA
Reviews written: 23
Trusted by: 3 members
About Me:
Discriminating hypershopper. I buy the best products and return the ones I don't love.
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