- Report: #957350
Report - Rebuttal - Arbitrate
Complaint Review: Chase Bank
Chase Bank1048 Lake Street Internet United States of America
Chase Bank JP Morgan Chase Payment Assurance Switcheroo, Internet
*Consumer Comment: Thomas,
*Consumer Comment: Thomas,
This week, after working for 18 1/2 years for the same employeer I was laid-off. While facing frightening prospects of trying to sell my condo in the worst of possible markets, I felt some confidence that at least this one bill would be covered.
This is when Chase informed me of different tiers of the Payment Assurance insurance program. This was the very first mention of Gold and Silver members, and the first mentioning that I had been paying only for the Silver coverage. [continued below]....
I believe I was quoted the maximum benefits under the Payment Assurance Gold plan, and offered the for as little as the Sliver Plan price to make the sale. No tiers in the plan where described at the time the loan was made, and had it been explained that the plan that was being offered did not cover unintentional unemployment, I would not have agreed to it.
I did not record the conversation, I believe that I am out of luck.
So at the very least I thought to cancel my useless Silver plan, a plan that has cost me over a thousand dollars over four years. When I called I was informed that the bank would be sending out a cancelation request letter for me to sign and return before accepting my request. I suppose the bank really wants to shake me down for another ten-spot before they let met go.
Final word of advice;
When getting a loan beware. Be it with a bank, an auto-dealership, what have you, be sure to investigate and understand additional costs. Make the time review the proposal on your own and come back another day if you have to. You may be stuck with a loan for a number of years. Make sure you know what you are paying for. In writing.
This report was posted on Ripoff Report on 10/19/2012 03:34 PM and is a permanent record located here: http://www.ripoffreport.com/r/Chase-Bank/internet/Chase-Bank-JP-Morgan-Chase-Payment-Assurance-Switcheroo-Internet-957350. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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