Back in 2005, I received a promotional loan info from J P Morgan Chase Bank/Visa. I went to
the bank on Baseline and Dobson branch in Mesa Arizona, applied for the 15.5K loan at 2.99%
and was approved. My reason for the loan was to consolidate my bills to one easy payment.
I had triple A credit at the time. I requested that the monthly payments for the loan be taken
automatically from my checking account so no mistakes on my part could be made. The bank
rep told me to hold off with setting the payments at this time until all my creditors had been paid
the lady told me that the bank would notify me as to when to start making the payments and
the exact amount due.
I waited for the bank to share the info with me and had not received any information from them.
I checked my account on the internet and there was no info made available. Then one day while
checking my account, I saw that there was an amount due and the date that it was due was the
day before, meaning yesterday. I immediately transfered funds from my checking account paying
that first payment, then I called the bank to find out why they had not contacted me. The Rep.,
that I talked with told me that I was late on my paying the first payment and there might be some
changes made to the percentages. I complained that it was not my mistake but the banks mistake
and they needed to repair the situation.
I finally had to file a letter with the bank making my complaint clear. The Visa dept sent me a letter
stating that they were sorry about a mistake they had made and if I came back to them they would
reinstate the original promotional 2.99 % on the loan. The reason for them to request my coming
back is because I now was in more trouble than I was in previously when I borrowed the money
to consolidate my bills and had ventured out borrowing money from whom ever at what ever
percentages I could find so I could pay bank these crooks. Please bare in mind, I had been with
this bank for over fifty years as the name was changed from the Valley national bank in Globe Az.,
and then ended up with the JP Morgan Chase bank here in 2005. They also carried my home
mortage. Like an idiot, I believed them and I now was sitting with the available 15.5 K moneys
available thru Chase bank as they had stated to me. So I went back to them paying all the other
financial institutions with borrowed moneys fromb the Chase Bank Visa.
Now that I had them payed off, I was supposed to be back on target owing the Chase Bank Visa
the original 15.5K at 2.99 %......But no, it still did not happen, my first payment came due and they
only dropped my percentage down to little over 18 %. Which is a far cry from the 2.99 percent
they had promised. I continued to fight and argue with them, turning them over to the BBB hoping
to get some support. The BBB told me they could do nothing but I could share my sad tale with
the federal bank licensing etc. They said sorry charlie, etc....Then I went to the federal Treasury etc.
same old story, no one wanted anything to do with the problem stating it was not there worry or
responsibility. It would appear that these financial institutions can pretty much do what ever they want to do with not having to answer to anyone. Please allow me to share a quick point here, when I initially shared with the Dobson branch office, they asked me to bring all my original letters
from the Visa dept concerning their mistakes and promises etc., they kept all my material as they
stated they had to have the originals to continue my case. I still had some info that I used to prove
everything but the origial letter stating they had made an error of increasing my percentages and
if I came back they would honor the low rate. The bank absoulutely became crooked as a horses
rear legs and would not admit to their error or attempt to repair the problem and help me. Of course tho, they requested that I offer proof of their admitting to the original
mistake and wanted me to show them the letter that they had sent me where they apologized for making the error. Remember, they had
asked me to give that data to them previously. Funny thing, they could not find the letter in my
files anywhere. How convienent was that. When I went back to the Dobson Ranch Chase bank
office, they would not give me the time of day and I was never able to find and talk with the Bank
rep or the loan officer, they would not return my phone calls and would not set a date to meet.
Then my dear wife passed away and I went to the bank attempting to get an equity loan on my
( chase bank evaluated ) 325K home. I owed 108 K and requested 50 K to help me over the bad
times. I still had AAA credit rating as I owed everyone and always made my payments on time.
They refused my request because I now did not have my wifes income to help me with the loan
and I did not make enough to now qualify for the loan. Bare in mind at this point in time the difference between the 108 K moneys owed verses the 325K value of home. This was before the
market dropped and home values went down hill. Basically they caused me to loose my home and the end result was my having to go chapter 7 into bankrupsy. I maintain that they made a simple
mistake and then covered it up which then destroyed me. Thanks for listening,.......
Ps. One thing I am wondering, just how much credit/money is given back to the JP Morgan Chase Bank due to my having to go into Bankrupsy because of their mistake, why should they not be
penalized because of their financial misgiving or errors. The only real loser in this case was me.