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Report: #157260

Complaint Review: Chase Bank One - Phoenix Arizona

  • Submitted:
  • Updated:
  • Reported By: Phoenix Arizona
  • Author Confirmed What's this?
  • Why?
  • Chase Bank One www.chase.com Phoenix, Arizona U.S.A.
  • Phone: 800-225-5663
  • Web:
  • Category: Banks

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We obtained a home equity loan from Chase/Bank One. They were to disburse funds to us and some of our creditors. Our creditors checks never left the branch for 3 weeks. I found them after several calls. I had to make additional payments to my creditors, and interest. They are willing to credit my account $60, despite it cost me about $400 for their error. They would promise to call back, but never did.

I spent about 25 hours trying to resolve this, and only found out by my creditors calling me, saying "where is your payment?" I always pay my bills on time. They were rude, and have no sense of what it means to do business. My credit score dropped about 90 points. I was going to refinance the loan and say the heck with them, but I can't get a good interest rate due to my new low credit score.

I refused to make a payment until all funds were accounted for, then they did start calling. They didn't care though, just wanted their money. When all funds were accounted for 74 days later I made the payment. They wanted to charge me $40, I will never pay it Bank One!!! Oh yeah, and when they mailed the checks out finally they didn't identify them with my name, account numbers, or social security number.

I filed complaints with the Attorney General and local Banking commissions. I know it won't do any good, but at least it will cost them a little to process the paper work.

Jim
Phoenix, Arizona
U.S.A.

This report was posted on Ripoff Report on 09/15/2005 09:57 PM and is a permanent record located here: https://www.ripoffreport.com/reports/chase-bank-one/phoenix-arizona-85015/chase-bank-one-ripoff-phoenix-arizona-157260. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#2 Consumer Comment

Yes

AUTHOR: Jim - (U.S.A.)

POSTED: Friday, September 16, 2005

My credit score dropped, because I was unaware of the unpaid bills. I don't believe Bank One was committing fraud, but they refuse to accept responsibility for leaving the checks in the branch for four weeks.

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#1 Consumer Comment

Are you sure that's why your credit score dropped?

AUTHOR: Timothy - (U.S.A.)

POSTED: Friday, September 16, 2005

I don't doubt that Bank One did you wrong. And you should certainly take any actions necessary to hold them accountable.

But are you sure your credit score didn't drop because of the home equity loan? A home equity loan lowers your ratio of assets to liabilities. This alone can reduce your credit score substantially, as can the mere process of shopping for the loan. Basically, anything other than increasing your lines of unsecured credit and keeping your balances low will hurt your credit.

I would NEVER trust Bank One to pay my bills for me, much less in a timely or otherwise competent manner. That's not to say that it's unreasonable to think that they could handle the job. But when it takes them two weeks to post funds from checks that clear in one day, you kind of have to wonder whether they have the best interests of the consumer in mind.

Thanks for your report, hopefully it urges at least one person to think twice before doing business with these scoundrels.

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