This Letter was e-mailed to Senator Hutchison's office. She is a Senator from Texas.
My mortgage is with Chase/JPM. I accidentally wrote the wrong amount on the guaranteed line of a check that was different from the written numerical box. I wrote Eight hundred dollars and .61/100 in the guarantee line and the numerical part was $870.61 (the correct amount of payment). Banks have to go by the guaranteed.
Chase cashed the check and sent me a bill the following month for two payments due. On the 17th of Nov 08 accessed a late fee of $43.53.
I called Chase and I was told that THEIR POLICY WAS NOT TO ACCEPT PARTIAL PAYMENTS therefore I received no credit for the payment sent. This is why I was charged a fee. They cashed my check, used my money and then charged me for the right. I argued that my payment was only 8% short due to my error therefore I should have been only charged 8% of $43.53 or $3.50. This fell on BANK I mean deaf ears.
So, Chase used my money for 30 days and then charged me a late fee due to their policy. How are their polices benefiting people in need? Did we give them the publics' funds with business as usual mission statement?
God forbid if I were a truly a troubled loan. I would not support this financial institution with public money if they were only going to serve their own self-interest. I am appalled at this policy. How does this benefit the truly needy?
I recommend that Chase's policies be examined and they be held accountable since they now hold my (public) guarantee. The very people for whom the bailout was enacted have bruised me.
END of letter
Chase placed the funds in a freeze account. I believe this is a catch phraze "house account" so they could lend or cover bad debt. They wanted to know what I wanted to do with these funds (duh). I explained that the proper thing for them to have done was to mail the check back to the customer with an explanation why the check was rejected and to allow for corrective action.
If their policy is not to accept partial payments then WHY did they cash my check? The answer was to steal from me and to make service fees. How did they damage me?
They placed a mark on my credit, charged me a late fee. When the fund were finally unfrozen, I received not penny of interest on my FREEZE ACCOUNT. They said I was in default and sent letter stating such. I did not choose Chase. My loan was sold to them.
Chase refuses to correct my credit.
Daniel j bennett
White Settlemnt, Texas