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Sunday, September 27, 2009

Beware of JPMorgan Chase

I kind of took it personal when Chase canceled my credit card after acquiring the card from Washington Mutual. I needn't have worried though because after very little research I found countless examples of Chase screwing their good customers and this is after Chase was granted a $25 billion bailout from the government.
Here are the facts. I have several credit cards and have never been late on any of them, ever. I pay more then the minimum each month on every card. I thought there may have been a mistake but nope. That's the way Chase treats their customers. As recently as last week Chase was cited in a front page USA article on how the company is canceling credit cards of good customers. One, Mary Lou Reid of Arcadia, Ca had a perfect payment record and was a financial planner. Chase closed two of her accounts.
Other disturbing accounts show up all over the web, details an account of a Chase customer who had his cards canceled and couldn't get through to a supervisor. I can relate to his problem. Most of the chase reps spoke poor English and one of them flatly denied me the chance to talk to a supervisor.
Speaking of the language skills of their reps here is a interesting fact. After receiving a 25 billion government bailout JPMorgan has continued to outsource jobs to India with contracts totaling almost 400 million for 2009 Here is a link to this information Chase outsourcing jobs .
At a employee-only confrence call a question was asked how the government bailout would be used. JPMorgan Chase chief executive, Jamie Dimon admitted that the massive 25 billion dollars given to it by the tax payers will not be used to free up credit and make new loans but to acquire other companies. Here is the full story in the New York Times
Full Story .
Here is another link to a slew of complaints about JPMorgan Chase who were mostly customers with Washington Mutual which Chase acquired Consumer Affairs .
I have other credit cards so the only way this is hurting me and other people who have been treated like shit by Chase is the effect of your credit score getting lowered by FICO because with the cancellation of your chase card you now have less credit available.
Other web sites that have numerous complaints against chase are Complaints board and horror stories at watch your chase card .
My Chase account online still shows I have over a 1,000 dollars available credit even though my card was canceled. Is this a scam to get you to use your canceled card then you get charged fees?
What our the options available to us? I for one I'm sending a link to this blog posting to anyone that has a email address at JPMorgan Chase. Basically they took out money through taxes (25 billion worth) then shut your accounts down as they proceed to buy other companies. Another example of how big business and government use your money and give you very little in return.

1 comment:

  1. It is simple. JPM aquired all these credit card receivables from their 'aquisition' of Wamu and are forcefully closing the accounts. most people would join a different company and do a balance transfer = money in jpm's account



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