Complaint Review:
Chase Morgan bank ripoff! Talk about scamming customers!
Chase Morgan bank ripoff! Talk about scamming customers! Ripoff bank fees. Merge from former Washington Mutual to Chase Morgan bank was a huge mistake to its customers. I am leaving this bank! Disgraced on their services! Talk about a huge scam, they want $5000.00 balances in a recession economy! or pay $10.00 a month. New York, New York
Chase Morgan bank announced it will start charging its former WAMU customers, a checking account service fee of $10, starting on February 8, 2011. The Chase Free Extra Checking account will be converted to Chase Total Checking (or Chase “Total Ripoff”).
To avoid the $10 monthly service fee, you have to meet one of the following criteria:
1. Have at least one direct deposit of $500
2. or more each month Keep a minimum balance of $1,500
3. or more in your checking account Keep an average balance of $5,000
4. or more in combination of deposit accounts with Chase and/
5. or investment accounts with Chase Investment Services Corp Pay $25 or more in qualifying account fees (not including the monthly service fee)
Yes, you’ll have to “work” for your free checking now. I still like the convenience of being able to deposit checks with their iPhone app.
If you’re unemployed, it can be challenging to meet any of these requirements, especially the one with direct deposit. Although California’s unemployment office is moving in the direction of delivering unemployment via debit cards instead of checks sometime this year.
What gives? Recently, the government started limiting certain banking fees, like overdraft charges. Now banks are looking for new ways to make money from us. To say that I’m livid is an understatement.
I’ve had this checking account for quite awhile for 11 years before Chase Morgan bought out Washington Mutual in 2008. Before it was Chase, it was WAMU. Before WAMU, it was Cal-Fed. What can you expect in this economy?
Other major banks will soon follow this trend if they haven’t already but some will grandfather in there older custumers and if your a student you entitled to free checking in most banks. Looks like I will have to take my money elsewhere, like a credit union or online bank. Time to explore other free checking options in the next post.
Chase Morgan is trying to ripoff its customers to tell them to leave more money in or we'll take $10.00 out each month as a service fee. Personal accounts you need $1500.00 and you have to use that debit card 5 times a month also. Business you have to leave in $5000.00 but Chase Morgan says if you have $5000.00 in your business account they'll waive the personals free. Nothing is free as this is a huge change to its customers.
Chase Morgan reported profits last October 2010 $4.3 billion in one quarter, that's plenty. And you they want all customers to pay for the makeover changes when they bought out Washington Mutual or WAMU, changing all the bank over with new furniture, signs, interior remodels on all the former WAMU banks, that cost over $600 million dollars which was wasteful to the customers for the merge makeover.
As banking with WAMU 11 years and now Chase Morgan making these changes I am closing all my accounts with them. This is a total scam and the bank is corruption consider all these government bail out they got during the recession crisis this is awful to ask people to pay this huge fees and the CEO is sitting making his huge salary and on top of that the customer service gets worse and worse.
Talk about hiring foreign workers overseas, call the phone service, you'll get automated voicemail and them you get nothing but customer service from India, Mexico, Canada as Morgan Chase is outsourcing American jobs for greed and profits.
How awful. I am ashamed as this bank and I am posting this because I am sad that the bank made this ripoff changes for the rich.
Go else where and find a bank that will not make stupid demands like this and find a bank they hires American workers instead.
5 Updates & Rebuttals
M
LA,Having a change of heart with my report I left to say sorry
#6Author of original report
Tue, May 27, 2014
I am not a fan of Chase Bank, in fact I am no longer a customer. In fact the report I made was a false report as I copied it from somewhere. So the story is not entirely true.
Yet my plea here is to say sorry to Chase Bank. I know many may not agree with how Chase Bank operates but I just don't want to make a complaints about them.
Since I am the author, I would like this report to be removed but RipoffReport does not remove reports what so ever, even if reports are false, they will not remove anything as I do not allow RipoffReport to hold my origina content. It's my content and I ask to remove it. I am not giving RipoffReport permission to hold my report.
So Chase Bank, I want to say I had a change of heart and want to say I am sorry for writing this report on you.
Auther of this report
oxfordu
LA,USA
Not entirely true on debit fees
#6Author of original report
Thu, March 03, 2011
Banks are in the business to profit and I did find 2 major banks bigger than Chase Morgan that charge no fee for business banking for example. For Chase Morgan to charge a service fees of $15.00 for a business fee is absurd but it not only ends there they change now for blank checks even just a jet ink blank check and cashiers checks too and if you have a new check but not a member they will charge to cash a check on top of that. And there's more on top of this.
Chase Morgan made stupid decisions about taking the merge of Washington Mutual by spending more than $800 million to change the banks over to the new name, new furniture, ATM machines, and etc like changing there locations on entire make overs on every Washington Mutual bank and that's was not from the debit withdraw legislation that was about changing the company over and who's pays for it - their customers.
Overdrafts fees didn't bother me because I hardly ever spend more than I have but the banking I did there was enough for the bank to make money from me alone. Talk about a scam and Chase is now a bank of greed
Flynrider
Phoenix,Arizona,
USA
Get over it.
#6Consumer Comment
Tue, March 01, 2011
Free checking was subsidized by debit card overdraft fees. Since those fees were outlawed, now customers will have to foot the bill. This is not new. In the days before debit cards, banks routinely charged a fee for checking accounts.
If you find this outrageous, good luck finding another bank. They will all be going to fee based checking (unless you meet the minimums) in very short order. The revenue stream that was supporting free checking has been legislated out of existence. The money has to come from somewhere.
oxfordu
LA,USA
Chase Morgan charges $15.00 for business accounts! What a ripoff
#6Author of original report
Tue, March 01, 2011
Chase Morgan charges $15.00 for business accounts! What a ripoff!
I am closing this account today, I already closed my personal account last month. Chase Morgon formerly owned by Washington Mutual is ripping off customers with their scam fees. I was charged $15.00 service fee because I don't have $5000.00 in my business account and with personal they charge $10.00 a month if you don't have $1500.00 yet Chase Morgon continues to outsources jobs by hiring people in India, Canada, Mexico, Philippines because they want to profit and hurt Americans because of greed & capitalism.
I will post my complaint everywhere by cybor posting my message about Mrogan Chase bank as I was a customer for 11 years, total shack of shame on this bank.
oxfordu
LA,USA
Chase Bank still ripping people off with new ripoff fees
#6Author of original report
Sat, February 26, 2011
You think cares about losing many customers after fees increases, noop. Chase Bank is like the Bilderberg Group, they want rich customers with minimum $5000.00 accounts. Yes they want to ripoff their customers for financial gain, not the customers.
Shack of Shame. Don't do business with Chase Morgan Bank.