- Report: #460268
Complaint Review: JP Morgan Chase - Wilmington Delaware
-
Author Confirmed
Why?
JP Morgan Chase
PO Box 15298 Wilmington, 19850 Delaware, U.S.A.
Phone:
800-945-2000
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
JP Morgan Chase (WaMu) Credit card rate rapists, using bailout money to screw the public Wilmington Delaware
Like many of you, I was a WaMu customer and was happy with their services and rates. Always made my payments on time and always paid much more than the minimum, credit limit kept going up and so did my credit scores. Life was good...until the rapists at JP Morgan Chase came along.
I got the notifications from WaMu telling me that Chase had bought them out. I read them over and over to make sure that there were not any hidden surprises. Not once in any of these notices did anyone mention an arbitrary surprise rate hike or a change from my fixed rates to variable rates. I was at 9.9 fixed on one card and 12.99 fixed on the other, and I was comfortable with those rates.
Immediately after the Chase take-over, I am forced to make a rather large purchase on one of the cards because money is getting kind of tight. Hey, that is why I have the darn credit cards, right? If I make substantial payments I can have this thing paid of in a year or two...I thought.
About two or three billing cycles later..WHAM..my interest rate jumps. Keep in mind that I NEVER made a late payment and always paid substantially more than the minimum. Last month I get another mailing from Chase and this time they are telling me that my rate is jumping again. At least this time they are giving me an option, but the option will adversely effect my credit score. If I do not want to pay their new and improved rate increase, all I have to do is cancel my cards and screw up my credit score and any possibility that I have of a mortgage re-finance.
I guess the most frustrating part of this is that Chase is doing all of this on my dime (and yours.) Chase took the bailout money (TARP) from the feds and instead of using it as it was intended, to EXTEND CREDIT and STIMULATE THE ECONOMY, they decided to just steal WaMu with the help of the FDIC and stick it to all the WaMu customers to line their fat-cat pockets. Is there no oversight from the government regarding what is being done with TARP funds? Isn't there something criminal in the actions of Chase? At the very least, isn't this unethical and deserving of congressional review?
You can bet that my elected officials are hearing about this, and if they do not take some type of action against Chase they will hear about it again during the next election.
Crunchedconsumer
Newbern, Tennessee
U.S.A.
I got the notifications from WaMu telling me that Chase had bought them out. I read them over and over to make sure that there were not any hidden surprises. Not once in any of these notices did anyone mention an arbitrary surprise rate hike or a change from my fixed rates to variable rates. I was at 9.9 fixed on one card and 12.99 fixed on the other, and I was comfortable with those rates.
Immediately after the Chase take-over, I am forced to make a rather large purchase on one of the cards because money is getting kind of tight. Hey, that is why I have the darn credit cards, right? If I make substantial payments I can have this thing paid of in a year or two...I thought.
About two or three billing cycles later..WHAM..my interest rate jumps. Keep in mind that I NEVER made a late payment and always paid substantially more than the minimum. Last month I get another mailing from Chase and this time they are telling me that my rate is jumping again. At least this time they are giving me an option, but the option will adversely effect my credit score. If I do not want to pay their new and improved rate increase, all I have to do is cancel my cards and screw up my credit score and any possibility that I have of a mortgage re-finance.
I guess the most frustrating part of this is that Chase is doing all of this on my dime (and yours.) Chase took the bailout money (TARP) from the feds and instead of using it as it was intended, to EXTEND CREDIT and STIMULATE THE ECONOMY, they decided to just steal WaMu with the help of the FDIC and stick it to all the WaMu customers to line their fat-cat pockets. Is there no oversight from the government regarding what is being done with TARP funds? Isn't there something criminal in the actions of Chase? At the very least, isn't this unethical and deserving of congressional review?
You can bet that my elected officials are hearing about this, and if they do not take some type of action against Chase they will hear about it again during the next election.
Crunchedconsumer
Newbern, Tennessee
U.S.A.
3 Updates & Rebuttals
Rhonda
Beaumont,California,
U.S.A.
There might be help...
#2Consumer Comment
Thu, July 23, 2009
It appears they are doing this to a lot of former Wamu customers. Fortunately for me I recently paid off my Wamu card and closed the account before they switched to Chase. I keep hearing more and more horror stories about that company. I actually work for a California law firm that has filed a class action lawsuit against JP Morgan Chase for their loan modification practices of charging $750 in up front fees to get the process started, and then only to turn around and deny the loan. But guess what...they keep the $750 and call it a non-refundable fee! I'm sure your issue is another problem that our firm would be interested in taking a look at. Feel free to contact us if you want to our firm to investigate this matter further as a class action.
Ron
Katy,Texas,
U.S.A.
Same issue, accept terms then cancel card
#3Consumer Comment
Sun, July 19, 2009
Had WAMU then went to CHASE. In June of 09 they sent letter raising interest rate on my credit card. Agian never late and payed mre than minimum due. I do carry balance. Now in late July they send me a letter stating they are now closing the account. I have had this card for 9 years $10,500 credit limit. I accepted the terms reluctantly as I did not want to hurt my credit score. So they raised the rate. Then wam just after the statement with the new rate in effect We are sorry we are closing your account. Nice tactic do I hear class action law suit? The had this planned long ago. WAMU was great. Chase you are losing the $15,000 I have on deposit, you are losing my credit card business. I am informing you of a rate change on the loan I gave you as a tax payer. Then I will call your note due. Whats good for the goose is good for the gander!
Edgeman
Chico,California,
U.S.A.
The answer is no...
#4Consumer Comment
Wed, June 10, 2009
"Is there no oversight from the government regarding what is being done with TARP funds?" According to a recent SIGTARP report, the answer is no. In fact, the Treasury Department has flat out refused to provide any oversight on TARP money recipients. From the recent SIGTARP report: Treasury has indicated, however, that it will not adopt SIGTARP's recommendation that all TARP recipients be required to do the following: account for the use of TARP funds set up internal controls to comply with such accounting report periodically to Treasury on the results, with appropriate sworn certifications In light of the fact that the American taxpayer has been asked to fund this extraordinary effort to stabilize the financial system, it is not unreasonable that the public be told how those funds have been used by TARP recipients. Treasury is now conducting regular surveys of the banks' lending activities; however, with the exception of Citigroup and Bank of America, Treasury has refused to seek further details on TARP recipients' use of funds. "Isn't there something criminal in the actions of Chase? At the very least, isn't this unethical and deserving of congressional review?" No. "You can bet that my elected officials are hearing about this, and if they do not take some type of action against Chase they will hear about it again during the next election." Have you seen how much money that the bank's have given to the politicians? Are you aware of other perks? Does the name Chris Dodd ring a bell?
