No, it's not a situation, where the friendly Chase folks are trying to reach out a helping hand. It's not, please Gennie keep your meager $.
Seriously, folks, a great problem with our mega-evil, too-big-to-fail banks is that they have no negative repercussions. If I pay on time, Chase gets my money. If I default, Chase gets our tax money and tax breaks for the "loss"....oh, and then it will lend the money back to the government by purchasing bonds -->>> even more of our tax money. And if Chase forces my payment to be late, as it just did to me, then Chase also gets $56 in late fees.
After the jump, I detail today's experience with Chase's "Let us help you default" system.
Can anyone recommend to whom I should complain about Chase's faulty system that doesn't allow payments on time before Chase applies a late fee?
The summary of my situation is that Chase will not credit a full mortgage, pmi, and partial tax escrow payment ($1300) to my mortgage account. Since I did not pay the full tax escrow payment (an additional $130), it is holding the entire payment in a "suspense" account. It also does not make possible via the phone or online to make up the partial tax escrow payment of $130....via the phone, via a real-live phone agent, or via online, the only option you'd have is to pay the entire monthly payment again ($1430)...essentially a double payment. Oh, and by not enabling the payment of the $130 or crediting the $1300 to my account, Chase also sticks a nice $56 late fee to my account.
My mind boggles at a system where I pay $1300 and Chase just ignores it (sorry, just gets interest on it). Chase is driving me to defaulting on my loan out of pure ire with them...and I'm sorry taxpayers because that would leave y'all with my 50k underwater property.
Longer story below if you want details.
I don't want to pay Chase the full escrow for property taxes amount because I know, due to change in status, it's a yearly overpayment of about $800 ....and Chase will float on my money and only return it to me (without interest!!) in late January.
So, I paid Chase on Friday $1300 instead of the $1430 that it wanted. I paid it in the bank.
Saturday, I woke up and found that my mortgage account wasn't credited with the payment (past details of other Chase encounters here.
I called Chase on Saturday and the agent told me that it would take 2-3 days to show up on my account (see past diary about Chase electrons moving slower for credits than deductions).
I also emailed Chase on Saturday via its online center and complained about the time delay in crediting my account.
And because I grew up Catholic (the guilt, the guilt), on Saturday afternoon, I decided to pay the $130 to Chase via its online site. BUT the online site wouldn't take a $130 payment -- it would only take payments of $1430.
I still went to sleep on Saturday thinking that my payment would be credited on Monday.
This afternoon, I received an email from Chase -- a response to my complaint about the time to credit my account.
Dear GENNIE:
I am writing in response to your Internet inquiry to Chase about your home mortgage loan.
On May 14, 2010, we received $1,300.00. Since the amount received was insufficient to complete your monthly mortgage payment of $1,430, we placed these funds in a suspense account. Please remit the remaining balance of $130. When we receive it, we can combine the funds and credit your May 2010 payment.
Account updates may not be immediately available online. Please allow up to 72 hours for any changes to become effective and ready for viewing online.
Your opinion will be helpful as we plan enhancements to better accommodate our mortgagors.
I apologize that the Chase website did not meet your expectations.
Chase's goal is to provide the highest level of quality service. If you have questions about your mortgage, please contact Customer Care at 1-800-848-9136.
We appreciate your business and value our relationship with you.
Thank you,
John Doe Customer Request Management
After this email, I spent over 3 hours on the phone with the clusterf*ck that is Chase customer service. I spoke with an agent in the Philippines, Charles in Ohio (names changed to protect identities), and James in the Philippines. I explained how I couldn't remit the $130 online (only $1430 online). Charles transferred me to James to have the $130 remitted (as the letter states!) over the phone. James, the finale, also said I couldn't pay the $130 to him -- "our system will only allow $1430." "But you have $1300 of it already," I sputter, "so how do I pay the $130?? And what about the late fee you are going to tack on because I couldn't via your system IN ANY WAY pay the $130." "Well, we haven't charged you the late fee yet and I'm making notes in your file, but you'll have to send in the $130 because I can't accept payment of less than $1430 over the phone" he responds. "But you already have $1300! and how are the notes going to stop the automated late fee when the mail/processing takes several days." I moan. Finally, James and I parted ways after many minutes when I realized that James could/would only state bank policy script and had no real clue about how I could get a payment of $130 to them.
Random related musings: Before becoming unemployed, I worked in a client-facing role. I can not imagine a percentage of how high cost, low and faulty client support, and indeed unethically as Chase treats its millions of clients -- how is it still in business?? Oh, wait, I know because it's too big to fail. And I support the auto company bailouts and I can also state that no way, no how do they treat their customers 1/2 as horribly as Chase does.