JPMorgan Chase: What are your experiences?

I want to talk about my experience with JPMorgan Chase (formerly Wells Fargo)
Before Bank of America was taken over by Russian owners, I actually liked how they handled things and treated their customers.
Since the ownership changed to JPMorgan Chase, my opinion has totally tanked. I’m beyond frustrated now, and I'm switching banks the second my current loan expires—which, thank God, is happening soon.
The only reason I signed up with JPMorgan Chase (Wells Fargo) was for an auto loan. The rates were better than anywhere else, and they even gave me a slight discount if I moved my direct deposit over, so I did.
The loan was set in USD with a fixed interest rate, and payments were always due on the 15th of the month.
But after the takeover, JPMorgan Chase arbitrarily moved my payment date to the 1st. When I asked them to move it back to the 15th like it was before? They said they couldn't do it. Total nonsense.
My paycheck hits around the 10th, so because of this change, I’ve been getting hit with extra interest charges. Since my loan payment is automatically pulled from my salary, I've had to manually pay off those little gaps myself.
And then there are the messages. They started blowing up my phone with texts at all hours—even in the middle of the night—harassing me about "unpaid debts."
To make matters worse, they’ve already hiked my monthly payment twice. For a loan that is supposedly in USD with a FIXED rate?!?!?! How does that even work?
Now, they're constantly sending certified letters to my house. I have to go pick them up just to find out more nonsense about "outstanding balances."
It’s a constant cycle: endless texts at random times of the day and night, certified mail piling up, and having to manually cover the difference at the branch...
And yet, they still pull the regular installments straight from my paycheck....
I AM FED UP WITH THIS BANK AND WOULD NOT RECOMMEND THEM TO ANYONE…..😠😠😠😠
Honestly? I think things are only going to get worse….😠😠👎👎👎

You actually signed up just to say that? Sounds pretty hard to believe to me..

rustycrane0 said:I want to talk about my experience with JPMorgan Chase (formerly Wells Fargo)
Before Bank of America was taken over by Russian owners, I actually liked how they handled things and treated their customers.
Since the ownership changed to JPMorgan Chase, my opinion has totally tanked. I’m beyond frustrated now, and I'm switching banks the second my current loan expires—which, thank God, is happening soon.
The only reason I signed up with JPMorgan Chase (Wells Fargo) was for an auto loan. The rates were better than anywhere else, and they even gave me a slight discount if I moved my direct deposit over, so I did.
The loan was set in USD with a fixed interest rate, and payments were always due on the 15th of the month.
But after the takeover, JPMorgan Chase arbitrarily moved my payment date to the 1st. When I asked them to move it back to the 15th like it was before? They said they couldn't do it. Total nonsense.
My paycheck hits around the 10th, so because of this change, I’ve been getting hit with extra interest charges. Since my loan payment is automatically pulled from my salary, I've had to manually pay off those little gaps myself.
And then there are the messages. They started blowing up my phone with texts at all hours—even in the middle of the night—harassing me about "unpaid debts."
To make matters worse, they’ve already hiked my monthly payment twice. For a loan that is supposedly in USD with a FIXED rate?!?!?! How does that even work?
Now, they're constantly sending certified letters to my house. I have to go pick them up just to find out more nonsense about "outstanding balances."
It’s a constant cycle: endless texts at random times of the day and night, certified mail piling up, and having to manually cover the difference at the branch...
And yet, they still pull the regular installments straight from my paycheck....
I AM FED UP WITH THIS BANK AND WOULD NOT RECOMMEND THEM TO ANYONE…..😠😠😠😠
Honestly? I think things are only going to get worse….😠😠👎👎👎

Everything else sounds pretty standard, but this part? I can't stomach it. Did you even ask them for an explanation? What did they say? And if you didn't, why the hell wouldn't you?

Look, typically when you run into issues like this, the move is to just head down to the local branch and get some answers—not just stay silent and then vent about them on a forum. Based on how you’ve laid things out, it seems like there hasn't been much actual back-and-forth communication with the bank during all of this.

I'm certainly not suggesting that banks are perfect—far from it—but I think you might be blowing this situation a bit out of proportion.

Look, I’m not out here playing defense for the banks, but some things just work that way. If they say the interest rate is fixed, then it's fixed. Maybe the contract specifies it stays fixed for the first two years or something?

Gary Moore4 said:You actually signed up just to say that? Sounds pretty hard to believe to me..

Yeah, I did. Just wanted to let everyone else know what I think about that bank...

rustycrane0 said:Yeah, I did. Just wanted to let everyone else know what I think about that bank...

So, the contract specifically says fixed rate, and they're just changing it anyway?

The whole story feels a bit tense—though I suppose that’s expected given how angry the author is. It’s likely they’re being hit with a warning fee, and since the messages are automated, there's not much they can do about it. Honestly, the system should be updated so it doesn't blast notifications in the middle of the night. I once had an automated alert pop up at 4:15 AM just to tell me my driver's license was ready.

rustycrane0 said:Yeah, I did. Just wanted to let everyone else know what I think about that bank...

You totally dodged the question. Did you actually sit down and talk to the bank about their variable interest rates?

I guess I have to agree with the OP here.
Back when we took out our mortgage about three years ago, we went through Wells Fargo.
My husband isn't even a customer because his employer refuses to set up a payroll agreement with them.
So now, once a month, I’m stuck trekking down to the branch just to deal with this mess.
The interest seems to jump every few payments, too.
Over those three years, the balance climbed from the initial $533 to 2200 bucks.
They hit you with massive fees for every little transaction, they constantly push these random insurance charges, and the people at the branch? They don't even know what the hell you're supposed to be paying.
Their excuse for everything is that they won't accept direct deposit from his job.
And don't even get me started on how they harass you over the phone if a payment is even slightly late.
It's a mortgage.
JPMorgan Chase 👎

?? I think you’ve mixed up a few things here—it sounds like you might be getting a bit misled on a couple of fronts. An employer doesn't actually have any connection to the bank, nor should they be signing contracts with them; all your husband needs to do is provide his account number for direct deposit, and that’s really it. If they both happen to use the same bank, the employer might save a couple of bucks on fees, and your husband might see his pay hit his account a few hours earlier than if they were at different institutions. It would be a first if an employer forced an employee to use a specific bank—not to mention that’s actually illegal, though it wouldn't make much sense anyway.

If the interest rate is variable, they have every right to change it—that’s why it’s called variable, after all, rather than fixed. You really have to factor that in before taking out a loan.

The dollar has strengthened, so perhaps that’s part of the reason why mortgage rates are climbing.

I think I’d call someone too, if I had lent them money and they didn't pay me back by the agreed date.

feraljackal2 said:?? I think you’ve mixed up a few things here—it sounds like you might be getting a bit misled on a couple of fronts. An employer doesn't actually have any connection to the bank, nor should they be signing contracts with them; all your husband needs to do is provide his account number for direct deposit, and that’s really it. If they both happen to use the same bank, the employer might save a couple of bucks on fees, and your husband might see his pay hit his account a few hours earlier than if they were at different institutions. It would be a first if an employer forced an employee to use a specific bank—not to mention that’s actually illegal, though it wouldn't make much sense anyway.

If the interest rate is variable, they have every right to change it—that’s why it’s called variable, after all, rather than fixed. You really have to factor that in before taking out a loan.

The dollar has strengthened, so perhaps that’s part of the reason why mortgage rates are climbing.

I think I’d call someone too, if I had lent them money and they didn't pay me back by the agreed date.

I get it. We messed up choosing this loan. Pure stupidity and lack of experience.
As for the payroll account thing, I have to disagree.
In two different cases, my employers made it a condition that I open an account at the specific bank they use for payroll. I can name names if I wanted to, since they're ex-employers. Maybe it isn't strictly legal, but I needed the job, and I wasn't exactly in a position to sue anyone (let's just say I didn't want to make waves).
It's the same situation with my husband. His employer only deals with Chase, which I actually have a better opinion of than JPMorgan Chase, though they're all basically the same thing. They won't use any other bank. You say it's illegal, but that's just how it works. Especially in the service industry. Even at a large corporation that does more than just hospitality, they still forced this on me.

Here's the exact situation with my husband. When he wanted to open a checking account to get better loan terms at what was then Wells Fargo, they handed him a form requiring his employer's signature to confirm they'd do business with them. His boss refused to sign it.

Thought I’d chime in with my own experience dealing with JPMorgan Chase. Honestly, they are hands down the worst bank I’ve ever dealt with. In just four months, they’ve frozen my account twice over my loan payments—even though I pay them religiously every single month. The only catch is that I moved my payment date from the 1st to the 20th, and despite me calling them two or three times a month to explain that, they still act like I'm dodging them. This first time they froze everything, it was entirely their own mistake due to $2.00. I had to shell out $250 just to get my account unblocked. So, fine, I go through all that hassle, head back to the branch, and try to have a rational conversation with the branch manager. I laid out two options: either they reimburse me $83 for the unblocking fee, or they just shave that $250 off my next installment so the guy can't do anything about it. I told them, "Look, it’s settled now, let's just make sure this doesn't happen again." They said, "No problem." Fast forward three months, and here we go again. It happened again just a couple of days ago, right as I'm hitting my final loan payment. But this time, things are going to be a little different. Instead of just playing nice, I'm taking this straight to the press. They’re going to get plenty to talk about, and they'll be shouting about it for a while. There’s plenty of time to prepare, but this time, they won't

I had been giving some serious thought to moving my accounts over to them lately, but after seeing the crowds of citizens organized in protest outside the JPMorgan Chase branches today because they refuse to engage in any meaningful dialogue, I’ve decided to pass...

A conversation?

(via Reddit)

Robert Smith2, I think you made the right call. If your plan is to take out a loan in a foreign currency you’ve never even laid eyes on—one with both a floating interest rate and a fluctuating exchange rate—just because the initial rate looks lower than a standard USD loan, then please, just stop right there. If you want to spend years complaining about the fallout later, by all means, go ahead and move your business from your current bank to any of the major US institutions, except maybe for that one specific Health insurance company

neondriver5 said:Robert Smith2, I think you made the right call. If your plan is to take out a loan in a foreign currency you’ve never even laid eyes on—one with both a floating interest rate and a fluctuating exchange rate—just because the initial rate looks lower than a standard USD loan, then please, just stop right there. If you want to spend years complaining about the fallout later, by all means, go ahead and move your business from your current bank to any of the major US institutions, except maybe for that one specific Health insurance company

I am quite grateful for the advice, neondriver5...
I find myself wondering if there exists a single reasonable, approachable bank out there that isn't driven by the kind of rampant greed we seem to see everywhere here in the States.

Has anyone here ever taken out a loan from JPMorgan Chase, even if you aren't currently one of their banking customers?

Is it actually true that they don't strictly require you to have a permanent, full-time job to qualify...

Is that accurate?

Does anyone have any actual insight or first-hand experience with this...

I’m trying to figure out why JPMorgan Chase in America offers such a limited range of products compared to, say, JPMorgan Chase in Canada.

In this day and age, it’s honestly unacceptable for a bank to lack basic mobile banking. Our neighbors have contactless Mastercard debit cards, while we’re stuck with basic Maestro. Don't even get me started on the lack of Mastercard or Visa Gold debit options—their credit card selection alone puts ours to shame.

How does that even happen?

Sent from my iPhone using Reddit

Even other major banks or global groups don't really offer these same services across different countries ☕