Anyone have experience with JP Morgan Chase?

I don't get how they can advertise one thing and then pull the rug out from under you. It’s like if you transfer funds to them and suddenly face an overdraft fee, but once the money actually moves, everything just disappears into thin air.

So, here’s my brief take on the whole situation. I have a small mortgage—I was actually working at Wells Fargo when I signed the papers—and it's tied to the LIBOR. Back when I left Wells Fargo, the LIBOR was hovering somewhere between 3.7 and 4, and my monthly payment was sitting right around X (which, mind you, was standard for any regular citizen at the time). Fast forward to now: the LIBOR has dropped below 1, yet somehow my monthly payment has jumped up by 20%. I did some digging and compared rates with other banks, and I'm currently in the early stages of refinancing. It looks like most other institutions (aside from the Federal Reserve) could offer me a rate about 5% to 8% lower, even if their baseline mortgage terms are pretty mediocre.

As for the internal specifics regarding what goes on inside Wells Fargo... I think I'll pass. I have no desire to go off on a tangent and end up having to explain myself to the FBI, the Department of Justice, or Interpol.

Joseph Cox: Give us something juicy, man. Throw out a detail—you can even encrypt it if you have to. We’re all starving for news on that Bank of America affair. 😁

Joseph Cox said:So, here’s my brief take on the whole situation. I have a small mortgage—I was actually working at Wells Fargo when I signed the papers—and it's tied to the LIBOR. Back when I left Wells Fargo, the LIBOR was hovering somewhere between 3.7 and 4, and my monthly payment was sitting right around X (which, mind you, was standard for any regular citizen at the time). Fast forward to now: the LIBOR has dropped below 1, yet somehow my monthly payment has jumped up by 20%. I did some digging and compared rates with other banks, and I'm currently in the early stages of refinancing. It looks like most other institutions (aside from the Federal Reserve) could offer me a rate about 5% to 8% lower, even if their baseline mortgage terms are pretty mediocre.

As for the internal specifics regarding what goes on inside Wells Fargo... I think I'll pass. I have no desire to go off on a tangent and end up having to explain myself to the FBI, the Department of Justice, or Interpol.

Are you absolutely certain it'll be worth it? You have to factor in the early closure penalties, the origination fees on the new loan, the legal fees for notarization... all of that.
Keep us posted on the final outcome—tell us which bank you land on and what the actual terms look like.

Best,

Peter Gomez4 said:Joseph Cox: Give us something juicy, man. Throw out a detail—you can even encrypt it if you have to. We’re all starving for news on that Bank of America affair. 😁

Look, bank secrecy doesn't really apply to me, but the whole group is currently under international investigation. I’m a potential witness here, and frankly, I don't want to be dropping facts that the Department of Justice might consider "confidential" during an active probe. That said, from what I can gather, we could be looking at violations involving several federal statutes—fraud, embezzlement, maybe even racketeering—though I'm not quite sure how they'd categorize the intentional concealment of bad debt or non-performing loans.

Richard Wright said:Are you absolutely certain it'll be worth it? You have to factor in the early closure penalties, the origination fees on the new loan, the legal fees for notarization... all of that.
Keep us posted on the final outcome—tell us which bank you land on and what the actual terms look like.

Best,

Well, since my attorney has some pretty airtight arguments based on the contract itself—basically claiming they breached the actual terms by hiking that interest rate—I’m going after a full contract rescission rather than just doing a standard early payoff.

Two months ago, I moved my accounts from Goldman Sachs over to JPMorgan Chase. I work for a government agency, making an average of $2.00. Despite my existing debts, the woman in the loan department was actually eager to get me approved for financing. I opted for a checking account bundled with a $16667 line of credit and a credit card. Interestingly, I didn't receive any of the promotional gifts I was promised. Here’s the kicker, though: I was already juggling one loan of $500 from my old bank and another consumer loan of $433 for some electrical supplies. The paperwork nightmare lasted about 45 days. I had to keep bringing in various certifications they kept asking for. For instance, I paid off a loan at Chase two years ago, but they failed to report it correctly to the SEC. Even though JPMorgan Chase could see it was settled, the status wasn't updated in the system, so I had to provide manual proof again. $6667 I don't need to give them a heads-up if I want to make a withdrawal. However, the actual disbursement of the loan hit my account two days later than agreed because of some internal nonsense on their end. Ultimately, the money arrived—minus my first paycheck amount—and the credit card showed up shortly after for my $2000 revolving needs. Their online banking is a joke; it takes them two full days just to reflect a single deposit or withdrawal. It's decent enough for now, but we'll see how it holds up.

So, I had this little loan at Wells Fargo way back in the day, totally paid off. But when I went to get a new loan over at BlackRock, I was super careful. I checked everything with my banker, making sure all my accounts were clear and everything. Then, out of nowhere, she calls me up one day and goes, "Wait, you didn't mention you still have a loan at Wells Fargo?" I nearly jumped out of my skin! What loan? It’s been settled for ages... but apparently, the SEC says otherwise. According to them, I still have an active loan at Wells Fargo and—get this—that I haven't made a single payment since 2002.

To make a long story short... Wells Fargo reported that old, finished loan to the SEC twice. One entry is correct, but this second "phantom" one is just sitting there marked as open...

It ended up dragging out my whole process with BlackRock by about ten days while I scrambled to sort things out with the SEC...

And did Wells Fargo even say "sorry"? Not even a word.

Elizabeth Moore8 said:So, I had this little loan at Wells Fargo way back in the day, totally paid off. But when I went to get a new loan over at BlackRock, I was super careful. I checked everything with my banker, making sure all my accounts were clear and everything. Then, out of nowhere, she calls me up one day and goes, "Wait, you didn't mention you still have a loan at Wells Fargo?" I nearly jumped out of my skin! What loan? It’s been settled for ages... but apparently, the SEC says otherwise. According to them, I still have an active loan at Wells Fargo and—get this—that I haven't made a single payment since 2002.

To make a long story short... Wells Fargo reported that old, finished loan to the SEC twice. One entry is correct, but this second "phantom" one is just sitting there marked as open...

It ended up dragging out my whole process with BlackRock by about ten days while I scrambled to sort things out with the SEC...

And did Wells Fargo even say "sorry"? Not even a word.

Unfortunately, from what I've seen, this happens quite often and I honestly don't understand how it's even possible.
When it comes time to grant us a loan, they make our lives a living hell, but once everything is finalized, they take forever to close accounts and report the data to the SEC.
In my opinion, it's just plain wrong.
And the worst part? There isn't much you can actually do about the bankers.

Andrew Martin13 said:Unfortunately, from what I've seen, this happens quite often and I honestly don't understand how it's even possible.
When it comes time to grant us a loan, they make our lives a living hell, but once everything is finalized, they take forever to close accounts and report the data to the SEC.
In my opinion, it's just plain wrong.
And the worst part? There isn't much you can actually do about the bankers.

Spurred on by that response, I decided to start a brand new discussion thread. Go check it out here:

Good and Bad Banking Experiences—Why Is Top-Tier Service So Hard to Find?

Honestly, this bank is a total disaster—easily the worst one in the States. Remember those mortgage loans we all took out in Swiss Francs? They were hands down the most predatory deals in the entire country. Just last year, they hiked interest rates twice, jumping from 5.25% all the way up to 6.75%. Then, after everyone else had already moved, they finally remembered they were supposed to lower them too. But did they? Nope. They gave us a pathetic little 0.25% cut, while every other major lender was slashing rates by at least 0.50%. What a joke, right?

Unfortunately, I’ve had a nightmare experience with this bank too.
We had an auto loan with them, and at the start, we actually paid installments ahead of schedule just to avoid any potential issues if our payroll was late.
Yet, over the last few months of the loan, they kept sending me constant notices claiming payments were overdue. They weren't.
Every time, we’d go into the branch, sort it out, and everything would be fine.
In September, we paid off the final installment, and they told us to expect a notice in the mail in about 15 days, after which we could come by the branch to pick up our paperwork.
Fast forward through all of October—absolutely nothing from the bank.
My husband went into the branch to ask, and they just claimed they hadn't received the documents from the corporate headquarters yet and told him to wait.
Fine, whatever. A few more days shouldn't hurt.
Then my husband goes back in two days ago—that's 2.5 months since we cleared the debt—and they just stare at him blankly.
They have zero clue what he’s talking about. What papers? What notice? Why is he even there?👎
He tries to explain things patiently, but they start insisting we need to see a notary to transfer the car title (since the bank holds the title) and handle some stuff with the IRS, though they couldn't even tell him exactly what.
Honestly, who is the crazy one here?
He points out that he can't exactly walk into a notary's office without proof of payoff or the actual title and say, "Hey, I'm here to transfer the car, but I don't have any of the paperwork from the lender."
Then, the idiot working in the loan department finally realizes he's right and says, "Yeah, sorry, you'll still have to wait because HQ hasn't finished the processing," promising to call him the next day.
Of course, they didn't call. My husband is going back in tomorrow, and after that, I'm taking this straight to the press. I'm done.👎

My parents finally paid off their mortgage through Canada last year—it was originally issued by Wells Fargo—and they’ve spent the entire following year just waiting on the notification that the lien has been released... On top of all that, they had to shell out $30 for notary fees and $17 for the actual stamps. I can wrap my head around the stamp costs, I suppose, but this whole notary thing seems a bit redundant to me. I honestly don't see why a notary had to certify anything when my folks didn't even sign that specific notice

So, I ended up switching over to JPMorgan Chase basically by accident—whatever. Now I’m looking into their loan options up to 50 $0.00 (that quick transition package). The interest rate looks pretty decent on paper, but I’m wondering... is there a catch somewhere? Like, what am I missing? Anyone else here dealt with this before?

No strings attached. We’re talking about an incredible loan—honestly one of the top three options on the market right now for this amount. Plus, you can snag a Visa co-branded card backed by General Electric insurance...
http://www.jpmorganchase.com/home.nsf/id/31

Richard Wright said:No strings attached. We’re talking about an incredible loan—honestly one of the top three options on the market right now for this amount. Plus, you can snag a Visa co-branded card backed by General Electric insurance...
http://www.jpmorganchase.com/home.nsf/id/31

Thanks a ton (assuming you don't actually work at JP Morgan Chase) 😉

The bank is an absolute disaster—though, frankly, their competitors probably aren't much better. Every month it’s a different set of tellers behind the counter, and naturally, none of them have the slightest clue what they're doing.
I tried changing some account numbers, went in to make a deposit, and later realized the transaction slip didn't match my actual account. I call the bank, and they claim they updated the account numbers—something nobody bothered to mention at the teller window, let alone provide a new card for. That's just one instance of the chaos. At this point, I'll be lucky if the bank doesn't collapse entirely and wipe out my shares.

There is no such thing as a unified European Central Bank system here; even places like Austria are just a mess. Everything is completely disorganized.

Richard Wright said:No strings attached. We’re talking about an incredible loan—honestly one of the top three options on the market right now for this amount. Plus, you can snag a Visa co-branded card backed by General Electric insurance...
http://www.jpmorganchase.com/home.nsf/id/31

It’s always the same playbook with this bank, isn't it? They lure you in with those super low interest rates, but then they hike them up later and give you a massive headache. I went through the exact same thing with those foreign currency loans back in the day, and now my rate is some of the worst you can find. And what really burns me is how inconsistent they are across the board. Like, why am I sitting at 6.15% while a buddy of mine gets the same deal at 5.95%? If we signed under the same terms, shouldn't the math be the same for everyone? Makes you wonder, right?

Look, sharing an experience doesn't mean much when we're talking about this specific loan.
Besides, that logic applies to pretty much every bank out there except Bank of America. They haven't touched their mortgage rates, and they actually just dropped them down to 6.45%...
Bottom line: this "Quick Transition Package" has been on the table for two years now, and regardless of whatever else was happening with interest rate fluctuations, they haven't budged on the terms.

Richard Wright said:Look, sharing an experience doesn't mean much when we're talking about this specific loan.
Besides, that logic applies to pretty much every bank out there except Bank of America. They haven't touched their mortgage rates, and they actually just dropped them down to 6.45%...
Bottom line: this "Quick Transition Package" has been on the table for two years now, and regardless of whatever else was happening with interest rate fluctuations, they haven't budged on the terms.

I think you might have tripped up a bit when you mentioned the CHF loans at Chase are sitting at 6.45%. That's way too high—unless you actually meant Euros? Seriously, if you check the thread about how much the Swiss Franc is expected to climb, you'll see the interest rates for CHF loans at Chase are actually much lower than what you'd get at Hypo.