Pissed Consumer - Be very aware when dealing with Chase!!

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Be very aware when dealing with Chase!!

May 8, 2008

Chase complaint

Beginning of April 2008, I applied for a rate reduction on my existing Home Equity Line of Credit opened with Chase in 2005. Before I signed the application, I asked if there will be any restrictions if I decided to close the account 12-14 months later, and I was told that there are no restrictions and all other terms of the exising loan will apply, including expiration of the penalty. **My existing loan had a penalty of $250.00 if the account was closed before 3 years of opening, which was to expire in August 2008 ** After the application was processed, my representative (agent) happily informed me that my rate was approved at Prime Rate plus .5%, which was a reduction from a prvious formula of Prime Rate plus 1.5. Two days before closing my representative informed me that the rate was suddenly increased by .5% to Prime Rate plus .75%!! That's not all. At the closing, I asked my representative to confirm that the penalty expiration date will stay the same, and she made a telephone call and confirmed. After she gave me papers to sign, I took the time to read what I was signing and --- guess what??? The Loan Modification Agreement clearly states that if I closed an account within 3 years from now, that is before 2011, I will pay a penlty of $400!!!! CHASE AND ITS PEOPLE ARE PAID LIARS. They are all on a commisiion basis and will lie to you with a smile just to get a larger commission check.

DON'T EVEN THINK OF TRANSFERRING YOUR 401K TO CHASE IRA OR OPENING IRA!!! It will cost you dearly. They will count on a afct that most of us are not financial experts, and since we need to rely on their information, they will intentionally give you false answers as to their fees and charges, just to get you to open the account with them.

PLEASE, DO YOURSELF A FAVOR AND CLOSE OR TRANSFER ALL YOUR CHASE ACCOUNTS. Your will save a lot of money that way.

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