GOD DA** CHASE!!! THEY JUST SCREWED TONS OF FORMER WAMU ACCOUNT HOLDERS!

[TwixVoy]

Anyone remember when Chase "acquired" WAMU after having their asses bailed out by the tax payers?

Well part of that arrangement was that WAMU account holders that had accounts with NO monthly service fees (the vast majority of WAMU account holders) would get to keep those accounts with NO monthly service fee.

I was a WAMU account holder. I got a letter from them in the mail at the time promising I would NOT be screwed over with monthly fees and I would get to keep all the same terms WAMU offered. So did thousands of other WAMU account holders.

So now today I find a letter in the mailbox from Chase informing me that my former WAMU account will now be assessed a $12 monthly fee. Are you fu**ing kidding me? You people can't even adhere to an AGREEMENT that you made a fucking year ago without changing it to line your pockets with more cash? And right after your rich asses get massive tax cuts from congress?

I am calling right after making this post to close this account, but this REALLY pisses me off. I expected Chase to be true to their word and not charge monthly fees to my former WAMU account so I kept it.

Now I am going to have to change ALL my bill payments that deduct from this account, change my direct deposit, order new checks from someplace else, and do all this ASAP to avoid paying sudden fees to these bastards.

These bastards are BOLD. It takes some major balls to pull a stunt like this.

[villager]

1. How could they get away with it with such close White House scrutiny?

To say nothing of those watchdogs in Congress!?

[Moondog]

10. To ask the question is to answer it. n/t

[Liberal_in_LA]

16. +2

[HuckleB]

19. There was likely nothing in the agreement that forced them to keep the accounts long term.

[dkf]

2. Credit unions rock.

You shoulda done it ages ago.

[CurtEastPoint]

7. I finally ditched Wach/Wells 6 mos ago for the Delta Credit Union and love it! n/t

[bluestateguy]

3. My guess is that there was an expiration date to that agreement

Banks usually waive fees if you keep the balance above a certain amount: another convenience for the well to do :eyes:

[TwixVoy]

5. There was NO expiration date

The ONLY terms they provided was that you must USE the account at least ONCE every six months. I use it ALL THE TIME.

[Suich]

4. Same thing happened to me,

except the monthly charge is $10.



:mad:

[WolverineDG]

6. I feel your pain

My mortgage was held by Countrywide, which was taken over by BOA. At least Countrywide would accept partial payments & process them as they came in. Not so BOA. They refuse to credit your account until the ENTIRE amount is in their money-grubbing hands. Fuckers.

dg

[blueamy66]

18. Yeah, I'm with Saxon.

They told me that I was 2 months behind. I told them that was bullshit.

So the guy looks in a "holding" account, where $2k was just sitting. "I don't know why it's there. I don't know why it wasn't applied". I guess the checks were short by $5 or $6 each.

I hate mortgage companies. I just want to move to an apt and have no worries.

[frazzled]

8. Chase saved us over $200 a month when they took over

I don't know why, but they called and asked if we wanted to renogiate our old loan from WaMu, which they had taken over. We were suspicious, but decided to apply (that cost us, for the application and appraisal). It took several months and TONS of paperwork and rechecking our financial worth, our condo's worth, etc. But they gave us a new loan at a lower rate, with no points charged. Our mortgage is now several hundred dollars less per month than it was before.

ON EDIT: We never did our checking or savings at WaMu, so the fee is not relevant to us.

[TwixVoy]

13. How kind of them

to generously lower your payments through a government program which guaranteed them the cash for the note no matter what.

Just wait until they find a way to screw you on that one. Rest assured they have countless people who are paid generous salaries thinking of ways to do it night and day.

[frazzled]

15. What was the government program?

We have a conventional mortgage. We weren't even seeking a refinance, and heard they weren't even giving them out. That was when credit was tighter than a drum, a little over a year ago.

[FarCenter]

9. Chase Kills "Free Checking" For Ex-WaMu Customers

Ex-Washington Mutual account holders received a notice in the mail (reprinted below) letting them know the bank is going to convert their "Chase Free Extra Checkings" to "Chase Total Checkings."

Whereas before these accounts had no monthly service fee or minimum balance, they will now have a $12 monthly service fee unless customers have one direct deposit of $500 or more, keep a minimum daily balance of $1,500, keep an average balance of $5,000 or more in a several deposit and/or investment accounts, or just happen to incur $25 in fees a month. (It's a half-off special!)

More at http://consumerist.com/2010/12/chase-cuts-off-free-checking-for-life-for-former-wamu-customers.html

[HuckleB]

17. Strange claim made in that artlicle.

"Washington Mutual made waves in the industry fifteen years ago when they offered what was then a novel idea: no monthly fee and no monthly balance. Those days are long gone, just like Washington Mutual."

Uh, I had free checking at "The Arizona Bank" back in the '80s, and my wife and I had free checking at BA, starting in 1992, until they killed that account a few years ago. So this wasn't exactly novel.

[Jackpine Radical]

20. I have free, interest-bearing checking at 2 credit unions.

Either of them would also automatically cover an overdraft without charging me for the service.

[FarCenter]

22. WaMu made a big point of advertising it heavily

But, it wasn't a unique product.

And "for life" apparently meant until WaMu died.

[Gormy Cuss]

28. It was probably written by someone with knowledge of only one market area.

When I moved from the east coast to the west, the range of account conditions and "benefits" were quite different. Same deal with mortgages.

[fascisthunter]

Trust Banks

no problemo

[fascisthunter]

31. Trust Banks

no problemo

[Matariki]

11. I bet they are trying to catch folks who moved their money but didn't close the account.

When WAMU closed I transferred my money to a credit union but didn't officially close the account.

I've had a few cents sitting in the checking and savings since then - and pretty much have forgotten about the account. Any mail from Chase would go straight into the recycle bin.

Fortunately, my intuition told me to open that particular letter you mention - otherwise I suspect I'd have gotten a bill from Chase for a couple hundred dollars next year.

I suspect that I'm not the only person who handled their account that way and perhaps that was part of their motive.

[glitch]

29. You are not the only person, and thank you and the OP for the info.

Time to clean house.

[HuckleB]

12. BA did this to their own former free checking account years ago.

They still have a basis "free checking" account, for the time being, but you must do all banking online or at an ATM. If you go into the bank, you get charged.

[Matariki]

14. BTW - not only does my credit union not charge a fee on checking - they pay interest on it as well.

In other words - Credit Union is the way to go. You won't regret it.

[Jackpine Radical]

21. Ditto, as I commented above

(but after this post).

[Raine]

23. Shop around there are many more banks

around than what people realize. It seems that the big ones get all the attention and customers but there are many small banks that don't advertise where you can probably get a better deal.

[pnwmom]

24. It really isn't hard to change banks. Lots of people have had

to do this because of all the buy-outs over the years. And anytime you don't like what your bank is offering, you should check and see what other banks offer.

[housewolf]

25. If you can, go open an account at a local credit union

I know some people need the access available from nation-wide banks, but, really, I've been with credit unions for years and have always been more than happy with them. There is a nation-wide "credit union service centers" organization that lets you do in-person transactions at credit unions all over the country, and I've never been stuck needing to get into my own cu. Strongly suggest that you at least check them out.

[Cornus]

26. You state in your OP

"Now I am going to have to change ALL my bill payments that deduct from this account, change my direct deposit, order new checks from someplace else, and do all this ASAP to avoid paying sudden fees to these bastards."

I got the same letter from Chase and it says that if you have direct deposit, you will not be charged the monthly fee. Looks like you should be OK since you have direct deposit.

[Angry Dragon]

27. They are just pond scum and can not help it that they

are greedy blood suckers

CREDIT UNION is the way to go

[gratuitous]

30. I dumped Chase very quickly

Fortunately for me, when WaMu was having problems, I pulled some money and set up another account at my credit union. When WaMu was acquired by Chase, it didn't take long for Chase to piss me off, and I said sayonara to the House of Chase.

Setting up a new account anymore is a pain in the drain, and having to wait to access your money while your new bank or credit union gets its act together can be interminable. But banks depend heavily on inertia to keep small account holders whom they can gouge in ways they'd never dream of with their big depositors.

Move your money, and you and Chase can go your separate ways.

[upi402]

32. Evil CHASE screwed me too

I moved my main account out while WAMU was swirling the drain (thank you economy forum).
But I had a credit card with them for travel. They moved the due date up 2 weeks without notice - and charged me a $29 late fee.

CHASE sucks balls.

[WestSeattle2]

33. Two words: Credit Union

[Lugnut]

34. Credit union

Do it. We switched several years ago and we've never looked back.

[roody]

35. Please put your money in a local bank or credit union.

[eShirl]

37. +1

[mfcorey1]

36. Got the same mailing. No fee if you have at least $500 in direct deposits per month. Chase sucks!

The amount of the fee is twelve dollars plus, which is really a high montly fee for a checking account.

[quaker bill]

38. I haven't paid a fee in over 20 years

I make a small amount of interest on checking. Two words: Credit Union.

My money is insured by NCUA, which is more sound financially than FDIC, they do loans, credit cards, and business accounts just like any bank, but with lower costs and higher interest. My ATM card works anywhere. I see no drawbacks and lots of advantages.

[Norrin Radd]

39. Go with a CU, I concur.

[sendero]

40. I would say..

... "why are you doing business with that bunch of thieves?"

Seriously, I realize that banking is different in different parts of the country. Around here (north Texas) it is easy to find a small local bank that has no fee checking.

I'd never keep a dime in BoA, Chase, Wells, Citi or any other big bank, they are all insolvent and they are all assholes.

[TBF]

41. Thanks for reminding me - I need to close that account too. We don't

keep much in it because we have a new bank now (actually two, a smaller bank for household, and a credit union). I just never got around to closing that account. Now they are saying to avoid the fees you have to have a $500 direct deposit monthly I believe.

[shimmergal]

42. Right after the takeover, they

cancelled my WaMu credit card, which I had faithfully paid on including the sky-high interest, for many years. No explanation, except the notice.

That was the end of my payments to them. Why should I continue to lay out the 1/6 of my monthly income, which I could ill afford, and receive nothing in return? My credit rating has no doubt taken a hit, but that'll come back eventually. Chase must figure there's no profit in pissing off small customers, whether they're depositors or debtors. But I notice they weren't willing to lay out the money to take this into court. Nor, obviously, are they offering the bill-collecting agencies enough for them to do so. Hmmm...I figure they can take the losses better than we can. Especially when they're thriving on loans from us tax-payers anyway.

[rox63]

43. I've been with a credit union for over a decade

And I will never go back to a for-profit bank. Make the move - you won't regret it.

[femrap]

44. Put nothing past the

Money Boyz....they'd kill their own mothers if it increased their bottom line. They're evil and pray to the almighty $.

[w4rma]

45. Leave banks. Join credit unions. Ownership is good. Letting thieves steal from you is bad. (nt)

[Odin2005]

46. Rules are for us little people, the eiltes can do whatever they want.