Posted on 09/30/2013 10:54:07 PM PDT by RKBA Democrat
Chase Bank is in trouble on three separate fronts that I want to relay to you. Sadly though, nobody is going to jail for the continued criminality.
First up, Chase is facing charges of fraud in the sales of bonds in mortgage markets. The feds are seeking fines of roughly $20 billion. As you might expect, Chase is pushing back. We'll see if this charges winds up only amounting to a silly civil action, or if finally the government will get some backbone and issue indictments.
Now, you may say, what do I care what Chase did to rich people with bonds? Not so fast. Chase must also pay $400 million in refunds for illegally charging two million card holders for stuff they didn't buy, like ID protection and other unauthorized services.
The bank was putting phony $20 charges on people's accounts. Most people didn't notice these charges because they don't check their statements. I get paper statements for all my accounts and look through them each month for this very reason.
Finally, Chase is under a multi-state investigation for stealing from people with illegal debt collection practices. They were allegedly filing false affidavits and going after people who didn't have accounts and were getting judgments against them!
This bank is morally and ethically broken. What can you as a consumer do about it? Don't do business with them!
Other than a credit union, what is an “un-bank”?
The article is quite worthless.
” un bank” is a fancy word for “keep under mattress”..
Ah! Thanks.
I never did any business in a Chase bank, but my first VISA card was from them, about 40 years ago.
Part owners of the Federal Reserve...no thanks!! (Killing the middle class!)
I have no excuse other than being a total sucker for the amazing Chase reward credit cards. And the reward payouts for their settlements are not bad either (although the servicing sucks). :)
I think he means not to use banks, period.
Personally, I doubt Chase is any more or any less corrupt than most other financial institutions.
Chase is probably the best bank in the entire world.
It makes a lot of money and has a very good record in making profitable loans (that means funding the capitalist system while not funding stupid stuff).
Without JP Morgan Chase, the US financial system goes down in 2008.
Chase refused to engage in subprime lending, unlike Bank america and Citi.
And I believe the justice dept is going after JPM as a publicity stunt. Going after Citi or BofA might mean sinking those banks. But chase can stand 20 billion of loses and still show a yearly profit.
“Chase is probably the best bank in the entire world.”
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I think a Chase Visa card was one of my first, 40 years ago.
I had it until I left the USSA in the early 2000s.
Despite my mean-spirited assessment in #4, the article does have one comment worth reading, posted by StopTheBias at 10:22 p.m. Sep. 25, 2013:
The ALLEGED unethical conducted occurred at the 2 firms JP Morgan Chase & Co. was REQUIRED to purchase by the U.S. Treasury Dept. and the Federal Reserve back in 2008 and 2009: Washington Mutual Bank and Bear Sterns. If Chase didn't do the government and taxpayers those favors, the FDIC would have lost tens of billions of dollars repaying Washington Mutual's depositors. If Bear Stearns had defaulted on the junk credit default swaps it was backing, then the 2007-2009 financial crisis would've been a lot worse. Remember, the Treasury Dept. and the Federal Reserve refused to prohibit lawsuits against banking firms that rescued other failing banks and securities firms. These ridiculous settlements with the U.S. regime never help bank customers, they benefit some overpaid government employees and the law firms contracted out to help Federal agencies sue the banks. If Chase settles with the U.S. Nazi regime, the real losers will be Chase Bank, NA USA customers that will pay higher interest rates and fees on loans, mortgages, credit cards, insurance, etc.
tl;dr: Clark Howard shills for the Obama Regime!
i just re-financed n paid them off Friday
Chase refused to engage in subprime lending, unlike Bank america and Citi.
And I believe the justice dept is going after JPM as a publicity stunt
Could this then be be “punishment” for not engaging in the subprime lending racket?
“Other than a credit union, what is an “un-bank”
It’s essentially embracing the cash economy. Minimizing your use of the banks. You use cash where and when possible. If you choose to have a bank account, keep a minimal balance and use it only for paying bills and invest additional cash elsewhere. For some it would mean using a bank alternative like Bluebird/Walmart which is a pretty fair deal.
Congrats! Bet its nice to get that millstone from around your neck.
you betcha. chase and my IRS lien from 2011.
There are no coincidences and i am not a 401c4.
Oh....I do that, just didn’t know there was an official name for it. I have a bank account (actually more than one) but I do a lot of transactions in cash. I had a paycheck dishonored after THREE months one time. So I break the string between different institutions a lot.
They put $16,000 of my money in someone else’s account one time and after they fixed it, refused to give me $40 for the mistake like they’d expect from me if I bounced a check. Assholes.
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