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About 5 years ago, my mortgage was sold to Chase, I did not choose them. I have paid every single mortgage payment at least 2 weeks prior to its due date, and on most of my payments, I have added extra money to be applied to the principal. I have to believe I am an excellent customer (my credit rating is 826). I have no escrow accounts with them and up until now, I have had no problems. I paid my July 1, 2008 payment in early June. They received and cashed my check on 6/13/2008, but did not post the payment to my Chase account. Although I sent them a copy of the check (both sides) and my bank statement several times, all showing the check was cashed by them on 6/13, it took them 36 days (and MANY phone calls from me) to finally apply the money to my account. During which time, my account was tagged as delinquent and accessed a late fee. After the money was finally applied to my account on 7/17, I had to call them to remove the late fee, which they agreed to do for me as "a one-time courtesy to me"! That's amazing, since the lateness was entirely their fault! My account history stills says my July payment was paid late - Chase refuses to change that to 6/13, which was when they actually cashed my check. Chase strung me along for 36 days, keeping me tied up in a process that should have been correctly immediately by any customer rep, once they received my proof of payment. Now my credit has been hurt and I'm left to straighten that out. If this is how it is to work with them on a simple problem, I can't imagine what it would take to correct something far more complicated. It's no wonder they have a "F" rating with the Credit Bureau. Needless to say, I'm leaving Chase as soon as possible and would advise anyone with a Chase Home Finance mortgage to do the same.
I have two home loans with Chase Bank. I did not want an escrow account and would rather pay my insurance and real estate taxes separately but they told me I had to have one. Since having this escrow account my insurance lapses regularly on both properties. Chase had insurance put on one of my homes because they did not renew the policy. Why do I have to pay for Chase not doing their job.
I had four strokes and a heart attack, so of course they had to take our my homeowners. I still could and did get Flood, wind and hail. They sent my flood in on April 4th and mine got there on the 7th. Needless to say they now say I can't pay the flood since they have to put my homeowners into escrow. All they do is lie. My insurance was not due till April 24, 2008. They are horrible, Can't we all get together and do something.
Since my wife and I purchased our house in August of 2004, we have never made a late payment. I think we had one payment in five years in our previous house that was incorrect (by a few cents). I pay our bills online by using Bank of America BillPay and it generally works very well. I don't use any of the auto-pay options because I want to control when the bills are paid and heaven forbid there are ever errors or we can't get to a computer for some reason, our accounts will not be tapped for bills. And I always pay all of our bills on time in this manner.
In mid-February of this year, I realized that we hadn't received a statement from Chase Home Finance for January, to be paid on Feb 1. I looked through the records and realized that I was about two days past the 'late payment date' so I called Chase immediately upon realizing the error and let them know that I would be paying it online and that it would register within a day or so.
I waited until the next day to make sure the payment posted to Chase, which it did. I then called Chase again to explain that A) they had not sent a statement in January (but we did receive statements from all other creditors - utilities, credit cards, insurance, etc.) and B) I requested to have the late fee removed. The CSR (probably in India judging by the accent) told me that 'because it was not a Chase error, [he] could not remove the fee'. I explained that I felt it was a Chase error because they had not sent a statement, and finally he agreed to 'a one-time fee waiver' and he explained to me that 'late fees could not be waived again during the life of the loan'. I accepted his gracious offer and we finished our conversation.
Now - I know what you are thinking - the payment was my responsibility and I agree. I should have been paying more attention to this and if so I would not have made a late payment. This is true. However, I thought it was very odd that we did not receive a statement and my guess is that we were not the only ones. Why the January statement? Perhaps so people who have just survived the holidays don't realize that they owe a mortgage payment? Only speculation but I have noticed that credit card statements also seem to arrive later during the Holidays than they do during the rest of the year.
OK, so that seemed to be resolved just fine. But it was not over yet. I received my next statement and noticed that the late fee was still on there. Of course I received the statement on a Friday so I had to wait until Monday to call the customer service center to try and resolve the problem (again). This time, I spoke to a woman who explained that 'the late fee can't be removed until a payment is posted to the account'. After I explained that I had made a payment and that it had posted several weeks before, she could not explain it and agreed to 'forward this to her supervisor' and that it would be gone come the next statement. I made that next payment and forgot about it.
You can probably guess what happened. I received my NEXT statement (this is now 2.5 months after the original issue) and yes, the late fee was still there. And yes, I received that statement on Friday as well so I had to wait until Monday to call their customer service line. When I did, I was polite as I could be but asked to have an explanation as to why the fee was still there. I detailed the previous calls I had made (I kept notes of days, times, and names). This time, the CSR explained that 'the fee was removed on the 18th' (a few days before I called) but she could not explain why it had taken so long.
Mostly, I'm upset because of the multiple calls I had to make to get this resolved. I see my own part in this that yes, I made a payment that was a few days past the 'late due date'. However, because that late fee was not removed immediately, it incurred interest (albeit a small amount). Not what I would call stellar customer service, particularly because we are very careful with our finances and pay our bills on time all (or at least nearly!) all the time.
I recently submitted a monthly mortgage payment to Chase Home Finance. I included an extra amount to reduce the loan's principal. Chase "electronically" processed my check for only the base amount (they ignored the extra principal payment). When I called Chase, they basically said, too bad...there is nothing we can do about it now because we already processed your check.
My point... If Chase can process your check for ANY amount they want, what good does writing the amount on your check do? So, when a customer attempts to pay an extra amount towards reducing the principle, Chase simple ignores it and thereby makes more money on the unpaid high-interest mortage. This seems like FRAUD to me since they continue to charge interest on the unpaid principle balance.
I have had the same issue. Every year it is the same old dance. The money to pay off the bill is in the escrow account. The policy amount is $1, 200 but Chase Home Finance LLC claims that they have no proof of proper insurance and they also claim that my insurance company (the same one I have had for over 4 years) never sent them a bill... As a result, they order an overpriced unnecessary policy from their own company on my behalf. They are clearly committing fraud in all impunity... I know there are many of us affected by this every time the yearly payment is due... What is the government doing about this?
Chase is terrible. I worked for Bank One before they united with Chase and I can not tell you how many loyal and long standing Bank One customers left the "new Chase" because they completely ruined the goodness of Bank One. Chase only cares about money and DOES make many mistakes in applying payments. I saw this happen so many times on my end as a teller and internally by talking to managers and loan processors. Chase treats their employees the same way as well. They have not a care for the wellbeing and happiness of their employees and every person I originally worked with at Bank One left to work at OTHER banks after the merger. I can only assume the same is happening now with the WaMu switch. It is horrible. Never trust Chase, really, never.
I do not think Chase or any other firm would have control on when exactly you'd receive a statement by USPS.
As a bill pay user you must be an internet user, I wonder why you waited for the paper statement to arrive to you (and complain about receiving it on Friday) rather than go online and check whether the statement had late fees.
You could have also setup online alerts and contacted them via email which would normally get a much better response within a day (even on Friday you could send the email online, rather than waiting until next Monday).
It would have saved you writing such a long article, with so little substance really - for a mistake on your part. It sounds as though that all that's needed is a correction on the way you manage your time more than anything else.
We too are getting the run around with Chase, We have been paying our mortgage since January on time, we were placed in lossmidigation when they bought morgtgage from Citi. May of last year my husband was hospitalize Heart & kidney failure, got behind with Citi but was able to modify mortgage. Chase didnot honer agreement. Now they want to charg off. Infact were charge off April 28.
Our house is modest, need a lot of repairs, but we like it, it's handicaped assessable for me.
My mortgage was also recently purchased by Chase from MortgageAmerica. I had previously cancelled a credit line account with Chase due to them making a mistake that killed my credit score. Fortunately, there were able to make a correction but it should have never occurred in the first place. The only problem I have had with Chase Home Finance so far is that my old Chase user id is attached to this new mortgage. And for whatever reason I cannot log into their web system. Figures. I'm hoping no other problems will crop up.
Now that I have read your complaint, I sincerely hope that this is not a usual practice of Chase Home Finance in order to charge the late payment fees to their customers.
I just called Chase Home finance a few minutes ago because to date (August 27, 2008) we have not received our mortgage bill/ statement for the September 1st payment. It's good that I regularly check what payments are due on certain dates and schedule electronic payments. The Customer Service Representative informed that the statement was sent and to check with my post office about the problem with my mailing.