Thursday, September 17, 2009

My frustrations with CHASE

I'm am so happy that I am currently refinancing, and soon I will no longer need to have my mortgage through CHASE.

The whole ordeal started innocently back in July 2008. CHASE requested proof of flood insurance, which was a fair request. I provided the requested info, but somehow when they switched over to a new system it was misplaced. Without notifying me, in Nov 2008, CHASE decided to force insurance on me causing a negative escrow. They never notified me of the problem, nor did I know since my mortgage payment stayed the same.

Fast forward to July 2009. I called CHASE because I noticed my total mortgage payment jumped 15%. They notified me that this was because they had no proof of insurance - CHASE needed a record of my flood insurance. To facilitate the process, I was on a conference call between the CHASE representative and my insurance agent to make sure they received the correct documents. CHASE requested the currently policy. Because they weren't able to reset my mortgage payment online, I paid the full balance with the understanding the extra will be refunded to me within the week.

Mid Aug 2009 I receive my Sept statement. The payment was not adjusted, nor was there a refund. I called CHASE customer service for an explanation. The initial CHASE representative claimed the issue was already resolved and I will receive my refund after the escrow analysis completes in 7 days. Unconvinced, I requested to speak with a supervisor and asked him to look into the problem. I get a call the following Monday from another supervisor saying CHASE need proof of my insurance from the previous year. The supervisor was very helpful. Unfortunately, after our first conversation, my return calls were met with the ring tone with no one to pick up, or voice mail for me to leave my message.

I called the general number, determined to get the issue resolved. The CHASE mortgage department was not sure why the insurance was not refunded, and the CHASE insurance department was not sure about the escrow calculation. Determined, I was able to get representatives from both departments on the phone at the same time with me. After explaining my frustration and not taking no for an answer, I was finally able to get some progress.

Summary. It took 2 months, 6 agents, and 2 supervisors to correct the error.

Takeaway. It was VERY obvious that the insurance department has no line of communication with the mortgage department, even though they freely cross charge customers. Most of the CHASE customer service representatives are not well trained to understand the process. CHASE needs to understand their customers don't care about all the internal process, customers only care about what goes in or out of their pocket, and when. Ultimately, they need to communicate with their customers.

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