Big banks suck!
I already knew this, you already know this, but didn’t have a say in the matter upon initial purchase of the house. We have been through three refi’s with Chase Bank over the last 7 years and none of them were this bad. There was, of course, some jumping through hoops but nothing too out of the ordinary. In the past they have been relatively painless to work with, until now.
My last update on the refi I spoke of the communication issues and bumbling of the person I was working with. It continued. It didn’t get better and the more I complained about it the less communicative they got.
Anyway, I submitted all the docs the required from the start. Things are moving along. They get communication issues and then want to have me submit more docs that were never asked for the previous three times we refi’d. Um, what? Oh, and then the also wanted signed statements about things from the past they never asked about previously too. Um, no. Not gonna do it since they were not relevant then and they aren’t relevant now.
When they said the refi couldn’t go forward until the documents were submitted I protested. Nothing has changed in the last two years (that was the last refi) and really all they needed to do was get some updated financial statements. Nothing else they wanted pertained to the situation. But, they said they needed these because of “law changes.”
Um, what law changes? Neither person I spoke to could say specifically. They just kept repeating it – because that’s how society works these days…if you repeat it enough, it become “true.”
**Note, I had begun the process with a different bank at this point and they haven’t asked the questions Chase Bank was asking, so “law changes” my ass…**
So, I told them to cancel the application since it wasn’t going to move forward. That’s when their disclosure about the “good faith” deposit stole my $500. Because I didn’t submit documents they were requesting and because I cancelled the application, not because they declined me, they had the right to keep my money.
Essentially, that means the bank could literally ask you for anything and if you don’t comply they keep your money. I see how it is, Chase. You got me. My bad.
So, in essence, the bank contacted me about a refi to lower my rates. I jumped through the immediate hoops thinking it would be simple since I am already a current customer, and then they jacked the process to make it unreasonably difficult.
Looks like the bank robbers ride again!
I would advise not doing business with Chase Bank. Ever.
Yep. They are thieves. And, they don’t care.
Go to a credit union.
I did the credit union thing once. It was not technology friendly and didn’t have the modern conveniences, so I left. I am quite happy with my “local” bank (it was small, but has grown substantially into a regional bank), where I do most of my other banking, but haven’t even done the large purchases there because they typically get sold to a big bank any way.
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