Update on Chase Checking Account Bonuses and Redeeming Chase/WaMu CDs

Anonymous - #1, Friday, September 11, 2009 - 12:34 PM

Closing my former WaMu CD from Chase has been a nightmare. It matured last month and I still have not received a check from Chase. I closed it over the phone and I was told that I would receive my check within 7 to 10 business days. About 10 days latter, when I did not receive my check, I called Chase. The CSR could not find any information on it. She said that she would resubmit my request. I called the following day and they assured me that a check was sent to me. I asked them what date their records are showing when it was sent. Three CSR’s said they can’t find when it was sent, but don’t worry, the check is in the mail. I finally got to speak to a supervisor who told me that the check was “issued” (not sent) on August 31, 2009. They kept on apologizing for their screw-ups, but when I asked for some compensation they refused. I asked them if I were late paying my credit card bill with them would they accept an apology and waive the late fee. Their answer was “No.” I asked then why should I just receive an apology without some compensation. They took down my phone number and told me that someone would call me within 24 to 48 hours. Yesterday someone from Chase actually did call me. Once again, there was plenty of apologies, but no compensation. She told me her records are showing that a check was mailed on September 9, 2009. She was even able to give me the check number. This time I believe that a check was actually sent. All of this hassle for a CD that matured near the end of August isn’t good business on the part of Chase!

I have another CD maturing from them in a few weeks. I hope they don’t mess that one up as well.

Anonymous - #2, Friday, September 11, 2009 - 1:44 PM

My 5% 13mo CD is listed as 12-17 months on the Chase site. I confirmed that it is indeed only 13mo with a 10 day grace. Too bad, could have used the extra 4 months for that high %.

Anonymous - #3, Friday, September 11, 2009 - 4:24 PM

Even if you miss a 10 day grace period and Chase will lock you into another 13 months or so at 0.25% APY, it would cost very little to break CD and pay penalty.

Anonymous - #4, Friday, September 11, 2009 - 4:45 PM

Related to it costing very little to break the CD if you miss the 10 day window, I dont remember the exact formula, but for my three $100K CD's the penalty would have been in the hundreds of dollars !!!

Anonymous - #5, Friday, September 11, 2009 - 5:14 PM

Yeah, it’s all relative. Madoff would pay millions in penalties. For most of us it’s in tens of dollars.

Anonymous - #6, Saturday, September 12, 2009 - 1:44 PM

I was told via secure messaging that I would be able to get a check by visiting a local branch (I live in CA). I did. But the branch manager told me that the only way to get the money is through a check in the mail. They refused to do an external transfer, and refused to print the check at the office.

Next time I open a CD with them, will have to deduct the lost interest when calculating the actual APR.

Anonymous - #7, Saturday, September 12, 2009 - 10:56 PM

I couldn't get our money out of there fast enough.

A line of Sheeple so eager to renew their cds at worthless interest rates just boggles my mind.

If you are getting anything less than 5 - 6% apy on your cds, then you are truly an idiot because the real rate of inflation is not what the govt. says it is.

If you stop GIVING your money away at these insane rates, then maybe, just maybe we may see interest rates RISE in the coming year.

Anonymous - #8, Sunday, September 13, 2009 - 6:49 AM

FYI - According banking guy's July posting about maturing WAMU CD's, the penalty for early withdrawal if you miss the 10 day rollover window is 3% of the amount withdrawn plus $25. That is $3025 on a $100K CD. At the new 0.25% rate that is 13 years interest !!!!
I closed ALL of my Chase accounts after pulling the matured CD $$$.

Anonymous - #9, Sunday, September 13, 2009 - 5:50 PM

I also have ckg acc there and it has been a nighmere to get them to transfer the fund or mail a check. Plus they put a hold on the transfer amount, within their own bank! No wonder how they have 2 trillion dollars, they wont give you your money back!

ctgottapee (anonymous) - #10, Monday, September 21, 2009 - 2:21 AM

i have to say so far, no problems
called chase the day my cd matured, got a polite knowledeable lady at a call center in america (michigan) and a check was cut. operator didn't even try to sell me on anything. checked online the next day and my account was gone.

Anonymous - #11, Thursday, October 1, 2009 - 8:39 PM

Went in to a branch this morning a bit after 8:30 to close the CD and was out of there by 8:45 with the printed check in hand. No problems.

Anonymous - #12, Sunday, October 11, 2009 - 3:48 PM

My 12mo 5% WAMU CD matured on Friday 10/9/09.
I had a WAMU an existing free chkg, so I requested the funds ($10K+int) be rolled into that chkg on the maturity date.

Should be be simple..no?

They completely lost my first request made 30 days previous.
Had to make another request.
Got every excuse in the world why the proceeds would not show up in the chkg for another 1-2 biz days Tu. or Wed. 10/13 or 10/14.

No WAMU branches in Tucson Az & the Chase conversion not complete till 10/26 here.

Somehow, they managed to get the CD proceeds into the chkg on Fri. 10/9, but they were short 1 days int. (29 days instead of full 30 days for the final monthly posting).
So exasperated made ACH pull out of chkg that will complete Tu. or Wed.

I can't say they are all morons, but very few know what they're doing, and are accountable for it.
WAMU..."Rest In Peace".