New US Bank Scam on Consumers?

[RAT900]

I just got off the phone with JP Morgan Chase collections on an auto loan I just assumed 3 months ago (in order to get more discount points from the car dealer)

I have not received a bill in 2 months...no bill,,, I don't pay. I don't do direct withdrawal with ANYONE on my bank accounts.

I did however just get a late notice from them with a FEE tacked on.  After I (and my wife on the extension) went psycho on this stooge we are told  this:

THEY ONLY ISSUE QUARTERLY STATEMENTS not monthly bills....no payment coupon book,,,, nothing

So I have to pro-actively remember the date the address and the account ID and get a monthly payment out in time to avoid getting the late notice with penalty mailing .....or I have to submit to automatic withdrawal .

Sure of course...they have no problem mailing out a bill with a late premium tacked on it.

I told them if they can't send me a monthly invoice I want a settlement statement for the balance of the loan to pay it off so I don't have to do business with asshole taxpayer bailout banks 

I can't believe they can pull this shit now

[the_Journeyman]

Wow.  Did they not disclose this up front?  Seems kind of silly of them to assume you can read their mind.

I wouldn't want to do business with them either ~

JM

[RAT900]

I am sure there is a fine-print mailing somewhere that I failed to make note of..shame on me for assuming anything these days..but make the beast with two backs them sideways anyway...loan is being eliminated

[The Architect]

I had an auto loan with them a couple of years ago.  We were receiving monthly statements with a payment coupon.  The last year of the loan, midstream, they switched to the quarterly statement/coupons. 

It annoyed me.  But it wasn't worth the 5 minutes to call one of their mindless stooges and ask to receive the statement monthly.

So I guess their fine print allows them to change the rules as they go along.

I wonder how much postage they saved? 


It could be worse.  I had a loan on a bike through GE.  I made the payments, they cashed the checks and never applied the payment to the loan for about six months.  When I asked for a statement of the loan since the start of the loan I was told they could not release it to me without a subpoena.  I went ape shit!  The wife handled it from then on.  She once worked for a large bank and was high up in the ranks, she is skilled in their black art of bullshit.  She never got the statement.  She spoke to a VP who, against their rules, told her over the phone what the payments were they received. 

make the beast with two backs you GE!     I've been hearing this is a common business practice for them.  Avoid doing business with GE like they are carrying a plague.  pregnant doges!   <---- The opinions here are of those belonging to The Architect, if you don't like them don't read them!  The facts above are just that, facts. 

[Popeye the Sailor]

I've been unhappy lately with Citibank, Bank of America, and Visa.

P and I are working on getting all business away from all three.

I like voting with my dollars. It amuses me to explain to the bank manager why I'm closing my account, and where they can please stick it.

[LMT]

Makes you want to use cash for everything and keep the extra under the mattress.

[Triple J]

That's lame.

I do vehicle loans thru State Farm now. I've been really happy with them...much better to deal with than a bank. 

[Venom51]

Long story made short:

My 86 year old Mom took out a loan with GE Capitol. Somehow (probably during a "nice" phone call with her) they got her bank account number. They withdrew her monthly payment directly from her account, even though she pays with a check. Because she's on a fixed income, they drained her account. Her bank couldn't do a thing about it, I had to send her money, and now she has a different account number. Effing bastards.

[duccarlos]

I setup a monthly payment through my online bill pay. It sends the check automatically until I cancel it. No automatic withdrawal and I control the amount. I can cancel/postpone single payments. Never give out your bank account number.

[Johnny OrganDonor]

I setup a monthly payment through my online bill pay. It sends the check automatically until I cancel it. No automatic withdrawal and I control the amount. I can cancel/postpone single payments. Never give out your bank account number.

Isn't your account number on the check they issue?  Or, does it work as an intermediate buffer like PayPal?  Seems like they'll getchya one way or another.

[duccarlos]

When you send them a check it's different from giving them access to your bank account. A check is basically a contract for the amount you send, versus giving them full access to draft directly.

[RAT900]

Makes you want to use cash for everything and keep the extra under the mattress.

After my 401K got raped and sodomized in the implosion that is the truth

[redxblack]

I closed my last bank account in 1997 and have been with a credit union for everything ever since. Even my bank card is with the credit union.

[The Architect]

I closed my last bank account in 1997 and have been with a credit union for everything ever since. Even my bank card is with the credit union.

Small credit unions and small local banks seem the way to go these days.

I wonder how long that will last these days? 

[Mad Duc]

Credit Unions FTW. I get the best interest rates with them and when they make a "profit" I get refunds on any interest I paid. Last year my effective mortgage rate was 75% of the listed rate with the refund.

I got tired of PNC charging me money to get my money and then they changed the way they calculated deposits vs. withdraws and ended up with a negative balance even though I transferred money from my savings account to cover checks. F'em. They lost my business because they showed how little they respected their customers. I think the big banks are going to get a real wake up call if they continue to do these sorts of things. Unlike other businesses there's way too many credit unions and small banks that can take care of their disgruntled customers.