Chase review: Does not accept ownership of their mistakes, poor client support

In a little over a year after opening a JPMorganChase checking account and a brokerage account, I lost confidence in Chase based on the way I was treated, and I closed all accounts. A summary of the issues I experienced at JPMorgan Chase follows.

Denied credit card even though I had excellent credit rating and had extensive assets in the brokerage account.

As a JP Morgan Chase private client with Brokerage and Checking accounts, I was denied a United Airline credit card that would have saved $300 on my UA flight. I was later also denied a Chase Freedom credit card after an offer was sent to me by Chase. In both cases I received a letter from Chase stating that I had an excellent credit rating, but there was an issue with past history.

I did research and found out that Chase has a binary rule (5/24) rule stating that you won't be approved for a Chase credit card if you've opened five or more cards from any bank (excluding most business credit cards) in the past 24 months. This rule is never stated in the credit card application. I have opened credit cards that offered cash bonuses after a fixed dollar amount was charged to the card and paid. In one case, the offer was a $200 bonus after $1,000 was charged to the card within a set time period and paid off. Taking this offer yields $200 benefit with no additional expenditures as long as the credit card is used to make the necessary purchase. Using such bonus offers is an excellent way to manage personal finances.

Chase put a 10 day hold on a check I deposited in the Checking account.

I deposited a check from my account in another bank into the Chase checking account. The funds would eventually be used to add addition funds into the JP Morgan brokerage account. My outside bank paid the amount within 2 days. The brokerage account had assets 30 times larger than the amount of the check. I do not see the basis for the 10 day hold except for the ability to use the time value of the money by Chase to make additional profit at my expense.

JPMorgan incorrectly titled/registered the Brokerage account with the wrong Trust date, and omitted one of the trustees. When I noticed the error (yes, I noticed it and JPMorgan did not), I notified the Client Advisor about the error. 46 days later, I closed all JPMorgan Chase accounts with the error not corrected.

During this 46 day period there was no change in the title/registration of the Brokerage account after numerous efforts on my part to get JPMorgan to make the correction. On two separate occasions I was told that the error would be corrected within a couple of days. As a note, I provided a copy of our “Declaration of Trust when the checking account was opened. The Checking account title/registration properly reflected the Trust’s under agreement dated (UAD), and two Trustees. At a meeting to check the status of efforts to correct the trust date error. I was requested to sign a “Trust Certification” certifiying to a fact that was not true. I lost confidence in JPMorgan/Chase after I was encouraged to sign a document that all meeting personnel knew was not true.

My effort to have this incorrectly titled/registered trust account fixed included:

A) I called JP Morgan/Chase customer service [protected]) requesting assistance in getting the bank error fixed.

B) A formal complaint with JP Morgan/Chase asking for their assistance, and requesting a change in advisor. There was no change to the advisor.

C) An email was sent requesting assistance in fixing the trust issue to Mary. Erdoes (mary. [protected]@jpmorgan.com) CEO of Asset and Wealth Management LOB. I never received any response from this organization.