Chase kind of pissed me off

[dvarapala]

Originally Posted by JetMechZ16

Chase sucks. They did a double withdrawal for my mortgage about 2 days apart once.

Listen up kids - this is why you never ever ever give a third party permission to pull money out of your account. Use online bill pay and "push" payments out ONLY.

[bsmith]

Originally Posted by Torqaholic

The only way they have of making money off of me is with a late payment penalty if/when I misplace the bill.

They are making money off the transactions you make.


I charged our newflooring for the cash back a couple months ago.
My creditkarma credit score dropped 34 points.
Paid it off and it went up 33 points the next month.

[Aerovette]

Originally Posted by Torqaholic

Can cut the time in half. The trick is to ignore the automated selection process by pressing zero. Zero is not one of the options you will be offered but just keep doing that until it says you're being connected to a customer service rep. Won't be long until you're talking to a human. Works for me

I did that. The time suck was the human.

[The_Dude]

Didn't Chas piss you off too?

[Aerovette]

Originally Posted by The_Dude

Didn't Chas piss you off too?

Both were able to tweak my limits.

[Lakeside49]

Any option is better than Citibank who has become another ‘woke joke’ and a former part of my wallet. Fukem bye.


https://populist.press/citi-bank-goe...rt-candidates/

[bsmith]

Originally Posted by Lakeside49

Any option is better than Citibank who has become another ‘woke joke’ and a former part of my wallet. Fukem bye.


https://populist.press/citi-bank-goe...rt-candidates/

Earlier this year was the first time I have ever had a charge declined...
Chase didn't like me using their card to buy a gun online.

[BayouCountry]

Originally Posted by dvarapala

Listen up kids - this is why you never ever ever give a third party permission to pull money out of your account. Use online bill pay and "push" payments out ONLY.

Not a concern for me. I have limits set for how much can be withdrawn from my Capital One account. I prefer the convenience of auto payments over the risk of one transaction that may go wrong. Notifications tell me if anything does go wrong. All bill payments are on auto pilot from an account with limited funds.

[JetMechZ16]

Originally Posted by dvarapala

Listen up kids - this is why you never ever ever give a third party permission to pull money out of your account. Use online bill pay and "push" payments out ONLY.

After that fiasco, which took months to resolve with them, my CU pushed the payments to them. They were denied acccess to my accounts after that.

Originally Posted by BayouCountry

Not a concern for me. I have limits set for how much can be withdrawn from my Capital One account. I prefer the convenience of auto payments over the risk of one transaction that may go wrong. Notifications tell me if anything does go wrong. All bill payments are on auto pilot from an account with limited funds.

This won't really help you when the mortgage company tries to pull 2 payments. I used an account for my mortgage that had just slightly higher than the mortgage amount sent to it each month. This way they could never dip into funds that were meant for other bills. When they tried the 2nd withdrawal 2 days after the 1st one they took, it was declined by my CU.

This was fine with me cause they shouldn't have been doing that. The issues arose because the Mortgage company now said I had an automatic withdrawal payment declined due to insufficient funds. Therefore they sent me a notice saying my home was in foreclosure. When I spoke with them and asked how far in arears I was they said my payments were up to date. I then asked them how I could be in foreclosure. They didn't have an answer, yet they persisted in saying I had a payment declined.

They would not accept that the mistake was on their part and it was all due to the 2nd unauthorized withdrawal attempt. While they finally admitted that I was not in default they required me to send them a cashiers check for 3 months because I was no longer authorized to be on an auto payment. They would not even accept payment pushed to them from my CU. Having to go to the bank and get cashiers checks and send them to them every month was a pain in the ass.

The part that bothers me most is that companies constantly buy and sell mortgages. Leaving you with no option on who holds your note. Shitty company that screws things up on a regular basis and you don't have the option to leave.

[mrvette]

Go to small claims court, file your own papers, and you win,....they WILL shut up and not mess you over again.....

[snide]

Originally Posted by JetMechZ16

After that fiasco, which took months to resolve with them, my CU pushed the payments to them. They were denied acccess to my accounts after that.



This won't really help you when the mortgage company tries to pull 2 payments. I used an account for my mortgage that had just slightly higher than the mortgage amount sent to it each month. This way they could never dip into funds that were meant for other bills. When they tried the 2nd withdrawal 2 days after the 1st one they took, it was declined by my CU.

This was fine with me cause they shouldn't have been doing that. The issues arose because the Mortgage company now said I had an automatic withdrawal payment declined due to insufficient funds. Therefore they sent me a notice saying my home was in foreclosure. When I spoke with them and asked how far in arears I was they said my payments were up to date. I then asked them how I could be in foreclosure. They didn't have an answer, yet they persisted in saying I had a payment declined.

They would not accept that the mistake was on their part and it was all due to the 2nd unauthorized withdrawal attempt. While they finally admitted that I was not in default they required me to send them a cashiers check for 3 months because I was no longer authorized to be on an auto payment. They would not even accept payment pushed to them from my CU. Having to go to the bank and get cashiers checks and send them to them every month was a pain in the ass.

The part that bothers me most is that companies constantly buy and sell mortgages. Leaving you with no option on who holds your note. Shitty company that screws things up on a regular basis and you don't have the option to leave.

Actually, you have the option to refinance with a different financial institution. Find a credit union that does not sell their notes.

[Aerovette]

Originally Posted by snide

Actually, you have the option to refinance with a different financial institution. Find a credit union that does not sell their notes.

EXACTLY what I did. BEST move ever. I make my payment by sliding money from one account to the mortgage. They don't sell their mortgages and I have my checking and savings right there in the same spot. Because I bank there, the approval was EASY.

[JRD77VET]

Originally Posted by aerovette

EXACTLY what I did. BEST move ever. I make my payment by sliding money from one account to the mortgage. They don't sell their mortgages and I have my checking and savings right there in the same spot. Because I bank there, the approval was EASY.

My bank can sell the note (mortgage) but retains servicing the loan for the life of the note.

[Torqaholic]

Originally Posted by bsmith

They are making money off the transactions you make.

...

True but that money comes from the merchant. Have heard of them charging a bit extra to use credit. I suppose the card company leases out card readers (or something like that) and they're making card users pay for it.

[bsmith]

Originally Posted by Torqaholic

True but that money comes from the merchant. Have heard of them charging a bit extra to use credit. I suppose the card company leases out card readers (or something like that) and they're making card users pay for it.

The credit card companies love people that charge a lot and pay it off monthly.

If a person charges $3k a month and pays it off without interest, and the card company gets 3% transaction fees, they make $90/mo.
They lend you the "same" $3k every month and make $1080 in a year on that $3k.
That's 36% for the year.


If someone has a balance of $3k they are likely making half that amount.

[Thunder22]

Originally Posted by bsmith

The credit card companies love people that charge a lot and pay it off monthly.

If a person charges $3k a month and pays it off without interest, and the card company gets 3% transaction fees, they make $90/mo.
They lend you the "same" $3k every month and make $1080 in a year on that $3k.
That's 36% for the year.


If someone has a balance of $3k they are likely making half that amount.

the transaction fee is paid by the merchant, to the credit card company, not the bank. And it's not a flat 3%.

https://www.fool.com/the-ascent/rese...costs-america/

[JetMechZ16]

Originally Posted by snide

Actually, you have the option to refinance with a different financial institution. Find a credit union that does not sell their notes.

Originally Posted by aerovette

EXACTLY what I did. BEST move ever. I make my payment by sliding money from one account to the mortgage. They don't sell their mortgages and I have my checking and savings right there in the same spot. Because I bank there, the approval was EASY.

I did refinance with a company that made it a point to tell me that they did not sell their mortgages. I was at 3.25%, they did later sell my mortgage to Chase after telling me they didn't do that. Refinancing isn't free and you may not be able to get a lower interest rate depending on the current lending climate.

Either way at this point it's irrelevant, my mortgage is now paid off.

[dvarapala]

Originally Posted by Thunder22

the transaction fee is paid by the merchant, to the credit card company, not the bank. And it's not a flat 3%.

Actually, it's paid by you, the consumer, as the merchant simply passes those costs along in the form of higher prices. Which means even cash customers are subsidizing all those cash back rewards that smart people are earning when they use their credit cards and pay off the balance in full every month.