Complaint information
  • Author: Thomas
  • Date: 10.19.2012
  • 0
 (Votes #: 0)

Chase Bank
JP Morgan Chase Payment Assurance Switcheroo

This is a Complaint / Review about Chase Bank.

In 2008 I took out a home equity loan with JP Morgan Chase Bank to cover a large special assessment on my condo and pay off my auto loan. At the time, the banker sold us Chase's Payment Assurance insurance, explaining that this plan would cover payments if I should become unable to to pay due to unintentional unemployment, disability, or accidental death. The fee assessed for this plan was based on what I owed, from $25 a month down to $10 this year.

This week, after working for 18 1/2 years for the same employeer I was laid-off. While facing frightening prospects of trying to sell my condo in the worst of possible markets, I felt some confidence that at least this one bill would be covered.

This is when Chase informed me of different tiers of the Payment Assurance insurance program. This was the very first mention of Gold and Silver members, and the first mentioning that I had been paying only for the Silver coverage.

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Complaint author: Thomas

Offender: Chase Bank

Country: USA
State: All USA
Address: 1048 Lake Street

Category: Business & Finance

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