JPMorgan Chase & Co.
JPMorgan Chase & Co. (Chase) is an international financial services company. Chase is one of the oldest financial institutions in the United States. The company was founded in 1799 and is headquartered in New York, New York. The company operates in approximately 5,100 branches and employs approximately 256,105 people.
Chase divides its services into four (4) segments: Consumer & Community Banking, Corporate & Investment Banking, Commercial Banking, and Asset & Wealth Management. The Consumer & Community Banking segment provides personal banking, debit and credit card services, residential mortgages, home equity loans and auto loans.
Chase is not accredited by the Better Business Bureau. To be accredited by the Better Business Bureau a company must demonstrate trust, honesty, transparency, responsiveness, and integrity. In fact, the Better Business Bureau gives Chase an “F” rating for failing to respond to numerous consumer complaints, having numerous outstanding and unresolved complaints, and having Government action taken against the company.
As one can imagine from its rating, Chase has received a significant amount of consumer complaints related to their debt collection practices. According to the Better Business Bureau, 2,573 complaints have been filed against Chase in the last three (3) years. Of those 2,573 complaints, 746 were related to billing and debt collections. Many of the complaints allege that Chase has sought to collect debt owed by another person or has sought to collect more than the debt owed.
In 2015, the Consumer Financial Protection Bureau (CFPB) took action against Chase for engaging in unlawful debt collection practices. The CFPB is a Government agency that is tasked with protecting consumers from unfair, deceptive, or abusive practices and is authorized to take action against companies that violate consumers’ rights. The CFPB found that Chase sold bad debt to third-party debt buyers. Chase sold debt that had been previously paid in full, discharged in bankruptcy, identified as fraudulent or not owed by the consumer, or time-barred.
As a result of these unlawful practices, Chase was required to cease collecting on 528,000 accounts, to pay approximately $50 million in refunds to consumers, and to pay a $30 million civil penalty.
Creditors and debt collectors should be held accountable for these unethical and unlawful practices. If you are being harassed or subjected to any of these, deceptive, or abusive debt collection practices, it is time to hold Chase accountable. Please contact our office for a free, no obligation consultation at 1-800-219-3577.