This may be worthy of a full-length column and I will consider it. But I have further proof as to why American banks haven’t been this hated since the days of Jesse James. Remember six or seven years ago when people were in a mad frenzy , trying to refinance the mortgages on their homes to get a lower interest rate?
Well, I was one of those homeowners. Back in 2003, I went to a White Plains law office and went through the horrible process of taking out a new loan on my house with Chase Bank, the fine institution that made Jamie Dimon a hero of the fat-cat class. I signed a million documents and piled load of fees and closing costs onto the new mortgage.
And that was it.
But about a month ago, I got something in the mail that said I was part of a class-action suit. It seems that over a period of time, Chase was charging a “post closing fee” for which they provided no service whatsoever. Reading over my mortgage documents, I discovered that they did, in fact, charge me $225 for this phantom service. Without admitting any guilt (the corporate bad guys never do), Chase reached a settlement in which they will have to pay a total of $19. 2 million. See how those fraudulent closing fees add up?
For details, click on settlement.
So it appears I am entitled to get my $225 back, plus five percent interest. I think that’s pretty good terms for the loan I effectively gave Chase. After all, my 30-year fixed mortgage is at a 6.12 percent rate.
I would feel good about this, but I know damn well that Chase, like all thieving banks, will figure out another way to screw me and everybody else that is owed money from them.