Don't Worry Chase Bank,
Nobody Here but us Lemmings.

Saturday, March 2, 2013

Chase Bank Monthly Minimum Payment Increase Class Action Lawsuit Settlement Checks being mailed to their Customers.

I'd love comments regarding your "Chase Bank Monthly Minimum Payment Increase" Class Action Lawsuit Settlement Checks.

Was the Settlement you received enough?

If yes, tell the rest of us why. If your settlement check was not enough, please tell us why as well. Your comments DO matter.  

The more comments this article receives, the better. If you would like to be interviewed for possible inclusion in a documentary about the Chase Bank Monthly Minimum Payment Increase Class Action Lawsuit Settlement, please contact me via email. 

-Alessandro Machi

Don't forget, the Cat Who Ate Chase Bank, the book, coming out some day.

Thursday, November 15, 2012

Chase Bank spits out a hairball class action lawsuit settlement regarding raising their customers monthly minimum payment by 150%.

(Update, Sunday, March 03, 2013, 12:22 am) If you have received your Chase Bank Monthly Minimum payment Class Action Lawsuit settlement check and wish to leave a comment, please do so by clicking this link.

Rather than Chase Bank showing a modicum of remorse over their hideous actions regarding the monthly minimum payment increase they levied against a million of their most trustworthy, reliable customers, Chase Bank basically threw almost endless legal thumbtacks into the path of the class action lawsuit attorneys, a lawsuit that was supposed to provide financial relief for around ONE MILLION CHASE BANK CUSTOMERS who were put into financial jeopardy back in late 2008 and 2009 by Chase Bank.

Chase Bank basically bait and switched a million of their MOST RESPONSIBLE AND LOYAL CUSTOMERS into monthly minimum payment increases that meant a monthly minimum payment of 200 dollars escalated to 500 dollars, a 400 dollar monthly minimum payment rose to 1,000 dollars.

Chase Bank then hid the best solution from customers who could not afford the sudden increase, which the Cat Who Ate Chase Bank, blog, reported about back on Oct. 07, 2010, I know this from personal experience because it was only through a significant amount of internet research that I found out about the Chase Bank balance liquidation program.

Ultimately, Chase Bank also did not allow their customers to opt out of their change in terms!

When I called Chase Bank customer service back in 2009 to find an alternative to having my monthly minimum payment suddenly increase by an additional 150%, THE CUSTOMER SERVICE REPS KNEW NOTHING about their own "Pro Active" balance liquidation program, meaning anyone caught up in the Chase Bank monthly minimum payment increase was given no solution even though the "Pro Active" balance liquidation program would have been an effective compromise.

The proposed and apparently already agreed upon 100 million dollar agreement works out to around 50 to 100 dollars per customer after legal fees of 25% are subtracted. In my estimation, the agreement should have been for ONE BILLION DOLLARS plus an additional amount equal to all the bonuses the Chase Bank credit card division executives received during the time they put a million of their best customers through financial peril.

Even though I have written over 400 articles about various Chase Bank shenanigans since April of 2009, I was not invited to contribute my ideas on how to get the settlement offer higher. 

I did submit a paper of protest about the Chase Bank Change in Terms settlement offer and it is part of the legal record regarding this case. (Edit Update, Nov. 17, 2012, The Chase Bank Monthly Minimum Fairness Hearing took place yesterday, Nov. 16, 2012)

One thing that upsets me is that I offered my services back in January of 2012 by email, twice, and never heard back. I don't know if my email ever made it to the plaintiffs attorneys however as the email address does not actually state the name of the legal firm or where it was actually going.

info at appears to be a valid email address, but I never heard back even though I emailed them twice. I had MANY good ideas on how to get Chase Bank to see the light and I have reason to believe that at least some of them were not tried. However,  I have come to learn that there is a difference between behaving despicably, and behaving illegally, especially when it comes to how the banks treat their customers.

I am guessing what happened was Chase Bank was so busy keeping the class action plaintiff lawyers busy with legal challenges, motions to dismiss, and other types of legal shenanigans that the plaintiffs side did an excellent job of meeting those challenges, while possibly missing the opportunity to engage people like me who might have been able to give them outside the box ideas to counter punch Chase Bank hair ball tactics.

However, it is also possible that my ideas might have been counterproductive in terms of getting a baseline agreement of 100 million dollars.

It appears that as a general rule class action lawsuits top out well below the real value of the actual damage caused because actual legally defined damage may be different from the actual damage that occurred. Additionally, as the settlement number increases, the risk of losing via a jury trial versus what has already been agreed to has to be considered, and the legal firms spend a lot of upfront money getting the settlement offer higher as they go farther into debt on the case.

I read that Chase Bank keeps a "legal war fund" of around 3 to 4 billion dollars. So if this case should have settled for a billion dollars, Chase bank can instead throw 50 million dollars worth of hairball legal motions that cause the plaintiffs to spend out of their own smaller legal war fund to keep pace.

Eventually, 100 million dollars looks pretty good to both sides as both sets of attorneys will claim victory, even though the consumer in my opinion is the one that has been shortchanged.

Don't forget, the Cat Who Ate Chase Bank, the book, coming out some day.

Friday, March 2, 2012

Chase Bank WAMU HELOC precedent set by homeowner challenging Chase Bank's right to collect on a WAMU HELOC.

The Law office of Kenneth Eade has announced a possible precedent setting case by granting a preliminary injunction preventing Chase bank from either collecting or reporting to a credit bureau any HELOC collection or credit reporting.

Please click here to read more about the United States District Court for the Central District of California granting a preliminary injunction in Case No. CV-116809 DSF.

I'm not a lawyer but one thing this case could do is expose the insanity of Chase Bank being able to acquire WAMU for literally a few pennies on the dollar when the amount of equity WAMU had was well beyond what Chase Bank paid.

Furthermore, Chase Bank put a HELOC freeze on many homeowners which caused some people to default on their HELOC's when they may have had several years worth of HELOC funds still available to them.

In essence, is it possible that Chase Bank buys WAMU for a couple of pennies on the dollar, then suffocates former WAMU HELOC customers into defaulting on their HELOC's, followed by foreclosure on the home!  Wow!

Don't forget, the Cat Who Ate Chase Bank, the book, coming out some day.

Sunday, October 23, 2011

Occupy Movement, a Movement about Protest, Disruption, Revenge, or Protection?

I question the premise that this is a movement that must choose between protest or disruption. I believe that Occupy can be a movement about Protection.
Right now 5,000 to 10,000 homeowners are being foreclosed upon each and every day in the United States.
I am concerned that the Occupy Movement is more about people under the age of 35 who just don't care enough about people over the age of 35. If Occupy doesn't care enough about the people who are about to fall off the foreclosure cliff at the rate of 5,000 to 10,000 a day, then that may mean Occupy is really more about the protestors themselves than any one issue that is bigger than them. 

If Occupy is more about revenge and prosecution of a few wall street criminals while 5,000 to 10,000 americans are foreclosed upon each and every day, then just what 99% is the Occupy movement representing?

If Occupy could change one thing that would actually have an instant effect and actually help the 99% that Occupy portends to represent, I would suggest changing the banking law that requires a person default before their debt can be restructured.

Change this one banking law and the robbery of main street's wealth can be mitigated. Suddenly Occupy may find that the economy can heal from within and not with higher taxation or more stimulus packages.

Simply allowing anybody who needs their debt restructured to have it restructured without having to default may be the impetus our economy needs to heal from within.

Don't forget, the Cat Who Ate Chase Bank, the book, coming out in sometime in 2011.

Please Download the Chase Bank Protest Protest Flyer for FREE, and then all that needs to be done is just give a few copies out, it is really that simple.

Wednesday, January 26, 2011

Nice assembly of WAMU and Chase Bank protest blogs.

Lots of links to various WAMU and Chase Bank protest, activist, and consumer group websites can be found by clicking here. Apparently there is a battle over all the free stuff that Barack Obama allowed his buddy at Chase Bank to get. Or did Dimon get the gift under other buddy, George Bush Jr.?

I was told once by a former employee of WAMU that about six months to a year before WAMU became Chase Bank, that new hires arrived at WAMU, allegedly from Texas, and that they were snooping around.

That might help explain how WAMU got nothing, and how the stock investors lost out to Chase Bank as well. Here's hoping the WAMU stock investors win in court.

Don't forget, the Cat Who Ate Chase Bank, the book, coming out in sometime in 2011.

Wednesday, January 5, 2011

Chase Lies in Thousands of Foreclosures, Foreclosure Mills Engaging in Massive Fraud, Borrower Actions on the Rise says Foreclosure Defense Nationwide

Breaking News, Chase Bank Lies in Thousands of Foreclosures, Foreclosure Mills Engaging in Massive Fraud, Borrower Actions on the Rise, says Foreclosure Defense Nationwide dot com. The link provided in this article goes to a combination news story and PR piece from Foreclosure Defense Nationwide.

I'm not endorsing Foreclosure Defense Nationwide, however FDN has pieced together an interesting piece of evidence that you may want to see by clicking on the link above or here.

Don't forget, the Cat Who Ate Chase Bank, the book, coming out in sometime in 2011.