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LAYTON -- One Utah man is taking on the nation's second largest bank after he says the company held $472,500 of his money for months without applying it to his home mortgage loan.
In December 2009, David Longfellow walked into a Layton Chase Bank branch to pay off the mortgage Chase Home Finance held on a home he had built. Longfellow handed the teller a cashier's check for $472,500 to apply to his loan.
"They're asking me when I'm supposed to make my payment. I said, ‘I've already made my payment. You don't have a record of that?' She says, ‘We have a record of a payment of $472,500. But it's in suspension.' "
As weeks turned into months, Longfellow said he began getting phone calls from the debt collection division of Chase. "It would be one right after another. I would talk to them on the home number and hang up the phone. Two minutes later, they'd call my business number. Then an hour later, they'd start all over again," he said. Frustrated, Longfellow said he asked the customer service representatives repeatedly to return the money.
"I told them if you're not going to apply it to the loan then send it back to me. They said, ‘Well, we can't do that.' Why not? And they'd never tell me!" Longfellow said.
MrDissident posted 8 hours ago You can say that again. I had Chase purchase my mortgage and then call and tell me that unless I followed their policy on my homeowners insurance they would cancel my policy and insure me instead at a higher rate. When I showed them mine was better and less expensive than theirs they told me to follow their policy or else. So I had to refinance to get rid of them. But I had the last laugh when I let them know who really had a say in things. I closed out some large amounts with Chase that I manage and moved them to a much better choice....Credit Unions. I have grown tired of large impersonal banks which include BofA, Chase, and Wells Fargo.