Chasing My Tale Thanks to Chase Bank
Chasing My Tail Thanks to Chase Bank
By: Nicholas A. Dunlap, CPM
Throughout the 90s on until 2008 when it became Chase, Washington Mutual or WAMU was a great source of financing for both residential and commercial properties. Service was good, selection varied and loan costs were inexpensive. Now, in their somewhat recent merge with Chase which is in actuality Bank One using the JPMorgan Chase name by merger, service has plummeted and business practices have deteriorated.
We have entered an age where obtaining a HELOC (home equity line of credit) takes 2.5 months and multiple batches of paperwork. Not to mention, the more stringent and seemingly asinine requirements put forth by their commercial lending department and their misguided team of experts who survey properties and cite items for repair (that they deem necessary) when in reality they are no more qualified for their position than an elementary school crossing guard.
Convenience and service that was previously sought and received through the large institution no longer exists. For that, we now go through the boutique outfit: Farmer’s & Merchant’s Bank. F&M is a local, conservative financial institution that knows us and takes care of us, which leads me to my point. Shouldn’t we expect more from one of the big four? Bank of America, Wells Fargo and Citibank are not much better in terms of Business Banking, lending I cannot speak for.
Some of us look for service, convenience and expertise, not for iphone apps. In previous blogs I have discussed the decline in service from our Public or Civil Sector, but in recent experiences with Chase Bank’s Commercial & Residential lending departments, it is apparent that they are not far behind.