We paid-off our mortage with Chase Home Finance on 4/27/06 and based upon following their policy of number of days between closing and the next auto-debit of our house payment did not contact them to stop the auto-debit as it should have automatically been cancelled.
Unfortunately, Chase withdrew our house payment anyway and 30 days plus 3 phone calls later we still have not gotten our refund. We called on 5/03/06 to ask about the refund and were informed that a check would be mailed within 30 days. I escalated to a manager indicating that it was unacceptable to have Chase "own" my money for that period of a time as it was Chase's fault that the money was in their bank account and not mine. The escalation manager was very nice and identified that the payment had indeed been withdrawn and agreed to send a check.
I was told on 5/29/06 that a check was overnighted to us and upon asking the address were politely informed that it went to our old house address! Ironic, when I had already updated our new mailing address. When I asked about a new check, I was informed that an investigation had to take place and that it would be at least another 15 days before a check would be mailed.
On 6/02/06 I again called to verify the results of the investigation. I had to again escalate to a manager to avoid the "our process is to refund with 30 days" speech. This time I was asked to provide proof that an overpayment had been made. When asked about the inconsistency in their process, I was informed that for quick turnaround the proof was necessary for her boss. I politely informed her about how Chase would probably try to foreclose if I did not pay them within a 30 day window and that I wondered how many other homeowners were being victimized in this manner. I agreed to send in the proof as well as a letter stating that if I did not receive the refund within a few business days that I would be filing a lawsuit seeking the refund plus damages and expenses.
I personally believe Chase has set themselves up for a class-action lawsuit. I'm only out a whopping $10 for a month's worth of interest but the amount could be sizeable if enough homeowners had this same issue with Chase.
I've still not gotten my money but I have filed complaints with the BBB and this website.
Aaron
Parker, Colorado
U.S.A.
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