Chase Blinks

So, I had a long couple of talks today with Jimmy Laguna from the Executive Services department at JP Morgan Chase in Houston.  I learned a lot.
First off, he said that I was given misinformation, that they know that there’s no such thing as a Letter of Instruction from the Texas Bar Association.  As a result of my situation, he said that all relevant procedures have been changed and branch managers have been notified of the changes to avoid the same misinformation from causing this issue again.
Second, he said that Chase is all about customer service and he regrets what happened between me and Ms. Morena.  He didn’t really want to talk much about this topic nor did I really force the issue.
Third, after I asked very specifically, he stated the reason he got involved was because of the media exposure.  I, of course, asked what would have happened were I not to have involved the media.  He, after a trying to avoid the question, said that it’s likely this account would have just been held forever by Chase on the books. Interesting. (I have an upcoming post that does some back-of-the-envelope math on this little scenario… Millions of dollars are at stake from Chase’s inaction.)
Fourth, I finally coaxed out what seems to be the root issue; that Chase does not consider the IOLTA account part of Maggie’s Estate and, thus, I have no legal rights to it.  To cross that legal chasm, I needed to produce an official document that said otherwise.  The Letters of Administration, since it does not specifically call out the IOLTA account, will not suffice.  A transcript of the court proceedings wherein we discuss the IOLTA account would not suffice either, which is strange to me.  Thus, I sent him over the inventory of Maggie’s estate that I presented to and which was subsequently approved by the court.  He said he’d forward that to his attorneys.  I asked him if these were the same attorneys that demanded I produce a Letter of Instruction from the Bar Association, a document that Chase Bank now even admits doesn’t exist? Cuz apparently they ain’t to good with, ya know, reality.   He said (and I quote) “No, these are the REAL attorneys.  I have plenty of them now paying attention to this.”  Heh.  “REAL” attorneys.  Someone just got burned.
Fifth, he said that they would accept the check they offered to write as a deposit into a new account as Chase Bank.  I told him that I would certainly NOT be opening an account at Chase Bank and I find it difficult to believe that any other bank would accept a Payee line as they are offering.  He offered to call my bank (Wells Fargo) and verify that they would accept it as a deposit into my wife’s Estate account.  He couldn’t get ahold of the branch manager but will keep trying.  I will, of course, verify anything he claims with my own phone call.  By their own admitance, Chase isn’t so good about handing out accurate information.
I pressed very hard about the following items, none of which were really fully resolved in my mind:
–         Specifically, how have procedures changed so that when someone else in my situation shows up, their issues will be dealt with politely, expediently and without irrational demands?  His answer: “Procedures have been changed.”
–         How often does this happen?  His answer: “Extremely rarely.  First I’ve ever seen.”
–         What would the average citizen do if they were in my shoes to get this problem resolved?  “His answer:  “Call us, the Executive Services folks.”

So, a good strong step forward thanks to all the attention that was shined on this matter.  Thank you, thank you, thank you to everyone involved!
Now let’s see how far we get from here!

5 thoughts on “Chase Blinks

  1. I have a feeling their just throwing anything at you to make it right after KVUE. They probably still are not sure what is the correct manner in handling this. But that’s o,k. you got your point across to everyone!!!!!!!!Sad you have to fight for whats fair.UGH!!!!!!

  2. As I understand your post, they have not yet said, “We’ll be releasing the funds from Maggie’s IOLTA account to you today” (or whenever). Right?

    Well, so far … so good. I’ll still be moving my Chase account to
    Wells Fargo next week!

  3. Hey Chris

    It takes a few years but Banks in our state are required to surrender abandoned property to the State. Unlike a bank the state has a public obligation to get abandoned property returned to more rightful owners. It’s not so easily done so every once in a while the newspapers or local TV stations will run a story of how many millions of dollars of unclaimed property are being held by the State. Anyone can then query that inventory (see link below). It’s amazing how many families never knew a grandmother had a safety deposit box the contents of which were inventoried and surrendered to the state when the fee for the box was in arrears and the bank could no longer contact the grandmother. More typically the property is some forgotten held shares of stock or the cash left in a forgotten bank account. Basically, in reference to your upcoming post, it’s against the law in Massachusetts for a Bank to indefinitely hold wealth that belongs to someone else. I’m wondering if Texas might have a similar law.

    Hold Fast
    Don MacLeod

  4. I hate the “we don’t have to tell you because we fixed it therefore it and all predecessors are a non-issue…..maybe…”

    I’d still be pissed.

    Keep pushing!

  5. I wish I had a Chase account just so I could go and close it. They are still bastards. They’re trying to make it right with you because the media got involved. So thank you media, but Chase says “screw you” everyone else.

Leave a Reply

Your email address will not be published. Required fields are marked *