CW09: When Banks Go Bad

When it comes to banks, brand loyalty is a real thing. I am always somewhat surprised when meeting with clients who are preparing to file for bankruptcy and they express such remorse at filing bankruptcy on a certain credit card account because “they have always treated me so well”.

They have treated you well because you are giving them money. If you want to really test how strong your “relationship” is with your bank try stop making those monthly payments. This bank that you are so devoted to will turn on you faster than you can say “overdraft charge”.

When I am in trial cross-examining the representative of a junk debt buyer like Midland Funding, Portfolio Recovery, or CACH, LLC on why it is that they believe the bank records they are testifying about are accurate, the response is usually – “the banks we work with are highly reputable and highly regulated, there is no reason to think their records would be anything but accurate”.

Oh, if that were actually so…

In today’s episode of the Consumer Warrior Podcast I discuss an article written in American Banker that was written about JPMorgan Chase Bank and their faulty credit card collection system, including robo-signed affidavits and falsified affidavits, computer errors, and law firms suing on error-filled documents.  I will also discuss how the Office of Comptroller of Currency (OCC) investigated Chase Bank and Chase agreed to enter into a Consent Order where Chase agreed to clean up the misrepresentations and business practices when it came to documents submitted in support of their debt collection lawsuits.

The Banks are not the pillars of the community that they represent themselves to be. If you are being sued by Chase Bank, Wachovia, or Washington Mutual I will show you how the American Banker article as well as the Consent Order can be used to fight back against the junk debt buyers.

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