By Jeff Horwitz
JPMorgan Chase & Co. took procedural shortcuts and used faulty account records in suing tens of thousands of delinquent credit card borrowers for at least two years, current and former employees say.
The process flaws sparked a regulatory probe by the Office of the Comptroller of the Currency and forced the bank to stop suing delinquent borrowers altogether last year.
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RollingStone (13 March 12)
I worked for First USA Credit Card Bank (now part of Chase) in an hourly position in the 1990’s after I left my first career. It was bought by Bank One.
Bank One hired Jamie Dimamond. By the time I gott that 2nd career re-started and left, the credit card division was merging into Chase.
My first few years I kept telling my supervisors the callers were complaining about the application wording regarding their interest rate and terms.
I was so trusting, it took over a year for me to realize the “confusion” was intentional. They never let on anything about the business to our card member services group. Only one time another teams supervisor let out one comment related to customer profitability. Tight maintained work environment.
I am so glad I got into non profit government agency customer servicing!