Update: Chase Ambushes My Twitter IPO Trade with Poor Customer Service

Cold blue light

Cold blue light (Photo credit: Daremoshiranai)

As an update, I think I lost. Or we both did. It certainly feels that way, because we’re breaking up. The goal here was really to have Chase correct a process that appeared broken. You heard the first part of the story in my last blog post, Chase Ambushes My Twitter IPO Trade with Poor Customer Service. Here’s what happened next.

That same night I complied with the bank’s instructions and, after the kids went to bed, I got online and requested the wire transfer again. I received another lovely confirmation number. I then wrote an email to Jamie Dimon, CEO of JP Morgan Chase and it read:

Jaime, 

Today I had a poor experience with a risk policy Chase has in place. While the branch staff was understanding and the Twitter support staff responded quickly, I thought I’d let you know this experience is prompting me to take my business elsewhere after more than 10 years as a customer. I’m attaching the blog post I wrote to document the event. wp.me/p3jcDY-92 
 
Take care 
Yesterday morning I checked online and the transfer had not yet completed. I called the security department and was interrogated for a few minutes before being told that my trade, placed at 8:05pm, was in queue to be approved. Later I received a call from Kati in Jamie’s executive escalations office. She seemed fully informed and ready to help. I provided her the update that more than a dozen hours later, the second wire transfer was not yet approved. She said she would call me back after her investigation.
When Twitter was ready to trade, I, sadly, was not.
Around 3pm I received a call from a cheery gentleman at E*Trade, just wanting to let me know my wire transfer had been received and was ready for trading. Boy, E*Trade has some great customer service, don’t they? That was pretty neat. To be fair, my nice branch manager called me around 1pm and I was unable to take her call. Maybe she would have told me the transfer was complete. So, we’ll say 17 hours for the wire transfer to be approved.
Right after 5pm, I received a call back from Kati. She said she would waive all the wire transfer fees for me, but indicated that the Chase process was followed and working as designed. I almost fell out of my seat. Kati said that all trades had to be rejected by 4pm, and that her team did try to call to confirm. I asked if she had checked the time of those calls, and she said she’d have to look. I shared with her that the calls came at 3:47pm and 3:49pm while I was on a conference call. So 13 minutes before they blocked web access and rejected my trade. Kati seemed unmoved and indicated the department may get backed up at times. I also explained to her that making me place the trade again myself after they ambushed it was really a poor customer experience, and the entire process could use revisiting. I explained if procedure didn’t change, that meant this could happen to me again. And by continuing to bank with Chase, I would essentially be consenting to that. I would be saying it’s more important the security process be convenient for Chase, and that it’s ok to treat me as guilty until proven innocent by “stepping” into a branch.
Well, I can’t consent to that. So, based on my conversation with Kati (which to me is the same as speaking with Jamie Dimon because if you email him, you get Kati), I have come to the conclusion that I am an acceptable loss to Chase bank. So, with a bit of sadness, after more than 10 years, we’re breaking up.
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Chase Ambushes my Twitter IPO Trade with Poor Customer Service

Chase Bank Logo

Chase Bank Logo (Photo credit: Neubie)

Chase has some processes in place that could apparently use an overhaul. While Karen and T.J. at their Dunwoody branch displayed admirable customer service skills, I’m sorry to say it won’t be enough to save this 10-year Chase customer. I’m really disappointed.

This morning, excited for the Twitter IPO coming tomorrow, I logged on to http://www.chase.com to start my wire transfer to my new E*Trade account. It’s a fairly small transfer; I’m no Wall Street guru; I’m a social media nerd that wants to participate in this monumental happening. Yesterday, I had successfully set up my E*Trade account and done the initial wire transfer necessary to get the account going. So today, I expected no problems. I know that E*Trade requires a few hours to process the transfer to fund my stock purchase. And, tomorrow’s the big day.

Chase’s website gives every indication that my transfer has been completed. I get a lovely confirmation number and all. So, I figure that all should be ok. How exciting. Late this afternoon, while on a conference call, I get a phone call from a toll-free number on my cell phone that I send to voice mail. After my call, I get another call, this time it’s from the nice man at E*Trade, asking if I have any questions. I said “yes, as a matter of fact, I’d like to know how long it takes a wire transfer to post to the account.” He assures me if I completed the transfer early this morning, which I did, it should already be there. I went to log on to my chase account online, and it was… well, it was locked down. I got a message instructing me to call a telephone number. I thought, “Oh no, what is going on? This has never happened in 10 years.” And then the fun really started.

I called the telephone number, and the man said that no information could be given to me over the phone, that I would need to go to a branch in person before access could be restored to my online account. That sounds ominous, right? And, I’m at work, trying to, well, you know… work. But this sounds serious. I mean the wire transfer was really not quite so much, not 5 figures even, so…what could this be? So I gathered my things and raced for the car and on the way, it dawned on me. Chase was concerned the wire transfer was fraudulent. Chase was worried about its money. Then I thought about the voicemail I received earlier and called it. It was Chase. They had activity on the account they wanted to verify. So I called the number and asked if this was linked to my account being locked. The lady said she couldn’t confirm anything and that I’d have to visit the branch and produce 2 forms of ID before any information could be shared. Well, that did it. Now I was angry.

Here I am, excited for my IPO purchase, scheduling my wire transfer online. There is no posted dollar limit to wire transfers. No warning that typing in the wrong number will cause my account to be locked down or blown up. No indication the transfer has not been made. Just a lovely confirmation number. Then more than eight hours later my online account  is locked, I’m being summoned to the bank to produce ID like a criminal. Because Chase was worried about losing its money, calling it protecting me.

So, I leave early and go across town to the closest branch. I have to call my husband and ask him to leave work to get the kids, because there’s no way I’ll be home anywhere near time in this new traffic scenario. When I get to the branch I’m furious, and do my best not to take it out on T.J., the banker that had the misfortune of being available when I walked in the door after 4pm. What did I say? I’ll tell you what I said: “Here are my two forms of ID. It’s really me. Now close all of my accounts, because this is ridiculous. You don’t complete my trade, you don’t bother to tell me for 8 hours, you won’t tell me why and treat me like a criminal and make me come here in person. Well, careful what you wish for, because I’m here in person, and I want my money back. All of it.” Now, is that what you want your customers to say, Chase? Is that worth it? doesn’t it cost much more money to get another me?

But then I realized, if I close my accounts, I still can’t complete my wire transfer. Chase is a HUGE bank. They trade stocks. They can do this trade for me directly, on the house. Save me some trouble. Wait, what’s that? No they can’t? Oh, I have an account, just not the “Right Kind” of account to make that happen. Can they push through the original wire transfer? No, no they can’t do that either. They can just unlock everything they locked and ask me to do it again, myself. Do I have my E*Trade wire information with me? Oh yeah, I carry that around on a piece of paper in my purse. So, after all of this, what I got was a bunch of “we don’t know what happened,” and “we’re really sorry for the inconvenience, but we’re protecting [ourselves while inconveniencing you].” Wow. Great customer service.

Let’s bullet out the customer touch points that went poorly:

  • No indication on the website of any limits on wire transfers (dollar amount, time between transfers, potential blow-up of online access if you guess wrong)
  • Clear confirmation number given that the transaction was complete
  • 8 hour delay in notification of suspected fraud
  • No indication that the wire transfer was cancelled
  • No request for security question and answer when I called for details to be able to provide me some information about what was happening to me
  • No information provided
  • Requirement that I “step in” a branch to produce 2 forms of ID before any information was provided
  • No ability to explain the reason for my inconvenience at the branch
  • No ability to transfer funds for me on site
  • No ability to push the wire transfer through on site
  • No ability to really help me at all

Let’s see how this impacted me:

  • Uncertainty as to whether I can get in on the Twitter IPO before the bell rings tomorrow
  • Fear that someone fraudulently accessed my account
  • Had to leave work early
  • Anger about the inconvenience
  • Was an hour later getting home with traffic
  • Missed bath time with my kids
  • Had to re-do the original wire transfer from the morning
  • Spent time writing a lengthy blog post
  • Will have to talk to the branch manager tomorrow
  • Have to find a new bank that treats me better
  • Have to transfer all my money to some new institution and learn new codes. They probably will be just as bad.
  • Have to tell all my friends that I’ve referred to Chase about my experience
  • Have to be mad at Chase for some period of time

So, as you can see, nobody really wins here. I’ve spent all of my personal time today on this ridiculous evolution. I will say that Chase either hires well or trains well, because Karen, the branch manager, and T.J., my banker, had patience like you wouldn’t believe. I kept apologizing and telling them I know it wasn’t their fault and I was sorry to be so frustrated, and that it wasn’t them. Even the @chasesupport team reached out to me within an hour of me tweeting them, which is great. They said they were sorry and asked if they could help somehow. So clearly there are some good things happening at Chase. But, whatever this was that happened to me today, was not what I’m looking for in a bank.

Chase, let me ask you. This policy, this whatever it is. At this price point, was it worth it? Did your process work? Do many people hack accounts to do wire transfers to E*Trade? Is that what did it? I know you say you’re doing it to help me, but you’re really not. If I dispute this, you’ll fix it for me. You’re doing this for you. And we’re probably going to have to break up because if it.