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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One thought on “Update: Chase Ambushes My Twitter IPO Trade with Poor Customer Service

  1. Wow, these people just do not get it. There are plenty of other good banks out there, Frankie. We’ve been with Wells Fargo (fka as Wachovia) for more than 14 years, and that’s been relatively trouble-free.

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