Wednesday, June 13, 2012

JP Morgan Chase needs to keep better track of things

creative commons photo from Wikipedia
 Poor Jamie Dimon, Chairman and CEO of JP Morgan Chase Bank, had to appear before the Senate Banking Committee today to explain a little bookkeeping error of $20+ Billion dollars.

I wish he would appear at my house and explain a somewhat smaller bookkeeping error his bank made with my mortgage. I was notified last month that there was a shortage in my escrow account. The escrow account is used to pay my homeowner’s insurance.
“What did I do?” I wondered.
It turns out I didn’t do anything wrong. They made an error and did not withdraw enough money from my bank account to cover the insurance. I’ve had the mortgage for many years and the insurance goes up maybe $10 to $20 a year. Pretty simple. But now they say I owe them $500 and they will take it out of my account in increments of $70 a month starting in July. Darn.

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Blogger JoAnn ( Scene Through My Eyes) said...

Please watch that closely my dear, people have lost their homes because of "bank mistakes" that started like that - make sure that your payments are actually being made on time and in the correct amount. We all have to be more vigilant these days.

8:23 AM  

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