JP Morgan Chase - Chicago, IL Review

At the beginning of June 2008, I decided to apply for a private student loan through Chase to help cover my tuition and college-related expenses. It is now July 22nd, 2008 and I am still waiting to receive the funds from my loan.

After submitting my application online, I received immediate notification that I was conditionally credit approved, pending the receipt of the required documents (i.e. promissory note, copy of driver's license, and proof of residence.)

I just called Chase, and after waiting for 15 minutes, I finally got a representative on the phone who then took nearly 5 minutes to get me transferred to a supervisor. I calmly explained that I was concerned about the fact that I have not yet received my student loan check, and that I was really concerned about the timeliness, or lack thereof, surrounding the entire application process.

I explained the difficulty that I had with getting my address approved which significantly extended the amount of time it took for processing. As a student, on average, I move about once a year, and for reasons surrounding identity theft protection, I have used a Post Office box for the past four years for all of my mail. However, Chase refused to use my PO Box as my permanent address, and required that I send them a piece of mail to verify my permanent address. I explained over and over again that I do not receive any mail at my physical address, and offered sending a copy of my lease. They wouldn't accept it because it had portions that were hand-written due to the fact that I wasn't renting from a company, and was renting from an individual. Once I finally tracked down a utility bill that had both my PO Box and permanent address, it took 3 days for a supervisor to approve the document and address. 3 days??

All documents were finally approved on Friday, July 11th, and the check should have been mailed the same day. However, here it is, July 22nd, and I still have no check. I asked the supervisor if she knew why it took 10 business days to mail a check, and she said that it's because they have "no control over the post office." I agreed that they don't, but I also stated that they have control over the means in which they mail something. Could they not charge an extra fee in order to allow them to expedite the item so that it arrives sooner?

I asked if they were going to reimburse me the extra cost I will have to pay when I'm unable to purchase used books because they've all sold out, and have to spend extra money for new books. She said that it wasn't their policy to do so. I should have told her that it's not my policy to wait 10 business days for a check.

I asked her to verify which address the check was mailed to, and she said she was almost sure (due to the notes on my account) that it was mailed to my PO Box, but couldn't be sure.

The fact that one of the largest financial institutions in the world requires 10 business days to successfully mail a check boggles my mind and proves that they are unwilling to spend money to ensure a better customer experience. They are also unwilling to update their procedures and technology in order to expedite the entire application and dispersal process.

At this point, it's very clear to me that their priorities do not revolve around customer service and satisfaction, but revolve around ensuring that their executives and shareholders maintain nice, fat wallets.

If you need a student loan, DO NOT apply with Chase, unless you have at minimum, two full months available before you could possibly need the funds."