Chase Manhattan: The Ultimate Santa . . . orgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
The Ultimate Idiot??
A friend recently received a solicitation from Chase Manhattan Bank out of Wilmington, DE (1500 miles away) offering the "Chase One-Step Loan."
It was a loan offering with a $10,000 check attached at the bottom which would be automatically approved merely by her signing and depositing the check in her bank. Why did they send this offer to her? Because she has a good credit rating, they said. She has never done business with CM before.
The loan, they said, carries a fixed rate of 12.49% for 60 months. Take advantage of it before the deadline, January 14, 2000.
Now, I wonder how many thousand of these "One-Step Loan" offers Chase has sent out, and how many people will take advantage of it? Makes you look at "cascading cross defaults" in a whole new light.
If you get excited and want to take advantage of this and get some easy cash to buy Y2K supplies, just call them at 1-800-755-CHASE and they'll probably send you a check, too!!
The letter is signed by no less than Michael J. Barrett, President, Chase Manhattan Bank USA, N.A.
-- J Werner (firstname.lastname@example.org), November 17, 1999
Yeah, my wife and I just recieved a letter that our mortgage was bought by Chase Manhattan bank. The company that held it previously was Mellon mortgage company which was the seller. Can one of you finance experts out there please clue us in? Whats going on. We heard about the 40 billion debacle (now at, was it 5 billion). Are these guys seeking to change thier long term position or something? And, we've heard here that Chase is being investigated by the S.E.C. and Fed. What if the S.E.C. or Fed zaps the Chase, where does that leave us. We have the capital to cover the principal so I'm not too worried. But there are a lot of people who can't..
-- slammer (email@example.com), November 18, 1999.
Yep, I've gotten one of those too (3 of them actually). I never went with because the way it read was that I was stuck paying the set interest amount. The interest came out to $2500 or something, I can't recall the number. The point being is that it was never clear to me that if I wanted to pay it off in six months would I still be stuck with the $2500? After reading the entire thing, that point was never mentioned. Therefore, I threw it out.
-- Casper (Casper@aol.com), November 18, 1999.