A JPMorgan Chase customer says the bank has refused to reimburse him for more than a year after $7,000 was suddenly drained from his account.

Grant Holihan says he believes his Chase debit card information was skimmed at an ATM that he used in Queens, reports CBS New York.

Soon after he left the ATM, Chase alerted him to an illicit purchase in Las Vegas.

Holihan closed the account, but says new charges from the state of Pennsylvania poured in anyway, fully draining his life savings.

“It was four different Giant supermarkets in Pennsylvania, where [scammers] took out a little over seven grand in under an hour…

They still deny my claim, and it’s been over a year later, and I still haven’t seen my money.”

Holihan says he can prove he was in New York when the charges were made, but Chase says each purchase was fully authorized and verified.

“This customer’s claim was denied because the charges were authorized with their PIN and verified via phone call.”

Holihan says he’s simply looking for the bank to stand by him and do the right thing.

“It’s not even a thousandth of a percent. It’s nothing to them. To me, it was my entire life savings at the time.”

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America’s biggest banks are reporting a rapid increase in the number of substandard, doubtful and potentially loss-making loans on their balance sheets, according to a new report.

The amount of money tied up in criticized loans, which show emerging signs of risk and weakness that could lead to defaults, just reached its highest level since 2020, reports S&P Global.

JPMorgan Chase has witnessed the largest year-over-year increase, with the number of criticized loans at the firm jumping 26.3%, reaching $26.01 billion at the end of Q3.

Meanwhile, Wells Fargo has recorded a 17.9% year-on-year increase in criticized loans, at $37.6 billion, while Bank of America recorded a 15.2% year-on-year increase, at $26.06 billion.

That brings the total amount of the criticized loans at the trio of banks to $89.67 billion since Q3 of 2023, reflecting a trend that’s playing out at banks across the board.

“Criticized loans at public US banks amounted to $279.98 billion, versus $240.37 billion at the end of 2023, and such loans at the 100 largest US public banks totaled $260.48 billion, versus $219.82 billion at 2023-end.”

Among tier-one banks with over $50 billion in total assets, four lenders recorded triple-digit increases in criticized loans.

Flagstar Financial recorded a 338.6% year-on-year increase in criticized loans while First Horizon, Valley National Bancorp and Webster Financial Corp witnessed 112.2%, 110.1% and 102.8% year-on-year increases in criticized loans.

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JPMorgan Chase, Wells Fargo, Bank of America and Citi are unloading billions of dollars in bad debt that they’ve given up on recovering.

New earnings data shows the four largest banks in the country collectively recorded $6.9 billion in net charge-offs in Q3 of this year, primarily driven by credit card delinquencies and soured consumer loans.

JPMorgan says its net charge-offs hit $2.087 billion in Q3, up nearly 40% from $1.497 billion registered in Q3 of 2023.

Wells Fargo says its net charge-offs surged to $1.111 billion in Q3, an increase of nearly 54% from $722 million recorded a year ago.

Citi says its net credit on losses reached $2.172 billion, an over 32% jump from the $1.637 billion witnessed in the same period last year.

And BofA says net charge-offs hit $1.534 billion in the same quarter, up 64% from $931 million a year ago.

The news comes after US credit card rates hit a fresh all-time high in August.

Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter, says rates have increased by seven percentage points in just two years, hitting 23.4% a couple of months ago.

In addition, total outstanding US credit card debt has soared to $1.36 trillion – the highest level in history.

“US consumers now have a record $1.36 trillion in credit card debt and other revolving credit meaning they pay a massive $318 billion annual interest.

To put this into perspective, Americans paid just half of that in 2019 at ~$160 billion.

Meanwhile, credit card serious delinquency rates are at 7%, the highest level since 2011. The credit card debt bubble is popping.”

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