With the interest rates being so low nowadays, banks are now trying to take advantage of people by getting them into their offices to discuss refinancing. Once there, they pressure their customers to sign papers that day to refinance on what is described as a great savings. Each customer that comes in is asked to pay a $395 application fee, which is non-refundable, whether or not the customer is ultimately accepted for the refinance or not. I signed on to refinance, but then backed out 3 days later after running the numbers by my financial advisor, something I told them I wanted to do before signing the papers. Even though my application wasn't complete (I still hadn't given them all of my financial information) and I never went through with the appraisal, I was still charged the $395 fee, despite only 3 days passing. After disputing the fee all the way down the chain, Chase continued to rule against me and felt justified in taking my $395. I was even told by another Chase Mortgage officer at another bank that they should refund my money if I didn't go through with the appraisal. I feel that there is little that customers can do to stand up to these kinds of practices.
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