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Mark's Comment on
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Main thread--Chase Credit Cards
State: Pennsylvania Posted: 02/03/2009 Subject: Chase Manhattan Credit Card Scam Comment: In their January billing, I was informed that Chase [aka Chase Manhattan Bank (a branch of JP Morgan Chase Bank)] is altering the terms of my account with them. Since I am on a small fixed income resulting from full disability, their action will have a great deleterious affect on my life. Indeed, Chase’s unilateral action imperils my ability to meet my financial obligations. In 2006, among many unsolicited offers, I choose to consolidate bills by accepting an offer by Chase Financial for a loan at 2.99% for the life of the loan, with guaranteed monthly 2% minimum payments. Other banks with lesser reputations offered zero interest loans with various terms. But, I choose to deal with Chase in part because, as the JP Morgan Chase corporate web site says, of their corporate promise to: “…act with integrity and honor; do the right thing, not necessarily the easy or expedient thing;” I maintain an excellent credit score by always paying on time every creditor, every time. This, I have done for going on three years since making this agreement. I am a customer in good standing with this bank. Chase’s recent action has been to unilaterally alter the terms of our agreement to: • include a $10 monthly service charge on my account • increase my monthly minimum payment to 5% of the balance • ask me to accept an increase to 7.99% interest rate to retain my 2% minimum payment (more than doubling my interest rate!) I have called them to protest this breach of faith and violation in the truth in lending laws of the state of Pennsylvania and good business practice; not to mention the direct and flagrant violation of the credo their corporate founder JP Morgan made to uphold the reputation of their brands. (Please ref.: J.P. Morgan, Jr., May 23, 1933 congressional record Statement made before the Sub-Committee of the Committee on Banking and Currency of the U.S. Senate; partially quoted above.) In this day of hardship and record low interest rates, when We The People have so recently provided billions of dollars to assist this institution in their time of need, for them to attempt to welch on the promised terms of an agreement with the customers in good standing, is especially egregious and deserving of collective action and redress. I am generally the most unlitigious of persons. However, the unresponsiveness of Chase, when properly appealed to, has forced me to join with the class action suit CV09-00683 filed in US District Court of Central California on January 28, 2009. I urge all similarly afflicted parties (and I have reason to believe they number into many thousands) to do likewise. I urge all public servants to take note of this complaint and note well the name of the perpetrator. All legislative members, executive branch servants (especially those in the Office of the Comptroller of the Currency and other Treasury department employees) should remember this breach of faith when dealing with this corporate entity. |
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