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Kathleen's Comment on
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Main thread--Chase Credit Cards
State: Michigan Posted: 02/07/2009 Subject: CHASE BANK'S ILLEGAL AND UNETHICAL BANKING PRACTICES Comment: I almost fainted when I opened my CHASE statement this month. My minimum payment amount due went from $237.00 a month to $585.00 per month with a new $10.00 service fee tagged on. This minimum amount due is a 68% increase (not to mention the service fee). CHASE changed the promotional terms to go from 2% to 5% of the outstanding balance to come up with the new minimum amount due. That is if I want to continue with my low promotional fixed rate that I have had for years. (CHASE HAS FOUND A NEW TACTIC IN THEIR GREED GAME!) I have only 16 days to come up with an additional $347.00; this will also be the new amount due EVERY month. This is a hardship for me and I don't have that kind of discretionary money. My husband has been battling cancer, my 11 year old daughter has an ongoing medical condition, and our extra income goes toward their medical bills, and we HAVE insurance coverage! CHASE eventually did say that I could opt for a new promotional plan of paying 7.99% per month and they would generously drop the $10.00 per month service fee. This new promotion would only be for 2 years. They said that they could keep my payment at $237.00 per month or at 2% of the outstanding balance--not the new 5% rate that they want to impose if I decide to keep my low fixed rate! This is a good deal for CHASE--more interest each month. This is a bad deal for me--an interest rate hike and keep the minimum amount due payment as it presently stands. This will take me years longer to pay off this debt! How can I trust CHASE? They have lied to me! They have changed their terms once on me? What about my other CHASE account that is at a 2.99% FIXED RATE?! When are they going to send me a new statement indiscriminately changing the terms on that account? I am fearful! I find all of this activity by CHASE Bank not only illegal, but unethical! I brought up to a Mr. D_____, a Vice President of Customer Service, in Orlando that I thought this was outrageous when CHASE just received $25B dollars from the federal government. Mr. D_____ said that he didn't want to have this discussion with me, but he stated to me that CHASE DID NOT WANT OR NEED THE MONEY. He stated to me that they were forced to take it! Well, then why didn't they just GIVE IT BACK if they DIDN'T NEED OR WANT IT?! This all seems ridiculous to me!!! I was also told that I needed to write to CHASE'S CORRESPONDENCE team which I already had done. I faxed a four page letter to them and also sent it by certified mail. I was told that they make the decisions upon reviewing accounts. I asked if I could speak to someone in their CORRESPONDENCE department and was told, "No!" These people in CHASE'S CORRESPONDENCE department make all of the decisions regarding someone's accounts and a person can not even speak to one of them?! What's with that?! I have had 41 accounts opened during the past 34 years since I became an adult that I have paid on, over time, and I have NEVER been late with a payment--EVER! I usually pay "before time" and pay more than the minimum amount due each month. Several years ago I decided to transfer over to this card because the offer that the bank (before CHASE bought them out) stated that it was at a fixed interest rate for the life of the loan; therefore, making it easier to pay down the debt which I have been faithfully doing. I have paid this debt down from over $17,000.00 to approximately $11,000.00. I have spoken to Michigan's attorney general's office, my two state senators' offices, my congressman, and to about six different representatives of CHASE Bank. So far, I have received very little assistance in clearing up this matter. I plan on writing to the Federal Reserve and the White House. Does any one out there have any other suggestions? What can I do? I am frustrated and angry. BEWARE! You may be next.... |
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