I don’t have too many entries which are outright gripe sessions, I don’t think…particularly now that most of the children have moved out 
. That said–this blog entry is dedicated to my utter and complete LOATHING of Chase Financial Services. I don’t know that I’ve ever felt as ill-used by a corporation. Sure I’ve felt frustration, annoyance– even significant upset at different businesses along the way. I’m fairly certain, however, my present feelings top any of what I’ve previously experienced.
I’m not looking for sympathy (although feel free to join me in my righteous indignation). I’ll just tell the story and leave it out there on the interwebz in case anyone else is looking for justification to hate Chase too.
First– we have good credit. We don’t miss payments or pay late, we’ve borrowed and paid back more money to different creditors than I even like to think about. We have an appalling (in my mind) amount of credit available to us. That’s just background about us.
A couple of years ago Chase offered us a pretty sweet deal on the card we’d had with them since we were married–consolidate all of our loans onto their card and receive an amazingly low APR for the life of the loan. Cool. So we did. We didn’t use the card other than to hold that large ‘consolidated’ amount, and faithfully paid it. They weren’t making boatloads of money off of us I suppose, but they WERE making money, beyond a doubt, and could have reasonably expected to do so for years to come.
Chase decided a month ago to change the rules–not just for us, but for everyone who fell at least within a similar card profile as ours (I’ve read stories which read EXACTLY like ours over and over online this past week). The repayment rate for our loan was going to jump from 2% of the balance to 5% a month (I’m not going to give you the amount, because it’s somewhat embarrassing…but it was a significant enough increase where it really wouldn’t be possible to just absorb it into our normal budget). Additionally they were going to begin charging $10 a month to keep the card open at all, whether or not there was a balance on the card. Calling them had no effect…we were told (like the thousands of others in the same boat) that we could either deal with it or pay it off and close the card. I’m thinking…why the &^%$@! would I want to pay $120 a year to have this account open? When I asked that question (without the ^%$#@! words) to the customer service rep, she said “Do whatever you’d like to do ma’am. Those are your options. Keep it open and pay the $10 a month or close it out.” No joke. Again–we have several no-fee cards (Chase was no-fee before now). That’s just an obscene amount, in my mind, to pay for a credit card.
We have non-Chase financial options–within the course of the afternoon, I’d moved all of our money off this card and into other places. I’ll close the card within the next 30 days after I have a few other things sorted out. I’m moving all of our banking away from our present bank which was recently bought out by Chase (Arg!!!). I hate them. We’ve had their blasted card for 15 years–it’ll be that long before I can think about them without wanting to spit, I’m sure.
Ok–so it could be worse–it is for many people. I’m very thankful that we have options. It’s not like they’ve poisoned the well water or left a field of unexploded mines in the back yard…but it seems so utterly unnecessary and mean spirited, I really can’t overlook it.
It really makes no sense–I’d think that anyone with financial options (i.e. people who are financially more stable, better credit, etc.) would jump off this train as fast as possible, leaving Chase loaded down with the masses WITHOUT options–and those more likely to suffer financial hardship or failure under the new terms. Mad mad mad.
Anyway–I’ll try and write something more cheery soon. I need to get the Santa pic off my header now…I guess leaving him up there for all of January was long enough.
Stinkers! They should have been willing to work with you. They’ll lose more business by being jerks to people.
Sounds like they have instituted a customer reduction program. They really, really want you to leave.
And it seems to me you’re right, the better customers will leave. The ones without options will default. I thought they were supposed to be one of the smart banks. After all, only a few seem to be left standing.
It’s my belief about credit cards that variable rate credit cards can change their terms at will and “fixed” credit cards can change their terms with a 15-day written notice to the cardholders. That said, this has got to be the worst change in terms I have ever heard of. There’s only a few cards that charge fees like that amount, like Amex but at least they give you something for your money. There’s a fairly active thread about this thing here (click). But nobody seems to have gotten any satisfaction.
I guess nowadays bankers have no fear of regulators or contracts, banking is essentially becoming nationalized. I’m sure other banks are keeping an eye on what is going on at chase and might follow suit with any card plans with the best terms. Now is probably a good time for everybody to re-evaluate what you have in revolving credit and consider the alternatives.
Chase just sent me a couple no fee/0% for a year offers last week. I threw them out of course.
Wow I am in the same boat but I can’t get out. I was told because I had a 3.99% they were charging me 10.00 a month in fee to keep it. They would not work with me. They said that I have taken to long to pay off this card. I said when I got it it sait 3′99 for life of loan. I said you never told me I had to pay it within a couple of years. I am now paying 2% instead of 5% I had them put my rate up to 7.99 % which balanced the 10.00. I hate chase. They are forcing their card holders to move their dept to another creditor. Because they are desparate since buying outs Washington Mutual. I will be out of dept to these &(#@@ hole soon. by mar 2010. I was treated crappy. Very dissatified with chase. CHASE SUCKS.
JPMorgan Chase prides itself on its “cross selling” culture. What it means that if you open a Chase account, all your private information will immediately become available to hundreds and thousands of bankers, financial advisors, mortgage bankers, loans salesman, and other bank employees across the entire Chase computer system.
Thousands of people at the bank would be able to access your phone number, your email, your address, your bank account number, your credit card number and your social security number.
JPMorgan Chase Bank’s computer system is literally broadcasting all your personal private information through out their entire network of hundreds and thousands of sales people in all kind of fields.
All these young and hungry sales people, that Chase loves to hire by droves every year, would be able to print out all your private information. And when those young employees got fired by Chase, they would steal those client information and move to another company. Believe me, every year, Chase fires so many financial sales people, that you don’t know who has your private information and where they are going.
Client privacy protection is at its worst at JPMorgan Chase!
How did I know all this? One of my family members used to work at JPMogan Chase Bank as a personal banker, you know, one of those Chase people who constantly intrude on your to sell you a mutual fund, an annuity, a credit card, a home equity loan, etc., etc.
Have you ever got calls from JPMorgan Chase pitching this product or that? That’s because thousands of sales people got your number at JPMorgan Chase.
What should you do if your privacy is kidnapped by JPMorgan Chase Bank?
Close all your Chase accounts and sue them for violation of privacy protection law.