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Chase just got me. I recieved my card from them with the checks so I assumed all was good. Anyway, a week later I was at the doctors office and they do not accept credit cards and I had left my checkbook at home so I used one of Chase's checks. Long story short, the very next day I got a letter from Chase that my account was cancelled due to inactivit. Thats fine. I have no problem with that. I called the dr's office to let them know but they had already deposited the Chase check. Well, I got a bill Saturday from Chase showing a balance of $ 39.00 due for a bounced check fee. Come on! Give me a freaking break already.
You need to deal with it. The Chase approach to customer service will be to send a collection agency after you like they did to me (see my other post).
We had WaMu accounts several years ago, for several years. I loved them and even though we were moving around the country into areas they didn't have local branches, I kept the accounts current - it was our "back up".
Then, 3 months after a PCS, I tried to use my debit card to pay for pictures with Santa for the kids. It was declined. I had left my wallet out of my purse by accident and it was the only card with me (in a hidden purse, for emergencies). I knew there was several hundred dollars in the account and made them run it 3x! I then went to the ATM in the mall... which "ate" my card.
I called WaMu in the morning. Apparently, some computer glitch sent my statement 2 months prior to an old address... it was a military housing address and as that military housing was TORN DOWN... it was returned to the bank, where my accounts were closed and sent off to no man's land. It took me MONTHS to get a refund of the funds in our accounts.
During one of the calls (the final one as it turned out), they had the NERVE to ask me if I wanted to reopen the accounts with the funds... ummm... no thank you.
When the WaMu stuff started happening, all I could think was "KARMA IS A BI***"!
We have been Washington Mutual customers for MANY years (15+). They were recently acquired by JP Morgan Chase (this ruined Wamu). We have a visa card that we use pretty regularly. We charge it up and pay it off several times a year. Never a late payment, we always pay way more than the minumum due.
Previously we had an interest rate of about 8%, then about 3 months ago it went up to 14%. It bothered me, but I didn't do anything about the increase. So then we just got our bill for this month - and the interest rate went up to 30.9%.. We have excellent credit, no late payments to anyone!
I called them and they told us "tough luck" there is nothing we can do. They had no reason for the increase, and just kept telling us they were sorry. Sorry is right! We're going to pay off the balance and cancel our account.
They are not going to make a single penny more off of us!
I can tell you to expect it and live with it... it is due to what the government has recently done.... I don't think people understand what "credit" really is... its a LOAN... do you know any loans where it is interest free? But that's what you get if you pay it off within 21-30 days, a short-term interest FREE loan... If you don't then you agreed to pay the loan terms which is 20-30%.... now you may say, its been low for me and I have been a good customer.... You might know this but credit card companies have good customers and bad customers (those who don't pay) as well as the occasional criminal elements (fraud, etc)... well Government has changed the rules and that has taken a HUGE chunk of money from the credit card industry... which means that EVERYBODY gets a rate increase, afterall, it IS a loan and the interests is used to fund their business, pay shareholders, and pay for your credit card benefits (i.e. NOTHING is free)... Guess what happens when more government regulations are put in place... they will CUT-OFF every low-income/bad credit customer... You may not know this but there was a point in time when credit card offers weren't available to just anybody... deregulation allowed everyone to have credit cards... guess what increase regulation will do... the only way to not take away everyone's credit card is to increase the interest rates... i.e. NOTHING is free... so live with it, your choose your government to do it and have now the privilege of paying for your fellow citizen's irresponsible behavior (how do you like socialism now comrade?)....
More government regulation of the credit industry is a *good* thing. If they raise your rate and you feel it is too high you can always cancel the card and pay off the remaining debt under the old terms.
A credit card is not a right. Does it suck when they raise your rate with no notice or explanation? Sure, but that is part of the deal you made with them when you applied for the card.
And BTW, it is *not* due to what the government has recently done. Those rules don't take effect until 2010. It is due to the worsening economic climate and as more people default on their credit card debt the banks raise the rates on everyone else to make up the difference.
The big bank credit card departments are merely government approved load sharks. Other than their collection methods, and the fact what they are doing is legal there is no difference.
More government regulation of the credit industry is a *good* thing. If they raise your rate and you feel it is too high you can always cancel the card and pay off the remaining debt under the old terms.
A credit card is not a right. Does it suck when they raise your rate with no notice or explanation? Sure, but that is part of the deal you made with them when you applied for the card.
And BTW, it is *not* due to what the government has recently done. Those rules don't take effect until 2010. It is due to the worsening economic climate and as more people default on their credit card debt the banks raise the rates on everyone else to make up the difference.
So you are telling me and everyone here that you know these rules are coming and you do nothing in the meantime until it happens... That's not how I would do business and I doubt these credit card companies would either.... I can tell you now that even without the worsening economic climate, these changes WOULD of taken place due to the laws that are going to be in effect.... the worsening economy has caused their shares to go down and credit lines to decrease... hiking up the rate would be a bad idea for a worsening economy, you make more people default that way... its because of the regulations, they have almost no choice but to increase rates because of the regulations... no choice at all even with the bad economy
More government regulation of the credit industry is a *good* thing. If they raise your rate and you feel it is too high you can always cancel the card and pay off the remaining debt under the old terms.
A credit card is not a right. Does it suck when they raise your rate with no notice or explanation? Sure, but that is part of the deal you made with them when you applied for the card.
And BTW, it is *not* due to what the government has recently done. Those rules don't take effect until 2010. It is due to the worsening economic climate and as more people default on their credit card debt the banks raise the rates on everyone else to make up the difference.
Credit card debt is stupid debt anyway. Even at 9% it is much higher than other forms of debt. If a high interest rate encourages people to pay the whole balance off each month then that is not necessarily a bad thing. Alternatively, start using a debit card or cash rather than a credit card so that you only spend money you have.
So you are telling me and everyone here that you know these rules are coming and you do nothing in the meantime until it happens... That's not how I would do business and I doubt these credit card companies would either.... I can tell you now that even without the worsening economic climate, these changes WOULD of taken place due to the laws that are going to be in effect.... the worsening economy has caused their shares to go down and credit lines to decrease... hiking up the rate would be a bad idea for a worsening economy, you make more people default that way... its because of the regulations, they have almost no choice but to increase rates because of the regulations... no choice at all even with the bad economy
Do you even know what these regulations are? They simply ban the most reprehensible credit card practices. If they have that big an impact on their business then they are doing it wrong.
That is what it is all about. Making up for rising default rates by bleeding their remaining customers. Getting as much from them as they can before they default too.
Blaming it on regulations that don't take effect for a year and a half is a cop-out.
Since this is a thread about WaMU/Chase I also wanted to add that Chase closed the two WaMu branches that were convenient to me. I would like to congratulate them on losing yet another customer. I loved my WaMu branch. I had only been in there a handful of times but they always knew my name and were very nice.
Now the only convenient bank for me is Wachovia and that branch is staffed by high end *******s who always try to upsell me whenever I go in there. Maybe they will be better as Wells Fargo.
Do you even know what these regulations are? They simply ban the most reprehensible credit card practices. If they have that big an impact on their business then they are doing it wrong.
That is what it is all about. Making up for rising default rates by bleeding their remaining customers. Getting as much from them as they can before they default too.
Blaming it on regulations that don't take effect for a year and a half is a cop-out.
Yes, I do know what these regulations are all about and I am FOR them but I don't pretend to think they won't affect my interest rates...
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