Chase Bank's Change in Terms

Chase Bank's Change in Terms

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Miyamoto Musashi

Aptos, CA

#1 Nov 29, 2008
The current "change in terms" issue that imposes a $10 monthly service charge and increases minimum due to 5% of balance without any seeming option to opt out is indeed an intentional abrogation of previous terms agreed. If immediate Federal actions are not taken to stop it, an increased national crisis will be imposed by Chase in January. Possibly millions of cardholders will be forced into default at the huge default rates. People agreed to low interest balance transfers based on their ability to repay those transfers within existing pay-off schedules. This is an attempt by Chase to reverse low interest loans by imposing service charges effectively raising the rate AND forcing people into default situations (by increasing amounts payable by 250%), whereby Chase can not only impose default rates on existing Chase accounts, but ruin credit scores and standing across the credit spectrum, allowing most other credit card issuers to increase their rates to default level. The unexplained "risk" issues vaguely referenced in Chase's announcement have no bearing on current AAA credit scores, nor perfect payment records for over ten years as in my case.

The Office of the Comptroller of the Currency (Federal oversight of banks such as Chase) can be reached as follows:
You can reach one of the OCC Customer Assistance Specialists by calling our toll free number (at the contact page),
http://www.occ.gov/customer.htm
Monday - Friday, 7:00 a.m. to 7:00 p.m., Central Time or by sending an email to Customer.Assistance@occ.treas. gov

Your State's Attorney General website can be found at
http://www.naag.org

The United States Attorney General can be contacted at
http://www.usdoj.gov/ag/

The AntiTrust Division of the Department of Justice at
http://www.usdoj.gov/atr/contact.html

Your State District's Federal Congressman can be found at
http://www.house.gov/

Any serious attempts to stop Chase from destroying further the US economy (while benefiting from taxpayer bailouts) through Class Action will be noted. All those listed above must be contacted (with proof) to bring this matter to the correct authorities. Ask them to forward you concerns if they are not the proper party and inform you of the proper party. It is likely an antitrust violation, etc.

==
Mike

Bronx, NY

#2 Dec 1, 2008
Miyamoto Musashi wrote:
The current "change in terms" issue that imposes a $10 monthly service charge and increases minimum due to 5% of balance without any seeming option to opt out is indeed an intentional abrogation of previous terms agreed. If immediate Federal actions are not taken to stop it, an increased national crisis will be imposed by Chase in January. Possibly millions of cardholders will be forced into default at the huge default rates. People agreed to low interest balance transfers based on their ability to repay those transfers within existing pay-off schedules. This is an attempt by Chase to reverse low interest loans by imposing service charges effectively raising the rate AND forcing people into default situations (by increasing amounts payable by 250%), whereby Chase can not only impose default rates on existing Chase accounts, but ruin credit scores and standing across the credit spectrum, allowing most other credit card issuers to increase their rates to default level. The unexplained "risk" issues vaguely referenced in Chase's announcement have no bearing on current AAA credit scores, nor perfect payment records for over ten years as in my case.
The Office of the Comptroller of the Currency (Federal oversight of banks such as Chase) can be reached as follows:
You can reach one of the OCC Customer Assistance Specialists by calling our toll free number (at the contact page),
http://www.occ.gov/customer.htm
Monday - Friday, 7:00 a.m. to 7:00 p.m., Central Time or by sending an email to Customer.Assistance@occ.treas. gov
Your State's Attorney General website can be found at
http://www.naag.org
The United States Attorney General can be contacted at
http://www.usdoj.gov/ag/
The AntiTrust Division of the Department of Justice at
http://www.usdoj.gov/atr/contact.html
Your State District's Federal Congressman can be found at
http://www.house.gov/
Any serious attempts to stop Chase from destroying further the US economy (while benefiting from taxpayer bailouts) through Class Action will be noted. All those listed above must be contacted (with proof) to bring this matter to the correct authorities. Ask them to forward you concerns if they are not the proper party and inform you of the proper party. It is likely an antitrust violation, etc.
==
I find myself and countless others in the same situation. I posted similar comments on other sites and reported Chase to BBB of Delaware, Attorney General in NJ, and etc. We need an injunction to stop Chase with these illegal practices immediately. Let me know what else I can do to help!!!
Bruce

Irvine, CA

#3 Dec 2, 2008
I got one of these two, and am outraged. We should start a consumer revolt, with civic, political and legal action.

I can't find the original article these comments apparently refer to. Can someone give me a link?

Since: Dec 08

Glenside, PA

#4 Dec 2, 2008
Bruce wrote:
I got one of these two, and am outraged. We should start a consumer revolt, with civic, political and legal action.
I can't find the original article these comments apparently refer to. Can someone give me a link?
I have been trying to find a place where this issue is being seriously discussed. It's as if the issue is nonexistent when I do an Internet search. I obtained this website address from another site forum, otherwise I never would have found it.
I, too, am outraged. I have written to the OCC but I think Chase was very clever in how they wrote their notice and changed their terms.
They are giving the option, when I called, to get a rate of 7.99% until 2011, with a 2% minimum of balance pmt, and no $10 monthly fee.
Someone on another site said the OCC told him/her that the OCC feels Chase is within their rights.

Question: I'm new here. How in the world can I perform a search for more threads on Chase here? When I enter search terms in the box at the top right corner, only news and blogs are searched.
Can someone tell me how to search the forums here?
Thanks.
Doug Cunningham

Little Rock, AR

#5 Dec 5, 2008
Miyamoto Musashi wrote:
The current "change in terms" issue that imposes a $10 monthly service charge and increases minimum due to 5% of balance without any seeming option to opt out is indeed an intentional abrogation of previous terms agreed. If immediate Federal actions are not taken to stop it, an increased national crisis will be imposed by Chase in January. Possibly millions of cardholders will be forced into default at the huge default rates. People agreed to low interest balance transfers based on their ability to repay those transfers within existing pay-off schedules. This is an attempt by Chase to reverse low interest loans by imposing service charges effectively raising the rate AND forcing people into default situations (by increasing amounts payable by 250%), whereby Chase can not only impose default rates on existing Chase accounts, but ruin credit scores and standing across the credit spectrum, allowing most other credit card issuers to increase their rates to default level. The unexplained "risk" issues vaguely referenced in Chase's announcement have no bearing on current AAA credit scores, nor perfect payment records for over ten years as in my case.
The Office of the Comptroller of the Currency (Federal oversight of banks such as Chase) can be reached as follows:
You can reach one of the OCC Customer Assistance Specialists by calling our toll free number (at the contact page),
http://www.occ.gov/customer.htm
Monday - Friday, 7:00 a.m. to 7:00 p.m., Central Time or by sending an email to Customer.Assistance@occ.treas. gov
Your State's Attorney General website can be found at
http://www.naag.org
The United States Attorney General can be contacted at
http://www.usdoj.gov/ag/
The AntiTrust Division of the Department of Justice at
http://www.usdoj.gov/atr/contact.html
Your State District's Federal Congressman can be found at
http://www.house.gov/
Any serious attempts to stop Chase from destroying further the US economy (while benefiting from taxpayer bailouts) through Class Action will be noted. All those listed above must be contacted (with proof) to bring this matter to the correct authorities. Ask them to forward you concerns if they are not the proper party and inform you of the proper party. It is likely an antitrust violation, etc.
==
I also received this "change in terms" I reported the issue to www.consumeraffairs.com database. They have lawyers that peruse the database for cases to handle as "Class Action" suits.
Doug Cunningham

Little Rock, AR

#6 Dec 5, 2008
I also received this "change in terms" I reported the issue to www.consumeraffairs.com database. They have lawyers that peruse the database for cases to handle as "Class Action" suits.
Miyamoto Musashi

Tampa, FL

#7 Dec 6, 2008
Public Radio has aired in their financial show a shallow, non-consumer supportive overview of the situation, as have most seemingly willing to accept these destructive banking moves. Above and in the current public reaction (presumably now also the OCC), the acquiescence to these extortions seem ill-focused on pertinent issues.

First, there is not a court in the United States that would allow me to create open-ended, constantly changing "contracts" with people I lend money, that are designed to allow me to drive them into bankruptcy, or to default on their loans.

Second, the tax-payer bail-out of banking interests is at the very core of this move by Chase and any government collusion (acquiescence) to such assault on the US consumer base. They are specifically forcing people into default on loans, presumably to advantage billions of "free" money pending availability to their ledgers.

Any other interest in America, that attempted to extort property and stability from the very tax-payers funding them and further compromise the buying power of those disadvantaged by such schemes would be stopped. Extortion is the issue. Changing contractual arrangements is the issue. Further harming the US economy for specific profiteering by banking interests is the issue. If al Qieda arranged such an attack on American financial interests, it would be called what it is. Yet, in a hurried assault on the consumer base, people don't want to see Chase for the course, destructive and tyrannical institution it now obviously is.

The cynical, in-your-face attack on the American consumer to advantage American consumer funded bail-outs, while destroying, or enslaving millions of Americans should be prosecuted. There are enough Federal laws on the books for them to prosecute every American alive and for the Federal Government to abandon millions of Americans (if they should so do) is criminal itself. I guess we'll see if the huge donations from Chase to the Obama campaign will have their intended political impact.
marv1959

West Chester, PA

#8 Dec 12, 2008
same exact thing happened to us 15 year chase customers with 7 paid (closed) accounts a 20k balance and no late payments for life.

we were 3.9 APR for life of balance and had tranferred this to chase from a home equity balance after an account retention Manger promised that this balance would never be vulnerable to change of terms like and future use of card would.

There is the rub. I never used the card again.

The regulators are in the pockets of the banks. Politicians will pretend that this is not happening and call us deadbeats 2 years from now when we are all destroyed by this.

I have written letters to all the talk shows. O'Reilly, Oprah and Dr Phil. If this is ever discussed on a show with large veiwer numbers they will either change or be prevented by an informed public

Marv
marv1959

West Chester, PA

#9 Dec 12, 2008
Miyamoto Musashi wrote:
Public Radio has aired in their financial show a shallow, non-consumer supportive overview of the situation, as have most seemingly willing to accept these destructive banking moves. Above and in the current public reaction (presumably now also the OCC), the acquiescence to these extortions seem ill-focused on pertinent issues.
First, there is not a court in the United States that would allow me to create open-ended, constantly changing "contracts" with people I lend money, that are designed to allow me to drive them into bankruptcy, or to default on their loans.
Second, the tax-payer bail-out of banking interests is at the very core of this move by Chase and any government collusion (acquiescence) to such assault on the US consumer base. They are specifically forcing people into default on loans, presumably to advantage billions of "free" money pending availability to their ledgers.
Any other interest in America, that attempted to extort property and stability from the very tax-payers funding them and further compromise the buying power of those disadvantaged by such schemes would be stopped. Extortion is the issue. Changing contractual arrangements is the issue. Further harming the US economy for specific profiteering by banking interests is the issue. If al Qieda arranged such an attack on American financial interests, it would be called what it is. Yet, in a hurried assault on the consumer base, people don't want to see Chase for the course, destructive and tyrannical institution it now obviously is.
The cynical, in-your-face attack on the American consumer to advantage American consumer funded bail-outs, while destroying, or enslaving millions of Americans should be prosecuted. There are enough Federal laws on the books for them to prosecute every American alive and for the Federal Government to abandon millions of Americans (if they should so do) is criminal itself. I guess we'll see if the huge donations from Chase to the Obama campaign will have their intended political impact.
Please email the talk shows and get this into the open
Just me

San Antonio, TX

#10 Dec 17, 2008
Everyone's concerns are understandable, but do you really think Chase as well as other credit card companies would make these changes without researching?? They know their rights, these are the terms and conditions everyone signed up for, it's a contract.

“why did I miss this?”

Since: May 07

lapeer, Michigan

#12 Dec 17, 2008
the best way to fight against these enormous fees is to not use their credit cards, period. I can think of no better way to send them the big middle finger.

“Winchester Model 1894”

Since: Apr 07

Roy, Washington

#13 Dec 17, 2008
Here's a valid tip to avoid these problems.

When you get your monthly statement it will show balance due by a certian date, it will also show minimum amount due by the same date. Pay the total amount due 5-7 days before the due date to avoid any finance charges or late fees.

If you can't manage that, give up your credit card.

It's very simple.
WORLD IDIOTS RACE WAKE UP

New York, NY

#14 Dec 17, 2008
I got $10,000 line of credit at 0% Interest for 1 year from credit card company and pay the min. every month on time. And, i'd put in a bank CD earning a 4% interest rate for 1 year . Piad everything at end of 1 year, made $400 Before tax of course! I do this for 3 cards! total profit $1200.
WORLD IDIOTS RACE WAKE UP

New York, NY

#15 Dec 17, 2008
jimwings wrote:
the best way to fight against these enormous fees is to not use their credit cards, period. I can think of no better way to send them the big middle finger.
Long time no see!
Hey hows School, Jim?

“why did I miss this?”

Since: May 07

lapeer, Michigan

#16 Dec 19, 2008
WORLD IDIOTS RACE WAKE UP wrote:
<quoted text>
Long time no see!
Hey hows School, Jim?
Hi buddy! School is officially finished! I finished my degree last week. I'm playing in 2 bands to make ends meet until I get my career back on track. The divorce was final in November, luckily I kept the house...(cost me 15 grand plus 8500 in attorney fees!)but at least I didn't lost what I worked my whole life for! Have a great holiday my friend. Getting the snow yet? We've been dumped on by almost a foot today and it's still coming down! take care!
Dr Robert Lahm

Suffolk, VA

#17 Dec 27, 2008
Like several of you, I have written to Senators, the OCC, the FTC, and other regulatory authorities regarding Chase and its larcenous minimum monthly payment increase. Of course, I have also sent a certified letter to Gordon Smith, the CEO of Chase Card Services (posted on my protest site, http://ChangeInTerms.com ; see the "About" page).

Unfortunately, the American consumer has not been represented on this matter by members of their government, and it does not appear that the situation will improve unless we work together, and fight. Advocacy organizations are on our side (but that's not enough).

We must use the media. Start locally -- this is grassroots work I'm talking about here; the financial services industry is among the largest in terms of advertising expenditures and major national media has been soft on this issue of credit card company abuse, for years).

We cannot fight credit card companies on their own ground -- the turf where lawyers and lobbyists rule. We must fight by denying them our business, contacting their affinity "partners," and otherwise doing all we can to "out them" as unscrupulous organizations publicly (especially their sleazy executives – this isn’t “just business”; if you’ve got a family to feed,“it’s personal”), Expose these evil-doers and provide them with the embarrassment that they deserve. We need thousands of “letters to the editor.” While you are writing, ask why your elected representatives are allowing FILL IN THE NAME OF YOUR STATE citizens to suffer these abuses.
cleaninglady4u

Hoffman Forest, NC

#18 Jan 9, 2009
I just got my statement for January and got the suprise of my life too, my minimum payment jumped from 136.00 to 333.00, of course I called and I was told about the letter that I didn't receive. Right now I am seeking a loan just so I don't have to deal with them and their deceitful tactics. I've been with them over 15 years and never late, the man told me that only transfered balance accounts had the increase in terms.
Larry Walsh

Paterson, NJ

#19 Jan 10, 2009
When we spoke to Chase after a 20 minute wait we go the same bull about the increase and the fact that it was told to us in our agreement that was mailed to us. We found out it was actually in a billing stuffer in micro small print!!!
My wife now works for Chase (ex Wamu), even though they are declaring a 4 cent dividend for 2008, don't expect it in 2009, they are also hurting and the bailout money will be GONE by the summer with the take over of Wamu.
Which was also was suspicious, Chase was looking to take over WAMU for years, but Wamu would not budge on $$, all of a sudden Chase got it for a bargain. Good luck finding another Credit Card company that is not in trouble and will not do this to you.
LARRY O

United States

#20 Jan 11, 2009
IF ALL THE CHASE CUSTOMERS WITH LOW INTEREST LOANS.
YOU CAN CONTACT GERALD A. SMITN CEO OF CREDIT CARD SERVICES.IF HE RECEIVES MILLIONS OF PHONE CALLS HE WILL THINK TWICE ABOUT THEIR NEW PROGRAM,CALLED, SCREW YOUR BEST PAYING CUSTOMERS.
Extorted in PA

Philadelphia, PA

#21 Jan 15, 2009
I too, like y'all have gotten this same "change in terms". I also transferred into a 3.9% for life and have never used the card. Within the fine print, they are prolly within their rights. However, i am amazed that the people whom ran these CC companies into the ground are now making moronic decisions by disrespecting their best customers. All I can say to Chase is, I will close my account and take my 800 credit rating with me. Chase can suck on all the sub 500 credit ratings left on their books that will soon bankrupt and Chase won't get a penny out of them and themselves will soon be as Harry Kalas said it best, "Oooouuutteeer Heeeeeeeeeeeerrrrre!"

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