Los Angeles, CA

#103 Jul 17, 2009
Alan 522 wrote:
Annouonced in todays paper, Chase has recorded a RECORD 36% jump in second quarter profits. WTF??? That is because they are screwing us the way they are.
Yes, there may just be a huge conspiracy going on. The Chase Bank consumer credit card and home mortgage divisions are losing money which is keeping the economy in bad shape.

However, Chase Bank has other divisions within their own company that BENEFIT from bad economic consumer news. Chase Bank appears to be able to pounce on acquisitions and mergers and derivatives and get incredible deals. Which they then announce as profit.

So by purposely tanking the economy by raising interest rates to almost 30% on credit cares AND freezing HELOCS at way below market value, Chase Bank is then able to buy whatever they want at severely reduced prices because businesses start to panic over the tanking economy.

A panic that was created by Chase Bank policies that have caused the economy to free fall.

Very few people, if any, besides myself, are linking an on purpose consumer division free fall with causing success in Chase Bank's other divisions, but it seems so logical to me, and unethical and hopefully illegal as well and worthy of an FBI investigation.

Los Angeles, CA

#104 Jul 17, 2009
In case you're wondering why Chase Bank's credit card and home mortgage divisions are losing money for Chase Bank, the answer is actually obvious.

For every percentage point that the credit card industry raises interest rates on their credit card customers, there will be a corresponding rise in the default rate.

Nobody may know the exact amount, but if a credit card company raises interest rates from 15% to 30%, there will probably be a default rate of at least 15%.

When the credit card companies announce 10% default rates, I think that is just for a month or two, or maybe for a quarter. So the actual default rate may be even higher than the 15% I am estimating.

I am guessing that Chase Bank crunched some numbers and realized they could make way more money by keeping the economy in shambles than by actually helping their customers out. Their more high profile divisions are making MORE MONEY than the credit card companies and the home mortgage divisions are losing, and apparently for Jamie Dimon, that spells success.

If Chase Bank really wanted to have a successful credit card and home mortgage program, they have gone at it in the most obtuse and ill conceived manner that I have ever seen, so it seems to me they are taking the path they are taking to ensure greater profits in their other company divisions.
Mastanno Scherzando

New York, NY

#105 Jul 18, 2009
Are they ..F.....G kidding me ...?? This is a joke ..
right ...???
No way jose way.I think one commentator of CNBC,
put in the right contest, when he said, is like having a loan to pay to Tony Soprano, every friday, and all the sudden,he asks you, that you have to make a payment also every Wednsday too.

Bradenton, FL

#106 Jul 18, 2009
Monday morning i am going to call chase bank and tell them i am going to pay them TEN DOLLARS fo my payment. I have perfect credit if they want it they can have it. I have never missed a payment and never will. IF all one million card holders payed them TEN DOLLARS in good faith for AUGUST they would loose millions. MAYBE we should do it for two months? THEN i'm going to e-mail everyone i know to e-mail every one they know to help out. remember we have there money. THEY want to play games with our lifes, LET'S PLAY. THEY will mess our credit up anyway. IF they win how many other banks are going to start playing with us. THEY have to take all of us to court to demand payment. SO let all one million of us go to court it will cost them. CREDIT CARDS are not a secured debt.

Los Angeles, CA

#107 Jul 18, 2009
Monday morning i am going to call chase bank and tell them i am going to pay them TEN DOLLARS fo my payment. I have perfect credit if they want it they can have it. I have never missed a payment and never will. IF all one million card holders payed them TEN DOLLARS in good faith for AUGUST they would loose millions. MAYBE we should do it for two months?
Joe, this is a VERY INTERESTING IDEA. What makes this idea so compelling is that if enough people do it, then later on if Chase tries to make it right, anybody who made the 10 dollar payment now would be considered part of the protest.

It is kind of scary in a way to deliberately not pay the minimum, but if we can't afford to pay the new minimum, what choice do we have? Picking a number and everybody sticking to it can send a very powerful message.

If this ends up taking root, I strongly suggest people save the difference between the 10 dollars and the OLD minimum payment in a CREDIT UNION ACCOUNT until Chase Bank reverses course.

Then assuming all penalties, fees and credit reports are undone, and an apology is given to the american people, they can have the difference from the ten dollars and the old minimum payment that has been put into a credit union.

Los Angeles, CA

#108 Jul 18, 2009
I went ahead and created an article about your idea Joe. Anyone with a blog or access to a blog can SHARE THE ARTICLE and spread the message.

Just click on the share button at the bottom of the article.

Tea, SD

#109 Jul 19, 2009
Okay, I am going to lay this out out in the line!!! I am so tired of the greater than thou, I would never use my card to run up things that are beyond my means spending that you deserve what you are getting idealistic assumptions…. My son, whom is bipolar, choose to try and commit suicide at the age of 18 by drinking acid. After 2 years in the hospitals with the total removal of his stomach and esophagus, and limited insurance, we were looking at over $400,000 in medical expenses…..YES, I could have just let my son die and not incurred these expenses!!!! He did NOT choose Bipolar, it chose him!!!!! After all was said an done, We still had over $30,000 dollars in expenses that we needed to deal with…..Those expenses were done with a BT to CHASE!!! I trusted them in my most troubled time of need!!!!! This is how they repay my trust……

Shelton, CT

#110 Jul 19, 2009
Marge, that is horrible. I wish I could say more but there are no words that say how sh*tty Chase is.....
Mastanno Scherzando

New York, NY

#111 Jul 19, 2009
Since i have seen this page, i have printed and posted about ,20 flyers to 8.5 X10, an any window of branches of CHASE Bank in NYC ( from the inside ) near where i live, 14 Street and Fifth, and one more on fifth at about 20 street, west side of the street, and than there is one more, on SIXTH Avenue and 17 street i think. The flyer said ..CHASE YOU SUCK BIG TIME ..they got me on a good day.Now i understand, why in a letter that i had received a few days earlyer, they where giving me , five extra days to pay my loan, in that letter there was not any statement. So i said then, what's the big deal ..?? Now i know. And thanks to everyone.
I don't know about you guys, but i live in the most democratic and free country in the WORLD,
..( USA ) and one of the most democratic tollerable and free, city in the world , NEW YORK CITY, and CHASE ..want to do this to me, in this period of international,financial catastrophy ....??
Not Today ...Not Today ....sorry James Dimon, good try, stop this nonsense.

Los Angeles, CA

#112 Jul 19, 2009
Mastanno Scherzando wrote:
Since i have seen this page, i have printed and posted about ....sorry James Dimon, good try, stop this nonsense.
Mastanno, if you go to either of my blogs, and , I have put instructions on my blog for getting a free blog.
If by chance it is devoted to Chase Bank, I can post a direct link to your blog from my blog. It takes less than a minute to get a google blog, and it is free.

United States

#113 Jul 20, 2009
Sweetie, I'll think good thoughts for you and your son. I'd also like to say thank-you! I'm sooo sick of people thinking "depression" is a choice. And I too am really losing all patience hearing the powers that be continuously blame us everyday people for this financial meltdown. Like, if we all hadn't frilvolously spent and lived out of our means, we wouldn't be in this mess today. Nevermind the fact that we got and kept our good deals with Chase, because we were (are) excellent customers. We worked hard and earned our "privileges." Nevermind the fact that we had a business deal with them. Or that they got government bailout money ... just what did they get it for, if it wasn't to help the people? It's all just making me sick!

United States

#114 Jul 20, 2009
Middleclass American Joe,
"It's kind of scarey" ... Dude! It's crazy-ass scarey! And why only $10.00? Wouldn't it be a more legitimate protest for us all to just continue paying our 2%- like our financial agreement with Chase has been?
What makes you so sure Chase will reverse course?... aka, what is your back-up plan for us all? Surely it can't be to just say f-it and declare bankruptcy. That's not the type of people we are.
Don't get me wrong. I'm all for some kind of massive protest by us all. I'd even go so far as to say that I've been pushed so far over the edge that ... destroying Chase for doing this - getting Jamie Dimon and co. ousted ... welp, that's okay by me (Heaven forgive me)- but, it's got to be logical and well thought out and organized.
Or, that's my two-cents worth.

Los Angeles, CA

#115 Jul 20, 2009
Lisa, I too have mulled over whether it should be 10 dollars or the 2% monthly minimum that we were already paying. If we keep paying the monthly minimum we were already paying, we are just giving Chase Bank MORE MONEY, ENOUGH MONEY, to just not care.

If enough people only sent in 10 dollars, but put the rest of the 2% monthly minimum due in a Credit Union Escrow account, then Chase would feel the hit sooner. Unfortunately, If not enough people do it, then those people who do do it could be punished the worst by nothing being done for them.

However, if the money is sitting in that credit union escrow account, ready to be paid when Chase Bank behaves correctly, then we aren't trying to cheat the system, just fight indecent actions. What I call "Paper Violence".

Ten Dollars is a symbolic amount as well since it is the figure that Chase Bank started to charge earlier this year and then reversed course when they found a way to punish everybody with the 2% to 5% monthly minimum payment increase instead.

The biggest problem for me is, there are only a handful of us discussing this. I'm concerned there are not enough people reading this topic to make a substantial enough difference.

Juneau, AK

#116 Jul 20, 2009
While I agree with you in principle, I think a lot has changed since our parents were raising us. For instance, when I was a kid the pets stayed outside, if they were sick, they got shot in the head. These days we think different, and when my dog, who is a family member got sick and had to have five surgeries in a year. I didn't hesitate, I didn't care where the money came from, she was my baby. And right now is 13 years old and the vets are amazed at how healthy she is. So, when I recently refinanced my house to consolidate debt, I didn't include my 3.5% Chase balance because, why would I want to pay 5.6% for 30 years, when I planned to have it paid of in less than 3. I feel Chase CEO is evil. Just plain evil. I worked for the State for 33 years and I you wouldn't believe how many policies government comes up with to implement that backfires. So, let just say that the intent of the % increase is to get out of debt sooner. How many may seek home refinancing to deal with this (if not bankrupcy) so they can spend the next 30 years trying to pay it off. Government should have stayed out of the banking issues includding giving Chase any money.

Los Angeles, CA

#117 Jul 20, 2009
If Chase Bank simply locked in the current payment level without changing the interest rate, it would mean payoff in around five years, I think? That would be worth considering since it would mean no raise in the monthly minimum payment at all, but it would accelerate the pay down debt somewhat.
Mastanno Scherzando

New York, NY

#118 Jul 20, 2009
I took a cue, from someone in this page,who( mine will be a little different ) how I'm going to go about ..this NONSENSE.I will pay my usual amount,,on a $14,000.00 (fourteen thousand) 3.99%
loan balance, which is about $300.00- or a little less,every month, but this time I'm going to put the payments in a escrow account, that I'm going to create.Before that, I'm going to send a UPS letter to Mr James Dimon, informing him of my decision.
And when he will come back to his senses, i will send him the money, that i have saved for him.And a that time,as far as the penalties,to be paid to me, with the attempted breach of a contract,and mental anguish, etc. i will let my layer decide that , a that time, what it will be the proper amount, to be paid to me.Even a better scenario, in 3 months or so' from now, i will make them an offer, that they can't refused. And it will be, "How about, paing you Chase, only $7,000.00, and we will call the loan repaid, with NO STAIN , on my credit ..??? Is been done. James ..relax, maybe , we do not have to get to that. This is what i will do. And i'm sure, if a lot of people, do not cave in on this MISERABLE ACT ..things will be reversed.
Opt Out ...???? I never Opt In, in the first PLACE...on this STUPID and IDIOTIC idea, from a bank ..the size of CHASE......Thanks to everyone and good luck.

Los Angeles, CA

#119 Jul 20, 2009
Hi Mastanno, besides the escrow account, I would still send 10 dollars a month to Chase Bank to establish that you were making payments every month.

Every time Chase Bank sees a 10 dollar payment, they will understand what it means. Can you find others near you that have been ripped off by Chase Bank? I hope you are keeping track on and

Los Angeles, CA

#120 Jul 21, 2009
As for OPTING OUT, OPT OUT simply means that if a Bank decides to change the terms on an existing agreement, the consumer is supposed to be allowed (since it is not presentiy a right!) to say no thanks, keep the terms as they were, and I will agree to not use your card anymore and to continue to pay off my debt with you.

Banks have all the power right now. Even if the banks made a deal that they then did not like, they still have the power to offer an incentive to get the customer to agree to a change in terms.

The idea that a bank must have the power of a God at all times and inflict it on their customers or else, is reprehensible and I just don't understand how religious people find it is acceptable for a bank to wield power in a manner that is actually more fierce than even God.
Mastanno Scherzando

New York, NY

#121 Jul 21, 2009

Thanks, the $10- idea , is a good idea, so they will know right away, with whom they are dealing with.And i also have a record.
For me, i was struggling as it was, until This brilliant IDEA ..from the MINDS ..of the Minions of Mr. James Dimon ...the founder ..of the new
" Tin Cup Club" ..i see an OSCAR ..for STUPIDITY ..looming for him.

Pine Island, MN

#122 Jul 21, 2009
I have a wonderful situation as well as everyone else does. I am a 1st time home buyer. I bought a house in early June and used Chase Home Mortgage. At the end of June I get a letter from Chase stating the just wonderful increase in credit card payment. Talk about tightening my belt! I called and they said there was absolutely nothing they could do for me. AWESOME! I'm pretty sure if this had taken place before my house buying adventure they would have denied my loan APP. HMMMM. Now I understand that it is my fault for getting into credit card debt, but this is making it harder for me to get out even though they say it will make it easier. I have gone through my budget and have trimmed it down, but what is next? No wonder people are defaulting and going bankrupt. All I ask for is a little negotiation, not sorry your SOL.

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