Thanks to Chase, “almost a million” people get blown away, financially

As I have continued to research this issue, I have begun to put certain pieces of information together.  Here is a link to the “opt out” testimony given by Chase before Congress, suggesting that whenever a customer has a problem with changed terms, he or she can opt out, and continue to pay under the old terms. According to Carter Franke, “the chief marketing officer” at Chase Card Services:

Only a small segment of our customers will have a change in credit worthiness. When they do, we deal with them fairly and responsibly.

For example, if a customer’s overall credit profile deteriorates significantly, and therefore exposes us to an increased risk that their balance will not be paid, we provide that customer with an “opt out” option. This means that the customer may reject any change in terms, close their account, and pay off the balance under their existing terms.

We believe the vast majority of our customers feel they are being treated fairly.

As you will note, I have accused Chase of lying before Congress.  This recent change in terms notice directly conflicts with its own previous testimony in several profound ways, for instance, an “opt out” is conspicuously missing, and the alternatives are obviously formulated to force customers down a path much like cattle being herded toward a slaughterhouse. In addressing the media, Chase’s spokesperson has highlighted the alternatives* to the previously touted “opt out”: give up the promised fixed promotional rates, or close the account by paying off the entire balance.

It always comes down to language like “vast majority,” “a small segment,” “relatively low,” or a “a relatively small percentage of our customers” when Chase testifies or makes statements to the media.  You also just have to love the statement: “We appreciate our customers, and we believe our success is based on maintaining a good relationship with every one of them” (that is, except the hundreds of thousands of customers who are presently being fleeced).

Thank God, Chase isn’t deciding on things like “acceptable loses” in a military context.  Only “a relatively small percentage” of the U.S. population was murdered in the 911 attacks; only “a relatively small percentage” has been killed in Iraq.  I supposed, therefore, that since 780,000 account holders who fell for Chase’s acts of deception is only “a relatively small percentage” of its 156 million cardholders (or all Americans, or the global population, or living creatures in the known universe), we should all just stand by and watch “almost a million [my word choice]” people get blown away, financially.

* The exact quote from “spokeswoman Stephanie Jacobson” I referred to above was given as follows:

The total number of customers is relatively low, but the balances that these customers carry amount to billions of unsecured debt,” she says.

While these customers cannot opt out of the new terms, she says, they can pay off their balances or maintain their current minimum payments in exchange for giving up their promotional rates.