Thanks for your detailed discussion regarding other ways that banks are now trying to invent, obviously to usher account holders into making mistakes, new fees. It astounds me that there does not seem to be a banker anywhere who looks around and thinks to him or herself: “We could really gain some incredible loyalty among a gigantic following of customers if we just played fairly, and created a reputation for not trying to spend all of our waking hours — probably dreams, too — trying to devise new traps to put the screws to people.”

I do appreciate the praise and vote of confidence (since developing this site has certainly involved a ton of work, and no pay, when I could be spending my time trying to accomplish other things, like finishing book projects that I have been working on for years). However, as far as I am concerned, this fight is not going to be over until I see a press release from Chase, retracting its despicable and unfair change in terms. I am sure that everyone will appreciate the WARNINGS that you were kind enough to outline. Take care.

Just so you know, you must be making an impact because two weeks ago Chase may have figured out an alternative way to generate “fee income” from us unsuspecting consumers (maybe as a way to replace revenue soon to be lost with the settlement in all these pending lawsuits…who knows?). Anyway…

If you have a Chase checking account, you will no longer be told your “current and available checking balance” via the telephone automated system. You will only be told your “available” balance – which means that you will not really know how much you actually have in your checking account until everything “pending” (like deposits and atm withdrawls/fees) clear – sometimes days later. If you guess wrong or miscalculate, guess what??? overdraft fees galore! Whoever had that idea at Chase probably got a raise (I know because I used to be in banking for 15 years)

One last thing, I noticed that when I call Chase (and BofA too) credit card automated telephone system, I no longer get my available balance as of the day I call (or go online). I now only get my available balance “as of the last statement dated [insert closing date here] even if that date was was two weeks ago and I made transactions since the closing date, they do not report….talk about TRICKY. Again we consumers will now have to guess at what you REALLY have available on our credit card… and don’t guess wrong …well you know.

Thanks for the site – needed to warn others in case they get caught in these traps designed to trick us in making very EXPENSIVE mistakes.

Chase has liability regardless of whether or not they follow through. For many the harm is already done.

If this caused as much stress for you, as it did me, I would definitely think that Chase owes us something.

Good Luck!

(For me this was $3K to do my 1st mortgage)

I want Chase to pay!

I do not know whether Chase is backing down regarding other account holders, or not. With 5 class action lawsuits already filed, some of which include a “cease and desist” request (see “Steve,” item 1, above), it is possible that customers may receive either injunctive relief, or permanent relief.

What we are working for on this site is to make sure there is such an overwhelming backlash against Chase that three things happen: 1) it walks a way so “bloodied up” from this fight that it does not dare to ever try pulling a stunt like this again*; 2) the credit card industry sees the result, and no other credit card issuer tries to mimic Chase; 3) regulators act now, by passing a bill such as the C.A.R.D. Act.

As for me, I would still pursue writing a “textbook” case study on this entire incident. I also have certain personal damages that I am exploring.

* The lyrics to Jim Croce’s song, Bad, Bad Leroy Brown, are running through my head right now. I think I would liken “Chase” to “Leroy.”

The change in terms happened at a very inoportune time for me. I had just sold my home, and was in the process of applying for a construction loan on our new home.

I had the resources to pay the higher minimum, but the higher payments were going to kill me on my debt ratios for my construction loan. As a result I felt absolutely compelled to accept the 7.99% percent rate, so that I could keep my minimum payment at 2%.

SURPRISE – Received my february statements from Chase, and even though I had agreed to the 7.99% rate, they had refunded the $10.00 fee and left my promotional rate alone.

Did they do this for everyone?

This has been a real wake up call for me. I am anxious to pay off my outstanding balances on these cards as soon as possible, and never return.

We are counting five lawsuits and one investigation. You can check the navigation links on the right hand column on this site, as I plan to list every single lawsuit that arises about this matter (eventually, the lawsuits will be consolidated). Meanwhile, I certainly agree with your observation. Actually, it seems like only yesterday that I was hoping that even one suit would arise, and wondering if any law firm would take notice of the outrageous behavior that was being perpetrated by Chase. Thanks for your comment (I appreciate seeing you on the site, again).