Comments on: There Ought To Be a Law…An Interview with “Super Lawyer” Michael Braun

By: An example message for those who would like to help correct journalists: Chase “fee” or “service charge” versus, “it is a finance charge” – ChangeinTerms.com

Sun, 22 Feb 2009 13:17:18 +0000

[...] in the lawsuits, so I am not just saying this off-the-cuff). Here are other relevant links: http://www.changeinterms.com/2009/02/18/there-ought-to-be-a-lawan-interview-with-super-lawyer-michae… [...]

By: Dr Robert Lahm

Dr Robert Lahm — Fri, 20 Feb 2009 01:54:02 +0000

Hi Chris,

From this point on, you’ll have to note who the actual author is relative to posts on this site. “Lyn” brought forward an outstanding interview with Mike Bruan, I thought, and it’s great to have some more help. There is no practical limit to how many more people that I’d like to see “jump in with both feet” and join this fight, however.

By: Chris

Chris — Thu, 19 Feb 2009 15:15:39 +0000

The “meeting of the minds” requirement is precisely why Chase cannot force customers to accept their change in terms; there is an implicit opt-out right obtained from that basic legal concept. Any language in the cardmember agreement implying that you must agree to accept any change in terms that Chase may subsequently announce is null and void; an opt-out provision is mandatory for any change affecting the material terms of the credit agreement (interest rates, fees, repayment schedule) requires a subsequent acceptance by the customer.

By: Chris

Chris — Thu, 19 Feb 2009 14:41:57 +0000

On second thought, maybe that’s just good CYA practice given the current economic climate.

“Never bank and borrow at the same place.”

By: Chris

Chris — Thu, 19 Feb 2009 14:14:10 +0000

Hi Dr. Lahm,

Very interesting. Thank you for sharing. I just made my second $1,000 payment to Chase. I have 18 more to go until I’m Chase-free.

I used to bank at Washington Mutual (WaMu), but since Chase is taking them over, I’ve switched to a local credit union.

I would suggest anyone who has fallen victim to Chase’s change in terms switch banks tout de suite if they bank at Chase or WaMu. Most companies have the right (per their ‘terms,’ of course) to invade bank accounts maintained at the same financial institution if a customer goes into default on their credit card (or any other loan) held by that financial institution.