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Chase: “We’re guilty but we want you to forget about it and move on!”

The title of this post = What Chase is attempting to accomplish with their recent decision (after pressure from NY Attorney General Cuomo) to refund their ill-advised $10/month finance charge.

Yesterday I received a letter from Chase announcing that they are rescinding the $10/month service fee/finance charge AND in a separate mailing, my new statement which showed a $30 credit for the monthly finance charges billed in January, February, and March. I thought it was interesting that the statement and “we’re guilty of dirty dealing, it’s affecting our reputation adversely (who knew??) and now we want to make it all better” letter arrived on the same day. Evidently Chase had to think about it a while before deciding I was one of the 184,000 customers to whom the finance charge would be refunded.

My payment remains at 5% of the outstanding balance OR (lucky me….) I still have the opportunity to agree to raise my interest rate to 7.99% until January, 2011 and revert to 2% of the outstanding balance payments. This is the fourth month of making payments at the 5% level and it is becoming more painful each month, even as the total payment goes down. By the 21st of this month, I will have paid Chase $3,835.00 for four monthly payments – instead of the approximately $1,588 my payments would have totaled in that same four months had Chase not unilaterally changed the deal we made over three years ago. That’s $2,247.00 in additional outgo carved out of the household and business budgets that was totally unanticipated.

We are determined not to give in to Chase’s manipulative, coercive actions but it is getting harder and harder to do so. I know the law moves slowly and will likely not provide any relief before our outstanding balance is paid in full, but hopefully the lawsuits will eventually prove effective. May the famous quote, “The wheels of justice grind slowly but exceedingly fine….” prove true and Chase gets it just “reward” for the undeserved punishment it has been unmercifully heaping upon its most reliable customers.



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