Brian Grow, a Senior Writer with Business Week magazine first contacted me in late February 2009, right around the time my wife was undergoing major surgery. This was a very difficult situation, because our home in Tennessee has not sold, thus far, despite our best efforts. A slow market is obvious, but our circumstances have been exacerbated by some very ineffective representation for over a year, spanning three real estate listing agents. Short sales that advertise prices below what the banks will actually accept don’t help, either (I think this pricing strategy is unethical, too).
We were always ready to show with an immaculate and well cared for home, “staged” and with all of the right fragrances, a shine on the appliances, and cleanliness otherwise, inside, under, outside. We also cut the price: again, and again, and again, and again, trying to be competitive with the market. Nevertheless, I have been working in North Carolina during the past academic year, and my family has been back in Tennessee. My wife and I are “separated,” except by virtue of real estate, rather than by marital woes or choice.
The separation and commuting back and forth have been a little taste of hell. This may also explain — as I have been paying “double” on housing costs during this period of time — why it is that when Chase sent its change in terms notice, it did make me “sick to my stomach” (Brian quoting me, and now me quoting him).
My father was a fighter pilot, and his being called away for military service while I was a child is something I still remember well. Our situation (that of my wife, children, and myself) has not been that bad, since I’m not being shot at. But it has certainly been challenging, nonetheless. I thank those who are serving and protecting us in the military, now.
The aforementioned surgery was timed to coincide with a spring break the following week, and thanks to colleagues at Western Carolina University who have been extremely kind to me, I made some arrangements to fill in for an advising day and one of my classes during the week of the surgery itself.
After spring break was over, I backed out of my driveway in Tennessee, with my wife left essentially in the care of our two children. I had pulled down everything we could think of from cabinets and closets so that food, towels, blankets, cooking utensils, toilet paper, and other necessities for their survival, camp-out-style, could be reached. It’s not as though I was the one who had the surgery, but I felt terrible, leaving.
Brian impressed me greatly, not just as a journalist, but as a human being. We spoke and emailed several times, and he regularly inquired about my wife’s recovery. The first time we talked, he was immediately warm and conversationally generous — coming across as the kind of person I’d enjoy having as a guest at a back-yard Bar-B-Que (I love cooking, but my wife says I brag too much when I’m in the kitchen; nevertheless, I invited her for dinner for our first date over two decades ago, so you decide!). Brian is also intellectually vibrant, and I enjoyed our talks.
Brian had nominated me as a candidate for one of the photos to be included in his article, which I now know is entitled, “About That New, ‘Friendly’ Consumer Contract” (April 30, 2009, online; May 11, 2009, print). At the time, I did not understand that the decision would be made elsewhere by editors, so I was scrambling for a tie and accessories, which I did not have with me in Tennessee when Brian was conducting his initial interview.
I tell you all of this to give you context. I’ve been praised on this site for fighting Chase, and the abuses of credit card companies in general. However, I’m just a regular person who like many others before me, is working hard to take care of my family, and trying to do right by others (such as students and credit card holders who are either consumers or small business owners). At the risk of employing an old cliché, I put my pants on one leg at a time, just like anybody else.
I was generally very pleased with the article. If it’s not clear by this point in my post, Brian Grow was very “decent” towards me and I appreciated the way he treated me during the interview process. He’s a good guy.
I had hoped for a little less “about me” and a little more about the small business issue. That being said, if the article directs traffic to the ChangeInTerms.com site, at least visitors may realize that my advocacy is “not so much” about me or any of the personal trials and tribulations that my family and I have faced (we consider ourselves very fortunate, in fact — my wife is much better at this point), but about the issue of abusive treatment of customers by credit card companies.
As can be ascertained from Brian’s article (page 3 of the Internet version), after several sickening months Chase did back down relative to my particular account. Yet, I have not backed down, and I do not intend to do so, unless and until Chase issues a press release, and admits that it made a mistake relative to all account holders.
Brian was nice, when he stated that “abrupt changes have turned into a public-relations challenge for Chase.” However, let’s be more direct. “Chase didn’t admit any wrongdoing” (ibid). That’s typical, but the New York Attorney General flatly said that “Truth-in-lending laws prohibit this very conduct.” Chase apparently even tried to infer that because “there were ‘no negotiations’ with Cuomo’s office,” that it was not engaged in wrongdoing. I’d like to see this smokescreen cleared by suggesting that the most likely reason that there were no negotiations is because Chase was in violation of Truth-in-Lending-Laws.
I wanted to be a pilot like my dad; indeed, as a boy I dreamed of traveling even farther, in the space program (eyeglasses intervened). Things don’t always turn out like what you may have imagined, hoped for, or planned. But here’s what I do know now, credit card companies: with little or no provocation, you have attacked my former colleague, my wife, my former neighbor (an entrepreneur), me (and therefore my whole family), and millions of other undeserving account holders — consumers and small businesses. Your lack of restraint is unprecedented, especially after taking bail out money and during a volatile time when we are all struggling in a weakened economy. And we’re now banding together.
My dad used to quip the old pilot’s joke that “any landing you walk away from is a good one” (humor aside, I can understand that point of view; earlier jets were notoriously dangerous). Well, abusive credit card companies (especially you, Chase): we’re going to “shoot you and your fancy corporate jets down” with anti-marketing missiles, alternative financing sources, lawsuits, and regulation that you royally deserve to receive after what you have perpetrated with such ruthlessness. These actions against customers, orchestrated by scheming executives, whose only moral code is apparently unbridled greed, will end.
The next time you “kick me when I’m down,” you’d better make sure I’m dead. I’ve been very “friendly,” thus far, and so have the vast majority of other account holders. We’ve been paying our bills and meeting our obligations no matter what we have individually and severally been confronting in our own respective lives. Therefore, abusive credit card companies, you’d better straighten up and fly right.
I recently celebrated another birthday (alone; I’ll be home soon for my cake, dear), and I’m old enough to not want a fight, but still young enough to declare to abusive credit card companies:
NOW I’M (STILL) COMING AFTER YOU
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on May 5th, 2009 at 6:54 pm
Happy Birthday! You too have been damaged because of Chases’ actions and even though your account is settled you persist to a see justice and I for one appreciate your efforts.
It would be easy for you to now just sit back and take a break from the daily angst Chase has brought to millions of households yet you continue the fight and listening to us…again I Thank you.
Your comments in BusinessWeek were brilliant, you hit all of the issues and uncovered the PR spin Chase would have other journalist believe. I have watched your published interviews and each time you gain credibility as Chase loses, and I can see progress in those attitudes.
Since a conclusion to all of the class-action complaints are years away from settlement, I can only hope your life and family are not too deeply impacted for our benefit.
on May 5th, 2009 at 10:23 pm
Other than publicizing the problem, I thought, substantively, the article was mediocre.
In the following WSJ article, Bernanke argues against having the new credit card rules immediately take effect.
His “argument” is that the credit card companies NEED TIME to think about how to restructure their business model. Something like that.
That argument makes me want to vomit (just like Robert) because that is exactly what Chase REFUSED to do for its cardholders when they contacted Chase by the thousands and begged Chase to reconsider the unilateral change in terms for their fixed rate promotional agreements.
http://online.wsj.com/article/SB124157526699690411.html
on May 6th, 2009 at 7:54 am
Happy Birthday to Robert! Happy Corporate Compliance and Ethics Week to one and all! Their tagline is “Acting with Integrity”. Maybe this is the week I should recontact Chase about resetting the terms of my accounts?
on May 6th, 2009 at 8:06 am
Happy Birthday Robert! You may think you are spending it alone..but you are not. You are representing thousands of people in the past, present and future who have been mistreated. You are acting honorably in a dishonorable climate…you should be proud of yourself and your actions.
Dont ever forget that….
on May 6th, 2009 at 6:34 pm
Happy Birthday Robert.
I am having difficulty keeping up on my http://www.Daily-Protest.com blog with all the bad stuff that Chase Bank seems to do on an almost daily basis.
The credit card companies should be incorporating an incentive based paradigm if they are trying to cut risk and recoup their borrowed money. The idea that punishment based methods will help the credit card companies grow is completely wrong, backwards, and just proves the credit card industry needs consumer watchdogs, real consumer watchdogs to watch over them. The kind of watchdogs that never go into their board room but are still paid by the credit card industry anyways.
I’m not stopping my protest until the credit card companies hire me as a gadfly consultant to tell them why they suck and what they can do to be an asset to our country rather than an insurgent corporation bent on destroying our communities from within.
on May 6th, 2009 at 10:28 pm
It is amazing to me how much I agree with everything you wrote, everything. I think Chase Bank attacked the very fiber of this country, and I think unless they publicly admit what they did was reprehensible, (changing terms without allowing an opt out option for their customers), the fight goes on until they do publicly apologize.
http://www.Daily-Protest.com
on May 9th, 2009 at 7:00 pm
What is CHASE up to NOW? I just checked my account online, the statement closed yesterday, and it shows my new balance and payment date but the payment due still says $0.00. I did a search and found 1 other response on yahoo, she called and they told her since she makes more than the minumum due she didn’t have a min payment this month!
NO WAY!! This sounds like a set-up to me. Has anyone else seen this?
on May 10th, 2009 at 7:18 am
After looking closer at my online statement, I noticed a statement about having the ability to skip a payment this month. I have never seen this before and I WILL NOT use it. I just wonder what chain of events this could trigger for account holders that use this.
on May 10th, 2009 at 8:56 am
We don’t know yet what’s happening.
BTW, as I had promised, I returned to the NYT forums and posted as a comment on Krugman’s “stress” column the following:
“I am not an economist, but I have a couple of comments.
“What we’re really seeing here is a decision on the part of President Obama and his officials to muddle through the financial crisis, hoping that the banks can earn their way back to health.”
I am afraid that there is a very sinister aspect to this “hope” – the banks will “earn their way back to health” by destroying countless lives.
Here’s something for a laugh (a sad one):
http://www.gocomics.com...
Here’s a related question:
Is there a reason for Dimon, for example, to be a Director of Feds?
http://www.federalreserve.gov...
FYI, Feds rejects request to help credit card holders
http://finance.yahoo.com…“
on May 10th, 2009 at 11:14 pm
Hi anna,
As you probably know, the FED is not “Federal.”
The banks own the FED, by virtue of its organizational structure, so no surprises here.
Bernanke’s remarks will therefore predictably defer to banks and in effect defend “unfair and deceptive practices” (thanks for your comment #2 emphasizing the net result, too, elly). Further, consumers’ suffering will continue to reflect abusive practices for as long as the “members” of the FED (national banks) can get away with it.
This is why we must fight with de-marketing tools: banks must be controlled as a result of consumers’ intentional act of directing the flow of revenues in favor of those that are ethical (if there is such a thing) as compared to those that are not.
Justice against banks will not be the result of the FED, because banks are the FED. Community banks, credit unions, and other institutions that operate with greater sensitivity (and humanity) are the answer in light of the FED’s (i.e, big banks’) bad behavior.
on May 11th, 2009 at 2:05 am
Robert,
I know that the Feds isn’t “Federal.”
I just wanted to stress the absurdity of the fact that Dimon the Feds takes care of the business of Dimon the Chase.
When Bernacke announces whatever he announces it sounds like coming from some independent authority, but in reality it isn’t.
on May 14th, 2009 at 5:15 pm
I’ve posted a link to an article on my site that is well worth and important to “buzz up”. Thanks. http://daily-protest.blogspot.com/2009/05/day-37-chase-bank-protest-please-buzz.html
on May 14th, 2009 at 10:59 pm
Alessandro,
I am not joining any anti-tax protest. I don’t think that taxation is a real problem in this country. Linking taxation with credit card insanity seems to be suspicious.
on May 16th, 2009 at 9:11 pm
Anna loves the taxman.
Needs big government to keep scientists from voting
Lets not pain the revenuers with the same brush as those brutal Shylocks in Wilmington.
on May 17th, 2009 at 4:59 am
Marv,
Anti-tax protest cancels anti-corporate-abuse protest. American problem lies in the absolute power of corporations and its abuse. I think someone is manipulating. Karl? Rush? …? The usual suspects.
Yes, I expect my con-citizens to know history and understand how societies work/don’t work.