Chase protesters have been busy, taking their fight “to the streets.” We are now posting an updated flyer (based on discussion started under the post entitled, “California Chase Branch Managers get lesson in freedom of speech — Motorists honk in support of protester!“).
Please read the aforementioned post, and HELP! Download the flyer (click on it, and save the pdf), and hand it out.
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on Aug 24th, 2009 at 11:20 am
PLEASE go to the following link and post your stories.
http://moneyfeatures.blogs.money.cnn.com/2009/08/16/rising-credit-card-minimums-fair-or-foul/?section=money_topstories
The article is titled, “Rising credit card minimums: Fair or foul?” It is a completely skewed story, regarding the Chase minimum payment increase. It leaves out most of the important points regarding the situation. It is clearly an attempt to spin public opinion in favor of Chase.
Unfortunately, a lot of people who are upset about the credit crisis are directing their anger towards the consumers and giving the banks a pass. This article only fans this resentment by making it appear that the people in our situation are irresponsible people who have self-control issues when it comes to spending and are now whining about Chase’s “tough love”. It really is a nauseating article.
As a result, there is an increasing amount of patronizing posts by people who are berating the victims – us. They could just be insensitive boors, but they really should have been presented with all of the facts of the situation before they were invited to give their poorly thought out positions on this matter.
The “live within your means” Chase trolls are out in force. Don’t let Chase have the last word. Fight back!
on Aug 25th, 2009 at 12:12 am
Robert, tat was very generous of you to add my blogs in along with the explanations of each blog, I was not expecting that! I kind of feel like your blog is not as noticeable in the PDF now because you devoted space to my blogs. I do like the books listed at the bottom. Maybe you could add a link on how to purchase the books?
What do you think about Chase Banks new strategy of now offering the five year pay down plan? if that is Chase Bank’s latest gambit, should it be mentioned in the flyer instead of the crap they pulled earlier in the year?
On the other hand, they already did pull that crap so why not have it in the PDF. I guess I’m just wondering if the new Chase Bank gambit should be mentioned as well, except now there is not space to do it.
For me, the bottom line is Chase bank is STEALING an economic debt commodity they offered us without offering any kind of an incentive to get people to accelerate paying down their debts with Chase Bank.
Chase bank should be offering 100 dollar gift cards to entice people to change to the faster pay down method, not making us feel “grateful” because the offer is better than nothing.
on Aug 25th, 2009 at 12:24 am
I printed out the flyer and it looks great. i was wondering if you think maybe the headline should be two lines. CHASE BANK on the first line, CUSTOMERS BEWARE on the second line.
On my copy I have a one inch border on the bottom and on the top, if that were made to 1/2 inches, it might give you room to add the word Bank to the headline.
I only mention this because one of my protest signs only has Chase on it and until I added the bank logo after it, some people thought Chase was a person.
on Aug 25th, 2009 at 2:31 am
I read a few topics. I respect your work and added blog to favorites.
on Aug 25th, 2009 at 10:14 am
Dear Alessandro,
I really can’t do much more with the flyer without taking it into some more powerful page layout software. The “books” are not for sale — they are all eBooks/reports from the ChangeInTerms.com site. The electronic version of the flyer has clickable links.
This week is is the beginning of my semester, so any further redesign will have to wait. I would actually like to put some of the art from your site (like some of the photos), and I recall you already gave permission for that. However, I will need to do the redesign later (again, with better software, when I have time).
Now, as far as my blog being less noticable, now that I have added yours: I’m not worried about that in the least. We are all in this together. Take care.
on Aug 25th, 2009 at 10:49 pm
I have already printed out my copy and will be making a thousand more for distribution at the Santa Monica Pier later this week.
on Aug 25th, 2009 at 10:57 pm
By the way, in Southern California, Chase is doing everything they can to win favor with the brothers and sisters of those they are screwing over.
Example: “loaning” the state of california 1.5 billion dollars to help end the IOU program. Maybe ALL states would have more money if people’s paychecks could stretch a little farther with LOWER credit card interest rate charges, not higher. So Chase helps cause the local economic blight, then rides in like Robin Hood on steroids to save the day. It is literally a rich robin hood robbing the poor and then sharing the robbery with the poor persons fellow townspeople.
Example, you can download “coupons” from the Chase Bank website for FREE products from california businesses.
Example, 100 dollar or higher bribes to open a Chase Bank checking account.
Example, running that insipid “ON and ON” Chase Bank commercial OVER AND OVER AND OVER AND OVER ON ALL CHANNELS, specifically the high cost nightly news shows. I am estimating the commercial has run at least 10,000 times just on Southern California broadcast television, who knows about radio and cable.
You see how Chase is buying all that love with YOUR MONEY while putting many of us closer to credit card default.
on Aug 26th, 2009 at 7:00 am
Question..
I would print out flyers and leave them outside a chase bank near me, but am afraid of hidden cameras. do they have any recourse?
on Aug 26th, 2009 at 10:43 am
Hi Steve,
I’m not a lawyer, but generally, I would avoid simply leaving a stack of flyers (it could be considered litter). Now, I do think that there are numerous ways to distribute the flyers, without handing them to someone. I’ll start the list, with a new post.
Also, to your original point: hidden cameras are everywhere. If you are going to step foot on* (in or near) a Chase Bank property, I think you had better stick to the “freedom of speech” points raised in a prior post on the site. As a customer, you do have a relationship and I think that you can ask for a branch manager, and present a flyer.
That being said, I personally would be inclined to present flyers to everyone on the planet, besides Chase (especially affinity partners, and competitors). This is because I think that rank and file Chase employees are either evil, working for the “dark side” with full knowledge and intent, or like a lot of employees in a lot of jobs (and industries), they are trapped.
* An interesting discussion regarding the idiom, “step foot onto” at the Columbia Journalism Review site.
on Aug 26th, 2009 at 11:17 am
In response to their article that was completely skewed towards Chase, with no attempt to give the consumer point of view AND which ignored very important facts, I tried to post a comment on the CNNMoney site at the following link:
http://moneyfeatures.blogs.money.cnn.com/2009/08/16/rising-credit-card-minimums-fair-or-foul/?section=money_topstories
CNNMoney chose not to publish my comment. Here it is:
“This article is an obvious attempt by CNN to spin public opinion in favor of a big advertiser – Chase Bank. Most of the important facts about this situation are suspiciously absent. Chase targeted customers who had taken a low APR for the life of the loan CONTRACT (YES, IT WAS A CONTRACT). These customers were only offered the deal in the first place, because of their high credit ratings. Such ratings could hardly be the result of a tendency to succumb to impulse spending, as many of the posts here suggest. Rather, these people had displayed a shrewd use of credit to address unavoidable situations, such as high medical expenses, unemployment, etc.
In January, their minimum payments leaped from 2% to 5%. Chase offered to lower the minimum payment back to 2%, only if they agreed to a higher APR. Therefore, the arguments that the Chase PR machine has put out that Chase only wants certain “risky” customers to get out of debt sooner are completely disingenuous. Chase’s clear objective was to renege on its contract, because it was no longer profitable.
The change in terms letter contained NO OPT-OUT CONDITION. As a result, many consumers were given the “choice” of defaulting or accepting the higher APR. How does ruining the formerly stellar credit ratings of consumers help the economy? Most of these people had never even contemplated the possibility of defaulting on these loans. They thought if they played by the rules that Chase would do the same. As for you cynics, there are still some people in this world who believe that honor and business can co-exist. In addition, these people are completely incredulous that a company, such as Chase, could do anything so self-destructive as to alienate its customers. If one looks at recent news articles, it is apparent that Chase is doing so at an insane pace – hence foreclosed homes, customers forced into default, cut credit lines, etc.
As for the author’s reference to Chase bank’s ability to manage risk – the American public would be better served if the mainstream media would cover how Chase bank’s huge derivative exposure is endangering the economy, rather than smear the victims of one of Chase bank’s scams. It is possible that Chase’s actions are the result of a desperate attempt to remain solvent.
Perhaps, the author simply did not research this topic thoroughly. But given the lack of important facts in this article, I think it is more likely that she is exploiting the fact that people are understandably upset about the credit crisis and its negative effect on the economy, in an attempt to sic the public onto the victims. Both scenarios are, like Chase bank, insidious and indefensible.”
Obviously CNNMoney doesn’t tolerate criticism of itself. More objectionable is that, given a choice between the revealing the truth vs. jeopardizing advertising revenue, the advertisers will prevail. Should we believe anything we read or hear in the mainstream media these days? We will soon be hardened cynics, I fear.
Incidentally, I think the poll results at that site are also skewed. They certainly vary dramatically from the results of similar polls at other web sites.
I have noticed that the anti-consumer posts at the CNNMoney site have increased and become nastier. This makes me wonder whether anyone else has had their comments suppressed. Please comment, if you have.
on Aug 26th, 2009 at 12:19 pm
M,
I just posted a letter my husband wrote to several government representatives as a comment over there and it posted immediately – as if no moderation was in place. Unfortunately the formatting was messed up when I copied and pasted it – oh well.
Perhaps try to post your comment now – maybe it will go through?
on Aug 26th, 2009 at 3:01 pm
I wrote to the Congressional Oversite Committee. Received a canned letter back.
It is obvious that the Federal Government is in Chase’s pocket, or should I say Chase has its hand in the Federal Governments pocket.
on Aug 27th, 2009 at 3:57 pm
I found this excerpt in an August 26th article on Money Market. “Opt out of the term changes — part of the new law that went into effect last week requires a card issuer to provide 45 days notice before altering terms, and allows the customer to say no to the changes — and the lender will freeze the account. Your terms will stay the same until you pay off the debt, but the credit line is shut off.”
I have emailed the author of the piece, Chuck Jaffe, for clarification. If the above is true, I could opt out as I just recently received my september bill. I think he is in error. I called Chase and spoke to a supervisor. The supervisor said they took a class to study the new law and know they can raise the minimum payment.
However, in the law, it specifically states only a doubling of the monthly minimum payment is allowed, so in my opinion Chase is still in violation by raising the monthly minimum by more than double for those that are just now receiving their bill with the higher monthly minimum on it.
http://www.marketwatch.com/story/card-issuers-dont-care-and-theyre-proving-it-2009-08-26
on Aug 28th, 2009 at 12:33 pm
Well, it’s official. The comments that I attempted to post on the CNNMoney site, mentioned in post #9, have been suppressed by the mediator. I have tried twice, so I am sure it is intentional. The CNNMoney comment policy states that they may not post a comment due to disrespect to the author or other posts. This is code for “Do not challenge the premise of the article. All information disseminated by CNN is the truth” (yeah, right). Apparently, the letters in CNN stand for “Censored News Network.”
Well, at least one person at CNN read my comments. Hopefully, it was Ms. Fried herself. Even more hopefully, but less likely, she got my point and learned something.
Thank you, G. Bandy, for posting your comments at the site. I hope more people will do the same.
I know many of us are still trying to recover from this nightmare and get on with our lives. However, don’t think that this situation cannot or will not occur again. There are still plenty of loopholes in the “Credit Card Reform Act” big enough for corrupt institutions to drive a tank through. We must continue to fight. Write to your representatives. They can be contacted at:
http://www.senate.gov and https://writerep.house.gov/writerep/welcome.shtml
Write to Chase. It may do some good. Who knows? Here is a list of Chase contacts:
Chase Executive Management Hierarchy
Jamie Dimon Chairman & Ceo
Phone: 212-270-1111
Fax : 212-270-1121
E-Mail Address: jamie.dimon@jpmchase.com
Charlie Scharf CEO Retail Financial Services
Phone: 212-270-5447
Fax: 212-270-5448
E-Mail Address: charlie.scharf@chase.com
Gerald A. Smith CEO Credit Card Services
Phone: 302-282-3100
Fax: 302-282-3939
E-Mail Address: gordon.smith@chase.com
Marc Sheinbaum CEO-Retail Auto and Education Finance
Phone: 516-745-3838
Fax: 516-745-4040
E-Mail Address: marc.x.sheinbaum@jpmchase.com
David B. Lowman CEO Home Lending
Phone: 636-735-2121
Fax: 314-256-2800
E-Mail Address: david.b.lowman@jpmchase.com
The battle against the spreading of disinformation is a difficult, but vital one. Otherwise, this sort abuse by powerful institutions and government entities will continue. I know that the lack of coverage by the media and the canned responses from our congressional representatives is discouraging. It seems like the rich and powerful think they can beat us up and not let us cry.
Let me tell you that they are aware that the anger of the American public is growing. I hope they are scared. They should be.