Friday, August 28, 2009

Chase Bank: scum of the Earth?

Surprise, surprise, JP Morgan Chase isn't keeping up their side of the bargain with their credit card customers.

If you've ever taken Chase up on one of their a low interest, life of the loan balance transfer offers, you may be in for a surprise with your next statement, even if you have excellent credit and have never missed a payment: the bank is increasing the monthly minimum payment from 2% of the balance to 5%.

In effect, they're forcing you to rapidly pay back their low interest loan (which probably isn't in your best interest) or -- if you can't afford the new payment -- into default. There is no option to "opt out."

For a taste of how this is effecting ordinary customers' lives, read through some of the complaints collected by ConsumerAffairs.com. Meanwhile, Chase last year handed out $8.6 billion in executive bonuses while collecting $25 billion in TARP funds. Apparently none of this is illegal, but it should be.

I, for one, am taking my banking elsewhere, never to return.

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