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    CHASE BANK PROTEST MARCH TO THE SANTA MONICA SEA, THEN SEE JOAN IN CONCERT, FREE! THURSDAY, JULY 9

    CHASE BANK PROTEST MARCH TO THE SANTA MONICA SEA, THEN SEE JOAN IN CONCERT, FREE!  THURSDAY, JULY 9
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    JOAN BAEZ DOES NOT KNOW WHO WE ARE AND THEREFORE IS NOT ENDORSING THE CHASE BANK PROTEST MARCH, BUT, WHAT FAMOUS CELEBRITY IS?

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    Friday, July 3, 2009

    ANOTHER BAD GUY AWARD FOR CHASE BANK CREDIT CARD DIVISION COURTESY OF SMART BALANCE TRANSFERS dot com.

    It just doesn't end. Out of hundreds of horror stories that were submitted to smart balance transfers dot com, Chase bank's 2% to 5% raise in the monthly minimum payment on over a million of their best, most trustworthy and always on time paying customers is one of three finalists.

    It must make one proud to work for Chase, be on their board, or have stock in their company, not.

    3 comments:

    Anonymous said...

    Why is that bad? The person owes the money, paying 5% is too much to ask?

    Alessandro Machi said...

    I have advocated 5 to 10 percent monthly minimum payments for a couple of years at my Credit-Card-Cap.com website, however...

    ...the higher monthly minimum payments need to start from the moment someone opens their very first credit card, not after these customers have built up an excellent credit history and taken on a larger amount of debt based on the 2% monthly minimum payment model that has been in place for the past couple of decades.

    Chase bank wants it both ways. First, they want their customers to borrow a lot of money which actually helps the economic figures and raises the amount of wealth in the world, but when the banks get too aggressive and begin gambling with their customers money, suddenly all bets are off and Chase Bank wants to change the rules even when it will literally bankrupt their most loyal customers.

    Nobody put a gun to the head of the credit card companies and told them they had to offer low interest, life of the loan interest rates to their most honest and reliable customers.

    By isolating these specific customers and demanding they suddenly pay 150% more on top of what they were already paying every month, Chase Bank is leaving the impression that they can make more money by defaulting customers who have very good credit scores than they can by helping them realistically pay down their debt.

    Chase bank is also cutting to the front of the debt line. Chase bank is saying, pay us our money BEFORE you pay off your other higher interest accounts, even though the ENTIRE PURPOSE of their low interest credit card loan program was to borrow money from Chase Bank at low interest rates so customers could pay off other higher interest rate cards first.

    It is very important to note that Chase Bank makes money even off of low interest loans simply because every month a percent or two of their customers on these programs are late with their payment and they lose the special rate.

    Others will make high interest purchases on the same account, and these interest charges get hidden at the back and revolve month after month at obscenely high interest rates until the low interest rate offer is paid off. So Chase Bank is unwilling to actually congratulate and respect those who are steadfastly staying the course and paying down their debt with Chase in a slow but steady manner. And just what is slow anyways?

    If Chase Bank gets away with what some are considering a racketeering style of debt collection, then other banks will be forced to follow suit or look bad to their investors for not being as aggressive as Chase Bank has been.

    As you know, it isn't that people don't want to pay down their debts quickly, it is that they CANNOT pay down their debts quickly in this type of an economy.

    Chase Bank is playing the role of spoiled brat instead of the guiding hand of stability in bad times.

    Chase Bank is the panicked salesman from the Titantic who pushes his way past the women and children to get to the emergency lifeboats first.

    Chase Bank's motivations are worthy of an FBI investigation.

    There is an exploding amount of anger against Chase Bank that is increasing on a daily basis. If Chase Bank thinks they will make it to August without public protests and rallies against them, they truly are out of touch, unless Chase Bank changes course.

    If Chase Bank waits until July 16th, 2009 to reverse course, then Bloggers Against Chase Bank
    is advocating the dismissal of one executive board member.

    Daily-Protest.com

    Over 1,000 Consumer Affairs Chase Bank Complaints in less than 6 months.

    Alessandro Machi said...

    The short answer to your question is...

    Yes Chase bank can raise the monthly minimum payment to 5% if they want, but they should allow each and every customer who cannot afford the sudden 150% increase in payment the right to OPT OUT and keep the agreement as is.

    Those who can afford the higher payment will pay down their debt faster, those who can't pay down their debt faster get to keep the terms they originally agreed to. That sounds so logical and fair, does it not?

    ----------------------------

    Chase Bank is also freezing home equity lines at ridiculously low levels. Do you remember those ads that used to run on television that said, "you worked hard paying off your home, now let your home work for you".

    Well the time has finally come for the home to work for some people, and that opportunity has been stolen as well.

     

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