bank rates

Chase Won’t Take ‘No’ For An Answer

Let’s say you get a notice that the interest rate on your Chase credit card is going up.

Lawsuit over Chase credit card policy

You send Chase a letter rejecting the increase and close the account so that you can repay your balance at the current, lower interest rate.

You’re done dealing with Chase, right?

Maybe not.

According a recent lawsuit, Chase has continued to send “change of term” letters to cardholders with closed accounts, and raised the interest rate on anyone who didn’t go to the trouble of rejecting the new terms again.

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Comments (5)
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5 Existing Comments
  1. basicmoneytips.com said:
    on March 2nd at 06:16 am

    I have heard that Chase can be difficult to deal with although personally I do not have a credit card through them.

    I would just encourage people to make sure and follow up that their account is closed. It is usually a pretty quick phone call.

  2. DataIsGold said:
    on March 2nd at 11:28 pm

    I made a brief post on my website about Chase

    They basically gave me two business days to reject the terms of the interest rate increase.

  3. Jesse said:
    on March 3rd at 09:01 pm

    Thanks for the info guys, I’ll be sure to cancel my Chase checking account. I have a few accounts so it will be no issue for me and my fiance to close our accounts. I will be sure to let them know why I’m closing my account too. I really have to consider a credit union over these greedy banks. Makes me sick to my stomach.

  4. Mark said:
    on March 4th at 02:53 pm

    Chase is evil.

  5. grace said:
    on May 2nd at 09:16 am

    Ditto @Mark. Chase is very very dirty. I loved WAMU then chase came along n cancelled my credit card saying i dont qualify for what i had for 3 yrs with WAMU payed my bills off every month on time. I then closed my account and tried to make my last payment with my other bank card it wouldnt take it so i had to go in bank next day to make payment which they considered late charged me $39 late fee which i ask them to waive n said no paid off the card then next month they send me a bill for $10 saying its interest accrued i just paid off the $500 balance i had they charged me another $39 caus i told them i didnt owe the $10 as my account is closed n paid off they caused me hell n made my score went down.