- Report: #518203
Complaint Review: Chase Manhattan Bank Chase NA Chase Bankcard Services JP Morgan Chase Bank - Los Angeles California
Reported By:
MaderthanhellandImnotgonnatakeit! -
Los Angeles, California, USA
Submitted:
Updated:
-
Author Not Confirmed
Why?
Chase Manhattan Bank Chase NA Chase Bankcard Services JP Morgan Chase Bank
300 S. Grand Ave. Los Angeles, 90071 California, United States of America
Phone:
3022821100
Web:
www.jpmorganchase.com
Categories:
Business Rating:
(0)
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Chase Manhattan Bank, Chase NA, Chase Bankcard Services, JP Morgan Chase Bank Chase Increased APR Los Angeles, California
Report Attachments
I have been a customer of Chase MasterCard prior to the year 2003. From that time until just recently I had a fixed annual percentage rate (APR) of 4.24% on purchases. Yes, I know. Eat your hearts out, but that was the agreement.
In April of 2009 I requested from Chase an increase on my available credit to cover the purchase of refurnishing my living room and dining room. The increase was granted and the purchases were made. And so, for the first time in a long time, I was not paying off the entire balance of my Chase credit card each month. Instead I was paying between $1,000 and $3,500 each month toward my debt which at its peak was $9,518. I always paid prior to the due date and many times the minimum due.
My reward for this timely effort? The privilege granted me for never missing a payment? Last month, October 2009, JP Morgan Chase took it upon themselves to increase my APR to 11.24% to included the entire balance of the money I was under the impression I had barrowed at 4.24%.
My monthly finance charge jumped from $17.00 in the beginning of October 2009 to over $40 in one month! Again, on purchases I made with the belief that my APR for those purchases was at 4.24%.
I called Chase customer service to contest their new 11.24% APR for my account. At lease make it only apply to purchases I make from now on I requested. There is nothing we can do was the reply.
So basically Chase switched the rules in the middle of the game to their advantage and told me to dial 1-800-Boo h*o ext. WAAaa.
The only reason JP Morgan Chase bank exists is due to its customers. Oh yes, and the $25 BILLION bailout it received from the government, err us again.
(((link redacted)))
Well, Im as mad as h*ll and Im not going to take it (up the ___) anymore!
Chase Bank with every payment I have to make you are stealing from me!
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.1 Updates & Rebuttals
Ronny g
North hollywood,California,
USA
This won't be of any help...
#2Consumer Comment
Mon, November 02, 2009
But it might explain it.
I believe this is happening for 3 reasons.
One..of course is the economic conditions. Now correct..this bank received a hefty bag of money in TARP funds...and yes this is the worst time for the bank to gouge customers...but if they can legally do it...as we can see..they do.
Two...The President is putting pressure on the banks regarding interest rates..at least someone is watching for us..not that I am an Obama fan by any means...but Bush did nothing but harm..ineptitude. So the banks are panicking..understandably..and I guess they feel the need to do this while they still can get away with it.
Three..In the first quarter of next year, Chase is changing some policies that is going to put a damper on a fat cash cow they had going...forced automatic overdraft protection combined with re-sequencing...which in the event of an overdraft would cause excessive fees. The changes will hinder the banks ability to collect fees from this..the tactic is going away.
So..it makes sense they will have to find other ways to make it up..and unfortunately..one of them is going to be attacking all of our interest rates..regardless of credit history and standing.
