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Old 04-17-2010, 06:35 PM   #1
moxieman99
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Warning about Chase Card Services when closing credit card accounts


I closed a credit card account (in good standing, thank you) with Chase this March. Closed it both orally on the phone and in a letter sent certified mail. I have the return receipt showing Chase received the termination letter.

I received a new statement with an unauthorized charge, and called Chase Card Service. Wound up talking with a "Zack Baker" who told me that customers are not allowed to cancel in writing. When I pressed him on it, he asked what made me think that the contract allowed written cancellations? He said all cancellations had to be oral, and had no record of either my oral cancellation or my written cancellation.

So there you have it: What makes you think that credit card contracts allow written cancellations of accounts?

And people wonder why we have government regulation.

Moxieman
 
Old 04-17-2010, 06:56 PM   #2
paulsm4
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I'm not sure what this has to do with Linux ...
... and I'm certainly not a consumer affairs lawyer

... but ...

"Zack Baker" is full of crap.

And you certainly have a valid grievance.

Have you considered filing a complaint?

Here are several options:

ConsumerAffairs.com

Or maybe you can even call Kelly Hanick (kind of like "Visit Universal Studios. Ask for Babs." )

Last edited by paulsm4; 04-17-2010 at 06:59 PM.
 
Old 04-17-2010, 07:07 PM   #3
Jeebizz
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Government regulation means Socialism, don't you know that!? We can't allow any kind of government interference with the economy, they will regulate themselves! ...(yea right)

There needs to be drastic changes how credit is being issued. I also for one don't understand how simply closing down one of your credit cards, (when it is payed off), negatively affects your own credit score. What if I just don't want that card anymore? Why should that affect my score? Anyways, whats this credit score shit anyways? It is something clearly against the consumer. The whole system is a mess, but lets leave it the way it is. Remember after all, any kind of regulation is socialism.

Is this what the republicrats mean by 'free market'?
 
Old 04-17-2010, 07:08 PM   #4
moxieman99
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Oh, nothing to do with linux, which is why I'm posting in "General." I just want to warn people so that they know what kind of organizations they are dealing with. My feeling is that there's no need for anyone else to be ambushed with such inane positions also.

Consider it a public service message. As for complaints, that aspect of the matter is well in hand.
 
Old 04-17-2010, 07:17 PM   #5
moxieman99
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Quote:
Originally Posted by Jeebizz View Post
Government regulation means Socialism, don't you know that!? We can't allow any kind of government interference with the economy, they will regulate themselves! ...(yea right)

There needs to be drastic changes how credit is being issued. I also for one don't understand how simply closing down one of your credit cards, (when it is payed off), negatively affects your own credit score. What if I just don't want that card anymore? Why should that affect my score? Anyways, whats this credit score shit anyways? It is something clearly against the consumer. The whole system is a mess, but lets leave it the way it is. Remember after all, any kind of regulation is socialism.

Is this what the republicrats mean by 'free market'?
Oh, I can see why closing a credit line would affect one's score. Less credit capacity is available, and therefore utilization of remaining resources is greater. Look at it this way: If you remove some RAM from your computer, it could/would affect performance and stability as you try to do the same things you were doing before against fewer resources to handle the demand. Risk of computer instability (default on debt) is greater, so anyone dealing with your computer (or with you on credit) must be wary.

I just don't like the banks lying to me. If the guy said that they ignored my close-the-account letter because it's been their experience that people usually regret it later, I could understand. But he didn't. He said that Chase had no record of the letter and that one couldn't close an account via writing anyway.

I'm waiting for onebuck's "power" analysis.
 
Old 04-17-2010, 08:38 PM   #6
Jeebizz
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Quote:
Originally Posted by moxieman99

Oh, I can see why closing a credit line would affect one's score. Less credit capacity is available, and therefore utilization of remaining resources is greater. Look at it this way: If you remove some RAM from your computer, it could/would affect performance and stability as you try to do the same things you were doing before against fewer resources to handle the demand. Risk of computer instability (default on debt) is greater, so anyone dealing with your computer (or with you on credit) must be wary.
Well ok I'll give you that...

Quote:
Originally Posted by moxieman99

I just don't like the banks lying to me.
Thats not the worst of it. Banks have been using your money to play with in the markets. Sure, I guess thats why we have FDIC and stuff, but clearly there is an ethical issue here. Ethics; that is something I am wondering most business schools these past few years must have glossed over, or only briefly mentioned. It all started with Enron, but I fear that there is more to come. Goldman Sachs is just the latest example.

Going back to the whole FDIC thing. Yea, so thats why the banks can do what they please with your money, if they lose your money your ok I guess, just as long as you don't have more than $250K, or however much FDIC covers. If you do, well sorry you're sol, even if you did work hard for it.
 
Old 04-18-2010, 09:24 AM   #7
moxieman99
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Quote:
Originally Posted by Jeebizz View Post
Thats not the worst of it. Banks have been using your money to play with in the markets.
But banks are supposed to play in the markets. They play in housing market with mortgages, they play in industries with loans to companies, and they play in financial markets with loans to investors.

Deposit insurance was to prevent runs on the banks and avoid liquidity panics, not losses from investments.

In and of itself "playing in the market" is not bad in my opinion. It becomes bad when the financiers rig the system, a la Goldman Sachs.
 
Old 04-18-2010, 03:42 PM   #8
mlangdn
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You didn't say if there was a balance on the card when you closed the account, so here is some unsolicited advice to anyone with a credit card:
Never close an account that has a balance - pay it off, then close it. Closing an account with a balance opens up the card issuer to all kinds of possibilities. Like raising the rate of interest or changing due dates willy-nilly.
 
Old 04-18-2010, 04:25 PM   #9
moxieman99
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Quote:
Originally Posted by mlangdn View Post
You didn't say if there was a balance on the card when you closed the account, so here is some unsolicited advice to anyone with a credit card:
Never close an account that has a balance - pay it off, then close it. Closing an account with a balance opens up the card issuer to all kinds of possibilities. Like raising the rate of interest or changing due dates willy-nilly.
No, the card was in good standing and I had a credit balance. No charges against it until the unauthorized charge posted after I had closed the account.

Good point though.
 
  


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