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 |
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." ;)) |
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) :rolleyes:
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, 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. |
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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. |
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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. |
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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. |
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. |
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Good point though. |
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