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Chase Credit Card Complaints - "Residue" finance charges!

Review all Chase Credit Card complaints

Chase Credit Card

Posted: 2007-08-01 by Jon Najman [send email]
"Residue" finance charges!
Complaint Rating:  100 % with 2 votes
Beware of Chase Credit Card. I signed-up for this credit card thinking Chase was very reputable. However, after paying-off a ~$2,500 balance shown on my May 2007 statement as "New Balance", I discovered today on my credit report I'm over 30 days late on this account! After logging-on to my account, I discover I have a ~$9 balance. Customer service tells me there are "Residual Fees". They have retracted the $9 charge, but they will do nothing to resolve my credit scores, which have been negatively affected by this. I must now spend another 1-2 hrs resolving this issue, not to mention the harm already done in regards to recent financing and rates offered. Beware of Chase - they will end up sticking it to you.
Comments United States Banks
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Comments

488 days ago by Joe Glix [send email]
I am in the middle of the same issue. I now have to spend hours of my time trying to clean up the mess on mess on my credit score and they are not being to helpful about it. This is AFTER they admit its their error in the first place. After 2 weeks of this, my issue is still not resolved.
88 days ago by Brian [send email]
Jon,
If the only thing that was billed on the act was "retail residual finance charges" and not paid and caused the past due issue, Chase should be able to help you out on what is being reported to the credit bureau and CAN reverse that reporting. All you have to do is send a letter with your account # and signature to their correspondence address about the issue. Make sure that you include in the letter of exactly what happen and make sure that you write it in a professional and non accusing tone, it will be reviewed and taken into consideration by their credit department. Again if the ONLY balance on the account was the finance charges from the residual balance you should be good.

You can mail the letter to:
Chase Card Services
PO Box 15298
Wilmington, DE 19850

You do have to understand that banks do have to report (by Federal Law) what happens of the account no matter the situation to the credit bureaus. Because of that there are strict guidelines that banks have to follow when there is a request to reverse a reporting. They cannot do it just as a courtesy to the customer, because the Feds wants the info that is reported to the credit bureaus to be as accurate and correct without any kind of bias or special treatment. The reason is that credit reporting is used by all financial institutions to make decisions of loans and such and has to be fair in the lending practices and policies of all banks.
79 days ago by J. Wellington Brooks-phillips [send email]
Good luck, Jon. Unfortunately, this customer's complaint is no doubt representative of millions of other customer experiences. You see, I recently worked for Chase on contract as a systems integrator on their automated customer service program. While on the job, I learned that Chase employees refer to their customers who keep their account balances to a minimum and who always pay on time, as "deadbeats". Later, at a banking conference, I attended a presentation in which an attorney who worked in the banking marketplace spoke of the "new business model" in the credit card industry. The underlying demographic is primarily comprised of college kids and low income customers who are highly likely to rack up late fees and high finance charges by habitually not paying on time.

Afterward, in a personal conversation with that attorney, I learned that Chase is one of those companies that is most efficient at running the new model, which means that it does whatever it can to earn its profits by pumping up and then collecting late fees and finance charges from the population segment that is least able to pay them! Needless to say, I decided right then and there to immediately mitigate future risk by canceling MY Chase credit card account before they made an error on my account.
68 days ago by Gene [send email]
Chase did the same thing to me over $17.00. This should be illegal.

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