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JPMorgan Chase  - $10 fee and minimum payment due

D
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4:37 am
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Beware all Chase credit card holders. Starting this month, Chase is charging a $10.00 monthly service fee and raising the minimum due on balances from 2% to 5%. Everyone who took advantage of low interest rate balance transfers will be subject to these new charges even though you transferred your balances in good faith thinking that Chase would actually live up to the conditions they themselves set forth. They are liars and cheats and we are bailing these people out. It is time for a class action suit to make them live up to their promises.

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44 comments
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J
Dec 09, 2010 4:37 am

I have never had trouble RECEIVING my items...but...I ordered a class ring for my granddaughter and it was beautiful...UNTIL about a month later...when the coating began coming off of the ring in huge flakes...leaving a pitted sterling silver exposed...and you couldn't even read the engraving that was on it...it looks awful...and I feel terrible for her because she was so excited to get it...now she can't even wear it because it looks so awful !

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Chase finally got back to me with a hardship type loan at 2%, but I opted to refinance my house and get enough money to do some work on my house...but they are a bunch of ###s...I never knew if I got the loan until the higher payment was about to go into effect and the only way I found that out is by calling them up ...I will never do business with them again ...I had to give them my card back to get their low interest and payment rates...I am now getting changes to my account that I know longer have. So far it doesn't concern money. I do not have my loan with them It is with Bank of America...They did have a class action law suite going against them ...I do not know what happened with that... That "feasco" caused me alot of physical problems (the stress). I lhope they get their "come upings" and loose alot of their best paying costomers .

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J
Dec 20, 2009 4:37 am

My payment went from $392 per month to $963. When i called them about it, they said there was nothing they could do. I had been unemployed for 4 months but had always paid on time, so i told them that there was something i could do! They asked what? I said '' i could file bankruptcy''. They still said there was nothing they could do. So i did.

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V
Sep 01, 2009 4:37 am

The same just happened to me viz remain @ 3.99% minimum 5% balance reduction (they want their money back sooner). Or else the agreed 'promo offer" goes up from 3.99% to 7.99% almost doubling the interest in one stroke (THEY WANT MORE MONEY).
The constantly acerbic manner of three staff I have discussed this with viz Nichole; Merrill; and Leo (IDSUR191) even refused to connect me with a supervisor saying: A supervisor will only tell you the same thing as me NO!
I strongly object to this on principle and am considering what action I will take. I will definitely take this up with my political representatives inc. lodging a complaint with the House Banking Committee.
I HAVE THREE ACCOUNTS. I HAVE NEVER MISSED A PAYMENT.

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J
Jul 21, 2009 4:37 am

I pretty much have the same story...had my chase account for 20 years...used it mainly for educational expenses for my grandchildren this past few years taking the balance up to around $13000.00 only using their 'take advantage of low interest rates' offers...my payment just went from the 2% ($260) to now 5% ($650)...I've never been late on my payments...had them taken directly out of my checking account monthly.
When I talked to the rep she was rude...would not let me talk to anyone besides her...only offer she made me was to give me a phone number for a consumer credit counceling service which I'm sure works FOR Chase.
This is absolutely insane...
And SAD...because I personally do have options since I bank with a wonderful Credit Union who has worked with me in solving this issue and helping me to pay the Chase balance in full... But...my heart goes out to those who don't HAVE options when something like this happens !
THESE PEOPLE NEED TO BE STOPPED !

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Jag you need to hear this ... Well I have to eat my words I have finally got though to somebody at Chases and they offered me a hardship loan at a very good rate...If you are on afixed lncome are all bound up and not able to meet their new payments ask about a hardship loan and don't give up

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A

Another victim of the Chase scam here, only with a twist. After receiving notice that my minimum payment would go from 2% to 5% of my outstanding balance, I called to opt out of the change and was told that was not an option. I was then offered the "opportunity" to particpate in a program whereby if any of 30 situations applied to my financial situation that would prohibit my making my minimum monthly payment or make doing so a financial hardship, I could elect to skip my payments to them for an amount of time that would be determined by the cause of the issue. When I asked how much such a great service might cost, I was told that it was a monthly fee of 1% of my outstanding balance. So now, I tried to reason with the CSR, you want to charge me money for a financial hardship that YOU created by raising my minimum payment? That shut him up pretty quick.

I have other financial institutions that, based upon my credit score and ability to pay, will loan me the $12k to pay off my unsecured debt to Chase. So in the long run Chase loses... they get thier principle back, but get no more interest from me. While I am sure their competitors will charge somewhat higher rates that the 6% I currently pay, and in paying a higher rate and extending my repayment period by several years I will pay more out in interest than I would have had I kept the Chase account open, at least I won't have to cut back on my church donations and continue to live in relative comfort what with my bad habits of feeding my family and occasionally enjoying a night out.

Chase sucks... the government that bailed them out swallows

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I have also received this notice to bring my payment up from 2% to 5% of unpaid balance..This will bring payment from 558 amonth to around 1300 dollars a month seeing that we have an income of 2200 dollars amonth I would say we may have to file bankrupsy.I am 65 years old and I sure would feel pretty bad if they are allowed to to get away with this...I have had an account with them since 1984 thru several defferent lending institutions that the card has gone thru..there is only two times I may have been late...one was when I paid down my bill and they applied the interest to my next bill which was resolved and possibly like one of your other comments; they changed my due date by 7 days and actually I don't beleive I was late because I caught it in time..If there is any justice left in this world I would like to see a class action suite..no body should be able to do this I think if there is no laws against this There should be.This could effect alot of people

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B
Jun 23, 2009 4:37 am

Just got my letter yesterday. Have been a Chase cc customer for years and never made a late payment. My card has a fairly high credit limit and I had paid it off several times. Last year I was enticed with their balance transfer options. So I moved my balances over and most are at around 6-7%. Got a letter earlier this year about them increasing my rate to 16% plus prime which was around 22% at the time. Their reason? "To maintain our profitability." I felt lucky that most of my charges were locked. Then a couple months ago I got a letter stating they had reduced my credit limit to my current balance due to "Too many revolving credit and high balances." Then yesterday got the letter about raising my minimum payment from 2% to 5%. The raises my monthly min. payment from $500/mo to over $1200/month! I can not afford that. I'm pretty sure this is a tactic to get those of us with locked rates to default so they can charge us the highest interest rates possible. This is highway robbery. I did not see any options in the letter about them allowing the minimum payment to stay at 2% with a higher interest rate, but I plan to call them and see what the offer. I agree that the government needs to do something about this. They are only guaranteeing that good customers will ruin their credit and not be able to pay them what they owe them. Not a good way to spend taxpayer dollars!

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M
May 24, 2009 4:37 am

Maybe you folks shouldn't carry $200000 balances credit card balances and live within your means.

Just a thought.

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S
May 06, 2009 4:37 am

Alright, I do work for Chase bank and handle customer service for chase credit cards. In this line of work I see these this happening everyday. Doesnt mean I agree with Chase Banks actions, but I do need to make a living.

In the Change in Terms that took effect in 01/01/09 affect 360, 000 accounts with chase bank. Not close to all the accounts that chase holds. Here in the next month or so there will be more affected by a CIT, only difference is there will be no $10 service charge. Some of you can expect these letters in the mail soon.

The only reason why I'm on the side of chase at this moment is because everything that chase does is in the "Terms and conditions" of the credit you all sign when you accept the credit card. Chase has the right to change the terms of a account whenever they see fit as long as proper notification is mailed out to the address on file.

I realise this is abit late to post but ahwell..

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P
Apr 10, 2009 4:37 am

Chase did the same thing to me promised a low interest for the life of the loan than raised it. It went from 3.99% as promised for the life of the balance to over 11% than in one month's time jumped again to over 13%. I called them and they gave me a bunch of nonsense explaination and did nothing. They did this to my mom's account as well. We diffently need to cost them time and money for what they have done to there customers. Oh I told the Chase rep that what have they done with all the bailout money that there customers have given them and she said that the bailout had nothing to do with the credit card department. Last I checked the credit card dept was part of Chase Bank. I quess they will say anything to justify what they have done to there customers even if they don't know what they are talking about.

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M
Apr 06, 2009 4:37 am

Finally Chase has refunded the monthly $10.00 fee they were illegally charging me every month with my April 2009 statement, but AGAIN they added the the $10.00 Fee on the April 2009 statement --- the same statement where they refunded prior fees! Please help us! It is an awful shame that Chase has done this to the American people - they should be ashamed and we should all move our accounts elsewhere.

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M
Mar 27, 2009 4:37 am

We also got the ooops we will return the $10.00 service fee and change the terms back to the original contract. I have an idea it may have something to do with the numerous (just google chase class action law suit) lawsuits pending. I think personally that all the credit card companies are trying to get their licks in before the laws change in 2010. We were notified by american express this week that our credit limit has been reduced from 13, 100 to 2, 700. To begin with, we never asked them to up our credit limit to 13, 100, they just did that on their own. It is all getting a little crazy if you ask me. We managed the 5% payment on the Chase card and may continue to do so just to get rid of the crazies...
I have an idea that gone are the days of fixed rate credit cards. The other credit card that we carry with chase changed our rate from fixed to a variable prime + 7.99, we closed the account after being a customer for 13 years with that same card, the credit limit on that one was $23, 900. All of this with Excellent credit rating. Go Figure

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M
Mar 27, 2009 4:37 am

I complained a few months back as well, even contacted the BBB. One of the higher ups then called said they had all the right...you know the rest. $10 charge pisses me most off. The rest I can live with for now even thou $450+ per month is a bit high!
But now get this: I get this letter from Chase yesterday saying it was all a big mistake, they will refund the $10 account service charge and my minimum payment will go back to either 1% or 2% of the Balance!...WOW... guess there was too much pressure from others like you, Thanks

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R
Mar 23, 2009 4:37 am

$20 service charge refund. Same thing just showed up on my statement pluss they set the min payment back to 2% from 5% like it used to be.

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J
Mar 17, 2009 4:37 am

Just looked online at our Chase bill and discovered a $20 "service charge refund" What gives? Is it possible they are not going to charge the $10 a month now? Anyone else?

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T
Mar 13, 2009 4:37 am

Same thing happened to me. Now I have to pay 5% miniumum payment and get the $10 fee. There are several recent class action lawsuits against Chase on this subject. Here is a great website that consolidates all the lawsuits and action plan.

www.changeinterms.com

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P
Feb 23, 2009 4:37 am

Just found this out the hard way myself today. Been overpaying my low-interest card but just short of the new minimum payment. Was all done automatic and, my bad, I do not read all my junk mail, one of which contained this info I'm told. Two follow-up calls, including escalation, were futile. So got $39 late fee since my new min. payment was more now than the automatic payment I was making and this $10 monthly added finance charge, which they conveniently enough, call a fee. Paid it off using my house line of credit with my bank (it's at a lower rate now anyways), canceled the card, will NEVER do business with these guys again in any form (retail, investments, or anything else tied to them), and will join the class-action suit. Needless to say, soured a lot on JPMorgan Chase, and on the whole bailout now. They want to dump all their good customers this way, and then be left with those that can't pay off their credit card debt and roll them all in the TARP funds. TARP funds created using the taxes we all pay. ###. Now I'm starting to think that a couple of more banks going under isn't such a bad idea any more.

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H
Feb 16, 2009 4:37 am

Our law firm Warner Law Office and another Columbus, OH law firm are currently investigating this same complaint for a potential class action lawsuit.

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M
Feb 13, 2009 4:37 am

I found this class action lawsuit against Chase:

http://www.gslawny.com/lawyer-attorney-1383679.html

I paid my Chase account in full maybe December or January and so I thoughtall was well. Just today, I opened a Chase statement saying I was charged a$10 fee and when I called they told me I owed $20 (for January andFebruary). When I asked about this the representative said that in NovemberI was sent a postcard saying that the new fee would be starting in Januaryjust for being a cardmember. I was livid and closed my account and the representative told me that the fee could not be waived.

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Jamie Dimon, the CEO of JP Morgan Chase is a piece of crap. Before this stain took the helm at Chase, I always felt Chase was a straight shooting company. Not anymore. Good work Jamie! You've managed to create on of the most hated companies in the world. I'm pulling everything I have out of Chase entities based upon Chase credit card's fraud and breach. Its almost criminal.

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J
Feb 10, 2009 4:37 am

I agree and am all for a class action suit. We need to get the government, that bailed out this company, involved to the extent that all credit card companies be made to lower their interest rates as well. Their interest rates, late fees and penalties are exhorbitant, unethical and immoral. Tell me where I can sign up for a class action suit. I'm 70 years old and fed up!

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Has anyone else had their account returned to the original interest rates and received a refund?

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Well Miracles do happen, Chase refunded my $10 service fee and returned the interest rate to the agreed upon special rate as stated in the promotion of two years ago!

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C
Feb 07, 2009 4:37 am

Everybody should go to:
http://www.helpwithmybank.gov/complaints/complaint.pdf
Fill out the form, and fax it in. Maybe pressure from the Comptroller of the Currency will force them to live up to their original agreement. Especially after taking the $25B bailout money. Couldn't hurt!

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What a load of Dookie, We have also accepted the B.S. 7.99% just to maintain the 2% payment but WE WILL PAY THIS OFF AS SOON AS POSSIBLE and then we will charge a .42 cent stamp to the card (we have four) and use that stamp to process a .42 cent payment by check to them and make sure we get a paper statement. We will do this until we die as well and I love the idea of buying one share and insisting on an annual/bi-annual/weekly/daily report from them and if you are sitting around watching some TV give them a ring during commercial breaks to tie up customer service (I doubt they have any). DO WHATEVER YOU CAN TO COST THEM MONEY. We have e-mailed everyone we know to ask if they have Chase accounts of any kind and if it is banking have them close it if it is a spurious Credit Card do whatever possible to make chase's life a living hell. Short of breaking the law I will spend my time messing with their existence. PLEASE DO THE SAME!

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H
Feb 06, 2009 4:37 am

I received January 2009 statement and I was also affected like other people who had blance transfer done.

$10.00 service charge was under Purchase column which will get 17.99% apr which eventually will accurmate until the transfer payment is paid in full.

This can grow 120.00 per year and plus 17.99% additional apr charge.

I am not happy with this and I also added to the

http://www.gslawny.com/lawyer-attorney-1383679.html

Thanks,

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T
Feb 03, 2009 4:37 am

http://www.gslawny.com/lawyer-attorney-1383679.html, get on the record. They won't get away with this one, consumers sit on the jury, not corp. execs. Finally...

In January 2009, Giskan Solotaroff Anderson & Stewart filed a class action lawsuit against JP Morgan Chase & Co. and Chase Manhattan Bank USA, N.A. (collectively, "Chase"), on behalf of a class of customers who have been charged a monthly service fee on balance transfers to their Chase credit cards that have low fixed APRs for the life of the loan.

In Chase's original agreement, Chase represented to its customers that to keep the low interest rates, the customers must only make timely required payments to Chase and the customers' creditors. As set forth in the complaint, lead Plaintiffs allege, on behalf of a class of similarly-situated customers, that Chase imposes, in violation of Federal and State law, a $10 monthly service charge and an increased minimum monthly payment on customers who wish to maintain the promised low fixed APR.

To obtain more information about the lawsuit, please use the form below.

Note that Giskan Solotaroff Anderson & Stewart will handle all received information as strictly confidential.

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P
Feb 03, 2009 4:37 am

Me too 191/month to $475 I had to take the 7.99 ... I read the class action, I hope that it works. I thought i had my debt in the right place ... boy was I wrong. if the banks keep doing stuff like this they are going to create so much more default and people just wont pay cause they can't. Who will care about credit if no one has any. 2012 you only have 1 bankrupsy, your ok, we'll lend to you.

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J
Feb 03, 2009 4:37 am

Same thing happened to me $10 month fee...double payment and I was never late...those ###... Join this class action and make them pay. Also email OBAMA, Banking committee members, Office of the Comptroller of Currency, the Attorney General and the newspapers...
Joules

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B
Feb 02, 2009 4:37 am

Lets get them back! Lets all buy just 1 share of thier stock in every brokerage account you have. This way they have to send you multiple annual reports ect. Think of what this will cost them if the est 400, 000 customers who they are doing this to buy just one share. My 5 shares will sit in different accounts till the day I die. That breach of contract will cost them big time.

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B
Feb 02, 2009 4:37 am

I had the same thing happen to me. My $253 payment jumped over $600 per month. When I called them, they cgave me the same story about $10 fee or change to different rate and I would continue at same month payment. When I pressed the issue, I told them to lock my interest rate and monthly 2% payment and close my account. They complied.

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C
Feb 01, 2009 4:37 am

I too am a discontented customer of CHASE Bank, but the agreement of a fixed APR until the balance is paid off has not changed. The fixed APR on a balance transfer can only change if you, the consumer agree to the change. However, this doesn't mean the credit card company, i.e., bank can not impose ancillary fees to make up for any lost profit.

The only changes are that CHASE has instituted a $10 monthly "Service Fee" and have increased the minimum percentage due of the outstanding balance from 2% to 5%. Which is within their Rights.

I am sure that somewhere, blended among the legalese of your original *Card Member Agreement with CHASE you will find the following:

"Rates, fees, and terms may change: We reserve the right to change the account terms (including the APRs) at any time for any reason, in addition to APR increases that may occur for failure to comply with the terms of your account."

I would like to call your attention to this clause:

"Your APRs may increase if you default on this account for any of the following reasons: We do not receive at least the minimum payment due by the date and time due."

And now for the one clause that rules them all:

"We can change this agreement at any time, regardless of whether you have access to your account, by adding, deleting, or modifying any provision. Our right to add, delete, or modify provisions includes financial terms, such as the APRs and fees, and other terms such as the nature, extent, and enforcement of the rights and obligations you or we may have relating to this agreement. Modifications, additions, or deletions are called “Changes” or a “Change.

We will notify you of any Change if required by applicable law. These Changes may be effective with notice only, at the time stated in our notice, in accordance with applicable law. Unless we state otherwise, any Change will apply to the unpaid balance on your account and to new transactions. The notice will describe any rights you may have with respect to any Change, and the consequences if you do or do not exercise those rights. For example, the notice may state that you may notify us in writing by a specified date that you do no want to accept certain Changes we are making. If you notify us in writing that you do not accept the Changes, your account may be closed (if it is not already closed) and you will be obligate to pay your outstanding balance under the applicable terms of the agreement. If you do not notify us in writing by the date stated in the notice, or if you notify us but then use your account after the date stated in the notice, you will be deemed to accept all Changes in the notice and to accept and confirm all terms of your agreement and all Changes in prior notices we have send you regardless of whether you have access to your account."

If possible, I would suggest that you make your minimum monthly payment just as soon as you receive your statement. And, just to be on the safe side, make a copy of your statement for reference should you not receive one as you usually do so that you can still send in a payment without their statement.

While the credit card companies probably won’t send someone to break your legs for making a late payment or no payment at all, they can make you very unhappy and ruin your life.

*The card member agreement provides the terms and conditions of a credit card account. This agreement is required by federal law as a consumer disclosure. It also represents a binding agreement between card issuers and their customers.

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B
Jan 31, 2009 4:37 am

I'm signing up also. How can we put pressure on them to fix this - I've sent email to Lou Dobbs at CNN. I'd like them to get as much press about this as possible. My minimum on my 3.99% fixed when from $404 to 995 per month. Of course I was offered to just simply pay off my card, keep as is, or agree that they could charge me 7.9%for those balance tansfers with no monthly fee that is good until 2011. In 2011 the charges would move to normal every day purchase rate that is currently 5.24%!

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J
Jan 30, 2009 4:37 am

The class action complaint was filed on 1/28/09. Here is the link to a copy of the complaint:

http://www.gslawny.com/files/chase_credit_card_complaint.pdf

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D
Jan 29, 2009 4:37 am

The same thing has happened to me. I don't care for lawsuits, but they have went to far. I'm all in for a class action LAW SUIT!

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P
Jan 27, 2009 4:37 am

I'm in the same boat. I've signed up at

http://www.gslawny.com/lawyer-attorney-1383679.html

as interested in a class action suit. I've also contacted my senator, my congresswoman, the senate housing banking and urban affairs committee, the banking comittee in congress, the fed, the FCC, BBB, and...I'm sure that I am forgetting something.

These crooks are bound to beg for more taxpayer money, so giving your representatives an earful about their predatory behavior may have an effect if there are sufficiently many complaints. I think this is way worse than the coorporate Jets from Detroit.

Peter

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R
Jan 27, 2009 4:37 am

Right On !

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R
Jan 27, 2009 4:37 am

RIGHT ON !

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