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Chase Bank / closing all washington mutual customers credit cards

Monroe, GA, United States Review updated:
Contact information:
Phone: 770-266-6408

Chase is now dropping all washington mutual credit card holders accounts and forcing them to re-apply. Leaving hundreds of thousands with closed account s and causing damage to personal credit scores on consumers credit reports!!!1
I was a long time account holder and never missed a payment, and my credit was damaged because of chase bank

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Comments

  • Mi
      Jul 16, 2009
    Best Best Advice

    We are doing a documentary about Wamu/Chase and it's customers who have damaged credit, or have had their funds held so they can charge fees on your account, or any other complaints.
    If anyone is interested please contact me at [protected]@gmail.com
    thanks so much

    +4 Votes
  • Ju
      Jul 20, 2009

    I was mortified today at my Veterinarians office when my Wamu (chase) CC was declined. I had just checked the avail. credit when setting up my next payment. I have always been ontime and pay more than the min. I had to make other payment and when I got home called to see whats up, I was told the account was closed and I could not use the card anymore. I asked why I wasn't notified by email, or on my account page since this is how all my statements are handled. I was informed that this was effective July 14th and a letter has been sent. WHat a bunch of jerks.

    +1 Votes
  • Li
      Jul 23, 2009

    I just received 2 notices today by mail that my 2 accounts that used to be WAMU are now closed because 1)Total available credit is too low and 2) Too many active bankcard accounts. One account I paid off (2 weeks ago) and the other I only owe $500. I have a Chase CC from years ago that they did not close but they raised my interest to 22% here in July. What is going on? This is going to affect my credit big time and don't feel that it is fair that they can just close accounts because of the debt that they took on by buying out WAMU. I am ALWAYS on time with paying each month. Also with this "Too many active bankcard accounts", I feel that also is NOT my fault. I did not have a choice when Chase took on WAMU. So instead of having 1 CC with Chase, I have 3 because of the merger. Is there anything that we can do that this does not affect our credit that we all have worked hard for??

    +1 Votes
  • Mi
      Jul 24, 2009

    Two days ago I too had my WaMu card declined unexpectedly and was absolutely humiliated. The clerk was trying to whisper (which I couldn't hear) as if not to embarrass me. NEVER have I had a credit or check card declined. NEVER have I bounced a check. Luckily I am not credit dependent and was able to use my bank card. I have been a Providian/WaMu/Chase cardholder for years and always pay more than the minimum due. A year ago I paid off the $3000 balance in full and continued to use the card periodically to keep it active. When I called I received the same response as mentioned by others - "...something appeared on your credit report and the account was closed on 7/14. You should be receiving a notice in the mail." This was on 7/21! Shouldn't I have been notified before I humiliated myself? Regardless, I finally received notice by mail on 7/24, although the website still lists the account as open with an available balance. Here's the kicker - my husband received his notice the same day, only with a different list of reasons for closure! I find it very suspicious that every WaMu card was cancelled on 7/14, but my Chase Rewards Amazon card which has an exceptionally high limit and a fairly low APR was left untouched. They even sent me a letter for that one stating they were extending my payment date 5 extra days into the month! Something is VERY fishy here...

    +1 Votes
  • Mo
      Jul 24, 2009

    GO to consumeraffairs.com and put your complaint in online. The same thing happened to me and what is beginning to look like thousands of others...if you "google" chase closed my credit card account, it will lead you right to the consumer Affairs complaint page. Hopefully we'll get a class action suite SOON!

    This seems HUGELY illegal.

    And reading up on Chase, apparently they recieved $25 billion dollars from Bush in February of 2007, and their CEO, Jamie Dimon, proudly told reporters that he would not be using that money to make loans, but to acquire struggling banks.

    this company is being run by a criminal!

    +1 Votes
  • Jo
      Jul 24, 2009

    Chase got the bail out assistance and apparently with it got way too much power. They seemingly don't need or care to have customers who are financially responsible. Yes...by cancelling our accounts the way they did is most certainly going to have an adverse affect on out credit. They don't care...they got their capital thanks to both the federal government and the taxpayers. The power they yield now can't be challenged...they'll just turn to Washington again for protection or for any assistance they may need. The little guys, we, the people, the peasants, are unimportant and will continue to be for as long as they have an infusion of money...especially TARP money. But being responsible in paying our bills on time and managing our accounts by paying more than the minimum due and by not going over the limits gave us one thing...bad credit. Our credit scores suffer when a creditor closes an account. When it comes to money it's always about power and greed...Chase is now history to me, I can live without them. Live and learn as they say. Want to bet that someday Chase (or an affiliate) may come knocking at our doors with offers that may seem too good to be true? When this recession is over just wait and see. I won't be doing business with them...ever again.

    +1 Votes
  • Db
      Jul 25, 2009

    I, too, had my Washington Mutual credit card closed on 7/14/09 - without notice. Two days ago, I received a notice in the mail that the card was closed for the following reasons: total available credit on bankcards is too low, on or more accounts have high balances compared to credit limits, average length of time since bankcard opening is too short.

    I immediately contacted Chase to get to the bottom of this. As I explained to their rep, I've never been late on payments, rarely used the card, always paid more than the minimum, and was nowhere near the credit limit. In fact, over the last six months, I've reduced the balance significantly - it only has a $500 balance. The rep wasn't able to provide an explaination beyon the crap written on their notice. This was the latest indignation I suffered at the hands of this bank. When Chase took over WaMu, my card was converted to a Chase card and the interest rate was increased, my credit line was reduced by $400 and my monthly minimum payments increased. I agree with the postings above that something truly is wrong. In addition to filing a complaint, I'm also going to consult a lawyer to determine if Chase's conduct is actionable. And, yes, come Monday morning, I will pull my money out of that bank. I urge you all to do the same.

    +1 Votes
  • Ma
      Jul 27, 2009

    I have looked on many sites and the complaints are all the same - what happened to me exactly. My $12, 000 BofA card limit cut in half for no good reason. The card then shows 98% of the "new" reduced limit. This dings your credit and sends notes to other banks (Chase which I loathe, they bought WAMU) - they closed a card without notifying me - 48% of limit, never late - always paid twice minimum due. Your credit rating cascades to the gutter through NO FAULT OF YOUR OWN. People who are struggling and STILL paying off their balances are now "deliquent" because it has been forced on them - not because we are duds.

    I am having a hard time finding any class action to join - and that is what we need to do. We can withdraw our money - and put it Where ?????

    If you have knowledge of any pending class action suits PLEASE POST

    +1 Votes
  • Da
      Jul 27, 2009

    CLASS ACTION LAWSUIT!!! ANY ATTORNEY INTERSESTED IN PURSUING IT COULD MAKE MILLIONS...IF ATTORNEY READS THIS CONTACT ME AT [protected]@hotmail.com

    +1 Votes
  • Ti
      Jul 27, 2009

    Same story here.
    I guess these Blogs are our form of support groups.

    "My name is Tim and I am a Chase/WaMuClosure1 victum"

    My story is no different than the rest.
    Two long-standing-perfect-payment-never-once-late exWaMu cards cancelled for bogus Experian reasons.
    (I would have paid them off and closed them myself, if they just would have just asked.)

    While I was gathering up all of the information I needed today to close ALL of my Chase accounts, (2 Checking, 3 savings, 2 IRAs and 2 Chase Freedom),
    I noticed that the Freedom account I gave to one of my daughters to use for College expenses had been cut to the balance.

    I called up Chase and they said 'Based on Experian"...yada-yada-yada.

    Then one of my daughters called and said the other card I gave her to use only for an emergency was declined.
    That other card was one of the ex-Providian cards that I've had for over 7 years that Chase just closed for no reason.
    Now she has no cards she can use to survive an emergency and I have to scramble to add her name to a card somewhere else.

    So...

    I went to Experian and pulled my Credit Report along with their version of a FICO Score to see what Chase was seeing.
    My PLUS Score is 785 out of a possible 830, and according to them, in the top 87% of all clients.
    The report says 'There are No Negative Items Reported' and the all of my accounts are in 'Good Standing'.

    Someone said there 's nothing they can do to 'Fight City Hall'.

    I disagree.

    I hope everyone that got the WaMuClosure1 letter does the things mentioned earlier to combat this treatment:

    #1 Post you story here, no matter if it is the same story as everyone else.
    There is power in numbers.

    #2 File a complaint with the Office of the Comptroller of the Currency (They have an on-line complaint form)

    #3 Print your complaints and send copies to your local State Attorney General (some states, like California, have an on-line complaint form for this too)

    #4 Go to Experian and get your free Credit Report.
    In most states anytime a company closes or changes an account based on a Credit Reporting Agency, you are entitled to a FREE copy of the report.
    It's not easy to find the link to the free report. (you can't use the 'normal' get my report button)
    From the main page, go to "DISPUTES" at the bottom.
    From there, scroll down to "DENIED CREDIT?" button.
    Read that page, it talks about getting a free report if you were denied credit.
    Be careful and make sure it is free in your state.
    If it asks for a Credit Card, it's not free.

    #5 Consider moving any other accounts you have with Chase elsewhere.
    They bought up Washington Mutual for the customers.
    Don let them do this to you.

    #6 Talk/Email/Chat/Blog...whatever form of communication you use to everyone you know about what Chase Bank has done to you.
    Talk to your neighbors, classmates, relatives, co-workers, people you meet at a party, post on your MySpace, on your FaceBook...any chance you get and tell them about Chase Bank.

    Maybe you will save someone else before the "WaMuClosure2" attacks starts.
    I only wish someone told me ahead of time of what Chase is doing so I could have prepared for the assault.

    To find more, google WaMuClosure1 and read the 100's of complaints being posted about this.

    +2 Votes
  • Ti
      Jul 27, 2009

    Darn, forgot to ad my tagline.

    What Chase is doing is "FICO Terrorism"

    +2 Votes
  • As
      Jul 27, 2009

    I had a WAMU card in good standing as well that was recently closed by Chase. Earlier this year they raised the rate to 26%. Now they close it w/o notice ;what a lame way of doing business. Close the account then send a letter snail mail to let people know what they have done.
    I'm not really surprised that they might be trying to sure up their business/ books in these tough economic times but some advance warning of an imminent closure of my account would have been nice. I have had the account for over three years - this is really a crap way to treat your customers. Im sure that the way they went about it will negativly effect my FICO score - which I personally believe is a bank scam in itself (Experian owned by the banks?)
    WHY AM I SEEING NO ARTICLES ON THIS IN THE MEDIA??? ARE THEY CLOSING ALL WAMU ACCOUNTS? SEEMS THERE ARE THOUSANDS ? BUT WHO KNOWS MAYBE TENS OR HUNDREDS OF THOUSANDS OF ACCOUNTS?
    Anyways, Ill add them to the list of banks that I won't do business with ever again. Bank of Anti-America and Capital 1 already on that list.
    Some are shifting to credit unions I see but I'm personally making it my goal not to do business with any US Banks. (Especially ones that recieved any TARP WELFARE MONIES.)

    +2 Votes
  • St
      Jul 28, 2009

    Although I agree that what Chase is doing is totally wrong, I serously doubt most people that get their cards cancelled are going to do anything about it. Chase is not so stupid as to not think this out before they launched their attack. They just posted a big quaretly profit that exceeded wall street expectations. Im sure they already calculated how many of the old washington mutual customers are going to close their accounts because of this. In fact this may very well be the reason they are doing this. They dont want all of these old washington mutual banks to stay open. I doubt they are making any money off of themvright now.

    I dont think Chase could possibly care any less about these peoples fico scores. If fact, Chase will probably make even more money off of most these same people because now that they have lower fico scores Chase can charge them higher interest when they come back for more.

    Im also sure Chase knows everyone is going to forget all about this in a few weeks and later, when Chase starts sending out pre-approved letters again, most of these same people are going to jump right back on the Chase money machine wagon.

    The reason I think you dont hear about this on CNN or other main-stream media is because most of the people affected are not doing anything about it. It would be interisting to know the number of people that actually file a complaint with the office of comptroller of currency. Not too many I suppose.

    Its too bad the people our our country are not more pro active.
    I wish this was not the case.

    btw: I too had my old washington card cancelled and I did file a complaint this the occ.

    My 2 cents. Flame on.

    +1 Votes
  • St
      Jul 28, 2009

    The proof is in the pudding, or in this case soon to be in the ceo of Chase bank pockets.

    http://money.cnn.com/2009/07/16/news/companies/jpmorgan_chase/index.htm?cnn=yes

    Anyone care to comment on whether this 2.7billion dollar profit hads anything at all to do with Chase bank interest rate hikes and doubling the payments on their credit cards?

    Chase will never see another penny from me, but then again with 2.7billion in profits, they dont care.
    Us ex-wamu customers dont mean a thing to them.

    PS:
    FICO Terrorism. I like that one.
    Has a nice 'rings true' sound to it.
    If cnn makes a headline that reads
    "Chase bank launches FICO Terrorist attacks on its own ex-Washington Mutual customers."
    I’ll buy the tee-shirt

    +2 Votes
  • La
      Jul 29, 2009

    I have been a Chase customer for over 5 years and I was a Wamu customer for 2 and I received the letter that my account has been closed "wamuclosure1". This is an outrage because this will negatively reflect my credit score. They just closed $7, 000 worth of credit.

    +1 Votes
  • Ca
      Jul 30, 2009

    I went to the store the other day to put a minimal purchase ($20) on my Chase card and was told by the cashier that the card was denied. So, I tried it again and she said it was denied. I figured maybe the card didn't get activated when I received my new card (I was recently married and needed a new card in my new name). So, I used another method of payment and left the store. I immediately called the number on the back of the card and was told that my card had been canceled based on a recent credit check (like everyone else is stating). I am also a former Providian/WaMu customer and feel like I've been thrown under the bus. I'm 25 years old and this was my oldest credit card (5+ years) with the greatest limit (I believe $8000). Yes, it was close to the limit (within a few hundred dollars) but I've NEVER missed a payment with them and often paid much more than the minimum payment. It's also very disappointing that my new husband and I will be taking one of our salaries for the next year and paying off all of our debt. We also have plans to buy a new car and would like to purchase a house in the next few years...the cancellation of this card takes out 1/2 of my credit!

    +1 Votes
  • St
      Jul 30, 2009

    cawsings, welcome to the wamuclosure1 club. Sorry to see you are joining because that means chase got you too :(

    I hope you (and anyone else reading this) take the time to read the post above from Tim_C and register your complaints.
    I am beginning to think there may actually be some action on this from what Im reading in some of the bank discussion IRCs.
    Nothing official but there are some signs of hope.

    The link for #2 is: www(DOT)helpwithmybank(DOT)gov

    Now that you posted here, you should also post over at consumeraffairs(DOT)com

    There are over 400 posts about what happend to you and several high-power people are 'supposedly' watching that site thinking about Class Action.
    That may or may not be true, but it couldnt hurt. To find the right place to post scroll down to where it says 'Most-Viewed Pages' on the right side and select Chase Credit Cards. It should be the very top one as this is the biggest story to hit them in quite a while.


    Another day and still nothing on cnn, fox news, msnbc or any news channels about this.

    +2 Votes
  • Jn
      Jul 30, 2009

    They cancelled my account also, customer for 7 years. paid my card off constantly and on time. This is really frustrating, not to mention embarrasing to be declined when trying to use this card! They told me the same thing about it being my credit, when last I checked with experian it was 739. Which it may not be now, with a closed credit card on my history. They said they mailed out letters, but still to this day, I havent received one. It is just sad to me, what our world is coming to

    +1 Votes
  • Jn
      Jul 30, 2009

    I have a question, can someone like chase even pull a credit report without knowledge or permission of the person? That doesnt sound right to me?

    +1 Votes
  • St
      Jul 30, 2009

    Yes, they can.
    Its called a soft pull.

    You can read about this at www(DOT)moneybluebook(DOT)com/difference-between-soft-credit-pull-and-hard-credit-pull/
    And look at #5

    Or Goolge 'Soft Credit Card Pulls'

    +2 Votes
  • Jn
      Jul 30, 2009

    Thanks SteveMM for the link, I am going to check that out.
    Chase received help from the government and I havent. My husband hasnt been able to find a job in months, but at least THEY got a bail out right? Do you want to explain to me why my husband cant get a job by trying to do everything the right way. He was told that to continue being an inspector on a pipeline he had to be DOT certified, So he went and paid the money to do that.Guess what though, still no job!
    But these companies are getting money from the government and messing with all of our hard earned credit and in some cases hard earned money, and they are still okay. My family may loose everything we have worked for, but hey At least Chase is doing good!

    Sorry, I guess I just needed to vent, this has really frustrated me.

    +1 Votes
  • Mr
      Jul 31, 2009

    Like many others, Chase closed my credit card account on July 14, 2009; I was a former Washington Mutual customer when Chase bought them. On July 22, 2009, I contacted Chase by phone and was advised that my credit report showed a problem but that they could not tell me over the phone. I received a letter from Chase on July 24, 2009 that stated my balances were too low and that the I didn't have enough accounts open over 24 months. I had a $15 balance on my account and paid it off, but I am disappointed a company can get federal money and then disconnect its taxpaying customers at will.

    +1 Votes
  • St
      Jul 31, 2009

    Before I start my rant, I strongly urge everyone here to go to helpwithmybank.gov and file a formal complaint with the Comptroller’s office.
    Don’t wait.
    Do it now!
    You are invisible until you do so.

    Commentary follows:

    After reviewing what possible actions that could be taken against Chase Bank, it’s my conclusion that Chase protected themselves quite well during their preparations for this action.
    Nothing Chase did was illegal (illegal no, immoral and unethical, yes) and they were under no legal obligations to maintain any of the accounts they inherited as a result of the Washington Mutual asset purchase. If you read the notices Chase Bank sent out to its Washington Mutual customers over the past few months, Chase Bank made sure to reiterate their right to do whatever they deemed in their best interest and the interests of their stockholders, including closing any and all accounts without prior notice.

    This does not mean there is nothing to gain by filing a formal complaint with the Comptroller’s office.
    At the very least, we all need to have the accounts re-opened with their original credit limits and be given a minimum of 6 months to pay them off and close them on our own.
    This would help to offset the negative effect these accounts are having on our FICO Scores and allow us all time to apply for new accounts and transfer the balances.

    That being said my personal opinion, not based on any hard evidence, is the strategy of Chase Bank in regard to its holdings in Washington Mutual is very clear.
    It looks alike Chase wants to alleviate itself of all of what it deems are Washington Mutual’s questionable customers and make it easy for them to close as many of the branch offices they inherited from WaMu as possible.

    The affect of their doing so has on these consumers FICO scores doesn’t matter to them. They are under no obligation to protect the consumers, just themselves.

    My theoretical scenario of the meeting they held goes something along the lines of;
    Make a list of every Credit Card account with a utilization of more than 10%
    Add to that list every account that has ever been more that one day past the due date.
    Add to that list every account with an Interest Rate of less than 7%
    Add to that list every customer that has ever called and asked for a Rate reduction.
    OK, that makes up the immediate close list. Close those today. Next week, start working on the letter you will mail to them letting them know we did this to them. Try to get all of those letters out in the next few weeks.

    Now, let’s move on to the accounts we need to cut limits, the ones we will increase the Interest Rates on and the accounts we will increase the payment-to-balance ratio...


    You get the idea. They don’t look at the people, just numbers.
    They could not care less about what effect their actions will have on these people because they don’t see people, only money.
    The accounts don’t matter because they inherited them when they bought up Washington Mutual’s assets from the Feds at a bargain price after the bankruptcy.
    If they all close, who cares?
    Defiantly not the CEO of Chase.

    All the time they are doing this, they factor in how many of these people will close their other accounts that they already had with Chase Bank before the WaMu purchase.
    They know from past history that this number will be very low.
    People threaten to do this all the time, but they hardly ever actually follow through.

    They also factor in how long it will take for the public to move on and forget all this ever happened.
    They know that the average American consumer has an extremely short attention span and, although they will make a little noise at first, in a few weeks they will completely forget about it and move on.
    To expedite this, they assign a few people in their astroturfing department to speed thing up. (Google astroturfing if you don’t know the term)

    I’d venture to bet that less than 1% of the people affected by this file a formal complaint.
    The American public likes to talk about action, but fails miserably at actually taking any.
    Chase Bank knows this all too well and uses this “American Laziness” to its advantage.

    This, in part, explains the lack of media attention this story is receiving.
    The media only pays attention to actual action, not the threat of action.
    No one is actually asking them directly to look into this, so there’s no story here.
    I know the number of people emailing CNN, FOX News and so on is way, way less than 1%.
    (you have the ability to prove me wrong by just emailing them now)

    You also have to factor in Chase’s multi-million dollar annual advertising budget.
    Although they are hard-press to admit it, the main stream press (CNN, FOX News etc) wants and needs Chase’s money and is not about to do something like report on this on their own in fear of possible financial repercussions from Chase Bank.
    They may claim to be unbiased about their political stance, but they would never claim to be unbiased about where the butter for their bread comes from.

    Remember Chase’s slogan: ”We’re free to do whatever we want, any old time…”
    This includes destroying there own customers FICO Scores.

    What Chase is doing is “FICO Terrorism”

    0 Votes
  • Ir
      Jul 31, 2009

    Both my wife and I each had WaMu credit card accounts, recently taken over by Chase in the WaMu acquisition. Like most former WaMu customers in good account standing (going on the many complaints now appearing online) we too had an absolutely perfect record on our WaMu credit card accounts of 3 years. In fact, all of our credit cards have zero default history: paid on time, paid early, always more than minimum payment etc etc.

    Chase closed our WaMu accounts in a completely discriminatory manner. Refused to talk with us, told us it was all based on our Experian Reports, they had no further comments, and that a letter was in the mail. FUNNY THING IS: we received a mailing with our two NEW Chase Credit cards to replace the WaMu cards then, next day, an additional mailing to say those accounts were now closed.

    Customer loyalty counts for nothing with Chase. What has us angry is the manner in which our accounts were closed without notice. We had a small vacation fund saved, loaded onto one of our WaMu cards, went to Europe on a vacation, and had to suffer the embarrassment of sitting in a restaurant with friends to be told BOTH our WaMu cards were declined. We called from Europe on the phone to be told by a Chase representative "it is what it is, can't help you, go talk to Experian ... and I hope you enjoy the remainder of your vacation!"

    Customer loyalty, excellent track record in the handling of ALL our credit card accounts, not just WaMu/Chase, never ever defaulted in any manner, and this is the thanks and the way Chase treats my wife and I on inheriting our WaMu accounts. I asked about the possibility of reopening the accounts, and there response was "not going to happen." Reading all the complaints based on Chase's obvious campaign to throw WaMu customers to the curb, I hope a well deserving Class Action Lawsuit comes out of all this.

    +1 Votes
  • St
      Jul 31, 2009

    About no main stream media coverage, I stand corrcted.
    MSNBC picked it up today...

    http://redtape.msnbc.com/2009/07/steven-lobdell-points-out-an-image-on-chase-banks-web-site-that-says-welcome-wamu-customers-were-here-for-you--but-app.html


    What Chase is doing is “FICO Terrorism”

    +1 Votes
  • Le
      Jul 31, 2009

    I too just have just received my WaMuClosure1 "Love Letter." While I am annoyed at what they have done It doesn't hurt that much just because this isn't my oldest card. I talked to a friend of mine and he said that that lowered his WaMu card credit limit from 14000 to 7000 (My card had a limit of 7000). I wonder what WaMu is really up to? I know that WaMu had at least 2 classes of Credit Cards one that was for people that had "good" credit and another card for people with "excellent" credit. Right now I am thinking that anyone with the "Good" card had their cards canceled and the "Excellent" Card holders had their limits reduced. (8000 credit limit or less = good card / more than 8000 credit limit = excellent card)

    I have been been on the receiving end of this garbage for so long I stopped getting MAD (I just got my letter today and already shredded my card and got my FREE credit report) . It doesn't help. However, gathering Data and understanding the greedy pigs that run so much of this country and sharing as much info as I can may give the good guys a chance to keep some of their hard earned money.

    If this was your oldest card then make sure that it stays in good standing. Be very careful about what you say to the CRA's if you have something on your credit report that you don't like. As long as your WaMu card data stays on your credit report it will still say good things about you. If your old good accounts get deleted it is impossible to get them put back and it will do damage to your credit report. I've add had old closed good accounts on my credit report and when I've complained about errors on my credit report that good account has gone away and my credit score has gone down.

    +1 Votes
  • Ka
      Jul 31, 2009

    Same thing happened to me... today I was stunned to receive a letter from Chase stating...

    "After careful consideration, we have decided to close your account for the following reason(s):
    ...Total available credit on bankcards is too low
    ...Too few open accounts with time on file greater than 24 months
    ...Too few accounts paid as agreed compared to total accounts

    Then they say that Experian (TRW) helped them come to this conclusion.

    Okay, this is the crazy part... I have 3 Credit Cards... all of which have zero balances... all of which get used each month while never going over any of the limits... and all of which get paid off completely 100% each month. I have had the cards for years! NEVER (not even once) have I been late!

    This is sure a nice way to say thank you for paying your debts on time, working hard, and trying to be responsible!

    I would love to be involved with a class action suit because I feel that we (ex WaMu Customers) are being singled out and mistreated by Chase.

    +1 Votes
  • Li
      Jul 31, 2009

    I too just like everyone else that I've read about thus far had a WaMu credit card account, recently taken over by Chase in the WaMu acquisition. I had an absolutely perfect record on my WaMu credit card account. My WaMu and Capital One credit cards have had a zero default history: paid on time, paid early, always more than minimum, and rarely carried a balance.

    Chase closed my WaMu account without notice. My card was declined at a restaurant. My first thought was identity theft. I was extremely worried than I called the number on the back of my card. I was told it was all based on my Experian Report. The letter was in the mail and I would receive it in the mail in 7 to 10 business days.

    My story is different than others though. My credit history isn't perfect. I went through an extremely difficult divorce that forced me into bankruptcy 2 years ago. I have been rebuilding my credit history. I am completely ruined now. My only blessing is that I have had zero balances when this had occurred. I am not surprised, but angry that I was given no notice. I would of closed the account myself if they had given me any notice at all.

    +1 Votes
  • Bi
      Aug 01, 2009

    I didn't even receive a letter from Chase. I have alerts set and received an alert saying I went over my set limit. went to my account and they cut my limit in half. I only carry a balance on my other Chase card with the low rate. My old WaMu they raised from 11% to 24% back in March. Now this.

    Never late, always pay more the minimum or all and my credit usage ratio is less than 10%.

    I heard if you have another Chase card you card consolidate the two. That would put my limi back up to what this card WAS. The cut was exactly the limit on my other Chase card.

    My credit isn't perfect either, my score is pretty good, but the accounts are not that old. Split up with the ex and all also.

    This will do wonders for our FICOs'...they got the bailout not us, and they get paid every month and they are doing this to loyal customers who pay their bills because of the ones who don't?

    Steve, Where do you file a compliant on that website?

    +1 Votes
  • Jc
      Aug 01, 2009

    The shortcut directly to the complaint form at helpwithmybank.gov is:

    https://appsec.helpwithmybank.gov/olcc_form/

    Everyone needs to try to prove SteveMM wrong and close all Chase accounts, file the complaints, email the news and so on.
    He won't mind being wrong.

    +1 Votes
  • Bi
      Aug 01, 2009

    Thanks J.C. As it says in there first I am going to try and resolve it with them. I emailed them about it yesterday, they got back to me quickly with the same crap as everyone else got.

    {{After careful consideration, the credit line on your
    account has been decreased to $xxxbla-blaxxxx for the following reason(s):

    One or more open bankcards with high balances
    The number of bankcards opened has grown too fast
    Total bankcards balances are too high compared to credit
    limits

    This decision was based in whole or in part on information
    provided by the consumer-reporting agency noted below.
    Other than providing information, this agency played no
    part in our decision. If you have questions about the
    decision to decrease your credit limit, we suggest that
    you first obtain a copy of your credit report from:}}

    I emailed back and told them I already have my Experian credit report and it is the same as it's always been. that was yesterday too. way past the 4 hours they say it takes.

    I have one card with a balance and it's a Chase card. I also have the credit monitoring and nothing has changed with my credit cards. I do not need to obtain a copy from Experian I already have it.

    It's a bunch of bull. Their reason is nothing but a lie to try to stifle me. Well, I'm not easily stifled.

    Chase was sending me things to open bank accounts with them. whatever, I reckon since I didn't' bite they're doing this.

    +1 Votes
  • St
      Aug 01, 2009

    BigJoe, it sounds like you tried to resolve this with them, now it's time to file a real complaint.

    A few have questioned my using the word Terrorism in my signature.

    According to the wiki, Terrorism is:
    ”Common definitions of terrorism refer only to those acts which are intended to create fear (terror), are perpetrated for an ideological goal (as opposed to a lone attack), and deliberately target or disregard the safety of non-combatants.”


    The “fear” is what lies ahead for all of us WaMuClosure1 victims as we try to make it through these tough economic times without the safety net we built by obtaining and properly maintaining credit and our FICO scores. What Chase Bank has done has cut a hole in our net that will take months, if not years, to completely mend.

    Chase’s “ideological goal” is to prove to the public that it can, and will, react vengefully if anyone (read Congress) tries to control their power by passing laws that protect the consumer from their predatory acts. They have shown us this with the WaMuClosure1 attack. Chase Bank has made it very clear that they are doing this in response to the laws that will go into effect in 2010. (Want proof? read the article over on MSNBC’s redtape web site about what Chase Bank Spokeswoman Stephanie Jacobson said.)

    The “non-combatants” are all of the ex-WaMu customers that didn’t overextend their credit, paid their bill on-time, paid more than the minimum payment when they could, watched their FICO scores so they could possible buy a home or re-finance the one they have and so on. Having a good FICO score gives someone safety by allowing them to use credit if they need to. These are the people Chase Bank chose to attack with no warning.

    So, with that I say:
    What Chase is doing is “FICO Terrorism”

    +1 Votes
  • By
      Aug 01, 2009

    Received the WaMuClosure1 form letter today dated 7/29/2009. Two accounts closed stating the same canned Experian feedback. Both had zero balance for a total of $8500 available credit. Both over three years old zero late balance paid in full when used.
    Part of me wants to be pissed but in the long run it is better not to be associated with Companies that have zero customer loyalty. They made a decision I should have made when they jacked up the interest rates after acquiring the WaMu accounts.

    +1 Votes
  • St
      Aug 01, 2009

    People keep mentioning a class action suit.

    Searching the web about this, I came across a reference on the Wall Street Journal’s web site that has a link to:
    http://www.fdic.gov/regulations/laws/rules/6500-2900.html#6500202.9

    Reading this, of particular interest are two areas;

    (2) Content of notification when adverse action is taken. A notification given to an applicant when adverse action is taken shall be in writing and shall contain a statement of the action taken; the name and address of the creditor; a statement of the provisions of § 701(a) of the Act; the name and address of the federal agency that administers compliance with respect to the creditor; and either:
    (i) A statement of specific reasons for the action taken; or
    (ii) A disclosure of the applicant's right to a statement of specific reasons within 30 days, if the statement is requested within 60 days of the creditor's notification. The disclosure shall include the name, address, and telephone number of the person or office from which the statement of reasons can be obtained. If the creditor chooses to provide the reasons orally, the creditor shall also disclose the applicant's right to have them confirmed in writing within 30 days of receiving the applicant's written request for confirmation.

    -and-

    (2) Statement of specific reasons. The statement of reasons for adverse action required by paragraph (a)(2)(i) of this section must be specific and indicate the principal reason(s) for the adverse action. Statements that the adverse action was based on the creditor's internal standards or policies or that the applicant, joint applicant, or similar party failed to achieve the qualifying score on the creditor's credit scoring system are insufficient.”


    That last part is where I think Chase Bank is going to have a BIG problem, and why it is so important go the Experian’s web site right now and get a copy of your credit report as
    outlined here on the first page where TimC said, (among other things like come up with the term "FICO Terrorism");

    #4 Go to Experian and get your free Credit Report.
    In most states anytime a company closes or changes an account based on a Credit Reporting Agency, you are entitled to a FREE copy of the report.
    It's not easy to find the link to the free report. (you can't use the 'normal' get my report button)
    From the main page, go to "DISPUTES" at the bottom.
    From there, scroll down to "DENIED CREDIT?" button.
    Read that page, it talks about getting a free report if you were denied credit.
    If it asks for a Credit Card, it's not free.


    I don’t think it would take any competent lawyer any time at all to prove that Chase Bank intentionally lied about the reasons for cancelling all of these credit cards on the infamous WaMuClosure1 letters, and therefore violated the clause posted above.

    In my opinion, this should qualify for a Class Action suit.
    Anybody here a Laywer?


    What Chase is doing is "FICO Terrorism"

    +1 Votes
  • Je
      Aug 01, 2009

    Wow!! Can't believe a company would make such a amateur move.. Seems like it shouldn't be legal. My story is pretty much the same as all the above. My wife and i both received letters in the mail. Three accounts closed. All were in good standing.. I will never use anything chase again!!

    +1 Votes
  • Ss
      Aug 01, 2009

    I received from the Chase credit card company a wamuclosure1 letter stating they were closing my accounts because of what experian was reporting on my credit report so I went and looked up my credit report and everything looked normal so I then called Chase to ask why they are closing my 2 credit card accounts and the rep said it was because my other credit cards had high balances on them which was an untrue statement. I have two other credit cards which have no balances on them. I have been paying Chase on time and in full, maybe that is what pissed them off they weren't making interest off me. The rep on the phone also told me that WaMu gave out cards to just about anyone and that is why they went out of business. She made me feel I wasn't worthy enough to have a Chase credit card. I still have a balance left on one of the cards that will be due August 26th and I am contemplating on paying them the money they broke the contract with me why should I uphold my end of the contract with them? Something needs to be done about this unfair business tactic with Chase. Obama wants the economy to change well Chase is taking care of that by giving thousands of people bad credit scores way to go Chase!!

    +1 Votes
  • Ti
      Aug 01, 2009

    There are other ways to get back at Chase or more specifically the actual people at Chase that came up with this and approved this lame idea.

    While you can’t sue a bank board member for acting unethical, the stockholders sure can.

    If the result of their unethical actions causes monetary loss to the value of the stock, they can be sued and removed from office.
    This may sound like a long shot, but if there is a run of people closing all of the accounts they have with Chase and this story starts getting more publicity, it very well could cause the stock to drop as investors don’t like their money to be in bed with a scandal.

    It wouldn’t be the first time some thing like this has happened.
    WorldCom, Equity Funding Group, Tyco, Global Crossing to name a few.

    I’m not suggesting that if everyone went down tomorrow and closed their bank, savings and IRA accounts with Chase that it would be like Bailey Savings & Loan in “It’s a wonderful Life”.
    Chase would not be put on the brink of foreclosure (too bad), but it would show up on the stock ticker if word gets out as to why all these accounts are closing.
    Someone would have to be the fall-guy and it would most likely be the one that came up with this.
    Actually, I’m certain that a whole board came up with this and they all would be the target.

    The end result would be a public affairs nightmare where the new board at Chase would have to hold out a welcome hand to the people it shafted here.


    An update to what I said before,

    Close and move any other accounts you have with Chase.
    They bought up Washington Mutual for the customers.
    Don let them do this to you.

    Talk/Email/Chat/Blog...whatever form of communication you use to everyone you know about what Chase Bank has done to you.

    Talk to your neighbors, classmates, relatives, co-workers, people you meet at a party, post on your MySpace, on your FaceBook...any chance you get and tell them about what Chase Bank is doing and convince them to close the accounts they have with Chase.

    Search and keep searching the web and post everywhere you find a blog/forum/whatever.
    A good search word would be “wamuclosure1” or “Chase closes WaMu Credit Cards”

    +1 Votes
  • Je
      Aug 01, 2009

    Same thing happened to our old Wamu credit card. First I thought it was something we did..but we always paid on time and weren't even close to our limit like they stated. Chase sucks and I will be removing my money and going elsewhere. Sucks we cannot do anything about this.

    +1 Votes
  • Ti
      Aug 01, 2009

    Jenmarie, but you can do something about it.
    Don't get mad and do nothing, get mad and take action.
    Read the posts here. Follow the links. Fill the complaint forms. Close the accounts.
    Make your voice heard and let them know you are not taking this lying down.

    Chase expects this to blow over in a few days.
    We cannot let that happen.

    Reading the post above about possible a Class Action should give some hope.
    It sounds like there's a case here, but you will need to go the Experian and get your free report now to show they lied.

    I know there are some out there that the explanations match, but then again, there are more where they are way off-base.
    Class Action lumps us all together and we only need to prove that they lied to some of us to show intent.

    I know for a fact the excuses they used on my WaMuClosure1 letter do not even come close to what my actual report says.

    They lied and I can prove it.

    +1 Votes
  • Ma
      Aug 02, 2009

    I too have received the WamuClosure letter (dated 7/29/09). I received the same loaded statements as to why they have closed my account, accts length, credit limit..yada, yada, yada; but what I find funny is I just pulled my credit report (as instructed) and my credit has improved since my husband and I have paid off some of our accounts in the past few months, so in fact my score rose, go figure. This closing however will hurt my credit I'm afraid because my credit limit was the highest of all my cards. I have another card that was another wamu transfer, I am just waiting for that letter to arrive, something in my stomach tells me its coming. I am going to lodge my complaints to the websites listed above, but I really want a lawsuit against these Chase ###. I have half a mind not to pay the remaining balance on my card because I am so mad and I don't feel these liars deserve any more of my hard earned money. Any lawyers out there...here we are, lots of upset WaMu customers axed by Chase for reasons they flat out lied about, we are ready for a lawsuit!! And Chase's customer service, what a joke, I called to inquire about my letter, and was read the same "scripted" answer that my letter states. As I tried to question the csr more, he got flustered and told me there was nothing I could do about it, just pay my balance off and accept that my acct was closed. I always received much better service from WaMu, so sad that we were all transferred to Chase and then be closed on.

    +1 Votes

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