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Chase Credit Card / chase deceptive practice

1 United States Review updated:

I'm the holder of Chase Freedom credit card account #5401 xxxx xxxx 8631 since Mar 2007 and never miss a payment. My credit line on the account is $15.000. The main reason I use this card because Chase named it Freedom and it has unlimited 1% cash back.

On August billing cycle, I use the card for merchandise purchase total worth $60.000. I then made all the payment at Chase bank in cash before I reach the limit so I can keep using it.

Chase closed my account on August 16 and send me letter saying that because I using the card and built up too much rewards. They decide to close my account so they don’t have to pay out my rewards. They also said my credit is no good and I’m not experience to handle debt. Total rewards around $600 for the billing cycle plus another $100 from last month billing cycle. My credit score have no marks, and over 750 in FICO score.

As of August 28 billing cycle, my account has $14.485, 88 in credit balance. I had been contacted Chase 3 times since the day account was closed for the refund balance on my account. The answers from Chase I'll have to wait for them to verify the payment which all was made by cash, the payment not clear, blah blah and they don’t know how long it take to complete. It's my money and they keep it without paying any interest.

On August 31 2010, I contacted the BBB and Attorney General Office for help. On September 02 2010, Chase mailed out the refund check for $14, 485.88 and I deposit the check on my bank account on September 07 2010. On September 08 2010, they made the stop payment on the check. The check returned non sufficient funds and there overdraft and other NSF charges on my checking account and other people accounts that I wrote the check for them.

I contact Chase executive officer Elisabeth at [protected] ext 7185 for answer and she told me to wait for another 60 days for them to verify the credit balance on my account with other merchants that issue credit back on my account. This is unacceptable and breaking the law. She told me that I have no other choice and have to wait at least 60 days from September 10 2010 for them to start issue the refund.

As of today September 20 2010, the credit balance $16, 098.94 on my account and they keep holding on my money. And also they making my checking account and other people accounts incured overdraft fees for their stop payment on the refund check.

They acting as a giant commercial bank and they decide what ever they want to do. It been a lot of hassle to deal with them and it was my money and all they have is to return it to me which they did not.

I found the link below which answer about consumer loan refund from Controller of the Currency Administrator of National Banks saying they must refund the money within seven business days. 

Chase using deceptive practice to bailout my rewards, now they try to bail out my money. This could result ruining my whole family financial cause by holding on my money, I'll make sure they responsible for it.

Time to switch to local banks and credit union.

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  • As
      11th of Sep, 2010
    0 Votes

    Wow that is messed up...HOWEVER, I don't understand why they just "closed" your account.

  • Mu
      6th of May, 2011
    0 Votes

    As an ex employee - Paying large amounts in cash is a very big mistake. Federal Law states that the bank need's to finds out where the cash came. For all they care, your cash could have come from the Colombian drug cartel or Islamic terrorist.

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