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Chase - Protection Plan / Charged for protection plan I did not authorize

1 Holbrook, NY, United States Review updated:
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I was speaking with a rep from Chase Bank for my Chase Visa card who informed me that I should really sign up for this payment protection plan. I have a small business and was told that small business hardship would allow me to activate this benefit. The benefit cost $90 per month and is run by a separate company which of course no one in the Chase office knows anything about.

I had a very rough month financially in the month of June and called to try to activate my payment protection plan which I have spent several hundred dollars on now.
I was told that my situation did not qualify for the plan and the situations that were listed were not ones that would likely ever apply to me.

This product was misrepresented and I have spent a lot of money on a product that I have no use for and that is clearly a scam. What can I do? I would like to be reimbursed and I would like for the /Chase representatives to either be educated on the product or not LIE about what the product can do.

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  • Me
      22nd of Jul, 2008
    0 Votes

    Did you verify with the bank? if so did they play you the recording where you might have admitted to activating the service?
    If they don't have that then you should be able to cancel it and receive your full refund.

  • Ga
      3rd of Feb, 2010
    0 Votes

    Good Luck with that!Chase's regular payment protection plan for disability, or any other hardship, only results in at best, a 24 month waiver of minimum payments, but the interest still accrues, and adjusts everytime they see fit, which is often. At worst, Chase will close your acct once you file, (Chase actually owns the entity that offers the plan), and then start billing you for late payments, late fees, and interest on the late charges, & fees, plus, as it accrues to an over the limit amount, it just gets worse. I just wish that someone in authority would take a CLOSE look at all of the complaints that I have read, and also mine, and SHUT THEM DOWN! However, it would appear that we are either going to have to band together, and raise the noise level, or suffer in silence. I choose to raise the noise level until it is unavoidable to hear!

  • Ra
      26th of Jan, 2011
    0 Votes

    Fundamentally, the Business Payment Protector program offers the client a “no payment” period but does not offer the client a solution to avoid exceeding the Total Credit Line as a result of deferred fees and interest. Because interest is applied as lump sum balloon payments along with other fees, a client at or near the Total Credit Line is unable to control or avoid exceeding the “Limit” following the “no payment” period. As you can see, the logic for this program is tainted with redundancies that are not client driven and result in unfair advantages for Card Services that may conceivably be predisposed to FDIC scrutiny.

    Class action is building: Chapter VII. Abusive Practices of the Federal Trade Commission Act states; "An act or practice is unfair where it (1) causes or is likely to cause substantial injury to consumers, (2) cannot be reasonably avoided by consumers, and (3) is not outweighed by countervailing benefits to consumers..." "Substantial injury usually involves monetary harm. An act or practice that causes a small amount of harm to a large amount of people may be deemed to cause substantial injury."

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