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Nau
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Nau
Posts: 3
Registered: ‎02-18-2009
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Re: Chase And Their New Account Service Charges

Thank you and Joey22!

 

I am happy to see class action in place, we'll just have to sit tight and wait for outcome. How long you would think it'll take to see some results/actions taken?

Established Contributor
Watchmann
Posts: 989
Registered: ‎05-14-2008
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Re: Chase And Their New Account Service Charges


Nau wrote:

Thank you and Joey22!

 

I am happy to see class action in place, we'll just have to sit tight and wait for outcome. How long you would think it'll take to see some results/actions taken?


 

Class action lawsuits are NOT brought on behalf of the public, they are brought to line the pockets of the legal profession.  I've lost count of the number of Class Action notifications I've received over the years; medication, banking, cars, mortgage, etc, etc  The amount of money I've received wouldn't cover the cost of a Happy Meal, and no detectable change in behaviour.  Don't count on Class Action lawsuits to change anything.
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Revike
Posts: 720
Registered: ‎05-04-2007
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Re: Chase And Their New Account Service Charges


Watchmann wrote:

Nau wrote:

Thank you and Joey22!

 

I am happy to see class action in place, we'll just have to sit tight and wait for outcome. How long you would think it'll take to see some results/actions taken?


 

Class action lawsuits are NOT brought on behalf of the public, they are brought to line the pockets of the legal profession.  I've lost count of the number of Class Action notifications I've received over the years; medication, banking, cars, mortgage, etc, etc  The amount of money I've received wouldn't cover the cost of a Happy Meal, and no detectable change in behaviour.  Don't count on Class Action lawsuits to change anything.

+1

Nau
New Visitor
Nau
Posts: 3
Registered: ‎02-18-2009
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Re: Chase And Their New Account Service Charges

Well, it was better for me: Gap lost some class action and sent a $20 certificate. I don't even know if I deserved it :smileyhappy:

Another lawsuit in Jan this year made Macy's to give away some $25 gifts. And I remember a few more where I got some coupons or other random trifle.  Don't take me wrong, I do not expect to become a millionaire out of it, but at least Chase will get its nose punched, and if we get this stupid $10 fee back, I'll be happy.

New Member
jtornatore
Posts: 1
Registered: ‎05-02-2007
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Re: Chase And Their New Account Service Charges

I tried arguing with their customer service that they were changing the rules in the middle of the game.  They would not give in but offered me the option of converting to a 7.99% rate for 2 years or closing the account. Rather than hurt my credit score by closing the account, I had them convert the account to the 7.99% rate with no monthly fee.  I then did a balance transfer from Citi to this account.  Granted, it cost me another 3% fee to make the transfer but I now have a 3.99% rate (was 6.99%) with no monthly fee.  I also got the satisfaction of not paying Chase another dime of interest on this account. 
Established Contributor
Revike
Posts: 720
Registered: ‎05-04-2007
0

Re: Chase And Their New Account Service Charges

[ Edited ]

Good news! (I guess the various class-action lawsuits had an effect.)

 

No more $10 monthly maintenance fee and refund of fees charged earlier this year. However, 5% minimum payment is not affected.

 

Try not to gag at the self-serving tone of the quotes from Chase ... :smileyhappy:

 

http://www.creditmattersblog.com/2009/03/jpmorgan-chase-to-refund-account-fees.html

 

http://online.wsj.com/article/BT-CO-20090327-711942.html

 

 

 

 

Message Edited by Revike on 03-27-2009 10:07 PM

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