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Frequent Contributor
Cleanmachine
Posts: 399
Registered: ‎04-30-2008

Re: Chase And Their New Account Service Charges

I called Chase regarding my 3.99 % Balance transfer and was informed that if I pay the minimum without making any additional charges they would have no problems.

 

I make my payments the day after closing and pay my required minimum payment, plus any interest charges.

 

I have been doing this in the past 4-years, and so far, all is well.

 

Of course, I am also keeping my fingers crossed. Never know now-a-days what may happen.

New Visitor
Desmo1
Posts: 1
Registered: ‎12-09-2008
0

Re: Chase And Their New Account Service Charges

If you want to opt out, I think Chase's CMOs submission before congress implies that you have that right, see page 2:

 

http://banking.senate.gov/public/_files/ACF5249.pdf

 

 

 

 

Nau
New Visitor
Nau
Posts: 3
Registered: ‎02-18-2009
0

Re: Chase And Their New Account Service Charges

Did anyone managed to opt-out of these monstorous and unfair terms?

If yes, what is the procedure?

 

Does anyone know if a class lawsuit was filed?

Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007
0

Re: Chase And Their New Account Service Charges

Hi Nau and welcome to the forums

 

Unfortunately at this moment I don't believe there are any ways to opt out of this. I have not read anything or seen anyone being able to avoid the fees without either accepting it or taking the increased apr.

 

I have read there is a class action lawsuit that is beginning to happen in California.

 

I don't remember where I read it but it is happening, Hopefully something will happen soon for all those who are affected by this.

 

Hope this helps

Established Member
Joey22
Posts: 22
Registered: ‎11-10-2008
0

Re: Chase And Their New Account Service Charges

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

 

We will win, but Chase might be long gone by the time comes around to "pay up" :smileyvery-happy:

Established Contributor
Mike14
Posts: 618
Registered: ‎09-16-2008
0

Re: Chase And Their New Account Service Charges


Cleanmachine wrote:

I called Chase regarding my 3.99 % Balance transfer and was informed that if I pay the minimum without making any additional charges they would have no problems.

 

I make my payments the day after closing and pay my required minimum payment, plus any interest charges.

 

I have been doing this in the past 4-years, and so far, all is well.

 

Of course, I am also keeping my fingers crossed. Never know now-a-days what may happen.


 

I have the same deal, a BT of 3.99% "for life" but only since October 2008.  Was yours "for life" too?  I, too, make my payment the day after the statement closes, but since the balance transferred was from a car loan with a payment of $240/mo, that's what I pay, which is at this point, more than the minimum.  As of last month, my minimum was $209, but for this month, I estimate it to be $198.

 

I was very afraid they would bump my minimum to 5% from 2%, which would be very difficult for me to make, so I called and asked, and their changes didn't affect anyh of my 3 Chase accounts (only the one has a balance). 

 

I'm still afraid they might change the terms, but hopefully, whenever they do, I'll be able to afford the new payments, or be able to do another balance transfer to someone else.

Wife's FICO Scores, 7/10/09: TU:??? EQ:634 EX: ???
Wife's FICO Scores, 2/13/09: TU:??? EQ:604 EX: 630
Wife's FICO Scores, 2/05/09: TU:??? EQ:592 EX: 630
My FICO Scores, 6/19/09: TU:757 EQ:744 EX:758 (all from MB; EQ Agrees)
My FICO Scores, 3/29/09: TU:755 EQ:746 EX: ???
My FICO Scores, 2/05/09: TU:??? EQ:730 EX: 720
Established Contributor
Watchmann
Posts: 989
Registered: ‎05-14-2008
0

Re: Chase And Their New Account Service Charges

It is still very murky with Chase.  I got the $10/mo fee notice in my November 2008 statement, I suppose because I have a 3.99% for life BT which is now down to $3,000 from its initial balance of $22,000 a few years ago.  It was supposed to start with my statement which cut on Jan 16, 2009.  However, neither that statement nor the latest one on Feb 16th has any fee attached.  Don't know if they have held back implementing it, or changed their mind, or rejiggered who gets the fee, or what.  Maybe I'll just pay off the last of the loan and be done with it.
Established Contributor
Mike14
Posts: 618
Registered: ‎09-16-2008
0

Re: Chase And Their New Account Service Charges


Watchmann wrote:
It is still very murky with Chase.  I got the $10/mo fee notice in my November 2008 statement, I suppose because I have a 3.99% for life BT which is now down to $3,000 from its initial balance of $22,000 a few years ago.  It was supposed to start with my statement which cut on Jan 16, 2009.  However, neither that statement nor the latest one on Feb 16th has any fee attached.  Don't know if they have held back implementing it, or changed their mind, or rejiggered who gets the fee, or what.  Maybe I'll just pay off the last of the loan and be done with it.

 

Watchmann, how long ago did did you transfer the balance?  I had heard that they were doing this to people who had transferred a balance with a "for-life" APR more than 2 years ago.  To further the validity of this claim, Irecently  received a BT offer from Chase in the mail with an offer that was for "at least 24 months" and then your rate might go up to some unknown number. I shredded it so I don't know the terms.  

 

I fear the day they will ratejack me; however, my balance has dipped under $10K with an extra payment I made to $9906 to bring my UTIL down a bit. 

 

You may want to call them and find out.  If they "forgot" to charge you and change your rate, they will charge you when they "remember."

Wife's FICO Scores, 7/10/09: TU:??? EQ:634 EX: ???
Wife's FICO Scores, 2/13/09: TU:??? EQ:604 EX: 630
Wife's FICO Scores, 2/05/09: TU:??? EQ:592 EX: 630
My FICO Scores, 6/19/09: TU:757 EQ:744 EX:758 (all from MB; EQ Agrees)
My FICO Scores, 3/29/09: TU:755 EQ:746 EX: ???
My FICO Scores, 2/05/09: TU:??? EQ:730 EX: 720
Established Contributor
Watchmann
Posts: 989
Registered: ‎05-14-2008
0

Re: Chase And Their New Account Service Charges


Mike14 wrote:

Watchmann wrote:
It is still very murky with Chase.  I got the $10/mo fee notice in my November 2008 statement, I suppose because I have a 3.99% for life BT which is now down to $3,000 from its initial balance of $22,000 a few years ago.  It was supposed to start with my statement which cut on Jan 16, 2009.  However, neither that statement nor the latest one on Feb 16th has any fee attached.  Don't know if they have held back implementing it, or changed their mind, or rejiggered who gets the fee, or what.  Maybe I'll just pay off the last of the loan and be done with it.

 

Watchmann, how long ago did did you transfer the balance?  I had heard that they were doing this to people who had transferred a balance with a "for-life" APR more than 2 years ago.  To further the validity of this claim, Irecently  received a BT offer from Chase in the mail with an offer that was for "at least 24 months" and then your rate might go up to some unknown number. I shredded it so I don't know the terms.  

 

I fear the day they will ratejack me; however, my balance has dipped under $10K with an extra pear ayment I made to $9906 to bring my UTIL down a bit. 

 

You may want to call them and find out.  If they "forgot" to charge you and change your rate, they will charge you when they "remember."


$22,000 loan taken out in Nov 2004 at 3.99% for life. I pay $500/mo, so it is down to $3,000 at this time. I just read the notice that I received in November's statement and it is clear to me that these charges would apply to me starting with my Jan 09 statement. Why they haven't started is unknown. I see no sense in calling and getting the charges started. I will wait it out and just pay it off. I would hate to lose the card as the CL is a nice $33,400, but I don't want to have to pay $120 a year for the priviledge. I would say that once economic times return to a more steady state these sorts of charges will have to be rescinded for competitive purposes.
Valued Contributor
Uborrow-Upay
Posts: 2,708
Registered: ‎10-16-2008
0

Re: Chase And Their New Account Service Charges

I've just received a notice on a business card account with Chase. This is NOT the $10 fee notice.

 

Instead, I'm notified that my 9.99% fixed rate is going to go to 17.24% variable as of 04/01/09. In addition, my cash line will be reduced to just 10% of my credit line, or to just $1000, whichever is less.

 

The reason stated on the notice was "The principal factor we considered in amending your account is maintaining profitability on your account."

 

I have never taken a cash advance, and I have a balance of approx. 15% of my card's CL carried over month-to-month. I use the card constantly, and pay religiously to the extent that Chase has just again increased my CL automatically. I did, however, have a sweet 0% interest rate with them for quite a while, and took full advantage of it. The 0% has been gone for a while now, however.

 

I must agree with other posters who indicate that this is a tactic to get those with the ability to pay to do just that, pay and pay now. I also believe that once that is done, a call to Chase will generate a new promo offer or product change at good terms.

 

I don't know if that is the case, but I'm going to find out by doing the above. I'll keep you posted.

 

 

 


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