Chase closed my account

[Karatz]

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@Anonymous wrote:

Wow. I figured their were a few other people who could be in the same boat as me but I didn't realize it was 3 million plus. Former Wamu here, and they gave me the same BS reason AFTER I HAD TO CALL THEM. One day after going through the grocery store I went to pay and well what do you know - "Sorry sir the transaction was declined." I leave my bank card at home, and I don't cary a check book. I had to pull my cart over to a out of the way location and leave feeling a bit humilliated.

After calling them I was told that my account had been cancelled a week prior. No emails, no letter, nothing. Just out of the blue.

I was also a Wamu Banking customer. Here is my solution, and an expression of my impotent rage: I found a new bank that has comprable benefits to what was Wamu, and I'm opening an account with them. I am NOT going to close my Chase Bank account, but I am going to withdraw all but $.02 from my Checking and Savings account (their literature still says no minimum balance). And every month I expect to recieve a paper stament mailed, by US Post which I believe is $.42 in postage, to me showing me that my $.02 is still being acknowledged. In order to avoid them closing the account for inactivity, once a month I will transfer $.01 from my savings to checking, then the next month I will transfer $.01 from my checking to my saving. Repeat ad infnitum. And if I do not recieve my monthly statment every month I will call them and RAAAGGGEEE.

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I have one of those offers for $100.00 if I open an account with direct deposit. My employer offers direct deposit that I can edit myself at any time and have multiple different destinations (currently do three different accounts). Maybe I go in and open the account, do whatever the minimum is necessary, then set up my 2 Cents to go in there every paycheck. I can just leave the account there, 2 Cents times 1 year is just over a buck they get.

[Anonymous]

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@Anonymous wrote:

Wow. I figured their were a few other people who could be in the same boat as me but I didn't realize it was 3 million plus. Former Wamu here, and they gave me the same BS reason AFTER I HAD TO CALL THEM. One day after going through the grocery store I went to pay and well what do you know - "Sorry sir the transaction was declined." I leave my bank card at home, and I don't cary a check book. I had to pull my cart over to a out of the way location and leave feeling a bit humilliated.

After calling them I was told that my account had been cancelled a week prior. No emails, no letter, nothing. Just out of the blue.

I was also a Wamu Banking customer. Here is my solution, and an expression of my impotent rage: I found a new bank that has comprable benefits to what was Wamu, and I'm opening an account with them. I am NOT going to close my Chase Bank account, but I am going to withdraw all but $.02 from my Checking and Savings account (their literature still says no minimum balance). And every month I expect to recieve a paper stament mailed, by US Post which I believe is $.42 in postage, to me showing me that my $.02 is still being acknowledged. In order to avoid them closing the account for inactivity, once a month I will transfer $.01 from my savings to checking, then the next month I will transfer $.01 from my checking to my saving. Repeat ad infnitum. And if I do not recieve my monthly statment every month I will call them and RAAAGGGEEE.

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Anonms,

I love you, I am actually doing something similar to Wachovia, but I am using $2.00!

That is how I felt when I went to go and use my card formerly providian-wamu customer. I have only used for gas here and there. Had a $15,000 limit with low utilization. I was 1000 miles away from home and needed to place a hotel room deposit on there and guess what -- declined. I was totally baffled, had checked balance prior to leaving home.

What is really crazy is that they sent me my new chase card at the same time.

Message Edited by Sunshine01 on 08-01-2009 04:03 PM

[creditwherecreditisdue]

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@Anonymous wrote:

Anonms,

I love you, I am actually doing something similar to Wachovia, but I am using $2.00!

That is how I felt when I went to go and use my card formerly providian-wamu customer. I have only used for gas here and there. Had a $15,000 limit with low utilization. I was 1000 miles away from home and needed to place a hotel room deposit on there and guess what -- declined. I was totally baffled, had checked balance prior to leaving home.

What is really crazy is that they sent me my new chase card at the same time.

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$15K to $0 is a big leap. What explanation did they extend in the letter they sent you?

[Anonymous]

I too got two letters today from Chase saying they are closing my formerly WaMu accounts. They cite Experian, but I think they are referencing CR only because that's convenient for them. At the bottom of each letter there's one word describing the true reason behind the closures: "WaMuClosure1". I had no balance on the Providian turned WaMu turned Chase card (2500 limit), and I had about 2100 balance on 5500 limit on the other WaMu account. Since I haven't been using the cards (the 2100 balance was the result of taking advantage of 3.9% until paid off BT offer), it won't really have a direct effect on me, but I would be losing about 5500 of my available credit, and I wonder what that would do to my credit.

I think what Chase is doing is deplorable. They scooped up WaMu assets for next to nothing and screwing all the former WaMu CC customers on a whim, because they know that they will face NO negative consequences from that action. They know that none of us can really do a thing about their actions. The most we can do is not doing business with them, but they don't care; because they think that they are simply too big to be ignored, and that's probably true.

[creditwherecreditisdue]

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@Anonymous wrote:

At the bottom of each letter there's one word describing the true reason behind the closures: "WaMuClosure1".

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That's just the code name for the form letter.

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@Anonymous wrote:

I had about 2100 balance on 5500 limit on the other WaMu account.

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 Carrying high UTIL as a balance is very common in these closings.

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@Anonymous wrote:

I think what Chase is doing is deplorable. They scooped up WaMu assets for next to nothing and screwing all the former WaMu CC customers on a whim, because they know that they will face NO negative consequences from that action.

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Correct! They did and they don't. And they won't.

[Anonymous]

I was so furious I tore up the letter. I have been stressing to keep my credit score good, with my husband losing his job, and then injuring himself and unable to work at this time.

I felt like I had been kicked while I was down.

Rationally, I know its their right and legal.

I have high utility on another credit card

And I have a Late payment within the last 12 months on a personal line of credit.

[Uniqua]

Here's my Chase situation:

Former WaMu CC holder. In March, I product traded my WaMu Platinum Visa to the Chase Perfectcard. Wasn't able to product trade to the Freedom at that time. In June, I successfully product traded to the Freedom and asked for a CLI shortly thereafter -- granted in less than 3 seconds. CL went from $2k to $2.5k. This was my highest CL to date. Took a hit on EX, but I was okay with that since I had no EX inquiries in over a year. Two weeks ago, I started applying for CLIs on my CU CCs. One went from $500 to $3k, and the other from $1k to $5k. My Freedom is now my lowest CL. (Can't believe that when I started rebuilding a year ago, my total CLs were $3.5k, now they are $10.5k - WICKED AWESOME.) I'm no longer worried if Chase is going to shut me down. FYI, I also added my son as an AU on my Freedom and he just received the card in the mail a couple of days ago. I've been using my Freedom without any problems. Note, I have never carried a balance on this CC, even when it was WaMu. Card still active. In the meantime, I'm looking to add a MC to my CCs.

Yesterday, I received a letter from Chase stating that they are raising my current APR from 10.24% to prime plus 8.99% (I do not know how to calculate this and never tried) with the option to close the account if I don't agree to these changes. I won't bother since I don't carry balances. I do have a BK which is due to fall off April 2010.

Just thought I'd give my Chase information for those who have a similar situation to mine.

[creditwherecreditisdue]

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@Uniqua wrote:
Yesterday, I received a letter from Chase stating that they are raising my current APR from 10.24% to prime plus 8.99%

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Current WSJ prime rate is 3.25% so the current rate would be 12.24%. That's not too bad, particularly considering it's Chase.

[Uniqua]

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@creditwherecreditisdue wrote:

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@Uniqua wrote:
Yesterday, I received a letter from Chase stating that they are raising my current APR from 10.24% to prime plus 8.99%

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Current WSJ prime rate is 3.25% so the current rate would be 12.24%. That's not too bad, particularly considering it's Chase.

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Thanx. I never bothered to figure the APR thing out. Since I haven't carried balances, I guess I never really cared. I do know that my APRs with my CU CCs have gone down. I don't carry balances on those cards either.

[jamesewells]

New member. They closed 2 of my Providian/Wamu cards on July 31. $2000 limit on one, $2500 limit on the other. Had the about 9 years, never late, usually paid in full. $0 balance on both. I received no letter. I found out it was closed when I tried to charge a washer/dryer on line this morning. Declined. Called and was told both were closed due to negative info from Experian. I always carry a balance on my Discover because I always pay it on full. I hate to lose the cards and don't think it is right (especially without the courtesy of a letter), but that's life.

Message Edited by jamesewells on 08-02-2009 06:02 PM