topic Re: Is this even LEGAL?!?! in Credit Cards

Is this even LEGAL?!?!

Anonymous — Sun, 14 Jun 2009 14:07:07 GMT

I started really paying off my Chase Amazon visa lately and this month they started to lower my limit. But they lowered it more than my finance charge will be on my next bill which usually posts the 15th (tomorrow)!!!

So I basically payed almost 3 TIMES my minimum payment, and now they lowered my limit SO MUCH that I will overdraft on interest when my bill posts tomorrow!

I called them today but they told me to call back during business hours to talk to a credit specialist.

Is doing this even legal? They are practically forcing an overdraft!! What the heck?!?

Re: Is this even LEGAL?!?!

wmarat — Sun, 14 Jun 2009 14:54:50 GMT

Unfortunately, this is perfectly legal.

Re: Is this even LEGAL?!?!

Anonymous — Sun, 14 Jun 2009 15:01:41 GMT

Really? It's ludicrous. I don't mind having my credit limit lowered, but how can they lower it to less than what my finance charge will be, just a few days before a statement is printed?

That's just as bad as moving payment due dates around without telling you! It makes no sense whatsoever!

Does this happen to a lot of people?

Re: Is this even LEGAL?!?!

Anonymous — Sun, 14 Jun 2009 17:11:13 GMT

Find a Chase Bank and make a cash payment. That usually credits immediately.

Re: Is this even LEGAL?!?!

Anonymous — Sun, 14 Jun 2009 17:41:29 GMT

@Anonymous wrote:
I started really paying off my Chase Amazon visa lately and this month they started to lower my limit. But they lowered it more than my finance charge will be on my next bill which usually posts the 15th (tomorrow)!!!

So I basically payed almost 3 TIMES my minimum payment, and now they lowered my limit SO MUCH that I will overdraft on interest when my bill posts tomorrow!

I called them today but they told me to call back during business hours to talk to a credit specialist.

Is doing this even legal? They are practically forcing an overdraft!! What the heck?!?

Shady....but very much legal, as one other person stated, head to a Chase bank and make a payment in person and it will post immediately or should.

King

Re: Is this even LEGAL?!?!

Anonymous — Sun, 14 Jun 2009 18:25:54 GMT

Even if I post an extra payment, who's to say they won't just lower it more and still force an overdraft on the interest? They could just keep doing this and force an overdraft fee on me every month!!!! How would I be able to deal with that?

Unfortunately there is no Chase bank within 50 miles of me, according to their online branch finder. So I can't go make a second payment. I can just do it online.

These are borderline mafia tactics. I make a huge payment and then they squeeze in the limit so close that my next statement will overdraft on the interest charge? Even if it's technically legal, it shocks me that they can get away with this kind of BS.

Re: Is this even LEGAL?!?!

Anonymous — Sun, 14 Jun 2009 18:35:52 GMT

@Anonymous wrote:
Even if I post an extra payment, who's to say they won't just lower it more and still force an overdraft on the interest? They could just keep doing this and force an overdraft fee on me every month!!!! How would I be able to deal with that?

Unfortunately there is no Chase bank within 50 miles of me, according to their online branch finder. So I can't go make a second payment. I can just do it online.

These are borderline mafia tactics. I make a huge payment and then they squeeze in the limit so close that my next statement will overdraft on the interest charge? Even if it's technically legal, it shocks me that they can get away with this kind of BS.

I think you may be out of GAS....I'm sorry to hear that, 50 miles.....wow. Chase is just one of those Banks out there that don't want you to pay off anything to quickly. They want to make money on you from you carrying that balance, and if you don't carry a nice balance they punish you by doing these very things that are happening too you now. It may be out of your hands, I would pay it off and retire that card, DON'T close it....just retire it. Chase you should be ashamed of yourself.

Keep your head up

King

Message Edited by 74king on 06-14-2009 11:35 AM

Re: Is this even LEGAL?!?!

Anonymous — Sun, 14 Jun 2009 18:38:47 GMT

Honestly: look if your finance charges do cause you to go overlimit and incurr a fee, you can call them and I am about 99% sure they will credit the fee back.

They arent that bad.

I have had them credit late fees (i forgot to pay)and overlimit fees ( i went over by $1.00 before) in the past.

Re: Is this even LEGAL?!?!

Anonymous — Sun, 14 Jun 2009 21:54:16 GMT

@Anonymous wrote:
Honestly: look if your finance charges do cause you to go overlimit and incurr a fee, you can call them and I am about 99% sure they will credit the fee back.

They arent that bad.

I have had them credit late fees (i forgot to pay)and overlimit fees ( i went over by $1.00 before) in the past.

Hopefully you're right. I'm gonna call them first thing in the morning. I also just made an extra online payment that would be more than enough to cover the interest when it posts tomorrow. I guess that probably won't credit on time, but I just want to prove I'm doing everything I in my power not to incurr that overdraft fee.

Re: Is this even LEGAL?!?!

Anonymous — Sun, 14 Jun 2009 21:58:52 GMT

@Anonymous wrote:

you to pay off anything to quickly. They want to make money on you from you carrying that balance, and if you don't carry a nice balance they punish you by doing these very things that are happening too you now.

But aren't they starved for cash right now? For example, Citi offered me this free program that rewards you for being ontime and paying down your balances over the next 6 months. They pay you 10% back of everything you pay over those next 6 months (up to $500). Pretty sweet deal. It's obvious they want to raise some cash, or else they wouldn't do this. I don't know why Chase is doing the opposite.

Re: Is this even LEGAL?!?!

Anonymous — Sun, 14 Jun 2009 22:39:09 GMT

@Anonymous wrote:
@Anonymous wrote:

you to pay off anything to quickly. They want to make money on you from you carrying that balance, and if you don't carry a nice balance they punish you by doing these very things that are happening too you now.

But aren't they starved for cash right now?

NO..... they took T.A.R.P. money so they aren't starving by any means. But they do want you to keep that balance steady and in good condition without paying it off quickly, that's where all banks make 75 to 80% of their profits "Lending" and having consumers run balances and maintain their accounts in good standing while they charge interest.

The rest comes from junk fee's or Misc fee's in general. That is the way all Banks make their money. It's just sad that the consumer is always the one they leave hanging out to dry when they excerise their bogus practices. Leaving everyone twisting in the wind as they say. SAD REALLY

I love Credit Union's, I like Banks

Re: Is this even LEGAL?!?!

Imhotrodcrazy — Sun, 14 Jun 2009 23:49:39 GMT

@Anonymous wrote:

These are borderline mafia tactics. I make a huge payment and then they squeeze in the limit so close that my next statement will overdraft on the interest charge? Even if it's technically legal, it shocks me that they can get away with this kind of BS.

After Wamu was bought out by Chase, I had some smaller problems with them, so I dumped them and went to my local credit union. I am not going to play their games.