Chase Closing Overdraft and Personal Lines of Credit :(

[MJ-san]

Got the notice a few weeks ago that the unsecured personal LOC product is no longer offered and that existing accounts will be closed in April 2017. Really sucks because that's a 20-year old line for me (dates back to the old First Chicago days) and it was at a decent APR of prime+2.75. No offer to move the line to another product, just "we have other credit products you may wish to apply for".

Today got another one. Overdraft Line of Credit accounts are being closed this August and the only option moving forward to protect a Chase checking account is to link a Chase savings account. Again, this is another line of credit that goes back to the mid 90s for me. No offer to reallocate.

So Chase is closing down about 15k of 20+ year-old lines for me... I'm definitely not feeling the love. 

As a matter of fact, I've really only kept the Chase checking account because it's so old and I like having a backup. With these changes, I am thinking that Chase will just be a credit card company for me moving forward - Freedom, United, Marriott, and Slate. 

It really seems like it would have been an easy / simple thing to just offer to move credit lines to a new credit card product and match the opening date.

Cest la vie ... I'm using BoA and my credit union more anyway.  

[creditguy]

Sorry for the closures, but that's business and it happens. Credit cards are more than likely a lot more profitable to chase than overdraft lines of credit and other lines of credit. It doesn't surprise me that they did not reallocate the lines into a credit card though since they are different products.

[Anonymous]

Chase notified me that my Chase Freedom Unlimited Visa and Chase Business Ink Visa would no longer be available as a backup to any Chase Checking Accounts. If I needed a backup I would need to link a Chase Savings Account. Note, I have no banking relationship with Chase (whew).

[Anonymous]

Try to get a PLOC with a credit union and this may be less likely to happen.

[MJ-san]

Totally agree - my credit union uses their 8.9% APR credit card as a overdraft safety (no transfer fee, no crazy cash advance rate). It's just losing two 20+ year accounts in the same month kind of sucks. I more than made up the available credit loss with my Amex BCE, but I'm curious how my account age will look after it's all done. Not losing sleep over it, just miffed. 

[fullstackdev]

Sorry about your accounts. I'm pretty sure your A.A.O.A. will stay the same after these closures. Someone please correct me if I'm wrong, but closed, positive accounts continue to report for up to 10 years.