Purpose:
 
This portion of my website is dedicated to exposing, what I consider to be, questionable practices of JP Morgan Chase Bank and Credit Card Services. 
 
For the remainder of this document they will simply be referred to as CHASE.
 
Background:
 
I have a better then average credit rating (FICO) at 752. I have no judgments against me and I pay my bills on time every month. I also subscribe to a credit monitoring service so any time a positive or negative change occurs to my credit score I am automatically notified. 
 
I received a letter from Chase in November of 2005 stating that my annual interest rate of Prime + 9.9% would become Prime + 22.74%
 
They give me two options
 
1. Accept the APR increase
 
2. Close the account and it would stay at 9.9%
 
I chose option number 2
 
When I received my December 2005 statement from CHASE it showed the new rate of Prime + 22.74% had been applied to my account. 
 
I immediately contacted a CHASE representative on the phone and explained the situation to them. 
 
I requested that they correct the original error and generate a new statement with the correct amount for the minimum payment. 
 
The CHASE representative advised that that she could not do this and that I would need to pay what was currently listed. 
 
At this point I made the following two requests.
 
1. I wanted CHASE to send me a dispute resolution form.
2. I wanted CHASE to send me a copy on CD of this conversation.
 
 
I made a payment for what should have been the correct amount due. (This tactic I later found was to be a bad mistake.)
 
When I received the January 2006 statement the annual percentage rate problem still has not been corrected and to make things worse I had now been assessed a late payment fee.
 
My only option was to pay what they thought that I owed them for the December 2005 statement and continue to pay the now much higher minimum payment due.
 
Six months went by and the problem was still unresolved. 
 
After waiting six months for some kind of resolution from CHASE and getting none I filed a written complaint with the Minnesota Attorney Generals Office explaining every thing that is now listed here. 
 
At the bottom of the formal complaint form from the Minnesota Attorney Generals Office they ask the person filing the complaint as to what they would like for a resolution.
 
I asked for the following
 
1. Close the account with the agreed rate of Prime + 9.9%
2. Remove the late fee and any reference to the payment being late.
3. Credit the overage in interest that I had paid to the principle due.
4. Provide me with a recording on CD of the original conversation in December 2005.
 
I am pleased to say that after the formal complaint was filed I received a letter from CHASE, specifically from the office of Stacy Harwood who works for the Card Services Executive Office.
 
In her letter she stated, "After reviewing your account records, I have determined that the APR inadvertently increased on your December 2005 billing statement from the variable rate of Prime + 9.9%, to the variable rate of Prime + 22.74%."
 
She went on to say that they agreed with every thing I had stated in my formal complaint and agreed address all of my concerns.
 
 
Follow-up 2008:
 
 
I am pleased to say that as of November 2007 I have finally paid off my Chase credit card in full, or so I thought. 
 
I logged into the system and selected pay balance in full. 
 
You can imagine my surprise when I received the December 2007 statement stating that I had a balance of $55.55 remaining.
 
I contacted a CHASE representative and asked them to clarify what had happened.
 
This is what I received in writing;
 
"Please be advised that we would like to inform you that the VRU or Internet (Payment System) will only accept payments for what is due at the time and is not able to pay more to cover residual finance charges."
 
Upon receiving their explanation and finding it a somewhat reasonable answer I paid the remaining $55.55, this was to be the end of my relationship with JP Morgan CHASE Credit Card Services.
 
It is now March of 2008 and I logged into my CHASE credit card account and verified that every thing was indeed paid off in full and that the account was closed. I also verified the same information with all three major credit bureaus.
 
 
Why have I taken the time to make this portion of my web page?
 
 
I have received emails from people who with have had the opportunity to go through the same ordeal with CHASE. 
 
The American people need to remember they have more power then they think. If people REFUSE to do business with companies like CHASE, REFUSE to bank with CHASE, or more importantly REFUSE to hold their stocks, then at some point CHASE will run out of money and cease to exist.
 
If you have a CHASE credit card I encourage you to call them and close the account. 
 
I implore you to pay off any balance you may still owe them, and if you have stocks with CHASE please sell it. 
 
It is my opinion that CHASE is reckless and it certainly wouldn't be a place where I would want to put my money.
 
Thanks for reading this and god bless.
 
F. John Rowan

 

 

You may write to me using the email address john [@] tdkt . org Please use the subject CHASE in your email.

 
 
An OPEN Letter I sent to JP Morgan CHASE