DO NOT BANK with CHASE! They are gangsters: I have 3 credit cards with Chase and 4 checking accounts with WAMU (now owned by Chase). All are in good standing, no bounced checks or late credit card payments, EVER. By any standard I am a good customer.
Recently, in their great wisdom, Chase Bank unilaterally closed one of my credit lines ($12500 I hadn't used in a while) and forced me to accept a rate increase on a 2nd card with a large balance that I had a fixed 4.99% rate until the balance was paid off.
The way they got around the fixed rate deal was by increasing my minimum monthly payment, from 2% of my balance to 5%! My minimum payment went from $363 (Aug pymt) to $895! (Sept pymt)
Of course I could not pay that increase. Chase told me I could continue my 2% minimum monthly payment if I accepted a temporary 7.99% rate (for 2 yrs), after that my rate would adjust to my purchase rate (currently 14.24% but could be much higher in 2 yrs..)
I could not transfer the balance away since no credit card companies are currently accepting balance transfers, which is how I used to deal with situations like this. All the banks are in collusion together: they've all agreed, either directly or covertly, not to accept transfers from their competitors so that they are free to extort their customers at will!
The last straw was when Chase Bank refused to accept the CA State income tax refund IOU that I had been holding for 3 mos, waiting for it to mature. The state of CA, in their complete and utter incompetence, could not get a budget passed this year (??), and were issuing IOUs to taxpayers like myself. Printed right on the "check" were the words "this registered warrant will be honored on or after 10/02/09".
When I went to redeem it at Chase Bank at first they said they had stopped cashing the warrants back in July. I said that's funny, since it only matured today! Then the teller went to speak with a supervisor and came back with the answer that they had received no word from "corporate" (Mafia Central?) allowing them to accept the warrants.
They suggested I try another bank. Even gave me the name of a competitor that did accept the warrants. Unfortunately, ALL my bank accounts are with WAMU aka Chase, we're sorry, thanks for playing, game over, checkmate.
I am in the process of finding another bank and closing all the accounts I have with Chase. As God is my witness, and as soon as humanly possible, I will NEVER do business with CHASE BANK AGAIN!
I have even considered not paying my monthly payment on that huge credit card balance just to teach them a lesson, because MONEY seems to be the only thing CHASE BANK understands! But because I am an honorable man and true to my word (and don't want my credit score to take another hit) I will continue to pay CHASE BANKs extortion fees until I can find a way out from under their strangle hold.
And I will be free from CHASE BANK. I think their strong-arm tactics are going to backfire on them. I think many, many good customers like myself are feeling the same way and that CHASE is going to lose market share fast. Instead of consolidating their position, their actions will cause them to be flooded with a huge wave of defaults and toxic loans. Frankly, in my opinion, it couldn't happen soon enough. Thanks for listening.
Product or Service Mentioned: Chase Bank Credit Card.