- Report: #513892
Complaint Review: Bank Of America Chase Bank Wells Fargo - Palatine Illinois
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Author Confirmed
Why?
Bank Of America Chase Bank Wells Fargo
P.O. 94014 Palatine, 60094 Illinois, United States of America
Phone:
Web:
www.chase.com/creditcards
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Bank Of America, Chase Bank, Wells Fargo Bank of America Closed my card and raised interest rate to 102% Palatine, Illinois
*Consumer Comment: Here we go again..
*Consumer Comment: BEWARE!!! Chase obviously has no regard for its employees! 'Google' this- BANK EXECUTIVES PROFITING ON THE DEATH OF EMPLOYEES, and read where Chase has $11 BILLION in 'secret life insurance...
*Consumer Comment: What is the truth?
*Consumer Comment: BOA doesn't have the money
*Consumer Comment: Susan..you want the truth???
*Consumer Comment: LENNY, WE ALL KNOW THAT BANK OF AMERICA DOESN'T HAVE THE $17 BILLION, BUT WE'RE CONFIDENT THAT BOA's EXECUTIVES ARE....
*Author of original report: CHASE BANK CREDIT CARD ADDITIONAL INFORMATION
*General Comment: There is no federal regulation
Chase Credit card holders BEWARE:
My credit card was with Bank of America when last year it was sold out to Chase Bank. It was only a small amount owed but I continued to make payments on time. I did not use my card for about 3 months when one day I decided to use it for a small purchase. This was when I found out that Chase had closed my account for no letitimate reason except that I did not use the card for a few months.
When I received my statement after they stated they closed my account Chase had CHARGED ME 102% INTEREST ON THE BLANCE. This is a sad time when banks can do this kind of thing and there is no one or agency regulating them.
Please everyone watch your Chase Bank credit card interest rate and be prepared to lose your credit card privileges if you do not use your card regularly.
This kind of thing happening to hard working Americans makes me sick. These are the big money people who have your money but treat the people who gave them that money like trash.
8 Updates & Rebuttals
Anonymous123
san diego,California,
U.S.A.
There is no federal regulation
#2General Comment
Fri, October 30, 2009
For all those bank defenders, do some research. Although many states(but not all) have a state law that caps interest rates you can be charged... there is no federal law preventing this. This is why many headquarters for financial institutions are placed in areas like Delaware where there is no law preventing them from charging what they want. My credit card rate was raised 3% by Wells Fargo and when I called and asked why, they stated it was because the President was passing something next year that would prevent this raise in interest rate, so they were raising rates accross the board for customers and it had NOTHING to do with my credit score.
Skj
Angleton,Texas,
U.S.A.
CHASE BANK CREDIT CARD ADDITIONAL INFORMATION
#3Author of original report
Sat, October 24, 2009
Chase Bank DID close my credit card account wiithout informing me. The only way this was found out was when I started to use it and the charge would not go through due to a closed account. The letter stating this was mailed after that incident. THE INTEREST RATE WAS 102%. That is no mistake and I DO HAVE proof.
Karl
highlands ranch,Colorado,
U.S.A.
LENNY, WE ALL KNOW THAT BANK OF AMERICA DOESN'T HAVE THE $17 BILLION, BUT WE'RE CONFIDENT THAT BOA's EXECUTIVES ARE....
#4Consumer Comment
Sat, October 24, 2009
HOPING THAT MANY OF THEIR EMPLOYEES COVERED BY THESE 'SECRET LIFE INSURANCE POLICIES' DIE IN THE COMING MONTHS, wouldn't you agree?
WELCOME TO AMERICA- IN FRAUD WE TRUST
Ronny g
North hollywood,California,
USA
Susan..you want the truth???
#5Consumer Comment
Sat, October 24, 2009
What makes you think the card was used to make a purchase? It seems quite apparent to me that when the card was presented for a small purchase..it was declined...
Now I can't speak for the OP..but it seems by the complaint...and I quote...
"I did not use my card for about 3 months when one day I decided to use it for a small purchase. This was when I found out that Chase had closed my account for no legitimate reason except that I did not use the card for a few months"
Now sure the BANK DEFENDERS are all over this one. Because regardless of how irresponsible the banks were...regardless of who they blamed for their losses...regardless of what tactics they use to fleece their most vulnerable customers during a horrible recession...and regardless of the fact they the banks are now ATTACKING customers with a good credit history...canceling credits card without notifying customers....placing their FICO scores in jeopardy.....using billions of dollars the taxpayers money to bail them out (TARP)...and hurting our economy by bilking the very people we need to be spending again and getting money back in circulation...
The bank defenders have the nerve to come to this site and tell us since the banks have a right to do this...so we should just accept it?
And Susan trying to belittle this customer with BULLSHIT....and accusing this customer of posting an inaccurate interest rate they were charged?
If the original poster is reading this..Kindly present evidence of the interest charge on the balance..it seems a vicious BANK DEFENDER is calling you a liar. I have no doubt of your word...but it is time to discredit this bank defender so shes goes away.
Lenny
Houston,Texas,
U.S.A.
BOA doesn't have the money
#6Consumer Comment
Sat, October 24, 2009
If BOA has 17 billion in life insurance on their employees they only collect it when an employee dies. I guess all the BOA employees would have to die for the bank to get 17 billion. Kind of a disgusting policy but they don't have that money.
Susan
This City,Illinois,
U.S.A.
What is the truth?
#7Consumer Comment
Sat, October 24, 2009
What is the truth?
FIRST, If Chase had closed your credit card account you wouldn't have been able to use the card for any purchase, big or small.
SECOND, 102% interest, Seriously. Do you really expect anyone to believe that?
Karl
highlands ranch,Colorado,
U.S.A.
BEWARE!!! Chase obviously has no regard for its employees! 'Google' this- BANK EXECUTIVES PROFITING ON THE DEATH OF EMPLOYEES, and read where Chase has $11 BILLION in 'secret life insurance...
#8Consumer Comment
Fri, October 23, 2009
policies' on its EMPLOYEES!!!
WOW!
And Bank of America & Wells Fargo have $17 BILLION each on their employees too, according to that article, right?
*That's $45 BILLION in 'SECRET LIFE INSURANCE POLICIES' between 3 banks that received TAXPAYER'S money, correct? $11 BILLION + $17 BILLION + $17 BILLLION = $45 BILLION, right? 'TARP' money is TAXPAYER'S money, isn't it? 'TARP' stands for 'Troubled Asset Relief Program', doesn't it? Hey, 'Google' this- BANK OF AMERICA COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read that article too!
WELCOME TO AMERICA- IN FRAUD WE TRUST
Robert
Irvine,California,
U.S.A.
Here we go again..
#9Consumer Comment
Fri, October 23, 2009
If they closed the card out without notifying him, yes that could be bad customer service. But it is not a RipOff, because it is the bank's money and the bank can remove that privilge at any time. Oh and they don't need a "good" reason to close it.
As to the interest rate, I think there is more here. They could be displaying the "effective" interest rate that takes into account things such as any fees that may have been added to the balance. Another possibility is that the balance is so low that the amount of interest assessed was below the minimum interest amount.
For example if the interest rate was 24% and they had a balance of $20. Interest on that would only be $0.40. If the card had a minimum interest charge of $2.00 on $20 that is in reality an "effective" rate of 120% a year.
It would be good if the OP would give more detail as this part for the Interest Rate.
