I have an extremely low-interest credit card with Chase with a balance- I’m talkin’ a rate lower than my government student loans. I’m crazy diligent about paying it in a timely manner (like any bill, always). So Chase is making very little money off me.
They fixed my wagon when they sent me a letter late last year saying they were tacking on a $10 “monthly service fee” to my account- dangerously close to breaching our TOS. But they want my ‘dead weight’ balance gone.
When my husband called them for answers, he had to go up a few chain-of-commands until he found someone who would tell him the truth as to why they would start issuing monthly fees- “We aren’t making enough money off this really responsible account, so we started charging you-and others like you-a monthly service fee”. The next day I had a call in to my Attorney General’s office. It wasn’t returned because I’m just a minion, but that’s an example of how livid I was.
Enter tons of consumer complaints to Chase.
Enter political pressure on Chase.
Enter lawsuits against Chase.
Enter a letter of recant into my mailbox today.
Oh yes. Chase, under aforementioned pressures, will be refunding me-and 400,000 other responsible cardholders-any service fee applied to my account and will desist any further $10 service fee charge. Chase gets to dole out over $4 million now. A firm founded in the late 1700’s is still living and learning. Kinda interesting.