Comments on: Chase Behaving Badly: Unintended Consequences of the Fed’s New Credit Card Rules http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html Sun, 22 Nov 2009 22:11:10 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Jo http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html#comment-34405 Jo Sun, 01 Feb 2009 07:45:00 +0000 http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended-consequences-of-the-feds-new-credit-card-rules/#comment-34405 The 700,000 are less than one half of one percent of Chase's credit card accounts. They are willing to let these accounts close b/c they aren't making any money off you. They're trying to trim the fat. They're not the only ones, you know. Citibank is increasing the minimum payments AND the interest rate arbitrarily. B of A had a similar plan in place. I'll allow that Chase may have been among the first to implement these changes, but they won't be the only. First leson in life kids, is C Y A. The 700,000 are less than one half of one percent of Chase’s credit card accounts. They are willing to let these accounts close b/c they aren’t making any money off you. They’re trying to trim the fat. They’re not the only ones, you know. Citibank is increasing the minimum payments AND the interest rate arbitrarily. B of A had a similar plan in place. I’ll allow that Chase may have been among the first to implement these changes, but they won’t be the only. First leson in life kids, is C Y A.

]]> By: Dr Robert J Lahm Jr http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html#comment-33920 Dr Robert J Lahm Jr Wed, 28 Jan 2009 06:09:00 +0000 http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended-consequences-of-the-feds-new-credit-card-rules/#comment-33920 Dear "Anonymous" on January 20, 2009 at 11:16 PM,<br/><br/>Thank you for recognizing my hard work on this issue (ChangeInTerms.com). <br/><br/>Another post, from an author who seems to judge too quickly without reading all of the facts has been put in his or her proper place as a result of your support. <br/><br/>This is an important issue, that transcends my own personal stake in the matter. Dear “Anonymous” on January 20, 2009 at 11:16 PM,

Thank you for recognizing my hard work on this issue (ChangeInTerms.com).

Another post, from an author who seems to judge too quickly without reading all of the facts has been put in his or her proper place as a result of your support.

This is an important issue, that transcends my own personal stake in the matter.

]]> By: Anonymous http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html#comment-33111 Anonymous Wed, 21 Jan 2009 04:16:00 +0000 http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended-consequences-of-the-feds-new-credit-card-rules/#comment-33111 Apparently 700,000 or more people have been snared by Chase's coercive, unilateral, no-opt-out terms change (bump up minimum pmt by 2.5x, add nonsense $10 additional monthly fee), which is nothing more than coercion to "re-negotiate" the low-interest loans to a higher rate. <br/><br/>More info on this issue here:<br/>http://www.ChangeInTerms.com/ <br/><br/>(I have no affiliation with this site, but this guy seems focused on this very specific issue w/Chase, so am providing the link here).<br/><br/>As well, the following two law firms are exploring class-action lawsuits about this:<br/><br/>http://www.pinnaclelawgroup.com/<br/>http://www.gslawny.com/lawyer-attorney-1383679.html<br/><br/>(No affiliation w/these either -- just providing the links for others). Apparently 700,000 or more people have been snared by Chase’s coercive, unilateral, no-opt-out terms change (bump up minimum pmt by 2.5x, add nonsense $10 additional monthly fee), which is nothing more than coercion to “re-negotiate” the low-interest loans to a higher rate.

More info on this issue here:
http://www.ChangeInTerms.com/

(I have no affiliation with this site, but this guy seems focused on this very specific issue w/Chase, so am providing the link here).

As well, the following two law firms are exploring class-action lawsuits about this:

http://www.pinnaclelawgroup.com/
http://www.gslawny.com/lawyer-attorney-1383679.html

(No affiliation w/these either — just providing the links for others).

]]> By: Anonymous http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html#comment-32655 Anonymous Thu, 15 Jan 2009 16:56:00 +0000 http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended-consequences-of-the-feds-new-credit-card-rules/#comment-32655 these people need to be stopped!asap!i'm not smart enough to do it .i sure hope someone is these people need to be stopped!asap!i’m not smart enough to do it .i sure hope someone is

]]> By: Anonymous http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html#comment-32358 Anonymous Tue, 13 Jan 2009 23:25:00 +0000 http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended-consequences-of-the-feds-new-credit-card-rules/#comment-32358 I am lawyer and have been looking into Chase's changing the minimum payment from 2% to 5% and adding the service charge as it happened to my wife in this month's statement. If you are interested in what I have found and live in California, please let me know at kfrkevin@yahoo.com. I am lawyer and have been looking into Chase’s changing the minimum payment from 2% to 5% and adding the service charge as it happened to my wife in this month’s statement. If you are interested in what I have found and live in California, please let me know at kfrkevin@yahoo.com.

]]> By: Anonymous http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html#comment-32049 Anonymous Mon, 12 Jan 2009 03:25:00 +0000 http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended-consequences-of-the-feds-new-credit-card-rules/#comment-32049 jesus christ....when you signed the terms for the CC you agreed the banks could do what ever they wished....so now they change something and you bitch! get real...if you dont likr the terms go elswhere......or do without. jesus christ….when you signed the terms for the CC you agreed the banks could do what ever they wished….so now they change something and you bitch! get real…if you dont likr the terms go elswhere……or do without.

]]> By: Anonymous http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html#comment-32045 Anonymous Mon, 12 Jan 2009 01:39:00 +0000 http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended-consequences-of-the-feds-new-credit-card-rules/#comment-32045 A good link to a whole slew of recent complaints about Chase. Chase is an extortion racket. Guess they get 1.5 years to screw their customers. These are nothing more than Mafia criminals.<br/><br/>http://www.consumeraffairs.com/credit_cards/chase_credit_cards.html A good link to a whole slew of recent complaints about Chase. Chase is an extortion racket. Guess they get 1.5 years to screw their customers. These are nothing more than Mafia criminals.

http://www.consumeraffairs.com/credit_cards/chase_credit_cards.html

]]> By: Anonymous http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html#comment-32032 Anonymous Sun, 11 Jan 2009 23:04:00 +0000 http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended-consequences-of-the-feds-new-credit-card-rules/#comment-32032 I have two credit cards, both from credit unions. Each has, and has had for years, a limit of around $12,000.00. Interest goes up and down with the Prime and presently is 9.9% on each.<br/>Credit unions don't play games and don't send unsolicited offers. I have two credit cards, both from credit unions. Each has, and has had for years, a limit of around $12,000.00. Interest goes up and down with the Prime and presently is 9.9% on each.
Credit unions don’t play games and don’t send unsolicited offers.

]]> By: river http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html#comment-32023 river Sun, 11 Jan 2009 21:38:00 +0000 http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended-consequences-of-the-feds-new-credit-card-rules/#comment-32023 John Steinbeck, the author of many novels, saw both sides of the poverty coin. None of the characters owned credit cards. Once in a while we need to remind ourselves that happiness is not dependent on credit, but having the necessities of life. Food, shelter, medical help, community and friendship. <br/><br/>He brought to life many characters in Cannery Row and Sweet Thursday that were very poor but happy living in a functioning community. <br/><br/>He brought to life many characters in The Grapes of Wrath that were very poor, but because they were forced off their land and migrate to an unknown place, California, they were not happy and in truth many of them starved to death. John Steinbeck, the author of many novels, saw both sides of the poverty coin. None of the characters owned credit cards. Once in a while we need to remind ourselves that happiness is not dependent on credit, but having the necessities of life. Food, shelter, medical help, community and friendship.

He brought to life many characters in Cannery Row and Sweet Thursday that were very poor but happy living in a functioning community.

He brought to life many characters in The Grapes of Wrath that were very poor, but because they were forced off their land and migrate to an unknown place, California, they were not happy and in truth many of them starved to death.

]]> By: Anonymous http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended.html#comment-32020 Anonymous Sun, 11 Jan 2009 21:07:00 +0000 http://www.nakedcapitalism.com/2009/01/chase-behaving-badly-unintended-consequences-of-the-feds-new-credit-card-rules/#comment-32020 as someone who abused credit cards and other forms of credit so badly at a young age that i learned how to survive and thrive without financing due to necessity, i would suggest that those of us who live in this glass country should be wise and compassionate to not throw stones, if only that it fails to clearly illuminate the overall problem and discover a remedy.<br/><br/>but yes, one of the remedies is to understand that it is possible to live and pursue 'happiness' without the possibilities of credit.<br/><br/>another remedy is to understand that every dollar one deposits into a bank gives them the license to multiply that dollar in any way they see fit.<br/><br/>anyone who has a checking account in any of the axis of usury (Chase, Citi, BofA, etc) should seriously consider closing their accounts IMMEDIATELY and finding a more reputable institution to bank with (yes, they're out there if one is willing to take some time to research).<br/><br/>perhaps the only way to slay the beasts is to starve them...<br/><br/>...and then cross your fingers that they will fall decimated right into Elizabeth Warren's lap...<br/><br/>...so she (and we) can call BULLSHIT even louder... as someone who abused credit cards and other forms of credit so badly at a young age that i learned how to survive and thrive without financing due to necessity, i would suggest that those of us who live in this glass country should be wise and compassionate to not throw stones, if only that it fails to clearly illuminate the overall problem and discover a remedy.

but yes, one of the remedies is to understand that it is possible to live and pursue ‘happiness’ without the possibilities of credit.

another remedy is to understand that every dollar one deposits into a bank gives them the license to multiply that dollar in any way they see fit.

anyone who has a checking account in any of the axis of usury (Chase, Citi, BofA, etc) should seriously consider closing their accounts IMMEDIATELY and finding a more reputable institution to bank with (yes, they’re out there if one is willing to take some time to research).

perhaps the only way to slay the beasts is to starve them…

…and then cross your fingers that they will fall decimated right into Elizabeth Warren’s lap…

…so she (and we) can call BULLSHIT even louder…

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