Chase Manhattan Bank Complaint - Why Aren't Credit Card Providers Held to Our Standards?
I have a fairly large bill with Chase CC Services. They promised me a 4.99% interest rate until the end of the loan. In September of 2005, Chase maintained that I hadn't made a payment, so my rates skyrocketed to 20% and I had multiple fines and penalties of over $2,500 for automatic payments which weren't large enough due to the increased interest rate. It was several months before I realized what was going on and my balance was now more than it was to start with!
My bank had to send a report to Chase, showing them that a payment had been made as required.
As of now, the charges have all been reversed and my interest rate has been restored to 4.99%.
So where is the fairness? Chase makes a huge mistake and absolutely no penalties will occur, but just let the customer miss a payment by a day and anything goes. To receive some solace, I wrote to the Comptroller of the Currency in Houston, TX where they investigate these billing errors. Chase heard from them and some higher up called me, saying they would look into it.
It still doesn't justify the fact that these Corporations aren't held accountable for their mistakes like we are, And all along I keep getting these letters about how important I am and how much they want to be my credit card service even though I now have to do my own accounting to be certain they haven't screwed up again.