Chase Informative - Chase Credit Card Customer Since 1995
On my January 2009 Chase Credit Card Statement I observed that my minimum payment amount was increased from $85.00 to $235.00 per month even though I have been paying $250.00 per month.
My account also had a Service Charge/Finance Charge of $10.00 even though I have never been late for any payment and had this account for over 5 years.
I learned that Chase was increasing Service Charges from zero to $10.00 per month or increasing interest rates to 7.99% if a customer had less than a 7.99% interest rate. The $10.00 Service Fee would be billed each month regardless of the balance including a zero balance.
I paid my balance of over $4700.00 off with Chase Card Services and closed my account. It seems that Chase Card Services only wants sub-prime borrowers ...those people that can't afford to protect themselves from such criminal activity as I can.
Yet, at the same time, even those people that have paid higher interest rates are having their rates increased even more! This tells me that Chase, and probably many other banks, are attempting to create a huge amount of reserve in their banks for something that they expect in the future.
Banks, Credit Card Companies and Financial Institutions need to be regulated now ...not a year from now. Also, it is my opinion that what these CEO's and Upper Level Managers need to be investigated for criminal activities by all forms and levels of government agencies.
A limit should be placed on what these CEO's and Upper Level Managers earn and they should be prohibited from purchasing stock in the corporation that they are employed with due to an obvious conflict of interest.
Additionally, people such as Madoff should be tried, and if found guilty, given a sentence of life in a real prison.
The American Public is not a group of consumer cows (as the CEO's and Upper Level Management seem to believe). We are individuals with rights ...equal to them no less or no more.
We the American Public expect these criminals to be brought to justice and for them all to be removed from office once and for all.