JP Morgan Chase Credit Card Complaint - Unprovoked Rate Increase & Debtors Revolt
NEW YORK -- Dear Sirs or Madams:
In reviewing my account # **** **** **** **** (member since 2003) , I notice that my APR has been increased to 18.24% from 12.24%, a full 6%. I am unsure when or why it was raised from the agreed on 11.99%. This was done without any prior notification or explanation for the increase, despite my having never been late on a payment, and usually paying those above the minimum. In the seven years I have been with Chase, I have acted in good faith and abided by the terms and conditions as outlined in our original contract.
By this action I view Chase Credit Card Services to be either in error or in breach.
I consider this increase, if intentional, as tantamount to theft, breach of faith, tortuous interference with a contract and should this affect my credit rating, an egregious libeling of my name.
I have worked very hard to maintain near perfect credit status my entire adult life and will seek ALL legal remedies at my disposal (including prosecution for material damages) to see the that it is maintained and my good name protected and respected.
It is regrettable if JP Morgan deems it nonobligatory to abide the same lawful standards and ethics as those of its customers and competitors.
The actions of JP Morgan Chase in particular, your subsidiaries, and counterparts in the financial industry, seem determined to destroy the economy of the nation that birthed it.
I intend to avoid being taken victim in the wholesale larcenies being perpetrated in the banking industry. I have prepared for this occasion.
By acting in a criminal fashion, arbitrarily attempting to raise my cost of living by more than $100 a month at the height of an economic crisis without any service to show for it, value added for it, or cause to do so, you have reset the playing field and forced me to participate with you the same level of ruthlessness, underhandedness, and back dealing that you have yourselves employed. You have also provided me an opportunity to participate in the constitutionally mandated revolt that has been provoked by the over-reaching greed of U.S. banking cartels. Thank you for the singular opportunity to serve my country in that way.
I have written to give Chase this single opportunity to restore my account to its previous status and original APR of 11.9%. Should you decide otherwise, or until such time as that is accomplished, you can expect further remittance and communication from me to cease.
I am confident that my character and reputation will be sufficient to see me through the coming years without the services your company has provided to date and am prepared to sever my relationship with JP Morgan Chase effective immediately.
Your next step as an Executive at JP Morgan is to take a look at my seven year history with Chase, in light of 25+ years of perfect payment history, and make the decision. Do you want seven more, or do you want to write down $17,950.00 of good money reliably at work in the marketplace today? Ask Mr. Dimon what is better in his opinion?: Same size piece of pie? Or no pie at all?
I have lived up to my obligations with you, my other creditors, and all my relations private and professional. I will continue to do so according to the rule of law and basic civic decency. I have always believed in fair and honest dealing and lived so that my word is as good as my contract. My credit history reflects this ethic and it is with the full weight of that 25+ year history that I promise you: if the exact terms I have stated are not met, you will have forfeited the principal amount of my outstanding balance and all future interest thereof. I say this without rancor, compunction or equivocation, as a statement of simple fact to assist in your decision and calculations.
It is my sincere admonishment that as a company, and individuals employed with JP Morgan Chase, you will return to those same principles which once allowed you to fuel prosperity and innovation in the past, and turn away from the self destructive futility evinced in these dishonorable tactics.
As potentially one of thousands of small cut's assigned for your new year, I eagerly await your reply and thank you for the opportunity to address this pressing social issue in a direct and personal manner.