Chase Bank to Refund Millions in Illegal Credit Card Fees
If you have a Chase credit card, you have probably noticed the $10 per month service charge that has been added to your monthly credit card statement as recently as November of last year. If you are like thousands of other Americans, this monthly service charge has infuriated you.
However, the New York Office of the Attorney General has ordered Chase Bank to stop charging cardholders the monthly fee. Attorney General Andrew Cuomo announced on March 30, 2009 that this monthly charge had been added by Chase to over 184,000 credit accounts across the nation. The monthly service charge was imposed mostly on new accounts with a promotional APR.
Most of these monthly fees were added to customer accounts beginning in November 2008. There are more than 100 million Chase credit cards around the country and cardholders around the country were completely outraged by Chase’s actions but were told that there was nothing that could be done.
Luckily, Attorney General Cuomo took matters into his own hands. He said, “My office will not sit back and allow banks to promise one thing in its solicitations and agreements with consumers, and then when times get tough, change the deal, leaving consumers holding the bag. Truth-In-Lending laws prohibit this very conduct. I am glad that Chase has now reconsidered its ill-advised, illegal decision, and will now live up to the terms it originally offered and agreed to.”
Not only will this monthly service charge no longer be charged to thousands of accounts, but the money that was already charged to these consumers will be given back. Chase will refund approximately $4.4 million to deserving customers around the country.
Related posts:
Discussion Area - Leave a Comment