Posts Tagged ‘Chase Bank’

Chase settling credit debt with 13,000 consumers

July 27, 2009

“Attorney General Bill McCollum [last week] announced that a settlement has been reached in a case brought by Chase Card Services against affiliated Hess Kennedy companies which engaged in fraudulent debt settlement activities. Under the settlement approved earlier this week, Chase will release the credit card debt of approximately 13,000 consumers nationwide, including over 900 Florida residents, who contracted with the Hess Kennedy companies for the fraudulent services.”

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NY AG get Chase to stop $10 service fees

March 31, 2009

After several lawsuits filed throughout the country against Chase changing the terms of their agreement with credit card customers, the bank has settled with the Andrew Cuomo, the New York State Attorney General and agreed to give refunds totalling $4.4 million to more than 184,000 customers.

However, the ten dollar service wasn’t only term the bank changed with its customers.  It also changed the monthly amount minimum amount credit card holders had to pay.  I wonder if this will impact any of the class action lawsuits that made these claims.

Article

Chase sued in CA for changing credit card terms

February 26, 2009

Here is another suit against Chase filed in Central California Federal District Court.  Like the others the plaintiff here claims that late last year the bank announce it would be charging him a $10 service fee as well as requiring a higher monthly fee, changing the amount owed from 2% of outstanding debt to 5%

Complaint courtesy Girard Gibbs

Chase lawsuits: finance charge not fees

February 22, 2009

A website, “Changeinterms.com” is following the Chase bank lawsuits being filed nationwide where the bank is claiming that it is now charging customers “service fees.”   Unfortunately, the media reporting on this story has taken up Chase’s use of “fee” rather than “finance charge” which would implicate Chase in violating the terms of its orginal agreements.

Another Chase credit card lawsuit

February 19, 2009

This suit, filed in Northern District of Illinois, claims that Chase sent out letter in November 2008, telling borrowers that they either had to pay their outstanding balance in full or they would be charged a $10 service fee and their minimum balance would increase from 2% of their outstanding balance to 5%.

Complaint courtesy Courthousenews

Another Chase bank switch & bait lawsuit

February 12, 2009

I posted last week about a Chase lawsuit filed in Hawaii and this class action complaint filed in Cook County state court one ups the earlier one as not only did Chase start charging the borrower a $10 monthly fee in January 2009 but the bank also increased the minimum monthly payment to 5% of the outstanding balance.  If the borrower doesn’t like that, the bank will allow the borrower to accept an increase in APR from 3.99% to 7.99%.   

Complaint courtesy Courthousenews

Chase sued: changed terms on fixed rate loans

February 7, 2009

According to the plaintiff who filed a class action complaint in Hawaii federal court, Chase Bank offered him a fixed rate on his loan which he accepted.  The plaintiff claims that  the language of the offer gives the “impression” that there will be no other fees associated with the loan for its duration.  However, in January 2009, the bank started charging the plaintiff a $10 service fee that he says violates the terms of the agreement. 

My take on this is that the law doesn’t care about “impressions.”  If the offer didn’t expressly say that service fees couldn’t be charged on the loan, then legally they could be.   Not nice but very typical of the industry.

Complaint courtesy Courthousenews