topic Re: 💳 Canadian Chase Bank customers 💳 in Community Chat

💳 Canadian Chase Bank customers 💳

Mz iMac — Sun, 11 Aug 2019 19:40:03 GMT

Chase Bank erases all credit card debt for Canadian customers

American-based Chase Bank is giving its customers above the border one last gift before it bows out of the Canadian credit card market.

The bank has decided to "forgive" all outstanding balances for Canadians who use their two credit cards following an exit from the market. Victor J. Blue/Bloomberg via Getty Images

Chase Bank, which is part of JPMorgan Chase & Co., closed all their credit card accounts in March 2018 and customers were expected to continue to pay their debt.

That changed on Friday when the company decided to forgive all outstanding balances on either of its two VISA cards as part of their exit following 13 years in the Canadian credit card market, according to the CBC.

"Chase made the decision to exit the Canadian credit card market," said Maria Martinez, vice president of communications for Chase Card Services. "As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit."

The reactions from customers throughout Canada range from shock, disbelief to joy as people who owed thousands on their credit cards had all that debt wiped away in an instant.

"I was sort of over the moon all last night, with a smile on my face," Douglas Turner of Ontario, who owed more than $4,500 on his card, told the CBC. "I couldn't believe it."

Canadian Paul Adamson, 43, whose debt was also erased, told the CBC he originally thought he missed a payment after hearing his account was closed.

"I'm honestly still flabbergasted about it," he said. "It's [usually] surprise fees, extra complications, things like that, definitely, but not loan forgiveness."

When asked why Chase decided to forgive rather than try and recoup owed money, Martinez said that the company, “felt it was a better decision for all parties, particularly our customers, to forgive the debt."

The company wouldn't elaborate on how much debt was outstanding or how many customers had signed up for their cards.

“Everyone I’ve talked to is really keen on this good-news credit card story,” Adamson added. “Those aren’t words that usually go together.”

Re: 💳 Canadian Chase Bank customers 💳

millieshops — Sun, 11 Aug 2019 19:47:50 GMT

I guess at some point it was becoming more expensive to service the remaining accounts than to take the loss. Just a guess. I haven't read the financials behind their move.

Re: 💳 Canadian Chase Bank customers 💳

San Antonio Gal — Sun, 11 Aug 2019 20:00:56 GMT

Wow!

Re: 💳 Canadian Chase Bank customers 💳

Nightowlz — Sun, 11 Aug 2019 20:08:13 GMT

That's BS. Nobody ever wrote of any of our debt. We paid every penny of it on time.

Re: 💳 Canadian Chase Bank customers 💳

MamaWick — Sun, 11 Aug 2019 20:43:04 GMT

I read the story. If this is true, it's a lawsuit waiting to happen with non-Canadian card holders. You can't do for one and not for others.

Re: 💳 Canadian Chase Bank customers 💳

Mz iMac — Sun, 11 Aug 2019 20:49:00 GMT

@millieshops wrote:
I haven't read the financials behind their move.

I forgot to post the "non clickable" link....

copy/paste link--->foxnews.com/world/chase-bank-erases-all-credit-card-debt-for-canadian-customers

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@Nightowlz"That's BS. Nobody ever wrote of any of our debt. We paid every penny of it on time."

If that is the case, you had no debt because you had no balance if you paid off 100% your bill monthly. From the article, I gather the only folks this affects & benefited are the Candians who had "balances" no matter how high or low.

Re: 💳 Canadian Chase Bank customers 💳

Mz iMac — Sun, 11 Aug 2019 20:54:44 GMT

@MamaWick wrote:
I read the story. If this is true, it's a lawsuit waiting to happen with non-Canadian card holders. You can't do for one and not for others.

@MamaWick What others??? I do not smell a lawsuit. Chase is leaving Canada. There is no indication they are leaving the US or any other country ~~yet~~.

Furthermore, if a non-Canadian "living" in Canada & using a CANADIAN Chase CC, they will also benefit if they have balances.

Re: 💳 Canadian Chase Bank customers 💳

Nightowlz — Sun, 11 Aug 2019 21:05:55 GMT

@Mz iMac wrote:
@millieshops wrote:
I haven't read the financials behind their move.

I forgot to post the "non clickable" link....
copy/paste link--->foxnews.com/world/chase-bank-erases-all-credit-card-debt-for-canadian-customers

============

@Nightowlz"That's BS. Nobody ever wrote of any of our debt. We paid every penny of it on time."
If that is the case, you had no debt because you had no balance if you paid off 100% your bill monthly. From the article, I gather the only folks this affects & benefited are the Candians who had "balances" no matter how high or low.

@Mz iMac

That's not what I meant. I mean nobody has ever paid any debt we had in the past. Yes we had debt we made monthly payments on time every month til it was paid. Have not had any debt in a long time. I'm keeping it that way. Never have lived beyond our means & never will like a lot of people do & get in trouble.

Re: 💳 Canadian Chase Bank customers 💳

Mz iMac — Sun, 11 Aug 2019 21:08:32 GMT

@Nightowlz Thanks for the clarification.

Re: 💳 Canadian Chase Bank customers 💳

Nightowlz — Sun, 11 Aug 2019 21:11:41 GMT

@Mz iMac wrote:
@Nightowlz Thanks for the clarification.

@Mz iMac

I get a little ticked hearing about bailouts & such. I never got one. I never expected to get one. I don't agree with it.

Re: 💳 Canadian Chase Bank customers 💳

chrystaltree — Sun, 11 Aug 2019 21:18:39 GMT

That's amazing. I'm sure there are some very happy Chase credit card holders up North. I think that it's would be too expensive and cumbersome to do the collection and this is being reported everywhere Chase is getting a ton of positive free publicity.

Re: 💳 Canadian Chase Bank customers 💳

halfpint1 — Sun, 11 Aug 2019 21:50:53 GMT

Chase has my Visa but I pay it off every month.

Re: 💳 Canadian Chase Bank customers 💳

FrostyBabe1 — Sun, 11 Aug 2019 22:17:03 GMT

@chrystaltree wrote:
That's amazing. I'm sure there are some very happy Chase credit card holders up North. I think that it's would be too expensive and cumbersome to do the collection and this is being reported everywhere Chase is getting a ton of positive free publicity.

Not only this, but they'll have various options (depending on their accountant's opinions) on how to maximize the write down of the debt to get the greatest possible tax advantage. Reduce costs, reduce receivables (which decline in value over time), reduce taxable income = favorable results for their shareholders.

Re: 💳 Canadian Chase Bank customers 💳

millieshops — Sun, 11 Aug 2019 22:55:04 GMT

@MamaWickWe'll see soon enough if it's lawsuit material. Might depend upon whether Chase is leaving the credit card business in counries besides Canada. Or on how the business is incorporated in various countries. I just know I haven't heard a peep about that for my card.

I did see a comment from one young woman who had been paying off her Chase debt; I forgeyt exactly how she worded it, but she felt as if she were being irresponsible in accepting the Chase deal. I doubt lots of the debtors feel like she does.

Re: 💳 Canadian Chase Bank customers 💳

GCR18 — Mon, 12 Aug 2019 00:58:30 GMT

I'm in Canada now. It was on the news the other night. They interviewed a man who received a letter from Chase saying his debt was erased. I think it's great. When does the little guy get a break like this.

Re: 💳 Canadian Chase Bank customers 💳

sidsmom — Mon, 12 Aug 2019 00:59:00 GMT

Dang.

Canada gets all the good stuff.

They’re are so polite, they have handsome Justin Trudeau,

funny McKenzie Brothers, SCTV and CC debt forgiveness.

But the weather thing is a bummer, tho....

Re: 💳 Canadian Chase Bank customers 💳

Spurt — Mon, 12 Aug 2019 14:55:04 GMT

But ya knowing the saying.....to paraphrase Mike Rowe's show, "Somebody's gonna pay for it!"....Whether its the Canadian taxpayers if Chase takes advantage of a Canadian tax break, OR their Chase based U.S. customers if the tax breaks dont take care of all the financial losses associated with this.....

Re: 💳 Canadian Chase Bank customers 💳

Pook — Mon, 12 Aug 2019 21:07:46 GMT

I would think that it's cost more to keep those accounts on their system than to write them off.

Re: 💳 Canadian Chase Bank customers 💳

SuhseK — Mon, 12 Aug 2019 21:48:06 GMT

@Pook wrote:
I would think that it's cost more to keep those accounts on their system than to write them off.

--------

I think, you're nail on the head.
Giant corporations, do not do things like this, out of the kindness, of their hearts!

I was shocked by the post, where, someone said, a customer felt irresponsible, accepting the offer. HUH?? She didn't ask for debt forgiveness; this was a corporate decision.

Accept your good fortune graciously!

Re: 💳 Canadian Chase Bank customers 💳

alarmclock — Mon, 12 Aug 2019 21:51:35 GMT

@MamaWick wrote:
I read the story. If this is true, it's a lawsuit waiting to happen with non-Canadian card holders. You can't do for one and not for others.

Sorry but you are mistaken.