04-22-2006, 12:30 PM | #1 (permalink) |
<3 TFP
Location: 17TLH2445607250
|
Finance Charges on a closed account
We recently paid off our balance in full on a Chase credit card. The balance was ~$6000. We called and got "today's payoff amount" from a billing rep. We paid that amount. We waited one week and called to close the account. We had overpaid our balance by $20 and they closed the account and mailed out a check for that $20.
Today we got a statement for $72.20 worth of finance charges that were apparently accrued on the average daily balance of ~$2300. Personally, I think this is bullshit. If they do NOT calculate finance charges daily (I know some banks do), why would they refund our negative balance before the end of that period? If they DO calulate it daily, they are trying to screw us. Does anyone have insight into how to not pay this? Frankly, when I've closed accounts (loans, credit cards) in the past, I've paid of the "today's payoff amount" and been 100% done with it. I've never had a situation like this come up. Frankly, Chase sucks pretty bad, and I don't believe that I owe them this money. However, I'd rather not have this on my credit report. What options do I have? I'm not above threatening them with legal action. In fact, I'd almost be willing to PAY a lawyer a few hundred bucks to file appropriate paperwork rather than give Chase $72.20 I do not owe them. Thanks in advance for any help! |
04-22-2006, 01:57 PM | #2 (permalink) |
Adequate
Location: In my angry-dome.
|
I ran into the same situation with Chase a few years ago and ended up just paying to get them out of my hair. I decided henceforth to wire funds or otherwise pay electronically and close the charge account same day, and have done so twice.
Not to say that is the only solution. It likely depends on the specific cardholder agreement and the dates of money transfers. I look forward to reading about what you learn.
__________________
There are a vast number of people who are uninformed and heavily propagandized, but fundamentally decent. The propaganda that inundates them is effective when unchallenged, but much of it goes only skin deep. If they can be brought to raise questions and apply their decent instincts and basic intelligence, many people quickly escape the confines of the doctrinal system and are willing to do something to help others who are really suffering and oppressed." -Manufacturing Consent: Noam Chomsky and the Media, p. 195 |
04-22-2006, 03:08 PM | #3 (permalink) | |
<3 TFP
Location: 17TLH2445607250
|
From http://www.consumeraffairs.com/credi...dit_cards.html
Quote:
|
|
04-22-2006, 06:21 PM | #4 (permalink) |
Cunning Runt
Location: Taking a mulligan
|
When Chase was Bank One, they decided I owed $400 to them, and I disagreed. (Long story; short version is I was agressive about their refusal to issue a frequent flier ticket I was entitled to.)
If my experience is any indication, they will ignore whatever you tell them, and if you don't pay, they will report you to one of several really scummy collection agencies. These guys will lie and scream at you on the phone. Now that I have experienced this, I would be prepared to handle it with much more aplomb--I'd alternate between talking dirty ("So what are you wearing, Sweetpants?") to the collector and calling him an inbred cretin. Unfortunately, neither Bank One or the collection agency had an office in my state, so I couldn't get them into small claims court. Long story was I held off for four years, but then interest rates dropped so much I wanted to re-fi my house at 4.65%. My wife paid them behind my back, because she was afraid I'd refuse to, and ruin the chances of getting that rate. But I would do pretty much anything in my power to get back at those thieves. P.S. I have paid things Cyrnel's way without a problem. I think immediate payment is critical.
__________________
"The problem with socialism is that you eventually run out of other people's money." Margaret Thatcher |
04-22-2006, 06:51 PM | #5 (permalink) | |
Cunning Runt
Location: Taking a mulligan
|
Did you notice this?
http://www.consumeraffairs.com/news0...rilegiant.html Quote:
__________________
"The problem with socialism is that you eventually run out of other people's money." Margaret Thatcher |
|
04-22-2006, 06:56 PM | #6 (permalink) |
<3 TFP
Location: 17TLH2445607250
|
I agree, and they were paid electronically that day. Also, I did, in fact, see the above article. It's a bit of a different situation, but still, they seem to be getting some bad press lately (as has Bank One). I wonder if JP Morgan ever regrets the additiona they made to the banking family. *sigh*
|
04-24-2006, 05:28 AM | #7 (permalink) |
Junkie
Location: Melbourne, Australia
|
I closed an account once with a letter. I settled the small remaining amount as requested and made it quite clear that I would not be treating seriously any later mention of fees for a the closed account. I kept a copy of the letter as well as mailing myself a third version (for the date-stamp) which I kept sealed as proof.
I think I did get one additional mail. I just put them in a pile (it was a small amount) and they went away. Guess it costs them more to chase than to retire it. |
04-26-2006, 06:50 PM | #8 (permalink) |
Psycho
|
I have 2 chase cards. I will never use either of these cards again.
1 had a 3000 limit on it, with 13% interest, another was 4500 with 10%. About 2 or 3 months after i transferred balances to the 4500 card, I got a letter in the mail stating that they were moving my interest rate on both cards to 29%. There was no additional information on how their decision was based. So, I called them up and they told me that they pulled my credit and I "fell out of the range" that i was in when I got the cards. When I got my first chase card, my credit score was around 600. When I got the second one, it was around 660. It was over 700 when they decided this... I called that night and paid off those 2 cards and told them I'd never do business with them again over this. |
Tags |
account, charges, closed, finance |
|
|