Best way to leave Chase for good??

Only closing my checking and credit line. All credit cards are still open and fine. The lame CS said she did not know.

a) You're probably out the $500 fee.

b) Your credit lines may be cut/cancelled next, granting your wish.

c) Chase has a "reason" - think hard.

If you still have 5 credit cards with them for total $65k credit limit and that's most of your credit limit, you'd be cutting your nose to spite your face by closing those credit card accounts. Unless there are annual fees on those Chase card, you could simply sock drawer them.

But you'd also want to at least migrate some of that available credit over to other banks, preferably not concentrating on only one. Ideally, you'd want to increase your available credit by just opening a few more credit cards, maybe 4 to start with from Citi, BoA, AMEX and Discover, preferably taking advantage of cards you'd actually use for CashBack and/or for signup bonuses.

As far as the $500, I'm surprised they'd close the credit line a month after collecting the fee. For their credit card accounts that have annual fees, they usually refund the fee if you close the account within a month of the fee being collected. In other cases, they prorate the refund to the amount of time left in the year you paid the fee for. Say if you close the account 3 months after the annual fee was paid, they'll refund you %75 of the annual fee. It may be different procedures for credit lines, but I'd still ask for similar refund.

As far as the original negative action by Chase, I can't help but think there's more to the story than what OP told us. It makes little sense for them to get rid of juicy customers that pay $500 annual fee for credit lines. It would be interesting to ask why Chase decided to end business relationship when it seems to me that OP was a profitable customer. I've been doing business with Chase as one of my primary banks for 15 years as well and I've paid them less than $50 in fees over the years and actually milked their account opening offers at the tune of $100 or $150 more or less every other year. So there'd have to be something very negative in OP's customer profile for them to cut him off.

Not sure. Just last month, they gave me another 16k credit card. I called my banker and left 3 messages over the last 2 weeks. Not one call back. Called the 800 support, they said its in their right to do so and a letter will be explaining why. The letter sent only says they are in their right to close their account with no reason. I have since moved my savings account and both business accounts to another bank. My FICO's are all north of 800. I have no debt and pay the bill off monthly. The other credit cards I have aside from Chase are:

Citi Professional
CitiFoward
DiscoverCard
WalMart DiscoverCard
Fido AMEX
Fido Visa
PenFed Visa

I the process of writing a letter to JPMorgan Chase Chairman and CEO, Jamie Dimon. I am also a contributing writer for WalletPop. I will be writing a post on this whole situation in the coming weeks. In addition, some of my loyal friends, family and business associates have, in support for me and at my request, closed or are in the process of closing their JP Morgan Chase bank accounts.

They seriously screwed with the wrong person. They stirred up a hornets nest. Stay tuned and see what happens.

comptalk said: They seriously screwed with the wrong person. They stirred up a hornets nest. Stay tuned and see what happens.

So long as they can borrow from the government at .25% and lend it back to the government at 2%, they aren't going to care.

You, your extended family, and all of their friends combined total up to rounding error in the greater scheme of things.

edit: FWIW, OP, I'm doing the same thing as you are. But I don't have the misconception that Chase cares about me one way or the other regardless.

Nope. Mostly only pay credit card bills from my then Chase account, as well as my investment account @ GS. All payments were to Fido, AMEX, Citi and ironically Chase. Interestingly enough, they only closed one of my accounts and credit lines, and left the others open. As soon as the month ends and I can get the final statement, I will be closing the others too. Since the Cash Back with Chase sucks now, I couldn't care less about the credit cards. However, I do not want to close then an risk upsetting the other credit card companies.

I moved to a regional bank. They are much nicer and actually seem to care about their clients more than the mega banks. That is true, in the scheme of things, it probably doesn't matter to them. However, I would be surprised if someone in the Chairman's office does not take a look.

Glitch99 said: Why were you paying a $500 annual fee for a line of credit, when you have $65k 'free' credit with them as well? (I know this sounds kinda smart-ass, but its not ment to be - either paying the fee to keep the line open really was a waste, or there are features that make it worthwhile that I'd really like to hear about).

Its was a 50k line of credit. They gave it to me a few years ago. Every year they waived the fee. This year though, my banker never called me back. Amazing customer service.

comptalk said: Its was a 50k line of credit. They gave it to me a few years ago. Every year they waived the fee. This year though, my banker never called me back. Amazing customer service.

It costs money a bank to maintain a line of credit for you. If you don't use it, it'll generally be closed. ING Direct told me they'll close my line of credit if I don't use it for 18 months.

comptalk said: Nope. Mostly only pay credit card bills from my then Chase account, as well as my investment account @ GS. All payments were to Fido, AMEX, Citi and ironically Chase. Interestingly enough, they only closed one of my accounts and credit lines, and left the others open. As soon as the month ends and I can get the final statement, I will be closing the others too. Since the Cash Back with Chase sucks now, I couldn't care less about the credit cards. However, I do not want to close then an risk upsetting the other credit card companies.

I moved to a regional bank. They are much nicer and actually seem to care about their clients more than the mega banks. That is true, in the scheme of things, it probably doesn't matter to them. However, I would be surprised if someone in the Chairman's office does not take a look.

GS = Goldman Sachs?

so, you have NO idea why they are closing your accounts?

Chase seems to be playing defensive in a haphazard way: they cut my overdraft line of credit by 1k first and then couple months later another 5k (down to 1k) ; they cut 5k from a previous 6k CC line, BUT they left intact my other CC's of 24k, 17k, 5k ,1.5k and 0.5k ... go figure...

The same week Citi approved me for a new 15k credit line which is not reflected in the credit report yet

curtisekarr said: comptalk said: In addition, some of my loyal friends, family and business associates have, in support for me and at my request, closed or are in the process of closing their JP Morgan Chase bank accounts.Why not simply leave your friends and family out of it? You don't know their exact situations, and closing these accounts could seriously impact THEIR financial future. Dam that's selfish.

Never asked them too. They just said they did or were going too. Most are small biz owners and can understand the effect of having Chase do this to someone. Thus, instead of having the same possibly happen to them, they they are being pre-emtive and just choosing to move to another bank. I never asked or suggested for anyone to leave on my accord.

Think what you like. Most of you have already formed your opinions; regardless of how misguided or misunderstood they may be. Talk amongst yourselves, as I am no longer participating in the thread.

comptalk said: Glitch99 said: Why were you paying a $500 annual fee for a line of credit, when you have $65k 'free' credit with them as well? (I know this sounds kinda smart-ass, but its not ment to be - either paying the fee to keep the line open really was a waste, or there are features that make it worthwhile that I'd really like to hear about).Its was a 50k line of credit. They gave it to me a few years ago. Every year they waived the fee. This year though, my banker never called me back. Amazing customer service.A $500 annual fee for a $50k LOC? Was this an unsecured business line? Were you using it? How was the fee paid?

I have to ask, too, what is this reference to "my banker?" Who has their own banker these days? Are you talking about some branch manager? Or do you have some kind of private banking officer assigned to you?

As others have mentioned, trying to "stick it to the bank" isn't going to be very productive. If you really need or want to preserve the banking relationship, go see "your banker" and figure out what is going on. If you really want the $500 back, start lobbying for that. The #1 rule for any kind of customer service rant is to figure out what you want, and then ask for it. Just trying to hurt or smear the company isn't very productive.

Citi is on the rocks as well. Bank of America is doing the same thing. I would try and find a small bank or credit union. Some one who took no tarp moneyGboogie America

Wanna buy some steroids?

Just wanted to chime in that I am proud to have left Chase about 6 months ago.

delzy said: I'm always surprised how the word "relationship" is misused in the context of banking business. You see, the bank is the prostitute and you are the "John". The pimp is the investment branch of the mega-bank. If you truly want a banking "relationship", you need to be doing your banking with a small, locally-owned operation where you have access to the bank president.

I had to chuckle when OP said he was writing a letter to Jamie Dimon. That's hilarious. I do know that some people have gotten results doing that, but I really can't imagine he'd take a personal interest in OP's satisfaction.

This is probably the most idiotic post I have ever seen on FatWallet.

Chris.

comptalk said: Nope. Mostly only pay credit card bills from my then Chase account, as well as my investment account @ GS. All payments were to Fido, AMEX, Citi and ironically Chase. Interestingly enough, they only closed one of my accounts and credit lines, and left the others open. As soon as the month ends and I can get the final statement, I will be closing the others too. Since the Cash Back with Chase sucks now, I couldn't care less about the credit cards. However, I do not want to close then an risk upsetting the other credit card companies.

I moved to a regional bank. They are much nicer and actually seem to care about their clients more than the mega banks. That is true, in the scheme of things, it probably doesn't matter to them. However, I would be surprised if someone in the Chairman's office does not take a look.

Sorry but if you have a measly $65k credit line from 5 different banks you do not have an investment account at GS, I call bullshit. To have an investment accountat Goldman you need minimum $5MM cash and your CL would be at least $250k per card (more like $1 or $2 MM per card) not $65k over 5 cards. How do I know? Lets just say that I know.