Under pressure - Chase Card to drop $10 montlhy fee to card holders

[Hawaii Hiker]

Good job Andrew Cuomo,

:woohoo:

"Just last week, under pressure from the New York attorney general’s office, Chase agreed to end the $10 monthly fee and credit the service charges already billed. The bank says it will refund $3.3 million to approximately 300,000 customers.

Attorney General Andrew Cuomo told Chase the $10 a month fee significantly raised the interest rate on these accounts, something he says is prohibited by truth-in-lending laws. Cuomo said the settlement will save cardholders about $22 million dollars during the next 12 months".

http://www.msnbc.msn.com/id/30111663/

[Fridays Child]

1. But they're going to continue to require a minimum monthly payment equal to 5% of the balance.

That's at least double the previous monthly minimum payment, for most customers. Many will be forced into arrears, and their credit damaged, because of it. In the meantime, Chase is using its 25 billion dollar share of TARP funds to gobble up other banks, like Washington Mutual.

http://www.nytimes.com/2008/10/25/business/25nocera.html