Don’t fall for scammers fake Chase texts to your cell phone telling you your account is suspended. If you received one of these, call the number YOU KNOW is for Chase Bank, not the one in the text message.
As of Feb 22, 2010, the new rules from the Credit Card Act of 2009 are in full effect. Here are some of the things that your bank should be doing differently:
- Your credit card company must send you a notice 45 days before they can increase your interest rate, change certain fees (such as annual fees, cash advance fees, and late fees) that apply to your account, or make other significant changes to the terms of your card.
- If your credit card company is going to make changes to the terms of your card, it must give you the option to cancel the card before certain fee increases take effect. If you take that option, however, your credit card company may close your account and increase your monthly payment, subject to certain limitations.
- For example, they can require you to pay the balance off in five years, or they can double the percentage of your balance used to calculate your minimum payment (which will result in faster repayment than under the terms of your account).
- Your monthly bill should including information on how long it will take you to pay off your balance if you only make the minimum payment.
- Your credit card company cannot increase your rate for the first 12 months after you open an account.
- When your interest rate increases, it should only apply to new charges.
- You must explicitly opt-in to allow over-limit transactions to go through. DON’T DO THIS!
- If your credit card company requires you to pay fees (such as an annual fee or application fee), those fees cannot total more than 25% of the initial credit limit.
If Chase breaches these new rules in any way, be sure to call them on it.
IMPORTANT TIP: DO NOT SIGN UP FOR CHASE’S NEW (POST CREDIT CARD ACT OF 2009) OVERDRAFT PROTECTION. YOU DON’T NEED IT. They have been running a fear campaign, sending repeated letters, and having their bank stuff harass customers to try and get them to sign up for overdraft protection.
The quality of customer service at Chase branches varies highly. One branch may have excellent personnel while another may be horrid, as evidenced by this set of yelp reviews for Chase branches in San Jose, CA. Use Yelp or another service to find the best rated branch near you to bank at.