Friday, July 24, 2009
Chase is Closing WAMU accounts
Check out the posts just from the last two days on ConsumerAffairs.com.
Chase has just sent out a mass letter (coded WaMuClosure1) to former WAMU card holders that Chase has closed their accounts. Most hadn't even received the letter when they found that their charges were declined and upon calling Chase discovered the closed accounts.
I cry FOUL. Looks like a horrible way to do business. Most of the accounts were in good standing, but still recently had interest rates raised before they were closed.
Chase says that they used Experian as their reporting source, but account holders who checked their reports found nothing to support Chase's actions.
Wonder what effect this will have on all consumers, and if they will even bother to report this in the news.