Chase Bank, which seems to be a part of JP Morgan Chase & Co, took a last step to finally exit their credit card business in the Canadian market. Chase Bank had closed all their credit card accounts in March 2018 only. However, the customers were expected to continue to pay their debt. But on this Friday, there was a new twist in the story. The company decided to let off all outstanding balances on either of its two VISA cards as part of their exit.
Maria Martinez – vice president of communications for Chase Card Services in her interview with the CBC told them that – “Chase made the decision to exit their 13 year old Canadian credit card market and as a part of that exit all credit card accounts were closed by them on or before March 2018. The company has taken a further business decision where now they intend to forgive all the outstanding balances in order to complete the exit.”
CBC did question Chase as to why they decided to forgive rather than try and recoup the owed money. Martinez in her response to this said that – “The Company felt it was a better decision for all parties especially our customers if we forgive the debt.”
The customers are overwhelmed with this decision. People are reacting in different formats. Some are shocked. Some are still finding it difficult to believe it. Some are very joyful. Well who would not be happy when instantly all your debts on the credit cards amounting to thousands just get wiped away without any effort?
CBC collected quotes from a couple of the customers with regards to their response. Douglas Turner a credit card user from Ontario said “He was sort of over the moon all last night and his face was smiling after he heard the news.” It seems he owed more than $4,500 on his card. Another customer form Canada Mr. Paul Adamson whose debt was also erased told “He initially thought that he missed a payment when he heard about his account being closed. He further added that he is still flabbergasted about it. Any bank would waive off things like surprise fees, extra complications but definitely no one would forgive a loan.”