The Prez

I did something just now that I've never done. Never imagined doing. Never thought I'd do - primarily because I've never really felt there was anyone in the office really 'listening' to the 'common' people. But I have hope - and I think action is in order. So I wrote a letter to our President. And I printed the envelope and put stamps on it and will mail it tomorrow.

What prompted me to action? The unfair practices of a major financial institution.

The first time they affected us, I felt disappointed but understood. The second time they affected us, I felt pissed but figured 'oh well. No loss'. But this last - and THIRD - adverse action against us is too much...just over the top too much. And I made efforts today to deal with the issue on the phone and quickly realized they don't care.

Before I tell you the details, I want to really stress this: there are no issues for us that we can't endure. Financial things are not usually things we have to worry about - and I know (and I think I've been really clear about confirming in this blog) how blessed we are. We don't have 'financial' worries - certainly nothing in compared to our neighbors who moved out this weekend for good. Or our friend who is about to lose her home. Or other acquaintances, friends, neighbors who have lost jobs, will lose homes, etc. This is a very stress-full time in our country's history - and I regularly remind myself how blessed we are. So I'll tell you the details and I don't want you to over-react. Or to judge. I'm not complaining. But it's too much....this last thing is my 'final straw' and 'I'm mad as hell and won't take it anymore'.

First, Chase froze our equity line. They didn't lower our credit limit to zero - because had they done that, our credit score would have been hugely impacted. They just made the 'available' amount of credit zero. Oh well. Our home value has declined (who's hasn't?) and we realized that the 'open' amount we had on that line was not 'real' anymore. So we weren't surprised when they froze it. We were disappointed since that was one of our 'available source of funds' for college expenses. Big monkey wrench in the plan. But oh well.

Next, we received notice that they closed one of our credit cards. We had no balance on the card - and in fact had probably only used it once since we've had it - it just wasn't a card we used often. But coincidentally, I had put the card in my wallet and planned to use it - call it a 6th sense that I thought I should use it. And wouldn't you know - just when we were planning to use it - most likely for B.'s college expenses as a way to have one account for those expenses since that would help us track them - Chase sent notice that they were closing the account for inactivity. I called. Nothing they could do. I could reapply - but since the website (which I check frequently because the cards we use are primarily all Chase) still shows that account as 'open', I'm sure my reapplying would result in an immediate decline for 'already have an account'. So whatever. Again, I let it go....

But this LAST thing has put me over the edge. I've shared on this blog that we don't roll debt. We use credit cards and pay in full - and that is true. We have done that faithfully for a really long time - because there was a time in our early married years - when we did not do that. So we had some 'revolving' debt. And when I left my banking job, we consolidated all our 'debt' onto one card - and it was a Chase card. They offered us 'our best customers' a fixed 3.99% rate on a loan that was 'fixed' for the life of the loan. Such a deal! So we consolidated all our debt. And we have stuck with the plan since then: no new debt. Period. We have faithfully paid that card down month after month after month. It's been awhile. It was a lot of debt. Now it's just a 'little' debt (relatively speaking) and we are closer than I ever imagined to paying it off.

But, we have increased expenses these days. College expenses, an extra car to insure. Soon, an extra licensed teen driver to insure. Commute expenses for B. to pay to get him to and from school. And I have never, EVER missed a payment or ever been late - but I have been paying the 'minimum' payment now and then...and the minimum isn't just $10 or $20 - it's hundreds of dollars - but I haven't been doubling or tripling the payment like I used to. Some months, I still can. But some months - when we've had car repairs, or unexpected household repairs - or birthdays, graduations, etc. - I pay minimum.

I received notice this week that Chase is increasing the minimum payment on that account from 2% to 5%. For us, that's hundreds MORE dollars outgoing each month. It's not a bad thing, really. It will 'force' me to continue doing what I've been doing - which is pay it down as quickly as possible. But I will HAVE TO make that huge payment - 150% more per month outgoing than the hundreds we've been paying. And that's hard to take. NOT because we can't do it - we can. I've already 'run the numbers' and there is absolutely no issue with this 'increased' outflow. We will weather it. We will be fine. But it just royally pisses me off that this bank - this MONSTER of a bank - has now taken THREE adverse actions against us - US with a credit score in the high 800's for crying out loud - in the past six months. I'm done. I'm fed up...

I called Chase and they have no option for me. In fact, they offered no alternative - though I've found a website where I see postings that indicate some customers are being offered to keep the 2% minimum payment but have the interest rate increase to 12%....sort of defeats the purpose. When I called, the person said 'we're helping you to pay this down as quickly as possible'. To which I replied 'why do you want me to do that since you make money for every month we have this loan with your bank'. And then, she became downright HOSTILE and said 'we loaned you OUR money and now we want OUR money back as quickly as possible - and the minimum payment increase makes that happen. It's our money and we want it back'.

Wow....that pretty much sums it up.

Only thing is, I'm pretty sure they received TARP assistance...which means THEY HAVE SOME OF MY/OUR MONEY and when will I get that back?

So I wrote letters today - to the FTC. Next to the Office of the Comptroller of Currency. To www.consumeraffairs.com. And finally, a letter to President Obama. I don't think he will ever read it - but someone in the White House will...and this is just so wrong.

We are making arrangements to pay this off as soon as possible. We have assets and we can pay it off tomorrow if we decide to sell other assets to raise cash (and boy, do I know how lucky that makes us). And while our United Mileage card - the main card we use each month that we absolutely pay off monthly without fail - the same card that so far has gotten us to Hawaii once and now Cancun - is a Chase card, I think we're going to quietly dissolve our relationship with Chase. Charge once in a while to keep the credit line open (because closing all the accounts would lower our score by easily 100+ points - since they keep our utilization rate low since we don't carry balances on most). But for the most part, use AmEx or Discover. I'm done with Chase.

And when the economy turns around (which it will) and Chase starts marketing the heck out of us again (which they will), I will laugh and laugh and say 'no thanks'. No Chase product will be in my wallet anymore. Nope, not a one. And considering how many affinity cards they have - Amazon, Disney, United Mileage, etc. - they have a lot more to lose than I do. We have plenty of other offers all the time to open accounts. We never do - but that might not be true anymore.

All of these Chase accounts were accounts we had with another bank that Chase bought. And I felt from day one of 'Chase' being our credit card company that they weren't who I wanted to do business with...and they just proved what I've long believed: they don't care one bit about their customers. Not one bit.

And now it's time to take my (still) headachy self to bed....work tomorrow. Yes, I must.....