Not crazy about Chase....

[JoiseyMom]

Quote:
Originally Posted by JoiseyMom
Oy, ok. Bank One is NOT owned by JP Morgan Chase. The two companies merged and kept the name Chase.

Bank One & JPMorgan Chase & Co. merged... the Credit Cards are serviced under Chase's name.

I never said that the CC weren't under Chase's name. Both of these companies are now under Chase's name.

 

[Tigger7570]

I've listened and read about canceling credit cards and if you as the owner of the credit card chose to cancel your credit card regardless of how long you have had it, as long as the balance is zero, it should not have an effect on your credit score. I have chosen to cancel cards that I never use and have had for a long time. In the letter, I stated that it be reflected on the credit report that the account was closed at my request. With the major increase with identity theft, I feel the less cards I have the better. That being said, I sometimes wonder about these financial experts. DH and I keep receiving all different offers from Chase, and now listening to all of you, I'm glad that we have trashed all of these (actually we shred them).

 

[mookie]

Hi All,

Thought I'd help clear this up. DH works for Experian (credit bureau). And you are all somewhat correct. If you cancel your card yourself, you will still lose points off of your credit score, even if it is an old card, because it decreases your line of available credit that has been established for a long period of time. However, because you cancelled it yourself, it should only go down about 20 points - hardly enough to make a difference, especially with an 800 rating.

Now, if the bank or someone else were to cancel it for you...that's an entirely different story. It all depends on the bureau and the company that is cancelling you, but it is possible to lose 100 points or more off of your score if someone else cancels your card besides you.

Just make sure that when you cancel the card, you request that the institution (Chase or whomever) indicate on your credit report that the card was "canceled at the cardholder's request" to avoid it being mistaken for a card that an institution canceled at their request.

Good luck! Found this thread interesting because we have Bank One also, so I'm curious to see how this all pans out. I had charged a client lunch last week, and went to go check my statement to turn it in for my expense report, and it was nowhere to be found online...so I'm waiting a few days to see if it comes up, then I'll have to investigate....

 

[JoiseyMom]

I've listened and read about canceling credit cards and if you as the owner of the credit card chose to cancel your credit card regardless of how long you have had it, as long as the balance is zero, it should not have an effect on your credit score. I have chosen to cancel cards that I never use and have had for a long time. In the letter, I stated that it be reflected on the credit report that the account was closed at my request. With the major increase with identity theft, I feel the less cards I have the better. That being said, I sometimes wonder about these financial experts. DH and I keep receiving all different offers from Chase, and now listening to all of you, I'm glad that we have trashed all of these (actually we shred them).

I thought what you thought, until I heard the news story. I have a Chase card I want to cancel, and I haven't yet. I haven't used it in over a year, and have no plans on using it again. I wnat to make sure it won't effect me before I cancel it.

 

[n2mm]

OK, I'll join in on this thread too. I too am not happy with Chase. I decided to make a large purchase with this card. First I had to wait 3-4 days for the purchase to show up on my bill, then I made the payment online. The next morning the payment came out of my checking account and today it makes ONE WEEK and they will not release my credit available. It shows the payment was made and accepted. So my $12K has been somewhere for one week now. I called last night and the rep said because it was such a large amount they have to hold the account for a week. HELLO, I just paid you $12K and you want to nickel and dime me. I wrote them and told them how awlful this policy is. My credit union can wire money and it shows up in minutes and I have immediate access to it. Their policy about holding or freezing your account really stinks. I had decided to make this my primary credit card, but now will be looking elsewhere. I guess they don't like folks like me who never run a balance and never pay interest.

 

[ducklite]

OK, I'll join in on this thread too. I too am not happy with Chase. I decided to make a large purchase with this card. First I had to wait 3-4 days for the purchase to show up on my bill, then I made the payment online. The next morning the payment came out of my checking account and today it makes ONE WEEK and they will not release my credit available. It shows the payment was made and accepted. So my $12K has been somewhere for one week now. I called last night and the rep said because it was such a large amount they have to hold the account for a week. HELLO, I just paid you $12K and you want to nickel and dime me. I wrote them and told them how awlful this policy is. My credit union can wire money and it shows up in minutes and I have immediate access to it. Their policy about holding or freezing your account really stinks. I had decided to make this my primary credit card, but now will be looking elsewhere. I guess they don't like folks like me who never run a balance and never pay interest.

Thanks for posting, I was starting to think I was imagining things. That's the same BS line I got from them. Sorry, but $12K IS NOT a lot of money in the big scope of things!

Anne

 

[my3kids]

And THEY are PULLING the money out of our checking accounts....of course the money is real or they never could have gotten it...it would have been stopped when they tried to get X amount out if checking account didn't have X available!! I think it is just Chase. Bank One was fine.

 

[aero99]

Its not just Chase. This happened to me a lot even with Bank one. I make a LOT of payments to the CC since we charge everything. I noticed that there is a fine line where they will hold the balance (basically anything over 1700 although they have held payments lower then that if I have been making a lot of payments in a short amount of time). I called them on it several times and they claim it is due to 9/11 (ahhh the great excuse...). Supposedly terorists used this to supply money to other terrorists. Either way it is very frustrating!!!

 

[drgnfly30]

FYI - Money laundering DOES occur through credit cards... additionally, ANY financial transaction over $10,000 even if it is a deposit into a savings account raises red flags and enacts certain reporting that the gov't requires the banks do.

In addition, transactions out of character whether it be a large payment (even those under the $10k threshold) or charge will potentially put an account into a held or watched status - that's not only for the banks protection (they don't want to release $12,000 in funds only to find out the payment is returned) but the consumer's protection as well... nobody wants to find out that the credit card they use for a couple hundred a month just got hit with a several thousand $ charge without the bank watching out for the customer.

While it may not be what you want to hear, read your credit agreements - mine plainly says that although the payment may be posted on the day it's received, the credit may not be available for up to 15 days.......

ETA: While Chase kept the name Chase - the bank went to ALL of Bank One's systems & policies....

 

[cruisnfamily]

....ANY financial transaction over $10,000 even if it is a deposit into a savings account raises red flags and enacts certain reporting that the gov't requires the banks do.
....

That does not apply here. The $10,000 thing is only related to CASH, as in cold hard dollars in your hand. Not ANY transaction. Do you have any idea how many transactions over $10,000 are made on a regular day in a bank? Zillions. I realize that an electronic transfer or bill payment is being made with available fund thus shoudl be treated as cash for accessability, it is NOT however treated as cash for the purpose of transaction reporting that the banks are req'd to do.

 

[drgnfly30]

That does not apply here. The $10,000 thing is only related to CASH, as in cold hard dollars in your hand. Not ANY transaction. Do you have any idea how many transactions over $10,000 are made on a regular day in a bank? Zillions. I realize that an electronic transfer or bill payment is being made with available fund thus shoudl be treated as cash for accessability, it is NOT however treated as cash for the purpose of transaction reporting that the banks are req'd to do.

Credit card transactions ARE included in this reporting... and it doesn't necessarily have to be a one time transaction but cumulative as well. For Bank Secrecy, Structuring & Money Laundering any monetary instrument can be included in the reporting - Bank Drafts, Letters of Credit, money orders, stocks, bonds, travelers checks, wire transfers sent or received, cash & so on...

 

[cruisnfamily]

Credit card transactions ARE included in this reporting... and it doesn't necessarily have to be a one time transaction but cumulative as well. For Bank Secrecy, Structuring & Money Laundering any monetary instrument can be included in the reporting - Bank Drafts, Letters of Credit, money orders, stocks, bonds, travelers checks, wire transfers sent or received, cash & so on...

Well, I guess we'll have to agree to disagree
Unless this has changed since 2000 I don't think this is correct. I worked in retail bank management for 13 years up until 2000 and I'm pretty well versed in currency transaction reporting and such.

 

[drgnfly30]

Well, I guess we'll have to agree to disagree
Unless this has changed since 2000 I don't think this is correct. I worked in retail bank management for 13 years up until 2000 and I'm pretty well versed in currency transaction reporting and such.

We are talking about two different things....CRT's & SAR's are two different things & yes... things have changed since 2000 - September 11, 2001

 

[ducklite]

That does not apply here. The $10,000 thing is only related to CASH, as in cold hard dollars in your hand. Not ANY transaction. Do you have any idea how many transactions over $10,000 are made on a regular day in a bank? Zillions. I realize that an electronic transfer or bill payment is being made with available fund thus shoudl be treated as cash for accessability, it is NOT however treated as cash for the purpose of transaction reporting that the banks are req'd to do.

In my case it is regular and customary for me to make payments in the $5-10K range. I do so at least 6-8 times a year. Holding my money like that is ridiculous, and I'm taking my business elsewhere.

Anne

 

[Julia M]

well, I'm going to be an exception here, and say that I am sticking with my VISA card, at least a little while longer. I have alot (for me) rewards on my card (over $700), and because our December trip will be pretty much prepaid (concierge service, meal plan), I won't have much need for the extra dollars. I am figuring we'll plan a DIsneyland trip in 2006 or 2007, and that's when I'll cash them in.

I did have a little problem with them, that may be my fault (since I have no idea of the terms of the finances charges) I made a partial payment one month, because I was waiting for reimbursement. I was charged a finance charge for that month (which I expected) as well as the previous month. Then, the following month, when I paid in full, I was again charged a finance charge. They did reverse both charges (from the previous month and following month), but I need to find out the details of how they figuer interest!!

Julia

 

[drgnfly30]

well, I'm going to be an exception here, and say that I am sticking with my VISA card, at least a little while longer. I have alot (for me) rewards on my card (over $700), and because our December trip will be pretty much prepaid (concierge service, meal plan), I won't have much need for the extra dollars. I am figuring we'll plan a DIsneyland trip in 2006 or 2007, and that's when I'll cash them in.

I did have a little problem with them, that may be my fault (since I have no idea of the terms of the finances charges) I made a partial payment one month, because I was waiting for reimbursement. I was charged a finance charge for that month (which I expected) as well as the previous month. Then, the following month, when I paid in full, I was again charged a finance charge. They did reverse both charges (from the previous month and following month), but I need to find out the details of how they figuer interest!!

Julia

Basically, if you pay all of your charges in full during the first billing cycle & thereafter you won't get finance charges... if you miss one month of paying in full you'll get billed finance charges every day up until the day that you pay that balance off...so even though you've paid the current balance in full (again) you'll get some residual finance charges... then the cycle of no finance charges can start all over again...

Did that make sense?

 

[ducklite]

well, I'm going to be an exception here, and say that I am sticking with my VISA card, at least a little while longer. I have alot (for me) rewards on my card (over $700), and because our December trip will be pretty much prepaid (concierge service, meal plan), I won't have much need for the extra dollars. I am figuring we'll plan a DIsneyland trip in 2006 or 2007, and that's when I'll cash them in.

I've got about $400 worth, we're going to dinner at Citrico's on Saturday, sounds like a good time to order an expensive bottle of wine. After we'll buy birthday presents for neices and nephews, and then whatever we have left I'll go to guest services and buy Disney Dollars and keep them in the safe at home.

Be careful with those pionts, if you've transfered them to a REwards card already they could easily expire.

Anne

 

[calie_j]

OK, I'll join in on this thread too. I too am not happy with Chase. I decided to make a large purchase with this card. First I had to wait 3-4 days for the purchase to show up on my bill, then I made the payment online. The next morning the payment came out of my checking account and today it makes ONE WEEK and they will not release my credit available. It shows the payment was made and accepted. So my $12K has been somewhere for one week now. I called last night and the rep said because it was such a large amount they have to hold the account for a week. HELLO, I just paid you $12K and you want to nickel and dime me. I wrote them and told them how awlful this policy is. My credit union can wire money and it shows up in minutes and I have immediate access to it. Their policy about holding or freezing your account really stinks. I had decided to make this my primary credit card, but now will be looking elsewhere. I guess they don't like folks like me who never run a balance and never pay interest.

Sorry to burst your bubble but they don't discriminate between those who run a balance and those who don't They've done this same thing to me for large payments of much less (2,000-5,000) and I pay interest most months to them. Yes this was done before it changed to Chase too. They not only have not released the payment towards the credit limit on my account but they also took away ALL my credit once. I did call to complain each time and that last infraction went directly to management to ask them why if I made a minimum payment of $50 I'd still be able to use my card (I still had available credit, can't remember the amount but it was over $500) but because I paid them $3,000 I couldn't even buy gas for a week. The manager did call my banks himself to verify the checks had cleared and took the block off my account but still what a stupid thing to do. And here I thought these problems were just because I mailed the checks and didn't pay online which I do now.

Offtopic but in reply to info on this thread I think it's good news that BOA is buying out MBNA. LOVE BOA!!! MBNA sucks, they wait until you're running a high balance then jack your interest rate up to over 25% so if you don't have any other options you're stuck with paying this outragious rate and they know they have you in a corner. Funny how quick they are to offer you deals when you pay off the card and stop using it

Calie

 

[4formickey]

It seems like most of the banks are being taken over by a bigger bank. Who will be the biggest credit card issurer by the end of the year.

 

[Julia M]

I've got about $400 worth, we're going to dinner at Citrico's on Saturday, sounds like a good time to order an expensive bottle of wine. After we'll buy birthday presents for neices and nephews, and then whatever we have left I'll go to guest services and buy Disney Dollars and keep them in the safe at home.

Be careful with those pionts, if you've transfered them to a REwards card already they could easily expire.

Anne

Oh yes, I'm being careful........none of them have been redeemed. My first points begin expiring in March 2008, so if I hold them that long, I will redeem my first years worth of dollars (I have how much I earned each month in my Palm) in January 2008, and then, as I understand it, I will have until December 2009 to spend them.

Since I basically have this Decembers trip paid for, I am thinking of just saving these dollars. Oldest DS will start Catholic high school in August 2006, and there goes ALL my vacation dollars to tuition
So, I may like the chance of having a Disney vacation totally paid for in 2007 or 2008!!!!

Julia