Canadian customers of Chase Bank credit card accounts received a ‘gift’ last Friday – they no longer need to pay back the debt owed on their accounts.
Back in March 2018, Chase Bank, which is part of JPMorgan Chase & Co., closed all their credit card accounts in Canada but their customers were expected to continue to pay back the debt owed on their account balances.
But now all that changed on Friday, August 9, 2019, when Chase decided to forgive all their customer’s outstanding credit card debt.
According to CBS News, Chase has been in the credit card business for 13 years in the Canadian credit card industry before deciding to exit in 2018 and had two Visa cards there for Amazon and Marriott.
CBC was told by Maria Martinez, who is vice president of communications for Chase Card Services, that as part of completing that exit plan, the business decision was made last week to forgive all outstanding balances.
Martinez said Chase decided it would cost more to keep processing the accounts than to right off the outstanding debt, the total amount for which Martinez did not elaborate on nor how many Canadian customers Chase had.
The company could have sold all the outstanding debt to a third party who would have pursued the customers but Chase chose not to do so. Forgiving the debts would be the best decision for everyone especially their customers she said.
The reactions of customers who especially owed large amounts, some in the many thousands, ranged from disbelief to shock to joy when they realized that all their debt had been erased in an instant,
An Ontario customer, Douglas Turner told CBC that his $6,157 Amazon Visa bill was turned to $0 by the decision and that he was ‘over the moon’ with delight.
Another customer, Canadian Paul Adamson, who owed over $1600, told CBC that he originally thought the conversation he had with a Chase Bank rep that his account was completely closed would be because he had missed a payment, or was getting a surprise fee or some sort of complication but he never expected his loan debt to be forgiven.
One customer reported that he had made a $300 payment and received it back in the mail because his account debt had been totally forgiven.
Needless to say there are many Canadians today who are dancing for joy to have their credit card debts erased!