Corporate Greed! Chase pays $0.62 interest on $80,000+ savings account and charges same customer over 27% on Chase credit card!

28 Sep Corporate Greed! Chase pays $0.62 interest on $80,000+ savings account and charges same customer over 27% on Chase credit card!

A friend recently showed me his Chase savings account statement revealing Chase paid him a measly $0.62 interest for the month when he had over $80,000.00 in the account!  Yet Chase is charging this same customer 27.44% on his Chase credit card!

To add insult to injury, my friend called Chase and asked for an interest rate reduction on his credit card.  The first Chase rep told him that due to world wide economic conditions they could not offer him a lower interest rate.  He then asked to speak with a supervisor only to be told the same thing.   He hasn’t had any late payments on his account and the balance owed on the card is less than 1/2 of his credit limit.  He advised the Chase supervisor that he would close all of his accounts with Chase- she didn’t care.  

What are banks thinking?  They nickel and dime their customers to death with fees for anything and everything, they pay the least amount they can get away with and then gouge their customers with exorbitant interest rates!  Corporate greed is out of control! 

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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