Wednesday, 21 August, 2019

Chase forgives all credit card debt for Canadian customers

A JPMorgan Chase & Co. logo is displayed outside a bank branch in Chicago Illinois U.S. on Tuesday Chase Bank wipes out all outstanding credit card debt owed by Canadian users
Russell Knight | 12 August, 2019, 04:27

Industry expert, Patrick Sojka, reckons that Chase Bank waived the debt instead of wasting operational costs. The southwestern Ontario resident said he should have owed about $1,645.

"I'm thinking, 'OK, I missed a payment, '" he told the CBC.

But a letter from the credit card issuer a day later confirmed that financial institutions are capable of forgiveness.

"Their very abrupt exit, I think, is something that has puzzled a great deal of people", he said. "I just said, 'Hey, here's one more thing we don't need to worry about"'.

Chase Bank announced it is forgiving all credit card debt held by Canadian customers more than one year after the company made a decision to close all credit card accounts there.

The Amazon and Marriott Visa cards were retired in Canada previous year, but many users were still paying the cards off.

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Canadian customers of Chase Bank have had thousands of dollars wiped from their credit card bills, leaving them with a clean slate.

Customers with an outstanding balance as of June will no longer see red on their statements, Chase said.

Chase has not disclosed when they made a decision to wipe the debt or how many customers will be affected. Paul Adamson feels the weight of the world has come off his shoulders. "So this is a nice little pat on the back for doing so well, as far as I'm concerned".

Also, according to Elena Jara, Director of Education at non-profit counseling agency Credit Canada, bank's swift exit may indicate it can write-off much of the outstanding debt and there is a possibility that the insurance company will cover the losses.

Martinez said Chase determined it was better for all parties if the company forgave the debt rather than try to sell the debt to a third-party debt collector.

Chase Bank, part of the New York-based JP Morgan Chase & Co., originally told customers to continue paying down their debt after the company chose to close its Canadian operation over a year ago.

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