Tag Archive | "credit accounts closed"

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Credit Card Account Closed

Things used to be easy.  All right, easier. The bad guys wore big black hats and rode into town on big black stallions, terrorizing the townspeople until the sheriff and his posse corralled and hanged the dirty weasels, who surely got what they deserved.  Now, the bad guys stand chic in their designer wear, steering once failing, now bailed-out financial institutions. Their primary weapons are not pistols but cold hard cash and what that cash buys, including incumbent politicians passing inane “protective” legislation.  If you are an industrious, law-abiding citizen with a decent (not sterling, but decent) credit history, prepare for another gut punch by the very weasels enjoying governmental reprieves.  Don’t bank on the sheriff or his boys to save your bacon.   In fact, don’t bank on anyone. Prepare yourself to have your credit standing ripped out from beneath you without a warning, even if your payment history has been good.

 

Astoundingly and disturbingly, this is exactly what happened to a man I’ll call Sam, an existing client and an American-born citizen now in middle age. I feel compelled to mention his nationality; you will see why shortly. Sam arrived home last Friday to find a letter from Chase Bank. You’ll remember Chase as one of those aforementioned institutions profiting from, but undeserving of, a financial resurrection at the hands of unwitting, unwilling taxpayers.  Acting as judge and jury without benefit of a trial or even a Miranda caution, Chase canceled my client’s line of credit in the face of steady and decent payment history.

 

If it happened to Sam, it can happen to you, me, and the entire sea-to-shining sea sweep encompassing the hard-working and hard-hit middle class.  Perhaps the lenders are being proactive. Perhaps fearing governmental restrictions against the type of action taken against Sam, credit card companies are cutting their losses off at the knees.  Now unable to charge even a cup of coffee and an Egg McMuffin on that particular card, the Sam’s of our nation are nonetheless obliged to pay off their existing debt.  Outraged at this preemptive treatment, thrice insulted by the phone runaround he got with credit card representatives laboring in undeveloped nations, Sam asked me to draft a pointed letter to Chase.

 

Directed to be pointed in the letter and to balance professionalism with evident anger, I was given carte blanche and told to “go for it” in terms of colorful language.  For the edification of our readers who may indeed find themselves in Sam’s situation, here goes that letter, which you may — God forbid — soon find useful to copy on your own behalf.

 

Your records will show that, in 99% of the time over a span of more than seven years, I have always made my payments on time or ahead of time, enclosing more than the minimum payment.  This was the norm, not the exception, with my entire payment/credit history on this card.  So now you’ve cancelled my card.   No need to do that, as I can recommend a good place for you people to shove it!

 

I also find myself needing to take time out of my business day because the foreigners that you employ on foreign soil, who attempted to assist me despite their incomplete grasp of the English language and complete lack of critical thinking skills, do not understand the meaning of the words “I am requesting this in writing from you.”  Here’s what I need, and if whoever is reading this is a foreigner here on a Green Card, do us a both a favor and hand this letter to a natural-born American who reads and understands English as his or her first language.

 

Ensuring that Sam’s request would be understood, I spelled it out for the recipient (as I urge you to do, should you — God forbid — find yourself in a similar situation):

 

I need to have from you, addressed to me, a letter stating in no uncertain terms that you will continue to bill me on a monthly basis (i.e., “send me monthly statements”) for the amount (i.e. balance) that is due you of $1,543.69.  In other words, I demand to have stated from you, as printed on your company letterhead and signed by you –  a representative of Chase — that you will not attempt to collect the entire balance at one single time.  Well, that would be asinine on your part, since I don’t have it and neglected to install a cash printing press in my basement.

 

Chase was bailed out by the U.S. government acting on “behalf” of taxpayers like me who sanctioned no such bail out.  In return, Chase now seeks to break the honest, hard-working middle class by closing, without warning or sound rationale, credit card accounts of good and loyal customers.  I don’t give a damn what else my credit history tells you.  All you idiots should have been concerned with is what I paid you, and when.

 

History should teach us something: American history, that is — based upon freedoms fought for and won here, as well as in England, and in France prior to the establishment of our democracy.  Read your history; specifically, study the events leading up to Bastille Day.  I would not be one whit surprised to find disenfranchised U.S. citizens rising up to follow the example of their French brethren on that storied day that shortly thereafter sparked our own American Revolution.

 

Vive La France!

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