So in 2008, I was traveling a lot and not doing a very good job of keeping up with paying bills on time. I made a few late payments on my Chase credit card, which also serves as the overdraft protection credit line for my business checking account. They raised my interest rate to 21.99 percent on the overdraft protection portion of the account, and 29.99 percent on the credit portion of the account.
Since September 2008, I have not made a single payment late. Not one. Not only that, but I've paid the balance down to just over $1000. Yet two months ago, they raised the interest rate to 29.99 percent on the overdraft protection portion of the account, for no apparent reason.
I called and asked why. They said they were "standardizing the interest rate."
I asked why they didn't "standardize" it at the lower rate. They said that's just not the way it works.
I asked them to lower the interest rate on both portions to something more reasonable than 30 percent. They refused.
Why, I asked? They said they simply "don't have a lower rate to offer."
I submit it's because they want to suck as much money as they can out of the people who actually pay their bills, to subsidize the mountain of bad loans and speculative deals they made over the past decade that are now biting them in the butt.
So I guess they leave me no other options: I'll simply have to pay it off and cancel it, and take my business elsewhere.
I will also have to move my business checking account (they charge $12 a month for that particular privilege), lawyer trust account, and business savings account to a different bank. Why would I want to do business with blood-sucking bastards?
This is a little sad, because I actually like the people at my local branch. They are friendly and professional.
But they work for blood-sucking bastards, so I won't be seeing them anymore.