Wamu closed my account because of Chase

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scorch
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Wamu closed my account because of Chase

Postby scorch » Wed Dec 31, 2008 5:39 pm

I just got a letter in the mail today stating that since Washington Mutual is now part of JPMorgan Chase, it has decided to discontinue the Secured MasterCard credit card program. It also stated that the funds in my secured savings account will be used to pay off the balance and the rest will be returned to me.

At first I thought, "OK, maybe they will just turn it into an unsecured card." After getting on the phone with a CSR, I was told that the account will be closed and If I would like an unsecured card, then I could go to my nearest branch and apply. This was my only credit card and I have been cuurent since the time of opening. I would really like to not go and apply for a Chase unsecured card like they suggested.

:rant:

Is there a way for me to possibly protest and have them keep it open?


kiboko
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Postby kiboko » Wed Dec 31, 2008 5:50 pm

Why on earth would they close a secured credit card when that is the ONLY kind credit card that is GUARANTEED SAFE since it is secured. No wonder Wamu went BK when they close the good accounts and leave the bad

magyar1045
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Postby magyar1045 » Wed Dec 31, 2008 7:49 pm

That is truly odd that they would close a secured credit card.

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scorch
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Postby scorch » Thu Jan 01, 2009 9:28 am

magyar1045 wrote:That is truly odd that they would close a secured credit card.


Not just mine, but it seems that Chase is closing and discontinuing all secured cards that were once opened by Washington Mutual.

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fffresh
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Postby fffresh » Fri Jan 02, 2009 11:47 am

That does seem like a bad business move for Chase to close out the secured card division as that is virtually risk-free for them from a business standpoint.

I suppose in that case, your only option is to seek out another secured credit card through another issuer to open. Although you probably would qualify for an unsecured card if you built up a good history with your secured card. But if you feel a secured card would help you manage your finances better, there's nothing wrong with getting another one.

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scorch
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Postby scorch » Fri Jan 02, 2009 7:45 pm

I had the card for a whole eight month, plus I have an installment account That I've been paying for 5 months now.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Jan 05, 2009 9:40 pm

Don't take it personally. It looks like they closed everyone's secured cards. I think it's a foolish move too for them but oh well, what can you do.
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