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How to Handle Chase Bank Debt Collections in Ohio
In 1955 Chase Manhattan Bank formed due to a merger between Chase National Bank and the Bank of Manhattan Company. They are headquartered in New York.
Address: 270 Park Avenue, New York, NY 10017
What is Chase Bank?
By the year 2000, Chase Manhattan merged with J.P. Morgan & Co. to become J.P. Morgan Chase Bank. In 2004, JPMorgan Chase merged with Bank One Corporation and then moved its headquarters to Chicago, Illinois. Today, they are known as Chase and are one of the top four largest banks in the country dealing with consumer and financial banking services.
Dealing with Chase Bank Credit Card Debt
A variety of consumer and retailer credit cards are issued by Chase, including home and auto loans. Depending on the type of account held by Chase, settlement outcomes can vary greatly. Chase will use any number of third party collection agencies and debt collection law firms to recover their assets. At the time of this writing, Chase Bank is in a dormant period where they are filing little to no lawsuits on delinquent consumer credit cards.
Chase will also sell their debts to any number of debt buyers willing to pay for the rights to the account. Often times, when a Chase account is purchased by a debt-buyer some of the documents proving the assignment, transfer of title, and sale of the account, are not provided to the debt-buyer. Some may have success in disputing the validity of these debts directly with the third party buyer. According to AmericanBanker.com, several state attorney generals are investigating Chase’s business practices of selling delinquent credit card accounts without proper documentation as to the validity of the debt.
Chase Bank Law Violations
JP Morgan Chase was ordered, according to Reuters, to pay $100 million for a class-action settlement with its credit card holders. The settlement finalizes claims that in 2008-2009 Chase increased the minimum monthly payments due on its credit cards from 2% of the balance to 5% of the balance. It was further stated that this increase was assessed to raise potential late fee penalties or interest rate hikes due to missed and / or late payments.