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Money For Nothing: Chase Bank Forgives "All Outstanding Credit Card Debt" For Canadian Customers?
In a shocking move, Chase Bank announced on Thursday that it was going to be forgiving all outstanding credit card debt from its Canadian customers, according to Yahoo Finance. The bank closed all of its credit card accounts in Canada back in March of 2018.
When the accounts were initially closed, customers were told to continue paying down their debt. Now, they're being told by the company that their debt is cancelled. CBC talked to some customers who got letters from the bank this week.
Douglas Turner of Coe Hill, Ontario, who still owed about $4,500, said:
"I was sort of over the moon all last night, with a smile on my face. I couldn't believe it. It's crazy. This stuff doesn't happen with credit cards. Credit cards are horror stories."
Turner also said his last payment to the account was also going to be reimbursed.
Paul Adamson of Dundalk, Ontario said he called his bank after seeing his account was closed because he was concerned about missing a payment. Adamson said:
"I'm honestly still so ... flabbergasted about it. It's surprise fees, extra complications – things like that, definitely, but not loan forgiveness."
The bank had previously offered rewards cards for both Amazon and Marriott in Canada. Maria Martinez, vice-president of communications for Chase Card Services, said that the bank could have sold the debt, but that forgiving it "was a better decision for all parties, including and most importantly our customers."
It'll be interesting to see if the news is as well received by diligent Chase customers in Canada who paid off their cards, as well as American customers who have undoubedtly racked up massive sums of debt with the bank.
A 24 year old university student, Christine Langlois of Montreal, said she hadn't paid the card in 5 years.
"It's kind of like I'm being rewarded for my irresponsibility," she said.
Comments
5 minutes ago
aha, a sign of things to come?
will the banks just write off all this fake debt when the **** hits the fan?
19 minutes ago
So, the moral of the story is to max out all your credit cards and wait.
LOL
34 minutes ago
This has got to be from a satire website.
34 minutes ago
Jaimie Dimon m'effer, why did I bother to pay mine then, after I was targeted with egregious interest rates, no less?
44 minutes ago
Wheres the rest of the story?....
Why have they closed all Canadian accounts?.....
WTF?......
56 minutes ago
It probably amounted to just a few million in remaining accounts so they figured let the captured MSM have a field day with stories offering gushing praise for the banking cartel leader.
56 minutes ago
I doubt Chase is doing it out of charity. The lost of revenue will be added on to the US customers.
58 minutes ago
Maybe Jamie Dimon is considering running for PM of Canada
1 hour ago
You've got to question why they chose debt jubilee over selling the debts and recouping at least some of the loss. I see this as a possible balloon beta test to see how it works out.
1 hour ago
Hey, that student, probably a finance major, is going to be Prime Minister some day soon!!
If AOC can become a Congressman, literally anything is possible.
1 hour ago
Kind of makes me think they know something that we dont... Maybe a reset is coming....
1 hour ago
(Edited)
What does she mean its "kind of like being rewarded for irresponsibility"..?? That's exactly what it is. Get ready for more massive debt wipeouts for liberal arts student debt holders and millennials with massive debts. Except the bailouts will be debt financed by communist politicians buying communist votes.
1 hour ago
Anyone who gets upset about doing the right thing and paying off their debt needs to remmeber they did the right thing and be happy for those who got some relief.
32 minutes ago
I want my money back.
1 hour ago
Waiting for the other shoe to drop.........
1 hour ago
This does not scan. All debt is saleable and credit card debt from a major bank seems a good bet for that.
1 hour ago
Is this a debt jubilee trial balloon?
Better load up on credit card purchases now.
1 hour ago
IMO, It's inevitable...
1 hour ago
Canadian 's will tell the IRS to F. O.
1 hour ago
Debt Jubilee!
1 hour ago
Buncha hosers, eh?
1 hour ago
Will all those whose debt was forgiven be paying tax on the forgiven debt? Will Chase send out the Canadian equivalent of a 1099-C reporting a forgiven debt? The US IRS treats a forgiven debt as Income to the debtor who must pay taxes on the amount of the forgiven debt. They want CASH at tax time, not excuses or "I can't pay".
Does anyone know?
1 hour ago
I am worried about the IRS reach. Fortunately I and those CC debt wiped out shmucks do not own passports so we will not be available to any IRS agents.
1 hour ago
I was wondering about Revenue Canada. IRS shouldn't have any reach across the border for Canadian debt forgiveness..
58 minutes ago
(Edited)
Revenue Canada or an expert on TV already stated that the debt forgiveness is not taxable except if you claimed business expenses on your Chase Marriot or Chase Amazon card purchases.
30 minutes ago
(Edited)
Unbelievable how the IRS has colluded with the credit card companies, and created 1099-C's. What are the commonalities?
1 hour ago
New hire at Chase. Got a credit card VP from Wells Fargo. Need I say more?
1 hour ago
Dammit, what about MY $14,567.90 balance? I get to pay for your generosity north of the border. What the hell gives with that??!!!
The inter-bank rate is about 0%, but our Government allows the banks to charge U.S. Citizens upwards of 17%??? Why? Who got paid off? Blackmailed by Epstein??? Just dumb? Greedy???
1 hour ago
Wow if they can forgive debt so flippantly ... it's almost like the debt was meaningless to begin with...
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Dire Straits - Money For Nothing music video (Good quality, all countries)
