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Consumer Right to OPT OUT when a Credit Card Company changes terms.
It is important to allow consumers the right to just say no when a bank or credit card company changes terms on a pre-existing financial agreement. The consumer was faithfully honoring the existing agreement, suddenly the bank changes the terms of the deal and the consumer has no say in the matter?

Huh? What country is this anyways? Credit Card Companies are feasting on struggling families right now, and the consumer right to OPT OUT is not a law! Chase Bank has abused this loophole and other Credit Card Companies are soon to follow suit.

-Alessandro Machi

http://www.Daily-Protest.com

Why Is This Idea Important?

It is a form of enslavement to not allow people to just say no when a bank changes an existing financial agreement to one that benefits the bank even more and harms the consumer.
Comments
Alessandro Machi 9 months ago
Two people out of the first 28 have voted this idea down, meaning 26 have vote for the idea.

rob_in_harford_md and juanramos777, please leave a comment here and explain why you are against something that the first 24 people who voted all agreed is a good idea.
Alessandro Machi 9 months ago
Thank you to everyone else that voted yes on this idea.
Alessandro Machi 9 months ago
OPTING OUT should NOT result in your credit score being reduced. Punishing someone for exercising good judgement by closing a credit card that has changed terms for the worse is not fair or ethical.

Yet apparently, the way FICO scores work right now, your credit score may get reduced because you closed a credit card, and that is simply an unjust action.
jwissick 9 months ago
People already have the right to opt out. They can pay off the balance and close the account. There is no need to change how this works. Closing a card always effects your credit score and it should! You made a change to your lenders, therefore your rating MUST change.

Alessandro Machi 9 months ago
You did not understand the topic then. It is the BANKS that are making changes in PRE-EXISTING AGREEMENTS and then not allowing the customers to OPT OUT.

Chase Bank just did this to their best customers by raising the monthly minimum payment by 150% above and beyond what it was for people who had low interest loans and had never been late on a payment.

Chase Bank did NOT allow the customers to opt out. This is financial slavery. The original agreement was for a low interest loan for the life of the loan, if Chase wants to change the terms fine, BUT, the consumer should have the right to OPT out of the agreement and continue paying off the card at the already agree upon terms.
jwissick 9 months ago
The government required that they make this change 6 years ago. You have had six years to get out of it. Your origional agreement allowed you to opt out. They ALL did. They have the right to close the account to new charges and allow you continue to make payments.

Re-read your agreement. Its there.



Alessandro Machi 9 months ago
You still are not understanding the issue at hand. I enter an agreement with the bank over a financial deal, we both agree to the terms.

Then suddenly, the bank changes the terms and says you have no say so in the matter.

This is where the right to opt out comes in. I should already have the right to say, "no thanks", I don't agree to your NEW CHANGE IN TERMS.

I agree to pay off the debt based on the agreement ALREADY IN PLACE.

That is what this is about.
jwissick 9 months ago
I do understand it. Under the OLD terms you have the right to reject NEW terms by opting out. They also do have the RIGHT to change terms with notice... You agreed to this when you signed up! If you don't like it, then it is YOUR fault for not reading the contract or understanding what you were signing.

If you reject the NEW terms, they have the right to close the account to new charges and YOU can pay off the account under the OLD terms. But by making new charges, you accept the new terms.

All this is in the contract you agreed to when you signed up. If you do not like how they are conducting business, then vote with your dollars and close the account and open an account somewhere else.

What you are asking for is already in place. RTFC!
Alessandro Machi 9 months ago
Wrong, Wrong, Wrong, Wrong, Wrong, Wrong, Wrong, Wrong,Wrong, Wrong, Wrong, Wrong, Wrong, Wrong, Wrong, Wrong, I just can't say it enough.

Chase bank DID NOT ALLOW me to opt out over their most recent change in terms.

This arrogant act by what may be the most hated bank on the planet has resulted in over a dozen lawsuits from all over the country, and more on the way.

sheesh.
Alessandro Machi 9 months ago
I should add that Chase Bank also did not allow 400,000 thousand of their most reliable and on time paying customers to opt out either after Chase Bank changed terms.
myfreddie 8 months ago
I just received a Change in Terms from Chase for the 5% minimum payment increase and was told that there is NO opt-out. Some people had a opt-out paragraph included. I did not.
jmtjpm 8 months ago
I also received a change in terms from Chase raising the minimum payment to 5% of the balance...which I cannot afford. I confirmed with Chase via email that there is no opt-out but to call to work out arrangements. How can this be o.k.? I've never been late and have for the most part always paid over the minimum payment due. What recourse if any do we have?
Alessandro Machi 8 months ago
First of all, you can see what a sham the recent credit card reform bill act was because no mention of OPTING OUT is in the act.

I am going to recommend DEMANDING Chase bank offer arbitration.

Talking points include, the lure of the offer was to pay off higher interest cards and save money. If Chase accelerates the monthly minimum payment they are baiting and switching what the original offer was supposed to help alleviate.

Remember, ALL OF THE CHASE CUSTOMERS GETTING HIT with the CHANGE IN TERMS AND NOT BEING ALLOWED TO OPT OUT, OVER A MILLION OF THEM, ARE ON-TIME PAYING CUSTOMERS! Chase Bank is deliberately trying to default their most reliable customers, and I consider this to be either a conspiracy or treason, and should be investigated by the FBI.

I believe that Chase Bank thinks it is more profitable to default their customers than to be an ally in these times.

DEMAND Arbitration, you'll probably have to fax a letter to the proper department, but that info should be available through customer service.
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