Economy

Chase Bank wipes out All Outstanding Debt Owed by its Canadian Customers

Chase Bank wipes out All Outstanding Debt Owed by its Canadian Customers”

The bank is exiting the Canadian market, and forgave the outstanding debt on its Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa, the Guardian reported.

Chase folded all Amazon and Marriott Visa accounts a year ago and recently opted to cut its loan losses completely. This news follows the company's decision to exit the credit card market in the country. "A further business decision has been made to forgive all outstanding balances in order to complete the exit", Maria Martinez, vice president of communications for Chase Card Services, said in a statement.

The company confirmed the decision to USA Today and CBC on Thursday. Paul Adamson of Dundalik, Ontario, said he that when he saw his account had been closed, he called the bank to be sure.

"I'm honestly still so ... flabbergasted about it, ' Adamson said".

The US bank, which is part of JPMorgan Chase & Co, announced in January 2018 that it would be cancelling its two Canadian credit cards. Last week when he went to make a payment, he was told he no longer owed anything.

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Some customers said they were left stunned when they learned of the debt forgiveness.

Chase declined to share how much debt was wiped or how many customers were affected. CBC spoke with some Canadians who said they received a letter from Chase this week.

Paul Adamson, of Dundalk, Ontario, said that he called the bank, anxious about missing a payment, only to be told that his $1,645 debt was now $0. Based on his report, Turner still owed the bank $6,157 in his Amazon.ca Rewards Visa card. "I couldn't believe it".

Rewards Canada founder Patrick Sojka told CBC News that it was likely that Chase decided that it would be cheaper to eat any outstanding Canadian customers' credit card debts than to continue paying for the infrastructure required to continue to collect their payments.



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