On 8/19/08, I made a $100.00 payment on my Chase Credit Card (well over the minimum) for a payment due on 9/5. On 9/10, I changed the date for all of my automatic electronic payments so that they would occur on the same date. Another $100.00 payment was made (after the September due date had expired) toward the October payment, due on 10/6.
Even though the September payment was due on the 5th, the billing cycle apparently did not close until the 11th. Since the second payment was made on the 10th (ONE day before the close of the cycle, although 5 days after the due date in that same cycle), both of my $100.00 payments were credited toward the September payment. I became aware of this when I viewed my next bill, shown a late fee and no October payment.
I called Chase and was assisted by a very understanding customer service representative who reversed late fee and told me that the second $100.00 payment would be credited toward my October bill. The problem was solved (or so I thought).
I began receiving phone calls about my past due payment. Even though she had reversed the late fee, she had failed to credit the October payment. I called back and was again assisted by a very helpful representative who told me that my October payment had now been credited. I questioned whether my interest rate would be adversely affected and was told that it would not.
On 11/19/08, I received a notice that my interest rate would be changing to the default rate of 29.99%. When I called to inquire about the reason for the change, I was told that it was due to my late October payment, which they were showing to have been received on 10/25. The 10/25 payment, however, was for November! (11/6 due date). I had been told that my October payment had been credited from the $100.00 payment made on 9/10.
Even if they failed again to credit it as they told me they would, they had acknowledged that my October payment was not late by removing the late fee and cancelling the phone calls and mail regarding any past due amount. The late fee reversal was on my next statement.
This time, I did not receive such helpful customer service. Even after speaking to a supervisor, I was only told repeatedly that I was not allowed to pay early and that it was not their error. She was obviously reading from her script. Even with the prior actions of her colleagues acknowledging that I had made the payment, she was rude and inflexible. She told me that I could "write" to the corporate office but there was not anyone else who could assist me.
I am interested in exploring legal action, based upon the prior acknowledgment of my timely payment by reversing the fees and cancelling collections calls. I know that they have notes of the phone calls and may even have recordings. In addition, I own a few shares of Chase stock and will explore my options as a stockholder. I am open to any suggestions or to joining with anyone who is already in the process of seeking legal action for the same issue.
Oklahoma City, Oklahoma