Consumer complaint received 2015-11-17
Company: JPMORGAN CHASE & CO.
State: AL
Product: Credit card
Issue: Billing disputes

Complaint:
I have a credit card with Chase bank, the XXXX rewards credit card. I have carried a balance on this card for most of the time I have had the card open, which is since XXXX. I have always made my payments on time and have paid atleast the minimum monthly payment by the due date. Recently, I was able to pay the balance off in full, and submitted an online payment request to pay the full statement balance due of {$2000.00}, which posted to the card on XXXX XXXX, in advance of the XXXX XXXX due date. Assuming the card was now paid in full, I was surprised to receive a bill dated XXXX XXXX with a balance due of {$22.00}. I had not used this card any more and had made no purchases since submitting the payment. According to the billing statement, this was an interest charge on a balance of {$1400.00}. I did not understand why I was being charged interest when I had submitted payment in full for the new balance due as stated on the prior statement, and had brought the account balance to XXXX. It has always been my understanding with credit cards that if you pay off the entire balance in full before the due date that no further charges will be assessed. I have recently been able to pay off other credit cards with other financial institutions ( XXXX Bank acting on behalf of XXXX, XXXX, and XXXX XXXX, and XXXX XXXX Bank acting on behalf of XXXX stores, and XXXX ). None of these credit cards ever billed me for any interest after submitting payment in full on or before the due date, even when I had been carrying a balance month to month on all of these cards. Further, I work for a bank who solicits credit card applications and when disclosing verbally to my customers over the phone we also inform customers that " Your payment is due within 25 days of the close of each billing cycle. If you do not pay your balance off in full each month before the due date interest charges will be assessed ''. Assuming this was a mistake on my Chase card, I called customer service and was told it is Chase practice to bill residual interest up to the day payment is received. This information is not disclosed in the credit card agreement, which I requested a copy of, and is also not disclosed on the bill under the paragraph " How to avoid interest on your charges ''. I requested to have the charge removed as a courtesy and was told it could not be removed since they stated it was a vaild charge. I requested a supervisor named XXXX who also stated the same. I then requested his supervisor and spoke to XXXX XXXX who disconnected the call on me. None of these agents were willing to listen and stood behind their claims this was a legitimate charge. I feel this is a shady business practice as it is clearly out of the realm of what is the standard expectation in the credit card industry by consumers who are expecting to pay off their bills. Any reasonable consumer would be under the expectation that by submitting payment in full by the due date that their account would have no further charges assessed after having cleared out the balance. With this not being disclosed clearly to the Chase consumer, I feel this is also a UDAP ( unfair, deceptive, and abusive practice ) violation and has affected many consumers who may not be aware they have paid interest when not disclosed to them by the bank.

Company response to consumer: Closed with explanation