Consumer complaint received 2023-09-11 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Problem with fees
Company: JPMORGAN CHASE & CO.
State: VT

Complaint narrative:
On or around XX/XX/2023 I called Chase credit card company to get the final pay out on my card. I spoke with someone on the phone and explained that I wanted to get the " final pay off amount so that I could officially close this account and be done. '' The individual gave me the payoff amount of {$15000.00}. I reiterated numerous times, " Is this the final amount? If I cut a check for {$15000.00} then I am done, correct? " The answer was repeatedly, " Yes. '' There was no additional information provided -- which is important to point out. There was no education on the phone that {$15000.00} is what the amount was that day but of course they wouldn't be receiving the check for a number of days and that it could be more due to fees and interest, and that I should add extra money to the check. I've since learned this and am calling out that even though I pressed " Is this the final amount to close out the account? '' The customer service rep said yes, knowing that unless I was wiring the money, the number given to me over the phone wouldn't be correct by the time they received the check. 

According to XXXX  XXXX XXXX online bill pay ( whom we use ) a check in the amount of {$15000.00} was initiatied on XX/XX/XXXX and cut on XX/XX/XXXX. 

After that day, I assumed I was in the clear and had officially met our debt obligations on the account. {$15000.00} is a lot of money to pay off when we'd been paying {$1000.00} a month for months. I was so excited to be clear of that debt. Furthermore, I would like to also point out that the account was already CLOSED. They had closed it a while back because we were in default. So, the fact that we were paying incremental amounts to stay in good standing ( if that's what you want to call it ) and then to call and ask for final close out amount -- Chase could see that we were trying to do the right thing. 

I do acknowledge that I may have received mail from Chase in the following months and assumed it was junk mail. I had paid off the bill and didn't want to open another account with them -- ever. 

In late XXXX I received correspondence from Chase and decided to open it. " We want to work with you to bring your account up to date. '' Is what the headline read. I was perplexed and saw that it said we owed {$250.00}. For what!?!??! 

I immediately called the number : XXXX And that's when the odyssy began. 

That's when I was told about the interest and how the {$15000.00} amount was only valid that day and that I would be accruing interest daily, etc. I then asked why no one told me this -- they said it was in the fine print. WHO READS THE FINE PRINT? I told them that I had repeatedly asked the person on the phone when I called in XXXX for the final payout amount, etc. The person on the phone never once said anything about additional interest, etc. I didn't understand how anyone could get out of this pickle. If you write a check for what the statement said, by the time they receive it, there would be more interest. It would become this vicious cycle. I explained this and after getting transferred to a bunch of different people I learned that in order to get out of this pickle I would need to write a check for more. For more? Ludicrous. I looked back at the " We want to work with you '' letter and nowhere on the form does it say " Your bill is {$250.00} but tomorrow it will be more so why don't you just cut us a check for {$300.00} and we'll see where we net out. '' That's what this has come down to me. I couldn't believe it. What's the point of sending a statement when it's wrong as soon as the statement is printed? 

So, I continue to argue and get to the bottom of this debacle and then this woman on the phone tells me that my bill is {$250.00}. My blood ran cold. I asked her to repeat it again. {$250.00} That is not what it said in the letter I received from Chase. It stated {$250.00} ONE XXXX OFF. I continued to argue with her. She sees XXXX and I see XXXX. 

Sure, it's one XXXX, what's the issue? The issue is that if they do this for hundreds of thousands of customers, then this vicious cycle continues and it's more money in their pockets. 

If I was to wire {$250.00}, my account would still be in default. It would not be paid in full and this process would continue. 

I received the statement in the mail -- the one that the woman was seeing online. Yet, she didn't see the one that I had. It's clear as day. One XXXX off. 

I went ahead and issued another check through XXXX XXXX XXXX for {$300.00} and am awaiting my " refund / overage. '' My beef about all of this is two-fold. 

1. Customer service reps should communicate the need to add additional money to a pay off amount and educate customers when they ask for a pay off amount. Otherwise, customers will be forced into this vicious cycle of never being able ot pay off their account because of daily interest and fees. I WANT TRANSPARENCY IN CUSTOMER REP COMMUNICATION WITH CUSTOMERS. IF SOMEONE CALLS FOR A PAY OFF AMOUNT, EDUCATE THE CUSTOMER ON WHAT NEEDS TO HAPPEN TO PAY IT OFF IN FULL. 

2. Their statements are OFF. Not cool. I think it's kind of slimy and a small way they can take advantage of people. Sure, one XXXX, but if you multiple this over thousands of people ... it's interest in their pockets. I WANT SOMEONE TO LOOK AT THEIR BILLING PROCESS AND SEE WHERE THE ERROR BEGAN AND FIX IT SO THAT OTHERS DO NOT RUN INTO THIS. I WOULD LIKE ALL FEES REFUNDED TO ME. WHICH, WOULD BE {$250.00} + WHATEVER DAILY FEES I INCURRED. I WILL SOON LEARN ONCE I RECEIVE THE REFUND CHECK BACK. 

3. Please pull the call logs to listen to my interactions with the rep in XXXX and again in XXXX ( with multiple reps ).

Company response to consumer: Closed with monetary relief