News for hackers. Stuff that matters.

A comment on 'It's crazy': Chase forgiving all debt owed by its Canada credit card customers. Parent comment

Re:'It's crazy': Chase forgiving all debt owed by its Canada... by kjaftaedi on Friday August 09, 2019 @07:21AM (#20653247)
This is not a good guess.

Chase announced they were closing these accounts in April 2018, and tried to have them closed by March 2018.

The reason was that Chase was getting out of it's relationship with J.P. Morgan.

It's now over a year later, and due to contractual obligations can't legally force people to pay their full balances all at once.

Other than continuing their relationship with J.P Morgan until all cardholders payed off their balances in full, this was the only other option.

[ Parent | on HN ]
Re:'It's crazy': Chase forgiving all debt owed by its Canada... by panarky on Friday August 09, 2019 @02:00PM (#20656817)
> getting out of it's (sic) relationship with J.P. Morgan

Huh? They're the same company, "JPMorgan Chase & Co."

https://finance.yahoo.com/quote/JPM

[ Parent | on HN ]
Re:'It's crazy': Chase forgiving all debt owed by its Canada... by dragonwriter on Friday August 09, 2019 @07:44PM (#20659132)
It was getting out of the Canadian credit card market, not it's relationship with JPMorgan (which is the same company).
[ Parent | on HN ]