I guess many banks are in stress due to current financial landscape. Here is a story that would have been very different a few years ago. I could have almost pictured the customer rep begging me not to close my account. However, things were very different yesterday.
I use Paytrust to pay all my bills. Paytrust is very different than many online bill payment services that are offered by the banks. I can actually have all my bills sent to Paytrust and they automatically pay them for me without me even having to log on. Perfect service for someone who has moved 12 times in the last 11 years. No need to call everyone and change mailing address.
With some of my bills I even went fully digital, no paper mailed. I provide Paytrust with my login information and they pull the bills every month electronically.
In my wallet, I only carry two credit cards: an Amex Blue, and a Yahoo! Visa. Got them at the same time right after graduating from college. I use my Amex day-to-day and every once in a while when some store does not take Amex, I present them my very cool Yahoo! Visa card that has a psychedelic Yahoo! logo on it.
Apparently in January, Chase, my Yahoo! Visa provider, changed the login procedures to their website. Therefore, Paytrust wasn't able to login and fetch my bill and therefore pay it. I did not notice an email from Paytrust warning me among all the spam and most likely deleted it. However, yesterday I realized that I haven't paid my Visa bill and wondered why. So, I found out why when I had to log in to Chase site and update some stupid security questions. After updating them, I realized that I missed my February payment by 2 days, and now on my bill there are two charges, $5 finance charge based on a ridiculous 19.99% APR and a $39 late payment penalty. Just like every citizen with a great credit history I called Chase. The conversation was kinda like this:
Me: I noticed this late fee, sorry I missed the payment, check out my account history, this is the first time since 1999. Could you please take that $39 off?
CSR: Sorry, even before we can consider something like that, your account needs to be current.
Me: Ok, let me pay it now, here is my checking account number and routing number
CSR: If you do it via a CSR we take a $15 fee, via automated phone $5, it is free via internet.
Me: Fine! I am paying it right now via your website. Done. Refresh and you'll see the payment
CSR: Thank you for your payment. This one time only we will take that $39 off.
Me: How about that $5 finance charge
CSR: I am sorry, that is a legitimate charge, I cannot take that off.
Me: Fine! then do something about that ridiculous 19.99% APR.
CSR: Sorry sir, that is best we can do at this time for your account
Me: Really? Even with someone with almost perfect credit history? There are so many people willing to offer me low APRs, and I keep rejecting them. Can I talk to a manager?
CSR: Sorry. This is best we can do
Me: Then I would like to close this account, I do not want to deal with such a bank. Please connect me to whoever handles the account closing.
At this point I am counting on the good old department which handles the account closing and begs you to stay with them.
CSR: Ok sir, your account is closed.
Me: What?
CSR: Per your instructions I closed your account. You will receive your final statement within a month.
WOW! I guess nowadays the banks are doing all that is possible to reduce their outstanding credit lines.
Who is the victim? My poor very cool looking Visa card with a Yahoo logo on it.
I spent the next 10 minutes surfing to find a legit Visa with a low APR that will only process my purchases from Amex hating merchants.
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