Account opening, closing, or management

Posted on Posted in Bank, Complaints

review

I opened a Line of Credit with Chase on XX/XX/XXXX. This was part of my retirement financial planning. I XXXX XX/XX/XXXX. Since that time I have continually used my line of credit and also took out a Reverse Mortgage. In a letter dated XX/XX/XXXX Chase advised they were no longer offering personal Lines of Credit as a product. They said in the letter they understand access to credit is important to me. If they did understand, they would recognize the impact of this decision on XXXX. The alternatives they suggest are credit cards and a home equity line of credit. These are not viable options for XXXX. The interest on credit cards is prohibitive and not tax deductible. A home equity is also not an option for XXXX with a Reverse Mortgage. I understand discontinuing a product and/or a service. What I do not understand is Chases ‘s failure to recognize the consequence their decision has on their customers, especially XXXX. What I really do not understand is the decision not to offer existing customers the option of retaining their accounts. I have had this account for 21 years and now that I am left with no other recourse because I am a XXXX, they are ” pulling the ” plug ”. I find this decision not to ” grandfather ” this product for existing customers, specifically XXXX, discriminatory

Leave a Reply