A unit of J.P. Morgan Chase & Co has agreed to 'forgive' the outstandi...
FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, U.S., November 13, 2017. REUTERS/Amr Alfiky
TORONTO - A unit of J.P. Morgan Chase & Co has agreed to “forgive” the outstanding credit card debt of its Canadian cardholders as part of the U.S. bank’s move to exit the Canadian credit card market, the company said on Thursday. Chase Bank, which is operated by JP Morgan Chase, announced in January 2018 that it would close all credit card accounts in Canada on March 15 of that year. At the time, customers were required to continue making payments on their accounts.
The bank declined to say when it made the decision to write off the remaining debt. The Canadian Broadcasting Corporation quoted some customers as saying they received letters from the bank this week informing them of the decision.
“It’s crazy,” Douglas Turner, a 55-year-old long-haul trucker, told CBC. “This stuff doesn’t happen with credit cards. Credit cards are horror stories.”It is a unique situation that is “unlikely to be repeated,” said Scott Hannah, president of the Credit Counseling Society. “It’s a first, on this scale.”
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