Musings of an Internet Junkie » custom url http://madblogr.com An Internet junkie's WordPress journal. Tue, 16 Mar 2010 20:50:33 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 http://creativecommons.org/licenses/by-nc-sa/3.0/us/ Chase takeover of WaMu http://madblogr.com/2009/01/27/chase-takeover-of-wamu/ http://madblogr.com/2009/01/27/chase-takeover-of-wamu/#comments Tue, 27 Jan 2009 15:57:31 +0000 admin http://mike.milisake.com/2009/01/27/chase-takeover-of-wamu/ First of all let me state I am not an economic or financial expert in any way, shape, or form. With that said, I do my best to be fiscally responsible and pay my bills on time each month, often paying more than is due.

This leads me to my rant regarding the recent takeover of Washington Mutual (WaMu) by Chase. Due to this takeover, Chase raised the APR of my credit account from 14.99% to 25.99% (28.99% effective) which I have never been late on, always paid more than the minimum, and often paid twice per month. Now, if I am a customer in good standing, I can only imagine the changes for those who have not been fortunate enough to maintain their accounts. By the way, did I mention this APR increase was done without any ample notification?

The first I became aware of the APR increase was when I received my most recent billing statement along with a separate letter stating the various changes due to the takeover. Not only am I extremely disappointed with the lack of notification before the increase, but one has to wonder how this type of increase makes financial sense? It seems to me that raising the APR is counter-intuitive when so many people are now in dire financial straits due to the current economy and of course their own spending habits. Will raising the APR on credit accounts result in more accounts defaulting and hence the bank continuing to fail?

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