Credit card -- Problem when making payments -- Complaint #8651881
Complaint Overview
Complaint ID: 8651881
Company: Jpmorgan Chase & Co.
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Problem when making payments
Sub-Issue: Problem during payment process
State: Ohio
ZIP Code: 44236
Date Received: 2024-03-28T12:00:00-05:00
Date Sent to Company: 2024-03-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
We have large purchase payment plans setup with two credit cards we have with Chase. The stated interest rate is zero 0 % however on two of the payment plans, there are monthly fees assessed. We made larger principle payments on both cards with the intention of paying off those plans that had monthly fees assessed whereas leave the other zero percent plans that do not have monthly fees assessed with their balances. When we made the payments, Chase did not apply the payoffs to those plans with a fee as we intended so I called them to adjust those payments accordingly. They told me that it only applies the excess payments to the higher interest rate ( all of them are at zero % ) and then after that, it pays them down in chronological order. I complained that the ones with the fees applied is what we wanted to payoff and they said they could not adjust the payment to pay those off first. They said it was disclosed that way but I said that when any fees are applied, then that affects my effective rate and that those should be applied first if all were zero % and not in chronological order. To me this is adhering to their disclosure but their payment system is not compliant to Truth in Lending Act regulations. The Truth in Lending Act ( TILA ) requires creditors to allocate payments in a way that is most beneficial to the consumer. Since the zero-rate balances with fees have additional charges attached to them, those fees should be treated as finance charges. Under TILA, it would be appropriate to prioritize paying off these balances first to minimize the overall finance charges and interest accrued by the consumer. The fact that Chase says they payoff balances in chronological order and do not factor in balances that generate fees first is a violation of TILA. Please dont just close this complaint just on the fact that Chase replied back to me. Please research this to determine if this is in fact a violation of TILA!
Frequently Asked Questions
What is Complaint #8651881 about?
Complaint #8651881 was filed against Jpmorgan Chase & Co. regarding Credit card specifically about Problem when making payments. It was received by the CFPB on 2024-03-28T12:00:00-05:00.
How did Jpmorgan Chase & Co. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Credit card) and describe your issue in detail.
Can I see other complaints against Jpmorgan Chase & Co.?
Yes, visit the Jpmorgan Chase & Co. company profile at readthecomplaint.com/company/jpmorgan-chase-co to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.