Chase forgives all credit card debt for Canadian customers

JP Morgan unit 'forgives' credit card debt of Canadian customers

A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New YorkMore

Chase Bank, which announced in March 2018 that it was pulling out of the credit card market in Canada, has now told its customers there that it is forgiving all their debt, the company told USA Today Friday.

The company says users with an outstanding balance as of June will no longer see red on their statements.

"I was stunned, I'll be honest".

Both Turner and Adamson agree that when they receive notices or sudden account closures, these usually come with extra charges and surprise fees. "So I actually checked several different sources besides the customer service rep I spoke with, and sure enough they forgave the debt".

Chase Bank, part of the New York-based JP Morgan Chase & Co., originally told customers to continue paying down their debt after the company made a decision to close its Canadian operation over a year ago.

'They're still probably paying taxes, paying accountants, and for them, they just probably worked it out and [said], "Let's just forgive the debt and fully get out of the country", Sojka said.

The bank declined to share how much debt was wiped out or how many customers were affected.

His first thought when he was sent a letter from the bank was that he had missed a payment, Douglas Turner, 55, told CBC. He said if you have a credit card, don't count on this ever happening again.

"I don't believe that", he told CBS New York.

But he said he's stumped about why the bank didn't opt to sell the debt to a third-party debt collector, which would allow Chase to recoup some cash.

Rewards Canada founder Patrick Sojka told CBC News that it was likely that Chase decided that it would be cheaper to eat any outstanding Canadian customers' credit card debts than to continue paying for the infrastructure required to continue to collect their payments.

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