JP Morgan Makes “Friendly” Gesture Exiting Canadian Credit Card Market
JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking.
Reportedly, Chase Bank, a unit of J.P Morgan Chase & Co has decided to “forgive” the outstanding credit card debt of its Canadian credit cardholders, to have a smooth exit from the Canadian credit card market. The decision to exit the Canadian market came through this year, however, at that time the customers were notified to continue making payments for their outstanding accounts.
Maria Martinez, vice-president of communications for Chase Card Services stated that it “was a better decision for all parties, including and most importantly our customers,”.
The bank had an alternative to sell the debt to a third party but the decision to clear off the debts was entirely in favor and benefit of the customers. The bank declined to comment on the outstanding debt amount and when the decision was made, however, the Canadian Broadcasting Corporation informed that some customers had received letters from the bank about the decision.
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