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.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive!