Banking
Jul. 31, 2009
Chase Hit With Wave of Suits Over Sudden Changes to Loans
A group of class actions against Chase Bank USA charges the bank unlawfully changed the terms on consumers loans after they were made.
Daily Journal Staff Writer Over the last few years, Margaret Conley took out two loans totaling $20,000 from Chase Bank USA with the understanding that her minimum monthly payment would be fixed at two percent of her loan balance until it was paid off. Instead, in January, the California resident noticed her minimum monthly payment had been increased to $867, an amount equivalent to 5 percent of her remaining loan balance, from $3...
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