There are a lot of happy Canadians today after they learned J.P. Morgan Chase & Co has erased their outstanding Chase credit card debt as part of the bank's move to exit the country.
Chase Bank, which operates under the New York based J.P. Morgan Chase & Co, closed all credit card accounts belonging to people in Canada in March 2018, the CBC reported. At the time, customers were told they needed to continue paying down their cards, but on Thursday, the company announced that all their credit card debt had been cancelled. The company had offered two reward cards partnered with Amazon and Marriott in Canada, but decided
One man, who owed more than $4,500 on his now-cancelled Amazon Visa card said he couldn't believe it when he learned he no longer had to pay his card.
"I was sort of over the moon all last night, with a smile on my face," said Douglas Turner of Coe Hill, Ont. told the CBC.
Chase has not disclosed how much debt was forgiven, or how many customers in Canada got their debt wiped off.
One solution considered by the bank was to sell the debt to a third-party, but Maria Martinez, the vice-president of communications for Chase Card Services told Reuters that simply cancelling the debt was "a better decision for all parties, including and most importantly our customers."
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