US bank cancels credit card debts of Canadian customers

A US bank has decided to cancel all credit card debts of its Canadian customers as part of a withdrawal from this market.

New York-based Chase Bank announced it was canceling all unpaid debts owed by users of its two credit cards in Canada.

As part of its exit from the Canadian credit card market, Chase closed all Marriott Visa and Amazon accounts last year, and recently decided to absorb the losses.

The company said users with an outstanding balance in June would not have to make the payments.

Credit Card in hand, isolated on white background

I am stunned, to be honest. That’s one less thing that I have to worry about.

Paul Adamson, Chase customer

Elena Jara, director of the not-for-profit Credit Canada, says Chase Bank’s decision may indicate that it has the ability to erase the losses it will incur.

“She could have done it otherwise, but she should have spent more time and more effort to achieve it. In the end, it would not have been a good thing [for the company], she said. There is also the possibility that the losses may be covered by an insurance company. ”

The financial institution, owned by JP Morgan Chase & Co., decided to leave the Canadian credit card market in March 2018, after 13 years in this market.

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About the Author: Boris Jay

Boris Jay is a Senior Reporter here at Social Business News  covering state and national politics,  Before joining our team Boris worked as a contributor to Medium.

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