Chase Bank Forgives All Credit Card Debt for Customers in Canada

JP Morgan unit 'forgives' credit card debt of Canadian customers

JP Morgan unit 'forgives' credit card debt of Canadian customers

Canadian customers of Chase Bank have had thousands of dollars wiped from their credit card bills. The southwestern Ontario resident said he should have owed about $1,645. Last week when he went to make a payment, he was told he no longer owed anything.

But a letter from the credit card issuer a day later confirmed that financial institutions are capable of forgiveness.

"I'm honestly still so ... flabbergasted about it, ' Adamson said. I just said, 'Hey, here's one more thing we don't need to worry about"'.

Rewards Canada founder Patrick Sojka told CBC News that it was likely that Chase decided that it would be cheaper to eat any outstanding Canadian customers' credit card debts than to continue paying for the infrastructure required to continue to collect their payments.

According to multiple reports, Chase Bank has canceled all credit card debt for its Canadians customers after announcing the bank's exit from the Canadian credit market.

As part of its exit from the Canadian credit card market, Chase folded all Amazon and Marriott Visa accounts a year ago and recently opted to cut its loan losses completely.

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It's unclear how many of Chase's Canadian credit card customers had their debt erased or how much money the bank wrote off.

Paul Adamson from Dundalk, Ontario also had a similar payment. "So this is a nice little pat on the back for doing so well, as far as I'm concerned".

In particular, to this development - Canada Revenue Agency (CRA) might look into the taxability factor of this windfall.

Chase could have sold its outstanding debt to a third-party, which could have gone after the customers but chose not to.

"Chase made the decision to exit the Canadian credit card market", Chase spokeswoman Maria Martinez said in a statement.

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