Some good news for credit card users. Chase Bank has agreed to drop the flat monthly service fee, which it added to more than 184,000 accounts in January. In addition, anyone who was charged the fee will have the money refunded.
It took the attorney general of NY to broker this deal on behalf of consumers. Perhaps some of the other less than consumer friendly practices will also be dropped. The news story did not say what would happen for people who accepted the higher interest rate on their card instead of accepting the fee. If you did this, you may want to call Chase.
If you are one of the lucky ones getting money returned, this is a great chance to either pay down some of your balance, or if you pay your card in full every month, to add to your emergency fund. “Found” money is the easiest way to add to your savings.