Originally Posted by
mafiaa
The chargeback was not frivolous. Why would I do a chargeback of $9 if it was frivolous. C'mon now. They don't like doing chargebacks now it seems. I dont want to sue Chase because I have the Hyatt now. If they decide to close the Chase later, then maybe garykung can be my lawyer.
No one claims the chargeback was not frivolous. Instead, it is a statutory requirement under ECOA:
"(3) because the applicant has
in good faith exercised any right under this chapter."
If you filed a legitimate chargeback, then your account was closed afterward, then the ECOA protection will kick in. Otherwise, it is not an issue.
BTW - IANAL. I am simply someone who know too much about law, especially Consumer Credit Protection Act.
Originally Posted by
flyer4512
See here for detail:
https://www.fdic.gov/bank/individual/failed/wamu.html
WaMu went into receivership first. Then most of the company was sold to Chase by FDIC. Per FDIC's press release, "JPMorgan Chase acquired the assets, assumed the qualified financial contracts and made a payment of $1.9 billion. Claims by equity, subordinated and senior debt holders were not acquired."