Chevy Chase Bank Victims Society
(CCB's credit card business is now owned by First USA who are NO BETTER!)
Finally some justice! Now we have to go after the rest of the banks that are raping the consumer and demand that Congress provide CONSUMER PROTECTION and implement USURY LAWS:
http://www.tlpj.org/News_PDF/baltsun_072706.pdf Chevy Chase finally has to pay and settles on $16.1 Million class action lawsuit!
Are you one of the tens of thousands of customers who were victimized by Chevy Chase Bank's alleged "risk based pricing"? Were you someone who had been paying their bills on time, who over night went from a customer in good standing to a credit risk and was then imposed 25.99% (and higher) interest rate on their ENTIRE outstanding balance without warning or consent?
In January of 1996 Chevy Chase Bank relocated their headquarters from Maryland (where there is an interest rate ceiling of 24%) to Northern Virginia (where there is NO CEILING and they are virtually UNREGULATED). This was no overnight move but a carefully thought out and planned move designed with specific intentions. Shortly after they moved they began increasing interest rates on specifically targeted customers. The interest rate changes were imposed on the entire balance and without consent or approval. They then made several changes to their "Terms and Conditions" including several which attempt to take away your constitutional, civil and federally protected rights!
There is much more to this story and many of the victims are NOW uniting their efforts to take legal action against Chevy Chase Bank, to inform the public, and to bring about changes in the law!
Another intesting article "Credit Card Flood Leaves Sea of Debt" in the Washington Post page A01, the article talks about how banks like Chevy Chase Bank lures people, tempts people into running up high balances even if they can not afford them. More important is this quote "One Rockville couple with annual income of $35,500, recently filed for bankruptcy." Among cards listed in their filing were TWO Chevy Chase Bank cards!!!!
In May of 1997 an article in the Washington post reported that the BANKRUPTCIES in the state of Maryland shot up 41% in 1996 (WELL above the national average). One does not have to look far for a cause and effect relationship when one of Maryland's former largest banks decides to jump state lines so they can raise interest rates to 25.99% and HIGHER in the same year!
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