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Chase zeros out Canadian credit card account customers that still owe a balance.


hegemony
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Chase exited the Canadian credit card market a while ago. For customers still paying down their balances, they said the hell with it and paid it off for them. If that happened in the U.S., I would bet the bank would issue 1099's to those customers because the IRS would look at that as income.

 

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https://www.nytimes.com/2019/08/09/business/chase-credit-card-debt-canada.html
Edited by Burgerwars
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1 hour ago, Burgerwars said:

Chase exited the Canadian credit card market a while ago. For customers still paying down their balances, they said the hell with it and paid it off for them. If that happened in the U.S., I would bet the bank would issue 1099's to those customers because the IRS would look at that as income.

 

Link:  


https://www.nytimes.com/2019/08/09/business/chase-credit-card-debt-canada.html

I doubt Santa Claus sits on the board of the Canadian Chase subsidiary through which these accounts were issued.  That leaves me to surmise that the portfolio was deficient in some manner that prevented them from selling it.

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