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It's good to be Canadian.

'Flabbergasted': Chase Bank forgives all credit card debt for Canadian customers
https://www.usatoday.com/story/money/2019/08/09/chase-bank-c...

Chase Bank, part of the New York based JPMorgan Chase & Co., closed all credit card accounts in the country in March 2018, the company said.

Originally, customers were told to continue paying their debt, Reuters reported, but the company confirmed Friday to USA TODAY the debt was now cancelled.

"Chase made the decision to exit the Canadian credit card market. As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit," Maria Martinez, vice president of communications for Chase Card Services, said in a statement.

Chase declined to say how much debt was forgiven or how many customers were affected. It wasn't immediately clear when the decision was made, but CBC spoke with some Canadians who said they received a letter from Chase this week.

"I was sort of over the moon all last night, with a smile on my face," Douglas Turner of Coe Hill, Ontario, told the Canadian broadcaster. Turner said he still owed more than $4,500 on his card. "I couldn't believe it."

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Having a bank "gift" you with that kind of windfall would be a taxable event in the US. I wonder if it's the same in Canada?

intercst
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"Chase made the decision to exit the Canadian credit card market. As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit," Maria Martinez, vice president of communications for Chase Card Services, said in a statement.

It seems like a company exiting a market would still sell their assets--the balance sheet of debt owed--to *someone*, like another credit company. Even if you let it go for 90 cents on the dollar, you're mitigating the write-off. That doesn't seem like they're serving their shareholders.
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90 cents on the dollar? I am guessing ten cents would be closer. These are the accounts that were already so far behind that they probably had little or no hope of every collecting anyway. It also gets them a ton of (positive?) publicity, not that publicity is worth much in a market you are leaving.
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These are the accounts that were already so far behind that they probably had little or no hope of every collecting anyway.

The accounts were closed last year. Card holders weren't allowed to make new charges but were required to pay them off over time. Some were undoubtedly behind in payments but not all.
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