Chase cancels payment protector plan for NC 95 year old

October 9, 2013 12:37:48 PM PDT
Dorothy Cross, 95, enrolled in a plan where she paid a small percentage of her monthly credit card balance to Chase with the expectation that once she died, her estate would not be responsible for the $38,000 balance she accrued over the last several years.

She enrolled in Chase' Payment Protector plan, which functions as a term plan and not like insurance. But Chase is ceasing the plan on May 31, 2014, explaining that it was "aiming to simplify the set of products and services we offer customers."

Cross, of Charlotte, N.C., is a retired school teacher, who enrolled in the program around 2007 and paid less than one percent of her credit card balance as a monthly fee. She paid over $16,000 in fee payments, but will not longer have the benefit of the program, as first reported by the Los Angeles Times.

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