Chase aims to cherry-pick best business customers
We all know that Chase has been slashing and burning its customer base, especially among small-business customers, who often finance their operations in the short term with credit cards.
Well, Chase is showing again that rather than being a community bank that is committed to fair and reasonable lending practices, it is only looking to cherry-pick the creme of the crop of customers. At least, that is how Bloomberg Business Week sees it. Their latest volley, a seemingly innocuous promotion that offers companies a reduction in interest rate on credit lines for hiring new employees. Business Week thinks they are trying to attract the best strong (financially speaking) customers from other banks. I read it a little differently. Perhaps they are trying to identify which of their current customers they want to hold onto, or conversely, which additional customers they will motivate to leave them.
Fees & charges | admin June 30, 2010
