Chase sent its customers "blank checks" which were represented as good for loans to be paid off at a low interest rate "for the life of the loan." However, beginning in November 2008, Chase sent customers with outstanding check balances notices, stating that their check loans would be subject to an additional monthly "Service Charge-Finance Charge", and that their minimum monthly repayment on the check loans would be raised from 2% to 5%. The notices further stated that customers must pay off their entire loan balances in full immediately or be subject to the new and unfair terms. Some cardholders were offered an alternative option to transfer their balances to a new account with Chase at a higher APR of 7.99% in order to avoid paying the monthly service charge and the higher minimum payments.