Not mine but this is actually what I did too.
I said I plan to charge back on my credit card. They threatened that if I did that, they can’t promise my account wouldnt be flagged.
I said “bet” and they removed the cancellation fee and cancelled the service.
Sounds like a job for antitrust law.
Banks make the world go round. I doubt stopping them from communicating will happen. I like the thought though.