Letter to JP Morgan Chase CEO re. $3 Debit Card Usage Fee
JPMorganChaseJDimon.pdf | 67.4 kB
October 17, 2011
News accounts indicated that JP Morgan Chase Bank was testing a new debit card activity fee of $3 per month for customers in Northern Wisconsin when they make a purchase with a debit card linked to the Basic Checking Account. This fee would be charged even when consumers use the card only once a month. Consumers Union, the public policy and advocacy division of Consumer Reports believed this decision to charge consumers a new monthly fee to use their own money for debit card transactions was both ill-timed and unfair. Accordingly, on behalf of America’s financial services consumers, we suggested they withdraw these plans immediately.