Consumer Complaints Work: JP Morgan and Chase to issue Refunds on Credit Cards
By Consumers Union on Friday, March 27th, 2009
Following consumer group testimony this month about abusive credit card fees and practices, JPMorgan Chase has decided to refund the $10 per month fee added to 400,000 low-interest cards that started this year. (Thanks to Consumer Federation of America for the tip)
According to the Wall Street Journal
“In January, Chase Card Services, a unit of New York-based JPMorgan, notified nearly half a million credit card customers that they would be subject to a $10-a-month service charge for keeping their account open. Chase also raised the minimum monthly payments for those customers from 2% to 5% of the account’s outstanding balance.
But come April, Chase will double back on assessing the monthly service charges, and even refund previous monthly charges it posted to customers’ accounts. “
Find the entire WSJ article here
Last month we talked about the irony of bailing out banks with tax payer dollars that continue to rip consumers off.
(I)t is more important than ever that the Treasury Department restrict the types of credit card debt that can be supported by public dollars to only those credit cards with fair terms
Now it seems at least one bank is responding to consumer pressure and acting proactively.
Do you own one of the Chase cards? Tell us about it in the comments. Got a gripe with your credit card company? Let the OCC hear you and take action!