JPMorgan's Day Just Got Worse: Must Refund $309M To Credit Card Customers
Sep 20, 2013
I didn't hear that JP Morgan fired anyone yet for masterminding this fraud program. They may yet have need of his or her talents for future illegal operations.
JP Morgan Chase is being ordered to refund $309 million to credit card customers regulators say the were charged for services they never received....
The $309 million fine comes just hours after regulators including the SEC, Federal Reserve, OCC and the UK’s FSA fined the bank $920 million over the infamous London Whale trading mess....
The credit card refund comes as the result of an investigation where the CFPB found that JPM enrolled consumers in credit card add-on products that alerted customers to fraudulent activity on their accounts. The agency found that JPM charged customers for the service without first getting their authorization....
For those who are owed a refund from Chase the CFPB says you don’t have to do anything to get it. The refund should be automatically credited on your November or December 2012 statement as “ID/FRAUD PROTECT CREDT[Phone Number].”