JPMorgan Told To Refund US$300M to Customers

Sept 20, 2013 (Fri): The U.S. Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency yesterday ordered JPMorgan Chase & Co to refund US$309 million (RM979 million) to about 2 million customers charged for the credit-monitoring services, Reuters reported. JPMorgan charged the credit card customers monthly fees ranging from US$7.99 (RM25.29) to US$11.99 (RM37.95) for add-on services, such as identity theft protection and fraud monitoring but the bank was complained that did not perform the services.

According to the bank’s statement, they have stopped enrolling customers in that services in mid of 2012, had refunded affected customers and will discontinue the services by the end of 2013.

Bill Wallace, who heads JPMorgan operations for consumer and community banking, said that the bank is regrettable in making such mistakes and they are committed to ensuring their partners and vendors hold themselves to the same high standards that their customers expect.

Author: VSDaily Editor

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