A group of JPMorgan Chase customers are banding together to sue the banking giant, claiming they were forced to pay “unconscionable and predatory” fees.
The lawsuit accuses Chase of hitting customers with as much as $30 in fees for checks that bounced through no fault of their own, reports Reuters.
It’s a fee that the bank recently decided to drop as regulators as regulators focus on cleansing the industry of hidden and excessive “junk fees.”
“The five customers – who seek at least $5 million in damages – claim Chase ‘all but acknowledged’ their fees were unfair after the bank removed references to them in deposit agreements and fee schedules in March 2023…
The suit argues that when a check bounces due to insufficient funds or some other problem, it’s not the fault of the person who tried to deposit the check.”
The lawsuit alleges the five customers were hit with the so-called “deposited item return fee” between November of 2021 and October of 2022.
JPMorgan Chase has declined to comment on the case, which was filed in the White Plains, New York federal court.
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Source: https://dailyhodl.com/2024/02/25/jpmorgan-chase-customers-forced-to-pay-unconscionable-and-predatory-fees-despite-doing-nothing-wrong-5000000-lawsuit/