JPMorgan Chase has agreed to stop screwing its customers and pay $110 million to settle consumer litigation accusing it of charging excessive overdraft fees. The largest US bank by assets joined Bank of America and other lenders in settling their portion of the nationwide litigation over the fees, which are typically assessed when customers overdraw their checking accounts.
Consumers had accused more than 30 lenders of routinely processing transactions from largest to smallest rather than in chronological order. This can cause overdraft fees, typically $25 to $35, to pile up because account balances fall faster when larger transactions are processed first. Cute huh?
Find out more at http://www.nypost.com/p/news/business/jpmorgan_settlement_hit_utxnBJXWZFm14B2yXjs9PM#ixzz1liw23yr3
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