NEW YORK – March 20, 2013 – JPMorgan Chase (NYSE: JPM) announced today that it is making policy changes that will protect customers when payday lenders and other billers seek inappropriate payments from Chase’s consumer deposit accounts. The company will make the following changes.
“We took a look at our policies and decided to make a number of changes,” said Ryan McInerney, CEO of Consumer Banking at Chase. “Some customers agree to allow payday lenders or other billers to draw funds directly from their accounts, but they may not know some of the aggressive practices that can follow. Those practices include repeated attempts for payment that can result in multiple returned items. We don’t believe these practices are appropriate, and are making these changes to help protect customers from unfair and aggressive collections practices.”
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4 trillion and operations in more than 60 countries. Chase serves more than 50 million consumers and small businesses through more than 5,600 bank branches, 18,700 ATMs, credit cards, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships. More information about Chase is available at www.chase.com.