JPMorgan Chase & Co agreed under pressure from New York state to stop charging a new $10 monthly fee to credit cardholders and agreed to refund the proceeds collected since the fee was first levied in January, Attorney General Andrew Cuomo said on Monday.
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Cuomo said the bank had offered promotional rates for several years for balance transfers or other loans put onto their Chase credit card accounts.
The offers made clear a one-time transaction fee would be charged for this promotional rate, Cuomo said in the statement. But last November, the bank sent letters to over 300,000 consumers, saying it would start charging a flat $10 fee per month.
Following consumer complaints, the attorney general demanded that Chase cancel the charges and refund the fees collected. Last Thursday, Chase agreed to comply with the demand, Cuomo said.
