Chase Credit Card to Refund 'Illegal' $10 Monthly Fee
New York Attorney General Andrew Cuomo, evidently eager to keep his hitting streak going, said today that he has pressured Chase Bank into ending what Cuomo's office called an "illegal" $10 monthly fee imposed on thousands of Chase credit card accounts last November.
The bank has greed to give refunds totaling $4.4 million to about 184,000 customers.
Cuomo said the fee was sprung on customers who were enticed to get a Chase card by low interest rates as the credit crisis worsened last fall.
Cumo says the settlement will save Chase customers $22 million over the next 12 months.
What's amusing about this news item is the following: During a congressional hearing last fall during which the heads of several big banks testified, J.P. Morgan Chase & Co. chief executive Jamie Dimon told members of Congress that if anyone has a problem with their Chase credit cards, they should be sent to Dimon.
The Ticker helpfully printed Dimon's e-mail address so customers could get in touch with him. We wonder whether anyone took advantage.
March 30, 2009; 1:53 PM ET
Categories: The Ticker | Tags: Chase Bank, JP Morgan, Jamie Dimon
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