JPMorgan Pays Inmates for Fees on Get-Out-of-Jail Debit Card
- Lawsuit claimed the bank swamped ex-inmates with steep charges
- Settlement is to be split by thousands of former prisoners
JPMorgan Chase & Co. bank signage is displayed outside a branch in New York, U.S., on Monday, July 11, 2016. JPMorgan Chase & Co. is scheduled to release earnings figures on July 14.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
JPMorgan Chase & Co.’s contract to provide debit cards to inmates released from federal prison may have backfired after a former convict raised a ruckus.
The bank agreed to pay a total of $446,822 to thousands of ex-prisoners to settle a class-action suit claiming JPMorgan ripped them off with $10 fees to withdraw money from a teller window and $2 charges for using non-network ATMs, according to a filing on Monday in federal court in Philadelphia.