Chase Bank, the card issuing arm of J.P. Morgan Chase & Co., has retracted a $10 per month fee it placed on more than 180,000 card accounts.Controversy arose when Chase added the fee to accounts that had a balance transfer. Previously, Chase offered cardholders promotional rates for balance transfers or other loan amounts, usually for a one-time transaction fee, about 3%, according to media reports.But in November, Chase notified more than 300,000 cardholders that the previous terms had been changed. Beginning in January, Chase said, it would charge a flat fee of $10 a month, or $120 a year.“My office will not sit back and allow banks to promise one thing in its solicitations and agreements with consumers, and then when times get tough, change the deal, leaving consumers holding the bag,” said New York Attorney General Andrew Cuomo.Chase is sending letters to consumers telling them it will stop adding the $10 monthly fee. Cuomo said consumers will save about $22 million in the next 12 months.Chase spokesman Joseph Evangelisti told reporters that the company “decided to discontinue this practice because of customer feedback.”–[email protected]

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.