Props to Chase Bank for their recent announcement they will be helping their customers fight back against online payday lenders.
According to a report by Jessica Silver-Greenberg JPMorgan will give customer even more power to stop debits from their accounts by online payday lenders. Bank of American and Wells Fargo have no similar changes planned.
While it is a great move by JPMorgan, as the article points out, “The changes come as state and federal officials are zeroing in on how the banks enable online payday lenders to bypass state laws that ban the loans. By allowing the payday lenders to easily access customers’ accounts, the authorities say the banks frustrate government efforts to protect borrowers from the loans, which some authorities have decried as predatory.”
The following changes are being rolled out by JPMorgan:
- Will charge only one returned item fee per lender in a 30-day period when customers do not have enough money in their accounts to cover the withdrawals.
- More training to help bank employees actual stop online debits when requested by the consumer.
- It will be easier for consumers to close their bank account to avoid further debits.