Some tactics banks have used to draw more revenue from retail banking consumers continue to rebound on them. JPMorgan Chase (JPM) has reportedly agreed to pay $110 million to settle claims that the company gouged consumers by charging overdraft fees on checking accounts.
Customers charged that Chase didn’t warn them when they overdrew their accounts, with some alleging that the bank changed the order of transactions in order to earn as much as they could in overdraft fees, Bloomberg reported.
Chase has since changed its policies, and the bank asks customers now about whether they want to allow overdrafts on their account.
Bank of America (BAC) settled overdraft claims for $410 million last year without admitting liability. BAC also found itself in a public relations mess earlier this year when it tried to add fees to debit card transactions.
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