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Democrats want JPMorgan to refund Covid-era overdraft fees — and scrap them forever

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'We urge you to refund the overdraft fees JPM charged to consumers during the Covid-19 pandemic and to change JPM's overdraft practices to stop charging these predatory fees in the future,' Democratic lawmakers wrote to Jamie Dimon, CEO of JPMorgan Chase

Despite the chaos set off by the pandemic, JPMorgan collected nearly $1.5 billion in overdraft fees last year, more than any other lender, according to a letter signed by Reps. Carolyn Maloney, Kathleen Rice, Gregory Meeks and Tom Suozzi.

"Consumer advocates argue these fees unfairly punish society's most vulnerable, disproportionately hurting low-income consumers and communities of color.JPMorgan: We waived $430 million in overdraft feesJPMorgan declined to comment directly on the New York Democrats' letter."Our regulators encouraged banks to do things like waive fees and delay/defer payments for affected customers — which is exactly what we did," a JPMorgan spokesperson said in a statement.

 

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