JPMorgan Chase Bank Wrongly Charged 170,000 Customers Overdraft Fees. Federal Regulators Refused to Penalize It.

Posted on December 19, 2020Comments Off on JPMorgan Chase Bank Wrongly Charged 170,000 Customers Overdraft Fees. Federal Regulators Refused to Penalize It.

Federal bank examiners considered levying fines and sanctions when JPMorgan Chase informed them last year that faulty overdraft charges caused by a software glitch had impacted roughly 170,000 customers.

But the bank urged the Office of the Comptroller of the Currency, or OCC, its chief regulator, to take less severe action, according to two people directly involved in the probe and internal documents reviewed by ProPublica and The Capitol Forum.

Comments Off on JPMorgan Chase Bank Wrongly Charged 170,000 Customers Overdraft Fees. Federal Regulators Refused to Penalize It.