I cover breaking news for Forbes. Before Forbes, I worked as a reporter for USA Today in Asheville and Black Mountain, North Carolina. I received my bachelor's degree in journalism from Auburn University and my master's degree in journalism from Northwestern University.
A lawsuit brought by five JPMorgan Chase customers alleges the bank charged “unconscionable” and “predatory” fees for unintentionally depositing checks that bounced, the latest allegation against a major U.S. bank suggesting consumers are being hit with excessive or hidden “junk fees.”The lawsuit—filed Tuesday in the White Plains, New York federal court—says Chase charged customers up to $30 for a “deposited item return fee” after checks they tried to deposit were returned unpaid.
The suit argues that when a check bounces due to insufficient funds or some other problem, it's not the fault of the person who tried to deposit the check. The five customers—who seek at least $5 million in damages—claim Chase “all but acknowledged” their fees were unfair after the bank removed references to them in deposit agreements and fee schedules in March 2023.
The plaintiffs also said the return fees are “often found in dense and convoluted legal agreements or associated fee schedules” that make it difficult for customers to find. The complaint cited a Consumer Financial Protection Bureau bulletin indicating indiscriminate charges by banks were illegal and claimed Chase violated consumer protection laws in New York, California, Illinois and New Jersey.the fees were a “pervasive and unfair industry practice that penalizes consumers for circumstances that are outside of their control.”Several U.S.-based banks have been fined for charging customers illegal junk fees over the last year.
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