JPMorgan Chase Fined $309M Over Unwanted Credit Card Fees

The Consumer Financial Protection Bureau (CFPB) has ordered JPMorgan Chase to pay $309 million in restitution and a penalty of $20 million for scamming over 2.1 million Americans. The bank charged customers monthly fees ranging from $8 to $12 for services they didn't ask for or receive, including credit card products such as 'identity theft protection' and 'fraud monitoring,' without their consent.

The CFPB found that this practice occurred between 2005 and 2012. The refund includes the total fraudulent fees charged, plus interest, which amounts to about $147 per person.

At a press conference, CFPB director Richard Cordray stated, 'At the core of our mission is a duty to identify and root out unfair, deceptive, and abusive practices in financial markets that harm consumers.'

This is not the only issue JPMorgan Chase is facing. The bank was also fined $920 million for a bad trade made by its London office last year, which resulted in a $6.2 billion loss.