From Bloomberg Markets we get yet one more example of wealth extraction in America, courtesy of JPMorgan Chase. This time it comes at the expense of people doing their civic duty, and having JPMorgan Chase cashing in on someone elses precious time and sacrifice. Check it out ...
For some people, jury duty is a dreaded American civic obligation. Now, JPMorgan Chase & Co. is adding another unwelcome element: banking fees.
In a handful of jurisdictions, the biggest U.S. bank by assets handles administration of the juror-compensation system, issuing debit cards instead of the age-old system of paper checks.
In addition to the juror pay, the cards also come loaded with fees -- for balance inquiries, for inactivity, for using non-Chase ATMs, for charges with insufficient funds and for cash or check issuance. The funds become impossible to withdraw from an ATM once the balance falls below $20, and in at least one jurisdiction -- Washington, D.C. -- there are no Chase branches or ATMs within 90 miles (145 kilometers), ensuring the funds will eventually be frittered away to the bank.
William Mark Scott, a lawyer who served on a jury in Washington last year, sued JPMorgan, accusing it of unjust enrichment and violation of the Consumer Protection Act. He’s seeking to represent all other jurors who were paid with JPMorgan debit cards.
"Chase uses its monopolistic control over juror funds to steal captive jurors’ money by assessing unconscionable and deceptive fees," Scott claims. "By making it prohibitively expensive to receive an over-the-counter cash withdrawal from, or to receive a check drawn upon the debit card, Chase ensures a ‘rump’ balance will be left on each debit card -- and forfeited" ...You would think that when American do their civic duty that companies like JPMorgan Chase should do their civic duty and provide bank cards free of charge. It's not like their the ones funding the cards with their cash, right?
The focus is on wealth extraction rather than wealth creation by big financial institutions like JPMorgan Chase is endemic, and helps explain why America is in trouble, in so many ways.
You can read the full JPMorgan Chase rip-off story here.
UPDATE: Via CNBC we learn that a U.S. federal judge on Wednesday upheld an Obama-era rule designed to avoid conflicts of interests when brokers give retirement advice, in a possible setback for President Donald Trump's efforts to scale back government regulation ... You can read the rest of the story here.