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Thu June 16, 2011
Chase ordered to disclose ATM fee
Washington Governor Chris Gregoire says JP Morgan Chase must figure out a way to make their ATMs warn welfare clients of an 85-cent fee to withdraw cash. The governor made her comments Wednesday after she declined to veto the disclosure requirement.
Washington welfare clients have been racking up more than $450,000 in fees the first four months of this year. Chase has been charging this fee as part of its master contract with the state to provide welfare benefits electronically.
In response to Northwest News Network reporting, Washington lawmakers inserted a requirement into a larger welfare overhaul bill that the bank disclose the fee at the time of the transaction. Chase said it wasn't technically feasible and asked Gregoire for a veto. She said no, adding:
"This bank, one of the most sophisticated banks in the world, can't find a way to give a consumer notice by current technology? I don’t believe that.”
Gregoire also said the 85-cent ATM fee was "offensive" and should get a "hard look" when the Chase contract comes up for renewal in 2014.
The bank did not immediately respond to a request for comment.
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