According to news reports, J.P. Morgan Chase has announced that it is on track to comply with a new state law that requires disclosure of an 85-cent ATM fee that the bank charges to welfare recipients. The requirement was added to the state budget as an amendment sponsored by Rep. David Frockt (D-Seattle). Following is Rep. Frockt’s statement on the announcement by J.P. Morgan, as reported by Austin Jenkins.
“I’m pleased that J.P. Morgan Chase is on track to end a practice that has resulted in more than $465,000 in undisclosed ATM fees being charged to low-income Washingtonians.”
“When I proposed the amendment that these fees be disclosed before they are deducted, the bank indicated it would be technically infeasible. Today’s announcement vindicates our position and brings us closer to at least ensuring a fair disclosure to our poorest citizens. I credit my colleagues in the Legislature, in particular Rep. Ruth Kagi, for voting for this policy, and the Governor for signing the legislation with my amendment. I hope that the entire contract with the bank can be reworked to transfer the cost of this program away from those who can least afford it.”