… Citigroup is scrambling to pay back a portion of its $45 billion rescue. Meanwhile, Goldman Sachs, JPMorgan Chase & Co. and Morgan Stanley have already repaid their bailouts and face no caps on employee pay.

The U.S. government should seriously consider the possibility of taxing bonuses at all of the banks who received bailout money regardless of their repayment status.  Even if the bank repaid their bailout loan, they still benefited from a taxpayer handout and should be required to …

Tags: American International Group Bailout Bank of America France General Motors Goldman Sachs JPMorgan Chase Kenneth Feinberg Morgan Stanley UK United States

… profits they make on overdraft fees.

The article said:

“Bank of America, Wachovia and JPMorgan Chase & Co. said they will limit the number of fees they charge and make it easier for customers to refuse overdraft protection… JPMorgan Chase will provide overdraft protection for debit cards only for customers who opt in. And rather than debiting withdrawals and purchases in order of size, from largest to smallest, they will be debited in the order in which they were made. …

Tags: Bank of America Debit card JPMorgan Chase Overdraft Wells Fargo

… didn’t have one of those toxic subprime mortgages with a teaser rate that suddenly reset. … Chase didn’t alter the 4.9 percent interest rate. Instead, it ratcheted up his minimum payment from 2 percent of principal to 5 percent.”

Just the other day, credit card companies were promising that they would avoid increasing interest rates ahead of the new law, now they’re increasing minimum payment requirements even on their best customers.  A matter of fact, it’s the best …

Tags: Bank Credit card Financial services Interest rate JPMorgan Chase

According to an article in the Star-Telegram, credit card lenders such as Bank of America, Chase and Discover have switched many credit card customers from fixed rate credit cards to variable rate credit cards ahead of the new credit card legislation that will limit the credit card industry’s ability to increase rates in the future. But in an effort to counteract the bad press received about their actions, several credit card companies have pledged to not increase credit card …

Tags: Bank of America Credit card Interest rate JPMorgan Chase

… giving the agency broad authority to restrict or eliminate consumer arbitrations…J.P. Morgan Chase will no longer submit credit card disputes to arbitration and is re-evaluating the inclusion of arbitration provisions in its consumer contracts. Bank of America also has dropped a requirement that consumers settle disputes through arbitration. In addition, the American Arbitration Association is no longer handling consumer-debt-collection disputes until new guidelines are established.” …

Tags: American Arbitration Association Arbitration Bank of America Business Credit card JPMorgan Chase

According to an article in the Star-Telegram, Chase Bank has caved in to pressure from their customers and consumer advocacy groups and has agreed to refund $4.4 million of what some called illegal fees to 184,000 customers. In January, Chase imposed a $10 monthly fee on 184,000 customers who were holding balances on their low-interest Chase credit cards. Chase also raised the monthly minimum payment from 2 percent to 5 percent. The …

Permalink: /breaking-news/chase-bank-must-pay-back-credit-card-fees/

… Flags created a bankruptcy plan that transferred almost all its stock to senior lenders, including JPMorgan Chase & Co in return for cutting its debt. But the Avenue Capital supported bankruptcy plan would include a $150 million revolving credit facility, a $680 million term loan, and a financing commitment of $150 million from Time Warner Inc. Time Warner characters, such as Bugs Bunny, are featured at the company’s theme parks.  Also, Six Flags’ bankruptcy plan includes a $450 …

… process by pitting noteholders in a long court battle against company lenders, including JPMorgan Chase Bank NA, said Six Flags attorney Paul Harner.

Six Flags has also continued to assert that its bankruptcy filing is a “taint” upon its image and that if they remain in bankruptcy too long, it could scare away potential customers.  Their bankruptcy attorney even requested that the bankruptcy judge seal the courtroom.  That request was denied.

“This is a public …

… plan has been one of the most contested bankruptcy filings ever with a group of lenders led by JPMorgan Chase & Co., stockholder R2 Investment LDC and Law Debenture Trust Co. of New York, a trustee for holders of $479 million in bonds challenging the bankruptcy plan and even seeking to delay Charter’s exit from Chapter 11 bankruptcy.  Their appeal to delay the bankruptcy exit has failed but it is not clear if they will continue other legal avenues.

For businesses filing Chapter …

… reorganized company’s equity and $325 million in new notes. In return, secured lenders including JPMorgan Chase & Co, SunTrust Banks Inc and Union Bank of California would forgive $770 million in debt…Under the same proposal unsecured creditors with claims of $300 million were to split only $5 million. The unsecured creditors would receive nothing if they voted against the plan.”

Unsecured creditors are now petitioning the bankruptcy court to allow them to create an alternative …

… despite the growing foreclosure crisis, the nation’s largest banks such as Goldman Sachs and JPMorgan Chase have not changed their reckless behavior.  Many of the banks who have received tens of billions of dollars in federal bailout money are still up to their old tricks and risky investments.

The article said:

“That Wall Street is making money again in essentially the same ways that thrust the banking system into chaos last fall is reason for concern on several levels, financial …

… servicing industry are mortgage lenders themselves — Bank of America, Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. who have all faced litigation from homeowners, many of whom are victims of foreclosure. And despite the government’s massive investment in the foreclosure prevention plan and their most recent “shame” tactics, foreclosures nationwide continue to rise. And the foreclosure crisis will not be abated unless the government is willing to force the …