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Jul 28, 2024

JPMorgan Chase, Wells Fargo and Bank of America Refuse To Reimburse $880,000,000 To Customers, Accused of ‘Repeated, Relentless Failure’ To Protect Victims of Fraud

Posted by in category: finance

A US Senate investigation is shedding light on just how often America’s big banks refuse to reimburse victims of fraud.

The Permanent Subcommittee on Investigations says JPMorgan Chase, Wells Fargo and Bank of America collectively refused to reimburse $880 million in Zelle transactions that customers reported as fraud between 2021 and 2023.

Specifically, the banks refused to reimburse $320 million to customers who were hit by unauthorized transactions – and rejected an additional $560 million in reimbursement to customers who were tricked into authorizing an illicit transaction.

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