JPMorgan Makes It Easier to Fight Payday-Lender Abuses

JPMorgan Chase & Co. (JPM), the largest U.S. bank, is making it easier for customers to fight payday- lending abuses.

JPMorgan will stop processing multiple requests for payment on checks that have already been returned due to insufficient funds when payday lenders and other billers are suspected of seeking “inappropriate payments,” the New York-based company said today in a statement.

The change, which takes effect in May, “is intended to address payday lenders and others who present repeated payments to customers that are not in the spirit of their signed agreement with the customer,” JPMorgan said in the statement.

To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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