JPMorgan discloses $9 in Iran fees

Torn Dollar

Federal law requires JPMorgan Chase & Co to disclose Iran-related transactions, which the bank did Tuesday ... all $9 of them.

Yes, $9.

In its annual report, the bank noted that it processed a payment from Iran Air to a U.S. client in 2014, for which it charged a $3.50 transaction fee.

When it came to pass that Iran Air had overpaid the client, the bank helped process a partial refund, charging a $5.50 fee for the service.

Both transactions were conducted under licenses issued by the Treasury Department, the bank said.

Iran Air was sanctioned by the department in 2011, which meant the licenses were needed for the bank to send and receive the payments.

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