JPMorgan in prison inmate fuss

Prison Bars

JPMorgan’s contract to provide debit cards to inmates released from federal prison may have backfired after a former convict raised a ruckus.

Bloomberg News reports that the bank agreed to pay a total of $446,822 to thousands of ex-prisoners to settle a class-action suit claiming JPMorgan ripped them off with $10 fees to withdraw money from a teller window and $2 charges for using non-network ATMs, according to a filing on Monday in federal court in Philadelphia.

JPMorgan’s contract with the Federal Bureau of Prisons was a scheme “to exploit one of the most vulnerable groups imaginable - releasees from federal corrections facilities,” according to the complaint. “Every cent counts for federal releasees who are coming out of prison without an immediate means of income.”

The bank also agreed to pay as much as $250,000 in plaintiffs’ attorneys’ fees and costs, the filing said. The relatively small payout to inmates, which almost 50,000 ex-cons qualify to share in, doesn’t faze the lead plaintiff in the case, 33-year-old Philadelphia artist Jesse Krimes.

To access the complete Bloomberg News article hit the link below:

JPMorgan Pays Inmates for Fees on Get-Out-of-Jail Debit Card

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