JPMorgan Chase has decided to halt two services related to credit-cards that help clients to check their credit reports and make payments during financial crisis.
The move, which will not result in job losses, follows an order by the Consumer Financial Protection Bureau Chase to pay back $309m to 2.1 million customers who have subscribed to the bank’s credit-monitoring service, reported The Columbus Dispatch.
Chase spokesman Paul Hartwick was quoted by the news agency as saying that fewer than one million customers remain in either programme. The bank has 50 million credit-card customers.
The first service offered clients access to their credit reports from the three main credit-reporting agencies and alerts that could point out fraudulent use of their identity and fraud-protection services.
The bank charged clients $7.99 to $14.99 per month, based on the level of service. The bank ceased accepting new customers for the service in 2012 and aims to fully scarp it before the end of this year.
The second service will be scrapped in May 2014 and the bank has already informed customers about the decision in May this year. The bank is offering the last year of service at zero cost.
"We believe one year’s notice and 12 months of fee-free coverage gives customers time to evaluate their options and make any decisions based on their individual needs," Hartwick added.