Open Letter to JPMorgan Chase & Co.

I’m curious as to how JPMorgan Chase‘s $10 “Processing fee” assessed for each online auto insurance payment benefits consumers like me.

It’s cheaper to buy a book of stamps and mail a check each month rather than using the quicker, safer online payment option your company provides.

Each month I pay two credit cards, two utility bills, and my car insurance online. This is all done for free. In certain cases I save money by avoiding monthly service fees assessed when mailing checks.

I see these other companies giving me an easy, safe, and free online payment option, and then there’s JPMorgan Chase & Co., charging me $120 per year for secure payments.

What can we do to make online payments through JPMorgan Chase more attractive to consumers?

Best regards,
Christopher Vance

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2 Responses to Open Letter to JPMorgan Chase & Co.

  1. Ryan says:

    I totally Agree. I don’t send anything but Rent in via paper checks anymore but now I’ve just added on my AUTO Payment to Chase. I pay their credit card online for free, why do they all of a sudden want to charge $10 for my car payment? I haggled for hours to get my payment, why am I going to pay them extra money?

  2. Chris Vance says:

    I’m glad you agree. While the processing fee is only a small percentage of my monthly payment, it adds up over time. If the fee were to mitigate a potential risk of online fraud, Chase might assessed the same fee on their online credit card payments. This does not seem to be happening.

    It is additional income for the company, perhaps helping to pay for the cost of developing their online payment infrastructure, or offsetting costs associated with loan administration.

    In any event, the processing fee is an inconvenience. While I would be interested in paying a smaller fee, I prefer the free online payments afforded to me by other companies I frequent.

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