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Washington Mutual may intentional delay processing credit card payments to generate unlawful late fees.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Deceptive Late Fees
- Over Charge
- Delayed Posting Of Payments To Accounts
Product or Service
- Credit Card
Injury Type
- Monetary Loss
Investigation Details
This Investigation relates to Washington Mutual's practice of waiting 7-10 days to process credit card payments after being sent via first class mail. This deceptive lag causes late payments for which fees are charged and is a boon to the revenues of Washington Mutual. The companies practice in processing payments was deceptive and misleading, as consumers did not know of the fact that their payments would not be timely processed and they would subsequently be charged late fee.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Washington Mutual Bank | Washington Mutual Bank is a bank, now owned by JPMorgan Chase Bank, N.A. |