2011 Corporate Responsibility Report - JPMorgan Chase

GIVING CONSUMERS NEW TOOLS
“We want our communications with customers to foster confidence. We heard complaints from
our customers that our disclosures were confusing, and we’re trying to fix that. In our new consumer
banking disclosures, we have set out to be as clear and concise as possible, using everyday
Chase understands the importance
of providing our customers with clear
information about how our products
work so they can make the best
decisions for themselves and their
families. In 2011, we simplified our
disclosures and made it easier for
consumers to understand and evaluate
our products. We also reduced and
eliminated a number of fees and created
new ways for consumers to communicate
with us about our products and services.
Added a new “What can
we do better?” button
on Chase.com, asking
customers for feedback
words in a consumer-friendly format.”
FINE LANGUAGE,
NOT FINE PRINT
When the firm received the TurnAround
Award from The Center for Plain Language, it
was an important confirmation of our efforts
to bring transparency and easy-to-read
information to our credit card agreements.
The Center for Plain Language is a nonprofit
organization that advocates for language
in government and business documents to
be clear and understandable. The Center
Simplified our
disclosures and made it
easier for consumers to
understand and compare
our products
Ryan McInerney, CEO, Chase Consumer Bank
assessed our credit card agreement in
2010 and found it dense and confusing. So
we thought hard about their comments
and then revised the agreement so that it
presented information to our customers in a
clear, concise format. The Award shows we
are making important strides.
In December 2011, we also became the first
large bank to adopt The Pew Charitable
Trust’s model disclosure form for our most
popular checking product — Chase Total
Created a clear and
simple product guide
for Chase Total
Checking, available
at www.chase.com/
clearbanking
2011 CORPORATE RESPONSIBILITY REPORT 37