Chase bank to refund $2 million to active duty military - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Chase bank to refund $2 million to active duty military

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(CBS 8) - Chase Bank is going to refund $2 million to thousands of active duty service members.

The bank reportedly charged illegally high interest rates and improperly foreclosed on 14 homes. Now Chase Bank will refund 4,000 active duty service members.

The lender violated the Servicemembers Civil Relief Act, which forbids companies from charging active duty service members more than six percent on loans, including mortgages or credit cards.

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