Business

JPMorgan clamps down on fees from payday lenders

NEW YORK — JPMorgan Chase said Wednesday that it will take steps to protect its customers from fees and other charges that payday lenders may slap on them.

The bank said it will limit the fees that customers are charged when they overdraft their accounts to make payments to payday lenders.

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It will also ‘‘enhance communication and require additional training’’ for employees, to make it easier for customers to stop payments. The bank will also make it easier for customers to close their accounts even when there are pending charges.

Payday lenders offer short-term loans, usually targeting the cash-strapped poor. They have high interest rates, making it hard for customers to repay the loans, and the spiral worsens when the payday lenders charge extra fees.

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JPMorgan and other mainstream banks do not make so-called payday loans. But The New York Times reported last month that JPMorgan, Bank of America, and Wells Fargo allow payday lenders to automatically withdraw money from customers’ accounts, even in states where payday lending is banned.

Ryan McInerney, the bank’s head of consumer banking, said in a statement that the bank intended to protect customers from ‘‘unfair and aggressive collections practices.’’

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