JPMorgan Warns Customers: Prepare to Pay for Checking Accounts

[Zorro]

The head of America’s biggest retail bank has a warning for its 86 million customers: Prepare to pay for your bank accounts.

Marianne Lake runs Chase Bank, the sprawling franchise inside JPMorgan Chase that is the country’s biggest bank for consumers and one of its biggest credit-card issuers. Lake is warning that new rules that would cap overdraft and late fees will make everyday banking significantly more expensive for all Americans.

Lake said Chase is planning to pass on the costs of higher regulation and charge customers for a number of now-free services, including checking accounts and wealth-management tools, if the rules become law in their current form. She expects her peers in the industry will follow suit.

“The changes will be broad, sweeping and significant,” Lake said. “The people who will be most impacted are the ones who can least afford to be, and access to credit will be harder to get.”

https://www.wsj.com/finance/regulation/jpmorgan-financial-regulations-charge-customers-d86ca9e4?st=3yzujzcf6w9samm&reflink=desktopwebshare_permalink

Chase to customers: Pay us to use your money to make us a profit. Whadda deal.

[onecaliberal]

1. I would close the account and move banks

[MistakenLamb]

19. They do that ill move to American Express

[onecaliberal]

23. Same.

[hlthe2b]

2. I hate, hate, hate banks. Credit unions remain (at least for now) the best alternative.

[a kennedy]

21. Yup, have ALWAYS been a member of credit unions.

[getagrip_already]

3. Record profits, false flag of regulatory costs......

This is just a political move to make people feel economic pain and blame the evil big government regulators.

Those same regulations that you know, don't let banks gorge you with huge fees and hidden penalties. And those same regulations that keep the institutions solvent, rather than pissing your savings away into risky schemes that only get the bank officials rich.

[bucolic_frolic]

4. Supposedly on the books: fees for holding money, depositing cash, spending cash

I wouldn't be surprised if TSF gets in that he would devalue the currency to inflate stock prices.

[CurtEastPoint]

5. I love this photo of Ms. CEO. Got enough gold, you bloodsucking leech?

[Wonder Why]

7. it's a little less ostentatious than hanging gold bars around your neck!

[CurtEastPoint]

8. only slightly! LOL!

[Wonder Why]

6. I've never understood why ordinary people would put their accounts in

Megabanks who have always tried to squeeze them for fees and other charges instead of Credit Unions or small banks who minimize charges and provide better service.

[SamKnause]

9. Fuck you and your banks.

[Jacson6]

10. I pay for my checking account already.

They are just going to use this reduction in fees to jack up the monthly fees.

[in2herbs]

11. JPMorgan Warns Customers: Prepare to Pay for Checking Accounts

Any retaliation by customers will hardly be noticed by Chase Bank. That being said, F**k'em.

It's time Congress authorized USPS with banking services.

A couple of years ago I went to a local bank to open a savings account only because I had some money I wanted just to "park" since I wasn't using it. After an HOUR!!! (I couldn't believe it took this long just to open a savings account) they disclosed that there would be a monthly fee. Because my deposit was in the form of a cashier's check, while still sitting at the desk, I pulled the check towards me and told them that if they wanted my money they'd have to waive the fee. They did.

[2naSalit]

12. It's a squeeze.

So, you want regulation? We'll punish you for that so you will see why voting as you did was a mistake!

Say most of the entities who milk us to death financially because they are so fucking greedy.

[surrealAmerican]

13. Remind me again how economies of scale save money for customers.

This is a monopoly we ought not to tolerate.

[Buckeyeblue]

14. It's fraud not fee rules that are driving this

Banks are taking record losses in checking account fraud. Each time you write a check you open yourself up to fraud. Anyone who gets their hands on your check has access to your routing and account number. And they know what your checks look like so the can make counterfeits.

If you pay for day to expenses with a credit card (that you pay off in full each month), you really only need a savings account. You can ACH payment to your credit card, mortgage, car loan. With all of the electronic ways to pay, checking accounts are really not necessary.

[yagotme]

15. Used to be a good idea, but a lot of businesses are starting to charge the 3-4 percent fee

on top of your bill. Some restaurants come to mind, some other retailers I can't remember right this second.

[Buckeyeblue]

16. Agreed. But the only way around that is to pay cash

Who wants to walk around with that much cash?

[yagotme]

17. Or, check. But that brings us right back around to the beginning.

[Buckeyeblue]

18. I'd rather pay the fee

[Catherine Vincent]

22. The millionaires not making enough profit?

[Renew Deal]

24. I believe that Schwab has free checking with no minimums.