Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Zorro

(16,210 posts)
Sat Jul 6, 2024, 10:31 AM Jul 2024

JPMorgan Warns Customers: Prepare to Pay for Checking Accounts

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.

24 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
JPMorgan Warns Customers: Prepare to Pay for Checking Accounts (Original Post) Zorro Jul 2024 OP
I would close the account and move banks onecaliberal Jul 2024 #1
They do that ill move to American Express MistakenLamb Jul 2024 #19
Same. onecaliberal Jul 2024 #23
I hate, hate, hate banks. Credit unions remain (at least for now) the best alternative. hlthe2b Jul 2024 #2
Yup, have ALWAYS been a member of credit unions. a kennedy Jul 2024 #21
Record profits, false flag of regulatory costs...... getagrip_already Jul 2024 #3
Supposedly on the books: fees for holding money, depositing cash, spending cash bucolic_frolic Jul 2024 #4
I love this photo of Ms. CEO. Got enough gold, you bloodsucking leech? CurtEastPoint Jul 2024 #5
it's a little less ostentatious than hanging gold bars around your neck! Wonder Why Jul 2024 #7
only slightly! LOL! CurtEastPoint Jul 2024 #8
I've never understood why ordinary people would put their accounts in Wonder Why Jul 2024 #6
Fuck you and your banks. SamKnause Jul 2024 #9
I pay for my checking account already. Jacson6 Jul 2024 #10
JPMorgan Warns Customers: Prepare to Pay for Checking Accounts in2herbs Jul 2024 #11
It's a squeeze. 2naSalit Jul 2024 #12
Remind me again how economies of scale save money for customers. surrealAmerican Jul 2024 #13
It's fraud not fee rules that are driving this Buckeyeblue Jul 2024 #14
Used to be a good idea, but a lot of businesses are starting to charge the 3-4 percent fee yagotme Jul 2024 #15
Agreed. But the only way around that is to pay cash Buckeyeblue Jul 2024 #16
Or, check. But that brings us right back around to the beginning. yagotme Jul 2024 #17
I'd rather pay the fee Buckeyeblue Jul 2024 #18
This message was self-deleted by its author Blue Idaho Jul 2024 #20
The millionaires not making enough profit? Catherine Vincent Jul 2024 #22
I believe that Schwab has free checking with no minimums. Renew Deal Jul 2024 #24

getagrip_already

(17,077 posts)
3. Record profits, false flag of regulatory costs......
Sat Jul 6, 2024, 10:46 AM
Jul 2024

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

(46,512 posts)
4. Supposedly on the books: fees for holding money, depositing cash, spending cash
Sat Jul 6, 2024, 10:49 AM
Jul 2024

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

Wonder Why

(4,553 posts)
6. I've never understood why ordinary people would put their accounts in
Sat Jul 6, 2024, 10:52 AM
Jul 2024

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.

Jacson6

(665 posts)
10. I pay for my checking account already.
Sat Jul 6, 2024, 12:03 PM
Jul 2024

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

in2herbs

(3,063 posts)
11. JPMorgan Warns Customers: Prepare to Pay for Checking Accounts
Sat Jul 6, 2024, 12:13 PM
Jul 2024

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

(91,935 posts)
12. It's a squeeze.
Sat Jul 6, 2024, 01:28 PM
Jul 2024

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

(11,474 posts)
13. Remind me again how economies of scale save money for customers.
Sat Jul 6, 2024, 01:31 PM
Jul 2024

This is a monopoly we ought not to tolerate.

Buckeyeblue

(5,659 posts)
14. It's fraud not fee rules that are driving this
Sat Jul 6, 2024, 01:44 PM
Jul 2024

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

(3,816 posts)
15. Used to be a good idea, but a lot of businesses are starting to charge the 3-4 percent fee
Sat Jul 6, 2024, 01:49 PM
Jul 2024

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

Response to Zorro (Original post)

Latest Discussions»General Discussion»JPMorgan Warns Customers:...