JPMorgan Warns Customers: Prepare to Pay for Checking Accounts [View all]
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.
= new reply since forum marked as read