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JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts (finance.yahoo.com)

submitted 5 months ago by [email protected] to c/[email protected]

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The potential charges, says Marianne Lake, CEO of consumer and community banking at JPMorgan, are a result of new regulatory rules that cap overdraft and late fees. Lake says Chase will be passing along those increased expenses to customers, which would put an end to now-free services such as checking accounts and wealth management tools. And she says she expects other banks will follow suit.

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[–] [email protected] 6 points 5 months ago (2 children)

Ally (GMAC) offers 0.1% interest on checking accounts and 4.2% on savings accounts. No monthly or yearly management fees just for having the account. Same kind of ATM sharing you’re talking about, but they will also reimburse me $10 a month in ATM fees which is really nice because how often do you really go to an ATM?

Credit unions are nice and definitely better in some senses, but the benefits I described I’ve not seen offered by any credit unions in my area. I’m curious what sort of interest rates you get.

[–] [email protected] 2 points 5 months ago (1 children)

That seems like a pretty awesome rate. I keep all my extra money in a HYSA so I never cared much about the CU rates, but you’re definitely beating my CU for anything over $2k. They give 5% for that but it drops sharply after the first 2k.

[–] [email protected] 4 points 5 months ago

They have no physical locations, so if you need that kinda stuff, it’s a bad fit. If you don’t though, you get the savings passed along in a generally better than market rate.

[–] [email protected] 2 points 5 months ago

Yeah, I don't imagine some of the online banks changing their operations, as places like Ally already provide a lot of cover for things like overdraft.

In that scenario it becomes another reason to not do business with JP.