Personal Finance

3857 readers

1 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 2 years ago

MODERATORS

[email protected]

167

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]

32 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 17 points 5 months ago

So it's an end to financially strapped customers being squeezed by exorbitant late/overdraft fees to fund free accounts for everyone else.

Sounds like that was always a screwed up business model.

Also, when the CEO announces price increases and says "expects other banks will follow suit" that is designed to give cover to the other banks. JP Morgan takes the reputational hit for being first, to make it easy for the rest to raise prices also. Collusion in the open, so that JPM doesn't lose customers to competitors.