JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts
JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts
Bank prepares to pass costs on to customers.
cross-posted from: https://lemmy.world/post/17274141
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.
Meanwhile my credit union pays me interest on my checking account.
Switched back to a CU a year ago, saving several hundred dollars a year now, at least.
Same with Schwab bank along with refunding all atm fees
Same. It's a trivial amount, but it's a nice gesture.
Remember the time i had to pay to bail them out because they are a bunch of greedy pigs? Fuck em all.
https://archive.nytimes.com/dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/
Do you think that gutting Chevron and the FTC's regulatory authority has anything to do with this?
I mean, it's not like banks aren't already making buckets of money...
Not sure about that case specifically, but in general lack of regulation unleashes enshittificatory impulses. This comment may be aimed more at conservative voters or politicians to convince them (or at least let them claim) that pro-consumer regulation actually harms “consumer welfare.”
I don't know if being forced to cease charging predatory fees should be considered "increased expenses". You were taking money from customers that they didn't have. It cost you nothing to do that. It costs you nothing to stop doing that. All you're saying now is that "we can't extort so much money out of you with overdraft fees anymore. So we're going to figure out a different way to do it."
Fucking gross.
Go for it. There are plenty of other banks.
I feel like there should be some kind of legal framework that prevents corporations from just passing on regulatory costs to the customer like this
The US should bring back the postal banking system. Japan has one and I was surprised after moving here to learn that the US used to as well.
Welp the day that happens I'll bring my tiny bank account elsewhere. Even if the other banks have similar fees. Chase has done nothing to gain my loyalty or trust and I have used them since they were Washington Mutual.
Cool, I won't bank anywhere that imposes this rape. Fuck em all.
Money money money muhnay! MUHnay!