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.
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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.
Chase have been in the UK until really recently. Still giving 1% cashback on all transactions though.
Chase is trash
They seem about the same as most other banks over here. Their app is maybe slightly behind the challenger banks like Monzo and Starling, but well ahead of some of the big banks (looking at you HBOS and Santander). So while they keep giving me money I don't really care. If I were banking for mortality I'd have to use CO-OP or maybe Nationwide anyway because I can't imagine any of the big banks don't have blood on their hands.
Chase's savings account has one of the best interest rates on the market in the UK at the moment. Plus the 1% cashback on all transactions and until it finishes next month 1% interest on my current account.
If (or probably when) they stop being so competitive I'll drop them like a stone though.