9mo ago

JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts

finance.yahoo.com

JPMorgan warns 86 million customers they might have to start paying for their bank accounts

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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9mo ago

JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts

finance.yahoo.com /news/jpmorgan-warns-86-million-customers-150827155.html

Personal Finance @lemmy.ml

return2ozma @lemmy.world

9mo ago

JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts

finance.yahoo.com /news/jpmorgan-warns-86-million-customers-150827155.html

News @lemmy.world

return2ozma @lemmy.world

9mo ago

JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts

finance.yahoo.com /news/jpmorgan-warns-86-million-customers-150827155.html

43 comments

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.
- How do I join this credit union?
- Chase have been in the UK until really recently. Still giving 1% cashback on all transactions though.
  
  Chase is trash

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’ve met one of these zero-regulation idiots thinking that somehow the average Joe benefits from giving all power to anyone with lots of money who isn’t them.

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.
- And credit unions.

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.