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/17285927
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.
The appropriate view of your money is that you should never have to pay for the priveledge to use it. Do not ever use a bank, credit card, or any financial account that you need to pay for. They are making money off of you, which I'm OK with, but I'm sure as hell not going to pay them so they can make money with my money.
This is your reminder to bank with a credit union if possible in your area. Non-profit is the way to go.
And, as an added tip, lots of credit unions let you open a line of credit that automatically draws if you accidentally overdraft, thereby avoiding fees.
So a bank take your money, use that money to bet on stocks and loans, and in return charge you for using their service.
Late stage capitalism at its finest.
Oh look, greed trying to push the limits again.
Are they trying to make a run on their bank?