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JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts (finance.yahoo.com)

submitted 1 month ago by [email protected] to c/[email protected]

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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.

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[–] [email protected] 19 points 1 month ago

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.