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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 week ago by [email protected] to c/[email protected]
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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] 27 points 1 week ago* (last edited 1 week ago)

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.

this post was submitted on 06 Jul 2024
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