JPMorgan warns 86 million customers they might have to start paying for their bank accounts
finance.yahoo.com
Bank prepares to pass costs on to customers.

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.

  • Elextra@literature.cafe
    16·
    5 months ago

    I have a credit union and unfortunately a Chase account now. I had to open a banking account with First Republic to refinance my student loans from 6.7% to 2.75%. They were the only ones that took on high student loans (lot of medical professionals) and required a constant $20k in the bank.

    Once my loans are done in a few months though, I am moving everything back to m y credit union and closing Chase.

    To speak to some others like my in laws, husband, and my own parents, likely plus a few friends:

    1. They believe that banks offer more services and even more security than a local credit union (ironically my FIL is board member of a credit union but banks with a bank)
    2. Like that there tends to be brick and mortar locations nationwide
    3. Dont know any better (this is most people I believe, unfortunately financial literacy in US is low. Lemmy is not representative of general pop)