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.
Yeah, I don’t imagine some of the online banks changing their operations, as places like Ally already provide a lot of cover for things like overdraft.
In that scenario it becomes another reason to not do business with JP.