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

submitted 4 months ago by return2ozma@lemmy.world to c/personalfinance@lemmy.ml

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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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[–] TragicNotCute@lemmy.world 4 points 4 months ago

They have no physical locations, so if you need that kinda stuff, it’s a bad fit. If you don’t though, you get the savings passed along in a generally better than market rate.