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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 [email protected] to c/[email protected]

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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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[–] [email protected] 3 points 4 months ago* (last edited 4 months ago)

This is a fundamentally different thing. When you go to pay the fees they charge you, you don’t get to create that money out of thin air.