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.
Why should anyone pay to use a bank? That just doesn’t make sense to me
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:
What are you going to do about it pleb? The number of banking companies in the US has fallen over 25% since 2007 via so-called stress tests. The population is quite literally tens of millions of people more in that same timespan.
Bigger market + less competition = you matter less
Don’t like it? Make sure that the next time you hear “too big to fail” you tell your elected officials you are willing to take that risk. Everyone cut so much slack for past 4 presidents bailing out banks of course they have learned they can do what they want.
This. Banks, airlines, and I’m sure others, getting bailouts. Capitalism means risks, right? I’m tired of seeing companies getting handouts because they made poor choices, while we still don’t have free or even discounted, healthcare. Socialism is in play, but it’s being used for the rich.
Yea it’s totally insane. You’re letting them lend out your money, paying is crazy
Right?? The bank already makes money off the money people put into the bank. Now the bank is saying that their unethical practice of stealing people’s money isn’t as profitable as they want so they are going to unethically steal from everyone a different way that they can’t stop or say no to?
JPMorgan Chase: financial rapists