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.
That may be the most square jaw I have ever seen
Lol
… This is already common in Europe. I pay like 3 euros a month for my account
Why? I changed my bank like decades ago and have a free account ever since. IIRC a ‘real’ credit card would cost a fee, and unlimited cash withdrawal too, but I think that’s it. I don’t use either.
I have accounts at two different banks but I don’t have any credit cards. Debit cards are way more widely used in Europe. Every bank in the Netherlands will charge you a fee for opening an account.
Finally, something for the Americans to laugh at Europeans about
Same as Canada. I pay $15 per month (minus $12 rebate for age) for my account, but that gives me free e-transfers, debit card usage, etc.
$15 a month for a bank account is less than 1 hour’s work at Canada’s minimum wage. That’s more than two hours’ worth of work at US minimum wage.
Not ridiculously expensive all things considered, but still worth noting how much a poor person would have to work just to maintain a bank account at that rate in the U.S.
You know how much I pay? 0 hours of my hard earned labor
Me too, but I joined a credit union.
Oh yeah same here. Virtually unlimited service and I can request new cards if needed.
Free debit card usage? As opposed to paying to spend your money in your account? That’s crazy.
Join a credit union. I pay nothing for my account and my overdraft fee is “keep some money in your savings account.”
lol they just absorbed a first republic which didn’t charge fees.
Nice work capitalism.
Credit unions for the win.
For real. I have to keep at least $50 in my accounts to keep it free. But I don’t pay anything for them to make money off mine.
Ah yes, we will use your deposited money to grow our wealth and give out credit, but that will cost you because we have to afford servers, IT admins AND a yacht for every shareholder. /s
Those stocks won’t buy back themselves!
Did someone say Bank Run? Divestment?
Rumours are it’s already happening. I have a friend at the bank, says the chiefs of staff and assistances to the board have already sold their shares!
Banks and insurance. Name a more iconic duo.
Death and taxes
Landlords and police
https://ycharts.com/companies/JPM/stock_buyback
2.823 billion spent on buybacks this year alone. For their 86 million account holders that is a bit over 32.5 dollars each.
Seems like they have plenty of money.
They have 86 million people just giving them piles of money. They use that money to lend and invest and then reap all the profits. They incentivize those people to take loans from them and get credit cards through them, because when you already have millions of people entrusting you with their life savings, it’s easy to upsell them.
And now, just because they have caps on their bullshit fees, they want to charge people for the privilege of handing over all that free money? Fucking genius right there. No way that will backfire.
Banks are awful, find a credit union, never deal with this kind of bullshit again (probably).
Does it cost money to use an ATM with a credit union?
No. Not for me in Canada. And I can use ATMs of any of the other credit unions for free too.
In the states most all of your credit unions are part of a co-op network and will allow you to “withdraw for free” from any other atm at a credit union. However most credit unions will also cover the atm fee you pay at other ATMs. Check with them as you apply. If you’re in California and have a way to join it, I’d recommend Schools Credit Union.
That’s actually pretty nice
It is the best. Also, in the event someone gives you misinformation. Credit union accounts are insured as well for up to 250,000 just like regular banks, however they’re insured through NCUA rather than FDIC. even my parents who are well off and very intelligent even thought that credit unions weren’t properly insured. 🙃
Forgetting about using the ATM’s 711’s to for free
Not for me, either. BECU in Washington state. In fact, they reimburse my fees from out-of-network ATMs, so more flexible than a bank – I can use the crummy ATMs in the corner in the 7-11.
They’re being petulant and looking to punish their customers. They’re hoping the next time the “Gub” tries to regulate them people will remember rates went up after and push back on government regulation.
They make money hand over fist. How DARE someone “take something from them” when they’re owed everything!
Line must go up, and rate at which line go up must go up!
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:
- 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)
- Like that there tends to be brick and mortar locations nationwide
- Dont know any better (this is most people I believe, unfortunately financial literacy in US is low. Lemmy is not representative of general pop)
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
We’ve got to bring back the United States Postal Savings System
We still have that in India. When I was younger I used to be confused about my parents depositing money in a post office.
Simply close your accounts and go elsewhere. When enough people do it, it’s called a bank run. Do it.
Daily reminder to check out some local credit unions. They offer the same services as banks and are run as a not-for-profit charity. Most US credit unions are members of the Co-Op ATM network which allows you to use any other credit union’s ATMs for no fee as if they were your own. Some also reimburse out-of-network ATM fees and even pay interest on checking/current accounts. Their fees are usually the same or lower than banks.
Second the suggestion of credit unions, but to be clear they’re neither charities nor non-profits; they’re member co-ops, run for the benefit of members (instead of stockholders), in which each member gets one vote (instead of each share of stock having one vote).
