JPMorgan warns 86 million customers they might have to start paying for their bank accounts [Fortune]
JP Morgan Chase & Co. (JPM)
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Source: Fortune
The Wall Street Journal reports the country's biggest retail bank is warning that it might begin charging customers for their accounts. That would impact some 86 million customers. The potential charges, says Marianne Lake, CEO of Consumer & Community Banking at JPMorgan, are a result of new regulatory rules that cap overdraft and late fees. Kae 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. The threat of charging for once-free services isn't a new one. Over a decade ago, many banks said they would add a service fee onto debit cards because of regulatory changes. Few actually did, though, as the feared a consumer revolt. That could happen again, especially as consumers struggle with inflation and higher costs of living, but it's not certain. The new rules would cap credit card late payments at $8 and
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- 7/8/24 - Form 424B2
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