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.
86 million customers warn JP Morgan Chase they may have to start paying the money into a different bank account.
Might as well switch to a credit union while you’re at it.
I’d be surprised if Chase actually did this. This is just ammo for pro-corporate politicians and lobbyists. “Government rules are going to make it worse for people, see? Stop making rules or all the banks will have to do this!”
It’s bullshit. Keep making rules. Big banks are dangerous.