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.
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.
The world would be a better place without JPMorgan/Chase. What a garbage business.
Katie Porter needs to beat them over the head with a whiteboard.
Since when did they have free checking? Are we talking about people grandfathered in who opened accounts ages ago? Every time I’ve checked they had terrible options.
Since forever?
to waive, meet a minimum balance requirement of $1,500 at the beginning of each day or have at least $500 in monthly direct deposits or keep at least $5,000 across Chase accounts
Ok so kind of free but not as in beer.
Haha, yep!
Look into online banks like Ally or credit unions. I’m 99%sure that Ally has no minimum requirement and about a 4% interest rate for money in your savings account.
Oh I’ve got accounts with like half a dozen banks. Chase is not one of them. They are not offering me anything better than what I can get at multiple other banks. I’ve got a credit union as well. I never understood why most people feel like they’re suppose to have One bank. Spread that shit around!
Oh, I’m sure it’s not because JPM placed super toxic bets against “mEmE sTocKs” lol.
Get fucked JPM.
Two words: Credit Unions…
2 years from now: JP Morgan Chase announces $0-fee checking accounts to attract new clients. So predictable.
Join a credit union. I pay nothing for my account and my overdraft fee is “keep some money in your savings account.”
Banks and insurance. Name a more iconic duo.
Death and taxes
Landlords and police
“It’s a bold strategy Cotton.”
Open an account at a credit union, my credit union pays me for having an account every month
Don’t all accounts do that via interest?
My bank gives me 0.02% on my savings account with them. My credit union gives me 3.94% on my checking account. I keep the minimum in the bank so I can use their other services, my CU only has ATMs near me.
Most checking accounts don’t pay interest and I believe BofA’s savings accounts barely pay at 0.05% APR.
Poor people don’t have enough money to accrue interest. My credit Union has 2 types of checking account I believe, cash and cash back, one of them basically pays you $20 per month for having an account with them and the other pays dividends based on interest earned. The other great thing is that they have very low minimum amounts for savings accounts, it’s like $5. Which makes it easier to start saving money. Plus all ATM fees are refunded at the end of the month
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.
Of course, whether those rules will go into effect could depend on the results of the November election. Donald Trump could strike them down or dilute them
This sure seems like political action designed to put pressure on the electorate.
Yeah, put this way, this sounds like greedy shit bags saying vote this way or else.
What the fuck man
lol they just absorbed a first republic which didn’t charge fees.
Nice work capitalism.
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).
Line must go up, and rate at which line go up must go up!
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!
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.
