JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts
JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts
Bank prepares to pass costs on to customers.
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.
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I won’t shill any credit union, but do not have your paycheck deposited into a commercial bank account. Have it deposited into a reputable credit union.
Why is that? Genuinely curious as someone who has a commercial bank account.
Member owned and not required to turn a profit and grow revenues like a publicly offered corporate bank.