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Written by: RJ
WSJ is reporting Chase may begin charing customers more fees on accounts. With the potential to impact 86 million 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.
Thoughts
Aside from the student checking, I’m not sure if Chase understands how a ‘free’ account works. All their accounts charge a fee unless specific requirements are met… Seems like throwing out an idea and seeing how the market reacts.
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