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JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts (finance.yahoo.com)

submitted 5 months ago by return2ozma@lemmy.world to c/personalfinance@lemmy.ml

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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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[–] wagoner@infosec.pub 17 points 5 months ago

So it's an end to financially strapped customers being squeezed by exorbitant late/overdraft fees to fund free accounts for everyone else.

Sounds like that was always a screwed up business model.

Also, when the CEO announces price increases and says "expects other banks will follow suit" that is designed to give cover to the other banks. JP Morgan takes the reputational hit for being first, to make it easy for the rest to raise prices also. Collusion in the open, so that JPM doesn't lose customers to competitors.