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.
Simply close your accounts and go elsewhere. When enough people do it, it’s called a bank run. Do it.
Pro tip: open a checking account with a brokerage, like Charles Schwab or Fidelity. Everything is free with ridiculously generous terms: no fees, free check books, ATM fee refunds, excellent foreign exchange rates on your debit card. They’ll blow any credit union out of the water.
The reason is that these companies make their money on stock accounts (via trading commissions and the like), and view these checking accounts as just a value-add / loss-leader to get you to park your investments with them. And they’re rolling in dough from options trading and shit like that, so the terms on the loss-leaders are really good.
I’ve had a checking account with Schwab for like 20 years, and they’ve never so much as whispered changing this dynamic.
I suspect her own family hates her, as she has that sociopath smirk that only comes from her bitter desire to make everyone miserable. All for a small slight she received in grade school.
Looks like she might be replacing that other sociopath - Jamie Dimonhands.
Sociopaths all the way down.
Oh, I’m sure it’s not because JPM placed super toxic bets against “mEmE sTocKs” lol.
Get fucked JPM.
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.
All the big shitty banks are going to do this. Credit unions are the way.
Credit unions for the win.
For real. I have to keep at least $50 in my accounts to keep it free. But I don’t pay anything for them to make money off mine.
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.
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!
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.
Lol
If this Ruling didn’t happen we NEVER would be Paying for our Accounts! That’s why we literally don’t Pay for Accounts right now (but you will be Charged if you drop below $500!)!
Two words: Credit Unions…
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.
Greedy fucks, glad I only use credit unions.
New capital rules would also require them to hod more reserves against mortgages and credit card loans
Does anyone proofread these anymore?
Anyway, go ahead. Watch how quickly people move to banks which don’t charge or better yet, credit unions.
*hodl
ChatGPT approved the article it itself generated, so we’re all clear!
https://ycharts.com/companies/JPM/stock_buyback
2.823 billion spent on buybacks this year alone. For their 86 million account holders that is a bit over 32.5 dollars each.
Seems like they have plenty of money.
