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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... This is already common in Europe. I pay like 3 euros a month for my account
Why? I changed my bank like decades ago and have a free account ever since. IIRC a 'real' credit card would cost a fee, and unlimited cash withdrawal too, but I think that's it. I don't use either.
I have accounts at two different banks but I don't have any credit cards. Debit cards are way more widely used in Europe. Every bank in the Netherlands will charge you a fee for opening an account.
Finally, something for the Americans to laugh at Europeans about
Same as Canada. I pay $15 per month (minus $12 rebate for age) for my account, but that gives me free e-transfers, debit card usage, etc.
Free debit card usage? As opposed to paying to spend your money in your account? That's crazy.
Oh yeah same here. Virtually unlimited service and I can request new cards if needed.
$15 a month for a bank account is less than 1 hour's work at Canada's minimum wage. That's more than two hours' worth of work at US minimum wage.
Not ridiculously expensive all things considered, but still worth noting how much a poor person would have to work just to maintain a bank account at that rate in the U.S.
You know how much I pay? 0 hours of my hard earned labor
Me too, but I joined a credit union.