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.
The amount of money they make off credit cards is insanity. Not to mention the money they make off lending out other peoples’ money from their savings and the audacity they give back in savings is crazy.
Correct, the principal is essentially destroyed on payment. Once the loan is payed off, all the money that the bank had originally created has been destroyed.