One of the largest banks in the United States has issued a stark warning about impending fees on checking accounts.
by daily Mail
The CEO of consumer and community banking at JPMorgan Chase revealed that the company plans to pass on the costs of increased regulation to its clients.
Marianne Lake warns that the Consumer Financial Protection Bureau’s rules to limit overdrafts and late payment fees will make traditional banking much more expensive for Americans.
She said Chase would have to charge its 86 million customers for now-free services like checking accounts if the rules become law.
“The changes will be broad, radical and significant,” he told the Wall Street Journal. “The people who will be hardest hit are those who can’t afford it, and it will be harder to get credit.”
The Consumer Financial Protection Bureau proposes an $8 limit on late credit card payments and a $3 limit on overdraft fees.
It’s also considering capping debit card fees and the amount banks can charge companies like Venmo and CashApp to access and use customer data.
Lake believes that major U.S. banks will follow Chase’s lead and pass the costs on to customers.
He insisted that basic services people have grown accustomed to, such as checking accounts, tracking credit scores and planning tools, will likely no longer be free.
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