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.
They have 86 million people just giving them piles of money. They use that money to lend and invest and then reap all the profits. They incentivize those people to take loans from them and get credit cards through them, because when you already have millions of people entrusting you with their life savings, it’s easy to upsell them.
And now, just because they have caps on their bullshit fees, they want to charge people for the privilege of handing over all that free money? Fucking genius right there. No way that will backfire.
Banks are awful, find a credit union, never deal with this kind of bullshit again (probably).
In the states most all of your credit unions are part of a co-op network and will allow you to “withdraw for free” from any other atm at a credit union. However most credit unions will also cover the atm fee you pay at other ATMs. Check with them as you apply. If you’re in California and have a way to join it, I’d recommend Schools Credit Union.
They’re being petulant and looking to punish their customers. They’re hoping the next time the “Gub” tries to regulate them people will remember rates went up after and push back on government regulation.
They make money hand over fist. How DARE someone “take something from them” when they’re owed everything!
Open an account at a credit union, my credit union pays me for having an account every month
Poor people don’t have enough money to accrue interest. My credit Union has 2 types of checking account I believe, cash and cash back, one of them basically pays you $20 per month for having an account with them and the other pays dividends based on interest earned. The other great thing is that they have very low minimum amounts for savings accounts, it’s like $5. Which makes it easier to start saving money. Plus all ATM fees are refunded at the end of the month
Greedy fucks, glad I only use credit unions.
Why should anyone pay to use a bank? That just doesn’t make sense to me
Right?? The bank already makes money off the money people put into the bank. Now the bank is saying that their unethical practice of stealing people’s money isn’t as profitable as they want so they are going to unethically steal from everyone a different way that they can’t stop or say no to?
JPMorgan Chase: financial rapists
I have a credit union and unfortunately a Chase account now. I had to open a banking account with First Republic to refinance my student loans from 6.7% to 2.75%. They were the only ones that took on high student loans (lot of medical professionals) and required a constant $20k in the bank.
Once my loans are done in a few months though, I am moving everything back to m y credit union and closing Chase.
To speak to some others like my in laws, husband, and my own parents, likely plus a few friends:
- They believe that banks offer more services and even more security than a local credit union (ironically my FIL is board member of a credit union but banks with a bank)
- Like that there tends to be brick and mortar locations nationwide
- Dont know any better (this is most people I believe, unfortunately financial literacy in US is low. Lemmy is not representative of general pop)
What are you going to do about it pleb? The number of banking companies in the US has fallen over 25% since 2007 via so-called stress tests. The population is quite literally tens of millions of people more in that same timespan.
Bigger market + less competition = you matter less
Don’t like it? Make sure that the next time you hear “too big to fail” you tell your elected officials you are willing to take that risk. Everyone cut so much slack for past 4 presidents bailing out banks of course they have learned they can do what they want.
This. Banks, airlines, and I’m sure others, getting bailouts. Capitalism means risks, right? I’m tired of seeing companies getting handouts because they made poor choices, while we still don’t have free or even discounted, healthcare. Socialism is in play, but it’s being used for the rich.
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.
Of course, whether those rules will go into effect could depend on the results of the November election. Donald Trump could strike them down or dilute them
This sure seems like political action designed to put pressure on the electorate.
