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.
Join a credit union. I pay nothing for my account and my overdraft fee is “keep some money in your savings account.”
Greedy fucks, glad I only use credit unions.
Oh, I’m sure it’s not because JPM placed super toxic bets against “mEmE sTocKs” lol.
Get fucked JPM.
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.
Banks and insurance. Name a more iconic duo.
Landlords and police
Death and taxes
Open an account at a credit union, my credit union pays me for having an account every month
Don’t all accounts do that via interest?
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
My bank gives me 0.02% on my savings account with them. My credit union gives me 3.94% on my checking account. I keep the minimum in the bank so I can use their other services, my CU only has ATMs near me.
Most checking accounts don’t pay interest and I believe BofA’s savings accounts barely pay at 0.05% APR.
Why should anyone pay to use a bank? That just doesn’t make sense to me
Yea it’s totally insane. You’re letting them lend out your money, paying is crazy
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
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.
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)
Ah yes, we will use your deposited money to grow our wealth and give out credit, but that will cost you because we have to afford servers, IT admins AND a yacht for every shareholder. /s
Those stocks won’t buy back themselves!
Katie Porter needs to beat them over the head with a whiteboard.
That may be the most square jaw I have ever seen
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.
Did someone say Bank Run? Divestment?
Rumours are it’s already happening. I have a friend at the bank, says the chiefs of staff and assistances to the board have already sold their shares!
“It’s a bold strategy Cotton.”
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.
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.
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!
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.
