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:

1. 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)
2. Like that there tends to be brick and mortar locations nationwide
3. Dont know any better (this is most people I believe, unfortunately financial literacy in US is low. Lemmy is not representative of general pop)

Yea it’s totally insane. You’re letting them lend out your money, paying is crazy

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.