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.
Simply close your accounts and go elsewhere. When enough people do it, it’s called a bank run. Do it.
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?
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.
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
Most checking accounts don’t pay interest and I believe BofA’s savings accounts barely pay at 0.05% APR.
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!
https://ycharts.com/companies/JPM/stock_buyback
2.823 billion spent on buybacks this year alone. For their 86 million account holders that is a bit over 32.5 dollars each.
Seems like they have plenty of money.
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.
Yea it’s totally insane. You’re letting them lend out your money, paying is crazy
Pro tip: open a checking account with a brokerage, like Charles Schwab or Fidelity. Everything is free with ridiculously generous terms: no fees, free check books, ATM fee refunds, excellent foreign exchange rates on your debit card. They’ll blow any credit union out of the water.
The reason is that these companies make their money on stock accounts (via trading commissions and the like), and view these checking accounts as just a value-add / loss-leader to get you to park your investments with them. And they’re rolling in dough from options trading and shit like that, so the terms on the loss-leaders are really good.
I’ve had a checking account with Schwab for like 20 years, and they’ve never so much as whispered changing this dynamic.
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.
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.
We’ve got to bring back the United States Postal Savings System
We still have that in India. When I was younger I used to be confused about my parents depositing money in a post office.
All the big shitty banks are going to do this. Credit unions are the way.
deleted by creator
2 years from now: JP Morgan Chase announces $0-fee checking accounts to attract new clients. So predictable.
Join a credit union. I pay nothing for my account and my overdraft fee is “keep some money in your savings account.”
“It’s a bold strategy Cotton.”
New capital rules would also require them to hod more reserves against mortgages and credit card loans
Does anyone proofread these anymore?
Anyway, go ahead. Watch how quickly people move to banks which don’t charge or better yet, credit unions.
ChatGPT approved the article it itself generated, so we’re all clear!
*hodl
