Enshittification

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What is enshittification?

The phenomenon of online platforms gradually degrading the quality of their services, often by promoting advertisements and sponsored content, in order to increase profits. (Cory Doctorow, 2022, extracted from Wikitionary) source

The lifecycle of Big Internet

We discuss how predatory big tech platforms live and die by luring people in and then decaying for profit.

Embrace, extend and extinguish

We also discuss how naturally open technologies like the Fediverse can be susceptible to corporate takeovers, rugpulls and subsequent enshittification.

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JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts (finance.yahoo.com)

submitted 4 months ago by HailSeitan@lemmy.world to c/enshittification@lemmy.world

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cross-posted from: https://lemmy.world/post/17274141

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.

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[–] mrsemi@lemmy.world 125 points 4 months ago (5 children)

Meanwhile my credit union pays me interest on my checking account.

[–] BearOfaTime@lemm.ee 15 points 4 months ago

Switched back to a CU a year ago, saving several hundred dollars a year now, at least.

[–] steal_your_face@lemmy.ml 9 points 4 months ago

Same with Schwab bank along with refunding all atm fees

[–] Neato@ttrpg.network 5 points 4 months ago

Same. It's a trivial amount, but it's a nice gesture.

[–] Lost_My_Mind@lemmy.world 2 points 4 months ago (1 children)

How do I join this credit union?

[–] then_three_more@lemmy.world 1 points 4 months ago (1 children)

Chase have been in the UK until really recently. Still giving 1% cashback on all transactions though.

[–] Dkarma@lemmy.world 7 points 4 months ago (1 children)

Chase is trash

[–] then_three_more@lemmy.world 3 points 4 months ago

They seem about the same as most other banks over here. Their app is maybe slightly behind the challenger banks like Monzo and Starling, but well ahead of some of the big banks (looking at you HBOS and Santander). So while they keep giving me money I don't really care. If I were banking for mortality I'd have to use CO-OP or maybe Nationwide anyway because I can't imagine any of the big banks don't have blood on their hands.

Chase's savings account has one of the best interest rates on the market in the UK at the moment. Plus the 1% cashback on all transactions and until it finishes next month 1% interest on my current account.

If (or probably when) they stop being so competitive I'll drop them like a stone though.