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164

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

submitted 5 months ago by return2ozma@lemmy.world to c/personalfinance@lemmy.ml

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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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[–] wagoner@infosec.pub 8 points 5 months ago (1 children)

What is your bank's wealth management team doing for you? I've always assumed they were overpriced and set up to sell their own products.

[–] oyo@lemm.ee 3 points 5 months ago

Yup, they're a scam that just charges a fee to park your money in index funds.