Yahoo Finance, July 5, 2024, Largest Consumer Bank Chase Hints Increased Cost To Consumers For Everyday Banking Services
Marianne Lake, head of Chase Bank, a division of JPMorgan Chase & Co. (NYSE:JPM), has issued a warning to its 86 million customers: prepare for potential new charges on their bank accounts.
Lake highlighted that proposed regulations aimed at capping overdrafts and late fees will lead to significant cost increases for everyday banking services.
Chase, the largest consumer bank and one of the top credit card issuers in the country, plans to pass on the costs of these higher regulations to its customers.
Lake mentioned that currently free services such as checking accounts and wealth management tools could soon incur fees. “The changes will be broad, sweeping, and significant,” she emphasized, noting that those most affected will be individuals who can least afford the additional expenses.
