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.

  • NateNate60@lemmy.world
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    4 months ago

    Daily reminder to check out some local credit unions. They offer the same services as banks and are run as a not-for-profit charity. Most US credit unions are members of the Co-Op ATM network which allows you to use any other credit union’s ATMs for no fee as if they were your own. Some also reimburse out-of-network ATM fees and even pay interest on checking/current accounts. Their fees are usually the same or lower than banks.

    • HailSeitan@lemmy.world
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      4 months ago

      Second the suggestion of credit unions, but to be clear they’re neither charities nor non-profits; they’re member co-ops, run for the benefit of members (instead of stockholders), in which each member gets one vote (instead of each share of stock having one vote).