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.

  • ShepherdPie@midwest.social
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    4 months ago

    Most checking accounts don’t pay interest and I believe BofA’s savings accounts barely pay at 0.05% APR.