America’s biggest bank issues new warning

by Suzanne Blake, Newsweek

One of America’s largest banks, JPMorgan Chase, has issued a new warning for its customers—checking accounts might no longer be free.

The Consumer Financial Protection Bureau (CFPB), a government agency dedicated to making sure people are treated fairly by banks, lenders, and other financial institutions, recently proposed an $8 cap on credit card late payment fees and a $3 limit on over drafting bank accounts. In addition, other rules are coming to payment services like Venmo and CashApp that would keep debit card fees lower.

If these changes do transpire, JPMorgan Chase’s free checking accounts could be no more and have customers pay a monthly fee. Customers may also not be able to check their credit score or use financial planning tools for free. JPMorgan Chase has roughly 86 million customers.

Marianne Lake, CEO of consumer and community banking at JPMorgan Chase, told The Wall Street Journal on Friday that Chase will be passing on its higher regulation costs down to its customers if the rules are adopted.

 

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