Chase Bank warns It Will End Free Checking Accounts

[bnew]

Chase Bank warns It Will End Free Checking Accounts

Chase Bank, the biggest retail bank, says new regulations are too costly.

www.thedailybeast.com

Chase Bank warns It Will End Free Checking Accounts​

CHECK YOUR PRIVILEGE

Ben Sherwood​

Publisher & CEO

Published Jul. 05, 2024 1:35PM EDT

CAITLIN OCHS/Reuters​

Big Picture

The country’s biggest retail bank, Chase Bank, is warning its 86 million customers to brace for potential charges on previously free services like checking accounts. This shift comes as the bank plans to pass on the costs of new regulations capping overdraft and late fees.

Tight Focus

Marianne Lake, who runs Chase Bank, predicts significant cost increases in everyday banking for Americans. She argues that new rules to limit overdraft and late fees will force the bank to charge for free services like checking accounts and wealth-management tools.

Key Detail

Lake expects other banks to follow suit. “The changes will be broad, sweeping and significant,” Lake says, emphasizing that those who can least afford it will be most affected. Access to credit may also become tougher.

Bottom Line

Some of the new banking regulations may be changed or weakened if Donald Trump is elected president, but Lake warns that Chase’s services like free checking, credit score tracking and financial planning probably won’t be free anymore and customers should plan accordingly.

 

[bnew]

Spoiler: full text

1/1
JP Morgan Chase Bank: We’ve gorged on our customers’ exploitative overdraft and late fees for decades, and now that we can’t do that, let’s charge them for the money that they store with us that actually enables us to make loans and therefore profit!

MSN


To post tweets in this format, more info here: https://www.thecoli.com/threads/tips-and-tricks-for-posting-the-coli-megathread.984734/post-52211196

Spoiler: thread continued

Spoiler: full text

1/5
.@jpmorgan @Chase is - again - threatening to hurt the people they pretend to care about to protect their profits & bonuses. The COO & likely future CEO told @ajsaeedy @wsj that the bank has to raise costs on customers b/c of rules. That is FALSE: they do not have to. 1/4

2/5
.@jpmorgan @Chase's shamelessness knows no limits, w/ COO telling @ajsaeedy @wsj: “The changes will be broad, sweeping and significant. The people who will be most impacted are the ones who can least afford to be, & access to credit will be harder to get.” 2/4

3/5
The truth is that @jpmorgan @Chase has a profits over people strategy: in 2023, it's revenue was a record $158+ BILLION, up 22% YOY; profits were a record $49.6 BILLION, up 32% YOY & the most annual profit by any US bank EVER! All that money comes from customers' pockets. 3/4

4/5
.@jpmorgan @Chase has a choice: charge customers & people least able to afford it more or pay themselves just a tiny bit less in executive bonuses, shareholders a smidge less dividends & buybacks, etc. Read @ajsaeedy @wsj exclusive here: https://tinyurl.com/dwnvefh9 4/4

5/5



To post tweets in this format, more info here: https://www.thecoli.com/threads/tips-and-tricks-for-posting-the-coli-megathread.984734/post-52211196

 

[Pressure]

Buys SoFi stock

 

[Chrishaune]

What's free checking?

Haven't seen that in a while.

 

[CrushedGroove]

Greed is a monster that is never full, not realizing that it will eventually feed on itself.

 

[bnew]

they're doing everything they can to scare people into voting for trump.

 

[ORDER_66]

chase outta fukking pocket....

 

[Mrhateeverything]

Wells Fargo did it too . Had a free checking account because of the mortgage account with them and they just sent me an email said they charging 10 bucks a month now .

 

[bnew]

What's free checking?

Haven't seen that in a while.

credit unions.

 

[Batsute]

Welp time to cancel my United Club Card & Accounts.

Already moved majority of my savings to the Apple Card.

 

[Bubba T]

Had free checking at my credit union for years

 

[UpAndComing]

Chase telling it's free checking customers

 

[UpAndComing]

Spoiler: full text

1/1
JP Morgan Chase Bank: We’ve gorged on our customers’ exploitative overdraft and late fees for decades, and now that we can’t do that, let’s charge them for the money that they store with us that actually enables us to make loans and therefore profit!

MSN


To post tweets in this format, more info here: https://www.thecoli.com/threads/tips-and-tricks-for-posting-the-coli-megathread.984734/post-52211196

Spoiler: thread continued

Spoiler: full text

1/5
.@jpmorgan @Chase is - again - threatening to hurt the people they pretend to care about to protect their profits & bonuses. The COO & likely future CEO told @ajsaeedy @wsj that the bank has to raise costs on customers b/c of rules. That is FALSE: they do not have to. 1/4

2/5
.@jpmorgan @Chase's shamelessness knows no limits, w/ COO telling @ajsaeedy @wsj: “The changes will be broad, sweeping and significant. The people who will be most impacted are the ones who can least afford to be, & access to credit will be harder to get.” 2/4

3/5
The truth is that @jpmorgan @Chase has a profits over people strategy: in 2023, it's revenue was a record $158+ BILLION, up 22% YOY; profits were a record $49.6 BILLION, up 32% YOY & the most annual profit by any US bank EVER! All that money comes from customers' pockets. 3/4

4/5
.@jpmorgan @Chase has a choice: charge customers & people least able to afford it more or pay themselves just a tiny bit less in executive bonuses, shareholders a smidge less dividends & buybacks, etc. Read @ajsaeedy @wsj exclusive here: https://tinyurl.com/dwnvefh9 4/4

5/5



To post tweets in this format, more info here: https://www.thecoli.com/threads/tips-and-tricks-for-posting-the-coli-megathread.984734/post-52211196

None of those twitter profiles are helping Chase foot the bill on the money they lost with those customers who abuse overdraft fees

Get this performative BS outta here

 

[Canada Goose]

When I was broke Chase used to charge me like 6 bucks a month to keep the account open. Now that I have a lot more money the account is free.


Anyway, not a fan of this. Especially if it's higher than 10 bucks a month.

 

[Moesha’s Overbearing Dad]

Navy Federal since 2003 baby