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JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts (finance.yahoo.com)

submitted 4 months ago by [email protected] to c/[email protected]

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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.

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[–] [email protected] 0 points 4 months ago (10 children)

It has been a constant source of amazement to me over the past couple decades that people give their money to banks instead of credit unions. They are better in every single way unless you are one of those last few people who actually have to go to a branch to deposit a paycheck or have a need to visit your financial institution in 13 different states or something. I average less than 1 visit a year to mine, they have no fees for anything except ordering checks (and who the fuck needs those anymore?) and I get free $5,000 in overdraft protection on my account, only have to pay nominal interest if I dip into it. No ATM fees if I use a credit union co-op ATM to get cash (and who the fuck needs that anymore?) Easy peasy and they aren't trying to wring every drop of blood out of my bank account.

[–] [email protected] 0 points 4 months ago (3 children)

The only reason I have found to stick with one of the large banks is to interface with a wealth management team. I have yet to find a credit union who can offer the same types of services as say, Merrill Lynch Wealth Management.

Savings accounts are one of the biggest scams of all time; 4.2% interest? Oh boy! You have $10k in the bank so that gives you a whopping $420 at EOY.

Compare that to existing avg returns on WM accounts of nearly 18% where that same $10k generates $1800.

Don’t have to like the game but play the game to win. And it costs me zero time and effort but still lets me dictate where it can be invested (aka fuck Elon)

[–] [email protected] 0 points 4 months ago (1 children)

What is your bank's wealth management team doing for you? I've always assumed they were overpriced and set up to sell their own products.

[–] [email protected] 0 points 4 months ago

Yup, they're a scam that just charges a fee to park your money in index funds.

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