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.
Cool, I’ll just factor that in to my Chase bank account signup bonus math. They have really crappy interest rates, so there’s no way I’m paying for a service I won’t use for free…
There are plenty of competitors, especially with people needing cash less and less…