cross-posted from: https://lemmy.world/post/17274141
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.
The US should bring back the postal banking system. Japan has one and I was surprised after moving here to learn that the US used to as well.