this post was submitted on 06 Jul 2024
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JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts (finance.yahoo.com)
submitted 1 month ago by [email protected] to c/[email protected]
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cross-posted from: https://lemmy.world/post/17285927

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.

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[–] [email protected] 18 points 1 month ago* (last edited 1 month ago)

This is your reminder to bank with a credit union if possible in your area. Non-profit is the way to go.

And, as an added tip, lots of credit unions let you open a line of credit that automatically draws if you accidentally overdraft, thereby avoiding fees.