Chase might begin charging for 'free' checking
What new charges might Chase Bank customers face?
Chase Bank customers might face new charges for previously free services such as checking accounts and wealth management tools, due to new regulatory rules capping overdraft and late fees. These potential charges could impact around 86 million customers, and other banks may follow suit. However, it's uncertain whether these changes will actually be implemented, as they could depend on the results of the November election and ongoing lawsuits.
How many Chase customers could be impacted by new charges?
As many as 86 million Chase customers could be impacted by new charges due to new regulatory rules that cap overdraft and late fees. Chase has warned that it might begin charging customers for their accounts, which would put an end to now-free services such as checking accounts and wealth management tools.
Why is Chase considering charging for previously free services?
Chase is considering charging for previously free services due to new regulatory rules that cap overdraft and late fees, resulting in increased expenses for the bank. The CEO of consumer and community banking at JPMorgan, Marianne Lake, expects other banks to follow suit6.