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.
So a bank take your money, use that money to bet on stocks and loans, and in return charge you for using their service.
Late stage capitalism at its finest.