Head Of Chase Bank Warns Customers: Era Of Free Checking Is Likely Overwww.zerohedge.com/markets/head-chase-bank-warns-customers-era-free-checking-likely-over
658 sats \ 14 comments \ @siggy47 5 Jul econ
Guess what? Bitcoin fixes this.
Marianne Lake, head of Chase Bank, a division of JPMorgan Chase, was quoted by The Wall Street Journal as saying the bank is preparing to charge customers for now-free services, including checking accounts and wealth-management tools, if new rules pushed by politicians in Washington are enacted. These rules include capping overdrafts and late fees.
"The changes will be broad, sweeping, and significant," Lake said, adding, "The people who will be most impacted are the ones who can least afford to be, and access to credit will be harder to get."
write
preview
related posts
123 sats \ 0 replies \ @Undisciplined 5 Jul
That wasn't on my bingo card.
reply
187 sats \ 3 replies \ @k00b 5 Jul
This is such gross fear mongering. No doubt banks will profit less from checking accounts under those rules, but I can't see any reason for credit to be harder to get or for this to impact "the ones who can least afford" it anymore than overdraft fees.
reply
117 sats \ 0 replies \ @Svoboda 6 Jul
It's her quote... she jumbled two thoughts together. The credit reason is separate from the checking piece. From later in the article:
The rule capping credit card late fees was passed by the CFPB in March, but then a coalition of bank industry groups sued to stop it before it could become law. The law is pending appeal before a judge. Trade organizations representing large banks also sued to prevent changes to the Community Reinvestment Act, which requires banks to offer their services to low-income and historically disadvantaged communities.
Even though the credit card late fee cap hasn’t become law yet, some credit-card companies are ready to pass on costs to customers. Chase has sketched out plans to ratchet up interest rates and take a more conservative approach to underwriting credit-card loans, according to an investor presentation.
So the potential tightening of credit is due to them not being allowed to have higher credit card late fees. Just means they won't be as predatory when they're giving some dude with a 550 credit score a card.
reply
58 sats \ 1 reply \ @siggy47 OP 5 Jul
They can get away with it because of the leverage they have over politicians.
reply
54 sats \ 0 replies \ @Bell_curve 6 Jul
The article ends by saying that competition between banks will mean checking account fees will remain zero
reply
76 sats \ 0 replies \ @Coinsreporter 6 Jul
This should be a great news for Fiat lovers!
What if a bank charges for anything, it's their right and we are slaves!
reply
104 sats \ 0 replies \ @JesseJames 5 Jul
shocker, there were not free to begin with....Who is using checks anyway :-) ?
reply
104 sats \ 0 replies \ @SwapMarket 5 Jul
No free accounts in Europe for the last 10 years or so.
reply
92 sats \ 0 replies \ @jgbtc 6 Jul
Reminds me of when newspapers all started raising their prices. The local paper went from quarter to $0.50 to $1.00. Then a year or two later it shut down.
reply
71 sats \ 1 reply \ @Satosora 5 Jul
wow. Its time to go to the bank that doesnt charge these stupid fees. Eventually, if there are so many fees, it will just be worth it to get out of fiat and go directly to btc.
reply
0 sats \ 0 replies \ @Bell_curve 6 Jul
Credit union
reply
71 sats \ 0 replies \ @Malachi17 5 Jul
In other news, banks go out of business. Credit Unions up.
reply
54 sats \ 0 replies \ @SatsMate 6 Jul
Rent seekers will be rent seekers. this will help others to see the appeal for the masses on full bitcoin only.
reply
54 sats \ 0 replies \ @TNStacker 5 Jul
Checking isnt free. Most banks fee you to death.
reply