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.

  • Elextra@literature.cafe
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    4 months ago

    I have a credit union and unfortunately a Chase account now. I had to open a banking account with First Republic to refinance my student loans from 6.7% to 2.75%. They were the only ones that took on high student loans (lot of medical professionals) and required a constant $20k in the bank.

    Once my loans are done in a few months though, I am moving everything back to m y credit union and closing Chase.

    To speak to some others like my in laws, husband, and my own parents, likely plus a few friends:

    1. They believe that banks offer more services and even more security than a local credit union (ironically my FIL is board member of a credit union but banks with a bank)
    2. Like that there tends to be brick and mortar locations nationwide
    3. Dont know any better (this is most people I believe, unfortunately financial literacy in US is low. Lemmy is not representative of general pop)