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.
Meanwhile my credit union pays me interest on my checking account.
Chase have been in the UK until really recently. Still giving 1% cashback on all transactions though.
They seem about the same as most other banks over here. Their app is maybe slightly behind the challenger banks like Monzo and Starling, but well ahead of some of the big banks (looking at you HBOS and Santander). So while they keep giving me money I don’t really care. If I were banking for mortality I’d have to use CO-OP or maybe Nationwide anyway because I can’t imagine any of the big banks don’t have blood on their hands.
Chase’s savings account has one of the best interest rates on the market in the UK at the moment. Plus the 1% cashback on all transactions and until it finishes next month 1% interest on my current account.
If (or probably when) they stop being so competitive I’ll drop them like a stone though.
Remember the time i had to pay to bail them out because they are a bunch of greedy pigs? Fuck em all.
https://archive.nytimes.com/dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/
Do you think that gutting Chevron and the FTC’s regulatory authority has anything to do with this?
I mean, it’s not like banks aren’t already making buckets of money…
Not sure about that case specifically, but in general lack of regulation unleashes enshittificatory impulses. This comment may be aimed more at conservative voters or politicians to convince them (or at least let them claim) that pro-consumer regulation actually harms “consumer welfare.”
I’ve met one of these zero-regulation idiots thinking that somehow the average Joe benefits from giving all power to anyone with lots of money who isn’t them.
I don’t know if being forced to cease charging predatory fees should be considered “increased expenses”. You were taking money from customers that they didn’t have. It cost you nothing to do that. It costs you nothing to stop doing that. All you’re saying now is that “we can’t extort so much money out of you with overdraft fees anymore. So we’re going to figure out a different way to do it.”
Fucking gross.
Go for it. There are plenty of other banks.
