JPMorgan Chase just issued a major warning to its 86 million customers.
The banking giant says a list of new regulations moving through Washington, D.C. will force the company to begin charging customers for checking accounts, reports the Wall Street Journal.
The bank cites proposed regulations from the Consumer Financial Protection Bureau and the Federal Reserve, which are pushing for new caps on credit and debit card late fees and higher capital reserves, as primary catalysts that will push the bank to eliminate free checking services.
Marianne Lake, co-CEO of consumer and community banking at JPMorgan Chase, says the changes will hammer customers who are already hurting the most financially.
“The changes will be broad, sweeping and significant. 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.”
In addition to charging for basic checking accounts, Chase says items like credit score trackers and financial planning tools will likely also see fees attached to them.
The bank says it’s possible that the potential regulatory changes are tweaked in such a way that allows the banking giant to keep its services free.
But as things currently stand, Chase customers can expect the historic changes to roll out in the months ahead.
JPMorgan Chase reported record returns in 2023 for the sixth year in a row, with full-year net profit hitting $49.6 billion.
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