JPMorgan Chase just issued a major warning to its 86 million customers.

The banking giant says a list of new regulations from 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 would 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.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

The post JPMorgan Chase Warns 86,000,000 Customers Set To Pay for Bank Accounts in Massive Overhaul, Elimination of Free Services appeared first on The Daily Hodl.

JPMorgan Chase just issued a major warning to its 86 million customers.

The banking giant says a list of new regulations from 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 would 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.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

The post JPMorgan Chase Warns 86,000,000 Customers Set To Pay for Bank Accounts in Massive Overhaul, Elimination of Free Services appeared first on The Daily Hodl.