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JPMorgan Chase Warns Customers: New CFPB Regulations May End Free Checking Accounts, Impacting $1B in Fees
Jul 5, 2024, 04:31 PM
JPMorgan Chase has issued a warning to its 86 million customers that new federal regulations capping overdraft and late fees could lead to the end of free checking accounts and other services. The proposed rules by the CFPB include an $8 cap on credit-card late fees and a $3 cap on overdrafts, significantly lower than Chase's current $34 overdraft fee, which generates over $1B a year for the bank. Chase plans to pass on the costs of these higher regulations to customers, potentially charging for services that are currently free, such as checking accounts and wealth-management tools. Lake, the head of America's biggest retail bank, argues that these changes could make everyday banking significantly more expensive for all Americans.
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