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.

  • girlfreddy@lemmy.ca
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    4 months ago

    Same as Canada. I pay $15 per month (minus $12 rebate for age) for my account, but that gives me free e-transfers, debit card usage, etc.

    • Flying Squid@lemmy.world
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      4 months ago

      $15 a month for a bank account is less than 1 hour’s work at Canada’s minimum wage. That’s more than two hours’ worth of work at US minimum wage.

      Not ridiculously expensive all things considered, but still worth noting how much a poor person would have to work just to maintain a bank account at that rate in the U.S.