They have 86 million people just giving them piles of money. They use that money to lend and invest and then reap all the profits. They incentivize those people to take loans from them and get credit cards through them, because when you already have millions of people entrusting you with their life savings, it's easy to upsell them.

And now, just because they have caps on their bullshit fees, they want to charge people for the privilege of handing over all that free money? Fucking genius right there. No way that will backfire.

Banks are awful, find a credit union, never deal with this kind of bullshit again (probably).

Open an account at a credit union, my credit union pays me for having an account every month

Greedy fucks, glad I only use credit unions.

Why should anyone pay to use a bank? That just doesn't make sense to me

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.

Of course, whether those rules will go into effect could depend on the results of the November election. Donald Trump could strike them down or dilute them

This sure seems like political action designed to put pressure on the electorate.

Simply close your accounts and go elsewhere. When enough people do it, it's called a bank run. Do it.

https://ycharts.com/companies/JPM/stock_buyback

2.823 billion spent on buybacks this year alone. For their 86 million account holders that is a bit over 32.5 dollars each.

Seems like they have plenty of money.

2 years from now: JP Morgan Chase announces $0-fee checking accounts to attract new clients. So predictable.

Join a credit union. I pay nothing for my account and my overdraft fee is "keep some money in your savings account."

I suspect her own family hates her, as she has that sociopath smirk that only comes from her bitter desire to make everyone miserable. All for a small slight she received in grade school.

Pro tip: open a checking account with a brokerage, like Charles Schwab or Fidelity. Everything is free with ridiculously generous terms: no fees, free check books, ATM fee refunds, excellent foreign exchange rates on your debit card. They’ll blow any credit union out of the water.

The reason is that these companies make their money on stock accounts (via trading commissions and the like), and view these checking accounts as just a value-add / loss-leader to get you to park your investments with them. And they’re rolling in dough from options trading and shit like that, so the terms on the loss-leaders are really good.

I’ve had a checking account with Schwab for like 20 years, and they’ve never so much as whispered changing this dynamic.

Daily reminder to check out some local credit unions. They offer the same services as banks and are run as a not-for-profit charity. Most US credit unions are members of the Co-Op ATM network which allows you to use any other credit union's ATMs for no fee as if they were your own. Some also reimburse out-of-network ATM fees and even pay interest on checking/current accounts. Their fees are usually the same or lower than banks.

We've got to bring back the United States Postal Savings System

New capital rules would also require them to hod more reserves against mortgages and credit card loans

Does anyone proofread these anymore?

Anyway, go ahead. Watch how quickly people move to banks which don't charge or better yet, credit unions.

I won’t shill any credit union, but do not have your paycheck deposited into a commercial bank account. Have it deposited into a reputable credit union.

The world would be a better place without JPMorgan/Chase. What a garbage business.

All the big shitty banks are going to do this. Credit unions are the way.

Ah yes, we will use your deposited money to grow our wealth and give out credit, but that will cost you because we have to afford servers, IT admins AND a yacht for every shareholder. /s

Credit unions for the win.

Since when did they have free checking? Are we talking about people grandfathered in who opened accounts ages ago? Every time I've checked they had terrible options.

Two words: Credit Unions...

"It's a bold strategy Cotton."

Oh, I’m sure it’s not because JPM placed super toxic bets against “mEmE sTocKs” lol.

Get fucked JPM.

Banks and insurance. Name a more iconic duo.

lol they just absorbed a first republic which didn’t charge fees.

Nice work capitalism.