I forget the exact details, but I think I lost my Schwab card a few years back. I was on a trip and needed something the next day. I think they could only do “next evening” maybe, but they credited my account $100 for the inconvenience. Like, I was the one that screwed up, but they took action like it was their fault that I inconvenienced myself. How could I not want to be their customer after that?
Can't recommend schwab enough. The only downside is there's no way to deposit cash. I don't do that often so it's not a big deal to me. When I have to, I usually just give my friend the money and have him venmo me.
Capital One has been my primary banking company for a while. Chase charges if your checking balance goes under 1k, now they want to charge a membership fee? Was only using them to make paying my chase credit cards easier, but I realize I won't even need the checking since I've been paying my cards with my capital one account. Plus, my capital one savings has almost 5% apy.
And the ATM fee reimbursement is worldwide. You can land in london, grab pounds from an ATM regardless of fee, and Schwab pays you the fee back at the end of the month.
That 5.15% is 7-day yield so if you convert it to monthly yield, it comes out to about 4.3% which is about the same you get with Ally bank money market savings. Not saying Schwab is bad. Just wanted to share what I learned not too long ago.
Key bought the bank that had my auto loan, sent out a flyer saying, among other things "Dont worry, nothing changes on your end, you can keep paying however you were paying previously" I was paying by calling every month to make a payment with my checking and routing. Guess what they don't accept anymore. I also never recieved any kind of payment book, account info anything. I then tried calling them every morning and lunch break for 3 weeks to figure out how to get them my car payment. Sat on hold the entire time except the one time I got through and they couldnt find my account. Then they repod my car *single missed payment* and it cost me about 4k to get it back.
Wish I knew what the CFPB was back then.
TLDR I will never use KeyBank.
I did that when I went to a chase bank pre-covid and they told me they won't turn my change into dollars unless I wrap it up in those paper change holder things. Then a few months later they were begging for coins due to the coin shortage. Fuckers
I’m not even waiting for it, I’m looking to switching early. Chase has always been kind of shit anyway, they’re just convenient near me. But not $25 a month convenient.
Don’t just say it. Take the time to do it. Fuck those big banks sheisty mother fuckers. Most profitable they have ever been but they feel the fucking need to charge 25 bucks a month to have a checking account. I’d love to put them out of business. Somehow convince millions of Americans to switch to their local credit union
It would be devastating to have that kind of capital outflow, especially for them (given that their deposits on-hand to extended credit ratio is already iffy.)
They’re counting on the tens of thousands of people who won’t hear about this, and who just never check statements or anything and won’t miss the $300/year for the *luxury* of possessing a checking account with them. 🙄
Our entire economic system has a large dependency on the consumer having little to no financial acumen. Worse, sometimes having all the money smarts in the world is met with a lack of viable *choice*.
Maybe I’m being a little “doomer-ish” by saying this, but life feels less like a ladder to climb, rung by rung, and more of a game of Super Mario Bros, avoiding traps and pitfalls and little Mushroom men, trying to fuck you up.
I use sofi as well. My main complaint is no physical branches, and the limit on atm withdrawals is 800 a day, no exceptions. It's my fucking cash if I want to take 5000 out to buy a car or hookers and cocaine that's my business, gimme my fuckin money.
Does anyone actually PAY checking account fees, though? I thought that was just a way to push people into setting up direct deposit, or maintaining a minimum balance cash drag, or whatever is needed to waive the fee.
Yeah but now what they do instead is pay you next to nothing in interest while the fed funds rate is over 5% 😆 and many people don't even know they are getting fucked
Td bank charges 5.99/month but I use bank checks frequently and I need a bank open on Sundays sometimes as well. I hate it but the convenience is a necessity for me
Not Chase, but Wells Fargo. Been using it for like a decade. The most I ever got in interest was maybe $0.10 in a month. If WF came out with a $25/mo fee, it would take 25 years of interest to make one of those payments.
I would immediately transfer everything to my credit union and close that account too. I already barely use it as is. Mostly just because my credit union does not have Zelle (at least to my knowledge), so I use it as a way to Zelle family members for bills and such.
The Chase credit cards are still among the best rewards cards.
A lot of the high APY online banks are missing certain banking features, such as international wires.
No one banks at Chase for the APY.
It's actually "You plebs aren't worth the hassle. We'll let you stay if you pay us. However we're going to word this so you get angry at Washington and maybe get them to roll-back these rules. Rules are for the poor."
No one is blaming the government for this one. It's an obvious good-for-consumers bill. It's never been easier to open a checking account than it is in 2024, let them test their customer base. I'm pretty sure when they start moving to SoFi and Fidelity, their investments will follow.
Just to be clear, your bank deposits are not important for a bank's loan business. That model is incredibly outdated and most banks these days could get rid of customer deposits without this seriously affecting their loan books.
It's why JPM is willing to do this.
That isn't news to the bank. They will lose the most price sensitive clients that likely hold small balances, they don't make shit all from those people so it's a calculated decision. Have x amount of funds with us or pay us to provide your banking access or fuck off.
Yes, their head of consumer banking even says this in the article. They are doing this in response to new proposals from regulators. Chase is using consumers as a bargaining chip while masquerading as their advocate.
Per the article:
> Marianne Lake runs Chase Bank, the sprawling franchise inside JPMorgan Chase that is the country’s biggest bank for consumers and one of its biggest credit card issuers. Lake is warning that new rules that would cap overdraft and late fees will make everyday banking significantly more expensive for all Americans.
> “The changes will be broad, sweeping and significant,” Lake said. “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.”
Yeah, I don’t get why people are beating around the bush on this shit. If this pisses you off and it’s not even implemented, don’t be a lazy jackass. Move your money now.
>Chase is using consumers as a bargaining chip while masquerading as their advocate.
This is literally every entity's strategy now any time there are regulations threatening their profits and the media just publish their bad faith statements every time without pointing it out
I left chase cause of their fees and their automatic line of credit that they told me I couldn’t opt out of. Became nerve wreaking when they would randomly allow companies to bill me that shouldn’t, and chase would charge more fees when the account went negative. I had been using another bank as my primary and only kept chase for small bills, but gave me no choice.
> Lake is warning that new rules that would cap overdraft and late fees will make everyday banking significantly more expensive for all Americans.
No it won't. It'll make it harder for executives to get bonus', but it will have zero effect on the banks ability to be a bank.
This is how it already works. The bank can’t overdraw the customers account unless the customer “opts in” to allow overdrafts. Otherwise the bank must decline the payment. I worked in banking for 15 years. And I can’t tell you how many customers opt out of overdraft until the first time the get stuck somewhere and their card declines. They come running into the bank screaming at us just the same.
Always worth qualifying it's for certain types of transactions, namely point of sale debit card. Opt-in/out doesn't apply to checks and ACH transactions. Also doesn't apply to pre-authorized, recurring debit card transactions.
Chase made 1.5 billion in overdraft fees from the poor during Covid 2020. The government told all banks to help those in need. This was their answer.
https://youtu.be/IBCrm5N7uRg
The most price sensitive clients are the ones that are making them the money. Overdraft fees/late fees/etc, those people leave and they lose a big chunk of change.
Most of the money they make comes from interest, like a mortgage or loan. Not necessarily overdraft fees, broke people are not the backbone of the bank
They're threatening to do this if laws that cap fees go into effect. So in a situation where those laws pass and they don't make money from that demographic, they don't lose anything by refusing to serve them.
This is obviously not aimed at the customers. No bank "warns" it´s customers, to prepare for potential fees. They likely hope to get other banks into the chorus, to prevent regulation.
If I were their competition however, I´d run an ad from the next week: "Protect yourself fro the "JPMorgan fee." Get a 25 Dollar bonus for switching your checking account now and potentially safe another 25 Dollar EVERY MONTH in the future."
I have 4 checking accounts. 3 are free with basically no restrictions. One is grandfathered in and they desperately want me to switch to a shittier plan. One is free and empty because I have a different account with them. One is free because I work at a bank. And the last one is Ally and came with a complementary savings account with 4. Something APY.
Someone else will pick them up if you don't want them.
Don't worry they're adding interest, 5% APY! It pays for itself!
(Until 6 months later when the introductory apr expires and they drop you to 0.02% haha)
I use fidelity for my checking and savings. Cash in these account are in SPAXX so it gives way more interest than a normal banks. Their cash accounts can link a debit card and you get reimbursed for ALL fees associated with an ATM withdrawal. It's pretty nifty.
I use capital one because Wells Fargo TD bank fucked me one year. I’m a sailor and I was at sea and couldn’t receive a text to log into my bank account. I called them for DAYS only hearing back “there’s nothing we can do, you have to be able to receive a text.” On around the 4th day I got through with someone low level who picked up and said “no worries, you don’t need to get a text I’ll just email you the code.”
Capital One zero fees for anything and it’s online portal is amazing since it’s an online majority bank. Greatish customer support, though not as quick as fidelity.
but people with money tend to not keep much in checking (versus transfer ahead of payments)... and also, tend to not be bad with money to the point of paying $25/mo fees to give a bank the privilege of housing your money.
Yeah, but they often borrow. Or at least sometimes have a lot of money, even if briefly.
Plus if you can get them to invest with you, that’s worth a lot.
Been with Chase since I was 12… they’ve always been great, they’ve refunded every cent whenever my cards number has been stolen or lost. I have 90% of my credit card lines with them too. Charging me even $0.25 a month for checking would make me close my account this week and transfer it all to Bank of America just to spite them for the idea.
Bank of America froze my account when I was deployed overseas because of "suspicious purchases" without notice, cutting me off from all access to money, refused to honor my wife's power of attorney, and insisted I call personally despite not having regular access to a phone - and had 8-5 business hours that were the middle of the night for me.
Screw Bank of America forever.
Don't mistake compliance for charity, they are required to credit fraudulent transactions by law. If it weren't for that make no mistake they would say it is your responsibility to not get your card number stolen.
My money is pretty spread out but my primary checking is with Chase and all of my bills auto pay from that account. It'll take a month to move everything to the credit unions but I think it'll be worth it in the long run if this turns out to be true.
Lmao BoA
Nothing could ever convince me to use their shit again. Chase could tell me they take 90% of my paycheck for fees and I still would take that over BoA.
this is how they fire unprofitable customers. the customers with enough balance to meaningfully contribute to Chase's deposit levels, maybe around $10k or $25k, will have no impact and will get a waiver. the LOOOOOONG tail of customers with sub $2k in hot deposits, who probably cost the bank a couple of bucks a month to service, are being being encouraged to bank elsewhere.
https://www.pbs.org/newshour/economy/new-regulation-proposed-by-biden-adminstration-would-limit-overdraft-fees-at-big-banks-to-as-low-as-3
might be dropping by a lot.
this is why long $SOFI. Now 86M people have TWO reasons to switch: big banks pay shit for interest rate on your deposits, and they charge you $10-12 per month to have an account. By comparison, SoFi and Capital One charge no fee and offer 4.6% and 4.25% (respectively) on savings.
I’ve been telling people about Capitol One for over a year now, it’s insane to me people don’t take advantage. They give me ~$100 a month just to keep my money with them, plus I get cash back on their credit cards & use my credit cards for everything & pay them off each month. I probably get $1,500 a year to bank with them
Genuine question: how do you get cash out without a brick-and-mortar location or ATMs everywhere? Or do you just have to pay ATM fees at generic locations?
Smaller financial institutions are part of ATM networks. For example, almost all credit unions are part of the Co-Op network, which means you can use ATMs at any other credit union for no fee as if they were owned by your credit union. For some reason, 7-Eleven ATMs are also Co-Op machines. This means that your local dingy credit union with 3 branches probably has more fee-free ATMs than Chase. Many also will reimburse you for out-of-network ATM fees.
There are other networks too, such as Moneypass, PLUS, and Allpoint.
Wells Fargo tried this a few years ago, they forced every checking account to have a minimum charge of $5.00. I worked in their marketing department at the time and nobody thought it was a good idea. Once we started promoting the upcoming fee, another group spoke out, customers. And they started closing accounts and banking somewhere else. So Wells Fargo relented and did away with the fee. For a time, at least.
I left the company and later it was revealed all of the multiple ways Wells Fargo has consistently screwed over customers. Silent fees, phantom second accounts, collusion to keep rates high, it's staggering how many ways Wells Fargo has figured out to screw over its customers, apologize and promise never to do it again and then do it again. If you sign up on Monday with Wells Fargo, it's a $5.00 charge unless you maintain a $300 minimum balance and I am positive they have found ways to screw customers so they have to pay the $5.00. They truly are the abusive spouse of the banking industry. It sounds like JP Morgan wants to get in on the action. Move to a credit union.
Free version of story:
[https://finance.yahoo.com/news/jpmorgan-warns-86-million-customers-150827155.html](https://finance.yahoo.com/news/jpmorgan-warns-86-million-customers-150827155.html)
TDBank started charging me as well. My “simply free checking” was converted automatically to “convenience checking” with a new monthly fee. I called them up and they said the only change was the name and the fee. I told them that isn’t really “convenient” in anyway and they need to convert it back immediately. They wouldn’t, so I moved all my accounts away and to the local credit union. Screw them.
Yep, Wells Fargo started charging me at the start of the year so I closed up and went to a credit union. I'm not going to pay money for an account that I mostly just use to buy stuff online.
Abusive spouse of the banking industry, perfect description. They get nabbed over and over and promise to fix it, then get caught again. I’m surprised they don’t get fines that are actually crippling at some point.
And yeah CU’s all the way. I always talk them up to people, high interest checking accounts, they pay ATM fees out of network, usually great loan rates…and they actually treat you like a customer they want to keep instead of one they want to abuse. But people are always afraid of “not having an ATM nearby” or “not integrating checking and credit cards together” or whatever nonsense reason they can come up with like CU’s don’t have the same things or better.
Nearly all Credit Unions work together as one functioning unit. Nearly any transaction you can conduct at your local credit union ATM can be done at another credit union office or ATM. People don't understand that the largest network of ATMs is Credit Union ATMs. I figure you know all this, I am further expanding on your point just in case someone reading is considering an alternative to banks.
Yep good point, people don’t realize all the random credit unions everywhere basically act like one bank. My CU doesn’t have a location in this state but I go to another CU for physical deposits I need to make, and sometimes withdrawals. Though I can take money anywhere any my bank pays the fees (even Vegas’ casino bullshit 😂) up to like $15/mo.
And honestly they’ve been so good at digital banking for over a decade that I haven’t needed to go in person.
>I’ll prepare to stay with my local credit union lol
No reason not to now that most have the same features as big banks and no one absolutely has to use ATMs much anymore.
Just heard Target in the US is not going to accept checks anymore. Thier reason was no one was using them anymore anyway. That was surprising. Thought the old folks would sill be writing them. But maybe the young folks are the old folks now?
Besides not having physical branch its good. ATMs are accessable through target, CVS, and other all point atm locations. If you mainly do online baking and dorect deposit then Sofi is good. I would still keep one account open in one of large banks for the use of branches.
It’s not probably. Thats exactly what it says.
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.
Citibank is turning off auto-payments on their credit cards for random nonsense reasons. They get interest and fees from all the people that don't notice right away. Look for other banks to start doing this too.
I’m also on their “college” account since 2010ish and honestly I already opened up a credit union account a few years ago in case something like this would happen. I actually like having multiple accounts
Local credit union gang rise up. They got great interest rate small loan (not that I need) free checking. Free savings. Unlimited checks. I use my local credit union for my direct deposits. Transfer to savings to a HYS
So...are we buying puts because we think they'll lose a bunch of customers or buying calls because the idiots who stay will make them even more profitable?
Looks like chase is going to be facing some major liquidity issues with this maneuver. Banking is basically a commodity and there’s plenty of other options.
They started to charge me 25$ last 2 months before I noticed and insisted they give it back because they changed the rules for a free account without sending me a notice. They only had 49 billion in profit in 2023 so I guess they have to make it up somehow.
This must be one of those stress tests. We'll see if this bank is too big to fail. Must be goddamn crazy if they think I'm paying them to take my own money. Gtfoh with that nonsense
I use my local credit union for primary checking and savings, credit card, and get all my loans from them with phenomenally great rates. I can also use any ATM anywhere and all fees are credited back to my account at the end of every monthly cycle. I use Sofi as a secondary checking, savings, and individual investment acct, mostly for the HSA and investing is pretty good too. Really want to stress that y'all should look into moving over to credit unions!
People fail to understand they don't give a shit about small accounts. They lose money on small checking accounts. Checking accounts are loss leaders. They need you to convert to credit/debt/business accounts for it to make sense.
This is exactly why these laws are fucking stupid. Companies just get around them!!
I’ve never had to worry about a late fee, fucking bullshit.
And fuck you OP for posting a paywall, turd nugget.
Some 15-20 years ago I ditched wells fargo because they were going to charge a fee everytime customers used their ATM cards anywhere not a WF ATM. At first I was just going to write a ton of checks which would still be free out of spite, but I just bailed.
I think they changed the plan to not do it after I and probably a lot of other people left.
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The moment they do this I close my chase checking account lol
I'm already thinking about doing that. I already changed my primary bank but had this as an easy way to zelle and transfer.
Capital one has Zelle in app
So does SoFi now.
And Schwab
Yeah I’ll just go to a broker. I’ve heard some brokers have decent banking services.
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I forget the exact details, but I think I lost my Schwab card a few years back. I was on a trip and needed something the next day. I think they could only do “next evening” maybe, but they credited my account $100 for the inconvenience. Like, I was the one that screwed up, but they took action like it was their fault that I inconvenienced myself. How could I not want to be their customer after that?
Can't recommend schwab enough. The only downside is there's no way to deposit cash. I don't do that often so it's not a big deal to me. When I have to, I usually just give my friend the money and have him venmo me.
Fidelity is great for this. And it's possible to use Zelle with their debit card too
Sofi is the best! That savings account interest 🤤
Capital One has been my primary banking company for a while. Chase charges if your checking balance goes under 1k, now they want to charge a membership fee? Was only using them to make paying my chase credit cards easier, but I realize I won't even need the checking since I've been paying my cards with my capital one account. Plus, my capital one savings has almost 5% apy.
I worked at Capital One for a number of years. I’ve always banked with a credit union.
+1 credit union
Capital One app goes so hard
Just wait till the Discover acquisition goes through
It pays to Discover
Capital One customer service does not go hard. It is very, very limp
Varashnu was very nice to me, thank you very much
Imo it gives childish “my first banking” vibes and their hire to fire employment practices are disgusting
I use Schwab for everything. BoA to deposit cash.
Schwab - All ATM fees reimbursed, No foreign transaction fee. I put my extra cash in SWVXX @ 5.15%. Excellent customer service.
And the ATM fee reimbursement is worldwide. You can land in london, grab pounds from an ATM regardless of fee, and Schwab pays you the fee back at the end of the month.
Yup. I love them so much I have all my IRAs and stuff with them.
Thank you for my new plan if Chase adds these fees. In fact, I might go ahead and switch to Schwab regardless...
Big brain move!
That 5.15% is 7-day yield so if you convert it to monthly yield, it comes out to about 4.3% which is about the same you get with Ally bank money market savings. Not saying Schwab is bad. Just wanted to share what I learned not too long ago.
Yeah, I may not leave BOA so fast now
If JP Morgan gets away with it (they will), then BOA will charge 50. Fuck BOA.
I use KeyBank and haven’t had any issues with them. They have zelle
Key bought the bank that had my auto loan, sent out a flyer saying, among other things "Dont worry, nothing changes on your end, you can keep paying however you were paying previously" I was paying by calling every month to make a payment with my checking and routing. Guess what they don't accept anymore. I also never recieved any kind of payment book, account info anything. I then tried calling them every morning and lunch break for 3 weeks to figure out how to get them my car payment. Sat on hold the entire time except the one time I got through and they couldnt find my account. Then they repod my car *single missed payment* and it cost me about 4k to get it back. Wish I knew what the CFPB was back then. TLDR I will never use KeyBank.
I did that when I went to a chase bank pre-covid and they told me they won't turn my change into dollars unless I wrap it up in those paper change holder things. Then a few months later they were begging for coins due to the coin shortage. Fuckers
Anyone remember when Bank of America tried to do this and they had a big backlash and lost a lot of customers? 2010ish ?
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I left BoA in the early 2000’s when they charged me for walking into a bank to make a withdrawal.
I’m not even waiting for it, I’m looking to switching early. Chase has always been kind of shit anyway, they’re just convenient near me. But not $25 a month convenient.
Don’t just say it. Take the time to do it. Fuck those big banks sheisty mother fuckers. Most profitable they have ever been but they feel the fucking need to charge 25 bucks a month to have a checking account. I’d love to put them out of business. Somehow convince millions of Americans to switch to their local credit union
It would be devastating to have that kind of capital outflow, especially for them (given that their deposits on-hand to extended credit ratio is already iffy.) They’re counting on the tens of thousands of people who won’t hear about this, and who just never check statements or anything and won’t miss the $300/year for the *luxury* of possessing a checking account with them. 🙄
Our entire economic system has a large dependency on the consumer having little to no financial acumen. Worse, sometimes having all the money smarts in the world is met with a lack of viable *choice*. Maybe I’m being a little “doomer-ish” by saying this, but life feels less like a ladder to climb, rung by rung, and more of a game of Super Mario Bros, avoiding traps and pitfalls and little Mushroom men, trying to fuck you up.
Hell, I'm not gonna wait Ill probably switch banks on Monday. I still havent eaten at Wendys since their threat of fluctuating pricing.
I'm already trying to do this now. Switching all my money to SoFi. Much better rates.
I use sofi as well. My main complaint is no physical branches, and the limit on atm withdrawals is 800 a day, no exceptions. It's my fucking cash if I want to take 5000 out to buy a car or hookers and cocaine that's my business, gimme my fuckin money.
No bank ever has the balls to charge $1 for checking because they will lose 100% of customers from everything.
It wasn't uncommon to have checking account fees a few years ago
Does anyone actually PAY checking account fees, though? I thought that was just a way to push people into setting up direct deposit, or maintaining a minimum balance cash drag, or whatever is needed to waive the fee.
Yeah but now what they do instead is pay you next to nothing in interest while the fed funds rate is over 5% 😆 and many people don't even know they are getting fucked
Td bank charges 5.99/month but I use bank checks frequently and I need a bank open on Sundays sometimes as well. I hate it but the convenience is a necessity for me
Ally baby
Surprised I had to scroll this far to find someone suggesting Ally
Probably what they want
Not Chase, but Wells Fargo. Been using it for like a decade. The most I ever got in interest was maybe $0.10 in a month. If WF came out with a $25/mo fee, it would take 25 years of interest to make one of those payments. I would immediately transfer everything to my credit union and close that account too. I already barely use it as is. Mostly just because my credit union does not have Zelle (at least to my knowledge), so I use it as a way to Zelle family members for bills and such.
Go to discover . Free checking
they do 1% back on the debit card too right? Kinda cool for using a debit card . obviously not as good as most credit but better than nothing
Is this true???? That’s amazing!
It’s true
I'll give you my SoFi referral code
Chase has shitty APY. I'm surprised you are a customer at all.
No one uses chase for their APY.
Most major banks don’t offer a good APY. What is this comment?
The Chase credit cards are still among the best rewards cards. A lot of the high APY online banks are missing certain banking features, such as international wires. No one banks at Chase for the APY.
You should do that anyway. People should have left the big banks enmass after 2008
Why not closing it right now while you still have the time? Takes time to move autopay, etc.
Yup. Bank of America did this years ago. I've had a credit union ever since.
Yea 100%, it'll be the push I need to use my credit union for checking.
Changed to Varo years ago and have no regrets. I make like $75 a month on savings interest whereas before I'd make like $0.40 a year with Chase
You need to pay us to give us money - JP Morgan
It’s like Dimon is saying “we’re too big to fail” so if you, taxpayers, want us to extend that privilege to you, we need to charge you a premium.
It's called rent seeking.
And all that American financial companies can think of these days…
They consider claims of oligarchy a compliment
It's actually "You plebs aren't worth the hassle. We'll let you stay if you pay us. However we're going to word this so you get angry at Washington and maybe get them to roll-back these rules. Rules are for the poor."
No one is blaming the government for this one. It's an obvious good-for-consumers bill. It's never been easier to open a checking account than it is in 2024, let them test their customer base. I'm pretty sure when they start moving to SoFi and Fidelity, their investments will follow.
>No one is blaming the government for this one. You’re underestimating how stupid us Americans are.
You already are paying basically by giving them an interest free loan when you deposit into a checking account. Even a $1000 balance in your checking
Just to be clear, your bank deposits are not important for a bank's loan business. That model is incredibly outdated and most banks these days could get rid of customer deposits without this seriously affecting their loan books. It's why JPM is willing to do this.
My credit union pays interest on my checking account. It’s less than my savings account but they still pay interest
Lmao “Warns customers. Prepare to pay”… how about “prepare to lose customers”. There’s no threatening customers in a free market.
That isn't news to the bank. They will lose the most price sensitive clients that likely hold small balances, they don't make shit all from those people so it's a calculated decision. Have x amount of funds with us or pay us to provide your banking access or fuck off.
Yes, their head of consumer banking even says this in the article. They are doing this in response to new proposals from regulators. Chase is using consumers as a bargaining chip while masquerading as their advocate. Per the article: > Marianne Lake runs Chase Bank, the sprawling franchise inside JPMorgan Chase that is the country’s biggest bank for consumers and one of its biggest credit card issuers. Lake is warning that new rules that would cap overdraft and late fees will make everyday banking significantly more expensive for all Americans. > “The changes will be broad, sweeping and significant,” Lake said. “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.”
Sounds like time to leave regardless of what they actually do.
Yeah, I don’t get why people are beating around the bush on this shit. If this pisses you off and it’s not even implemented, don’t be a lazy jackass. Move your money now.
>Chase is using consumers as a bargaining chip while masquerading as their advocate. This is literally every entity's strategy now any time there are regulations threatening their profits and the media just publish their bad faith statements every time without pointing it out
I left chase cause of their fees and their automatic line of credit that they told me I couldn’t opt out of. Became nerve wreaking when they would randomly allow companies to bill me that shouldn’t, and chase would charge more fees when the account went negative. I had been using another bank as my primary and only kept chase for small bills, but gave me no choice.
Banks don’t let companies bill you.
> Lake is warning that new rules that would cap overdraft and late fees will make everyday banking significantly more expensive for all Americans. No it won't. It'll make it harder for executives to get bonus', but it will have zero effect on the banks ability to be a bank.
They could just not do overdrafts. The overdraft fee is dumb, just decline the payment, credit cards work that way just fine.
This is how it already works. The bank can’t overdraw the customers account unless the customer “opts in” to allow overdrafts. Otherwise the bank must decline the payment. I worked in banking for 15 years. And I can’t tell you how many customers opt out of overdraft until the first time the get stuck somewhere and their card declines. They come running into the bank screaming at us just the same.
Shouldn't they have to opt in to overdraft? Making something default plays a huge role in how a service is used.
Always worth qualifying it's for certain types of transactions, namely point of sale debit card. Opt-in/out doesn't apply to checks and ACH transactions. Also doesn't apply to pre-authorized, recurring debit card transactions.
How is $300 a year, *price sensitive*? That’s a lot of money and anyone who maintains an account with them is wasting $1 a day for nothing.
lol the ones that pay all those overdraft fees you mean…
Chase made 1.5 billion in overdraft fees from the poor during Covid 2020. The government told all banks to help those in need. This was their answer. https://youtu.be/IBCrm5N7uRg
The most price sensitive clients are the ones that are making them the money. Overdraft fees/late fees/etc, those people leave and they lose a big chunk of change.
Most of the money they make comes from interest, like a mortgage or loan. Not necessarily overdraft fees, broke people are not the backbone of the bank
Yea idk how that’s so upvoted lol. Oh… this is WSB haha
if this is true, why is the bank now saying they are going to charge money because they are being stopped from ripping poor folks up. i
Did you read the article? The entire point is that if congress makes overdraft fees illegal, JPM Chase will charge a monthly fee.
They're threatening to do this if laws that cap fees go into effect. So in a situation where those laws pass and they don't make money from that demographic, they don't lose anything by refusing to serve them.
> They will lose the most price sensitive clients that likely hold small balances Top 5% household income here, and I would close my accounts over it.
This is obviously not aimed at the customers. No bank "warns" it´s customers, to prepare for potential fees. They likely hope to get other banks into the chorus, to prevent regulation. If I were their competition however, I´d run an ad from the next week: "Protect yourself fro the "JPMorgan fee." Get a 25 Dollar bonus for switching your checking account now and potentially safe another 25 Dollar EVERY MONTH in the future."
I have 4 checking accounts. 3 are free with basically no restrictions. One is grandfathered in and they desperately want me to switch to a shittier plan. One is free and empty because I have a different account with them. One is free because I work at a bank. And the last one is Ally and came with a complementary savings account with 4. Something APY. Someone else will pick them up if you don't want them.
Oh so I give them my money for their investments and they expect me to pay on top of that ?
Don't worry they're adding interest, 5% APY! It pays for itself! (Until 6 months later when the introductory apr expires and they drop you to 0.02% haha)
I use fidelity for my checking and savings. Cash in these account are in SPAXX so it gives way more interest than a normal banks. Their cash accounts can link a debit card and you get reimbursed for ALL fees associated with an ATM withdrawal. It's pretty nifty.
They charge I'm out
lolwut? half the bank accounts in the usa would be closed.
they already charge unless you meet certain requirements like deposit
The entire reason I switched banks was because my old bank was going to charge me money to keep my money in their pockets. What a scam
I use capital one because Wells Fargo TD bank fucked me one year. I’m a sailor and I was at sea and couldn’t receive a text to log into my bank account. I called them for DAYS only hearing back “there’s nothing we can do, you have to be able to receive a text.” On around the 4th day I got through with someone low level who picked up and said “no worries, you don’t need to get a text I’ll just email you the code.” Capital One zero fees for anything and it’s online portal is amazing since it’s an online majority bank. Greatish customer support, though not as quick as fidelity.
Well Fargo requires $500 in a checking account always or it’s ~$15 a month.
Not that I'm defending them, but a $1000 in a month direct deposit waives the fee too.
Yup as much as I hate Wells Fargo, that’s an easy task to meet.
Look at Mr. Moneybags over here
BofA is $1500 for personal and I think $5000 for business.
They can suck on BofA deez nutz
Bofadeeznuts is what I name my account on any site that allows me to give my linked BofA account a name.
mine don't
Arguably what they want. Most low balance checking accounts probably cost them money. They want to focus on high net worth clients.
but people with money tend to not keep much in checking (versus transfer ahead of payments)... and also, tend to not be bad with money to the point of paying $25/mo fees to give a bank the privilege of housing your money.
Yeah, but they often borrow. Or at least sometimes have a lot of money, even if briefly. Plus if you can get them to invest with you, that’s worth a lot.
Usually the deposit requirement for free account is for your total portfolio, including checking, savings, CDs and investments. Not per account.
Ding ding ding. They don't want the shitty, high maintenance retail customers.
Hey Chase, be prepared to eat a dick! I've had an account there since 2010, and my Sapphire preferred card. I'll close both of those bitches.
Been with Chase since I was 12… they’ve always been great, they’ve refunded every cent whenever my cards number has been stolen or lost. I have 90% of my credit card lines with them too. Charging me even $0.25 a month for checking would make me close my account this week and transfer it all to Bank of America just to spite them for the idea.
Switching to BofA might be a self own lol
^
Bruh, bank of America is the worst
Bank of America froze my account when I was deployed overseas because of "suspicious purchases" without notice, cutting me off from all access to money, refused to honor my wife's power of attorney, and insisted I call personally despite not having regular access to a phone - and had 8-5 business hours that were the middle of the night for me. Screw Bank of America forever.
Don't mistake compliance for charity, they are required to credit fraudulent transactions by law. If it weren't for that make no mistake they would say it is your responsibility to not get your card number stolen.
My money is pretty spread out but my primary checking is with Chase and all of my bills auto pay from that account. It'll take a month to move everything to the credit unions but I think it'll be worth it in the long run if this turns out to be true.
Lmao BoA Nothing could ever convince me to use their shit again. Chase could tell me they take 90% of my paycheck for fees and I still would take that over BoA.
But you’re only 13
And I’m also your wife’s boyfriend
People will flee in 3,2,1. So many more options now
Puts if they actually do this. I think this is fear mongering to prevent the legislation from being enacted
this is how they fire unprofitable customers. the customers with enough balance to meaningfully contribute to Chase's deposit levels, maybe around $10k or $25k, will have no impact and will get a waiver. the LOOOOOONG tail of customers with sub $2k in hot deposits, who probably cost the bank a couple of bucks a month to service, are being being encouraged to bank elsewhere.
But don’t they make millions/billions on overdrafts fees from poor people?
https://www.pbs.org/newshour/economy/new-regulation-proposed-by-biden-adminstration-would-limit-overdraft-fees-at-big-banks-to-as-low-as-3 might be dropping by a lot.
Pay us to hold your money so we can make money.
this is why long $SOFI. Now 86M people have TWO reasons to switch: big banks pay shit for interest rate on your deposits, and they charge you $10-12 per month to have an account. By comparison, SoFi and Capital One charge no fee and offer 4.6% and 4.25% (respectively) on savings.
Loving Amex for Checking (1%) and Savings (4.25%). No minimums required and no fee although you have to be a card member.
I’ve been telling people about Capitol One for over a year now, it’s insane to me people don’t take advantage. They give me ~$100 a month just to keep my money with them, plus I get cash back on their credit cards & use my credit cards for everything & pay them off each month. I probably get $1,500 a year to bank with them
Genuine question: how do you get cash out without a brick-and-mortar location or ATMs everywhere? Or do you just have to pay ATM fees at generic locations?
Smaller financial institutions are part of ATM networks. For example, almost all credit unions are part of the Co-Op network, which means you can use ATMs at any other credit union for no fee as if they were owned by your credit union. For some reason, 7-Eleven ATMs are also Co-Op machines. This means that your local dingy credit union with 3 branches probably has more fee-free ATMs than Chase. Many also will reimburse you for out-of-network ATM fees. There are other networks too, such as Moneypass, PLUS, and Allpoint.
Wells Fargo tried this a few years ago, they forced every checking account to have a minimum charge of $5.00. I worked in their marketing department at the time and nobody thought it was a good idea. Once we started promoting the upcoming fee, another group spoke out, customers. And they started closing accounts and banking somewhere else. So Wells Fargo relented and did away with the fee. For a time, at least. I left the company and later it was revealed all of the multiple ways Wells Fargo has consistently screwed over customers. Silent fees, phantom second accounts, collusion to keep rates high, it's staggering how many ways Wells Fargo has figured out to screw over its customers, apologize and promise never to do it again and then do it again. If you sign up on Monday with Wells Fargo, it's a $5.00 charge unless you maintain a $300 minimum balance and I am positive they have found ways to screw customers so they have to pay the $5.00. They truly are the abusive spouse of the banking industry. It sounds like JP Morgan wants to get in on the action. Move to a credit union. Free version of story: [https://finance.yahoo.com/news/jpmorgan-warns-86-million-customers-150827155.html](https://finance.yahoo.com/news/jpmorgan-warns-86-million-customers-150827155.html)
TDBank started charging me as well. My “simply free checking” was converted automatically to “convenience checking” with a new monthly fee. I called them up and they said the only change was the name and the fee. I told them that isn’t really “convenient” in anyway and they need to convert it back immediately. They wouldn’t, so I moved all my accounts away and to the local credit union. Screw them.
Yep, Wells Fargo started charging me at the start of the year so I closed up and went to a credit union. I'm not going to pay money for an account that I mostly just use to buy stuff online.
Abusive spouse of the banking industry, perfect description. They get nabbed over and over and promise to fix it, then get caught again. I’m surprised they don’t get fines that are actually crippling at some point. And yeah CU’s all the way. I always talk them up to people, high interest checking accounts, they pay ATM fees out of network, usually great loan rates…and they actually treat you like a customer they want to keep instead of one they want to abuse. But people are always afraid of “not having an ATM nearby” or “not integrating checking and credit cards together” or whatever nonsense reason they can come up with like CU’s don’t have the same things or better.
Nearly all Credit Unions work together as one functioning unit. Nearly any transaction you can conduct at your local credit union ATM can be done at another credit union office or ATM. People don't understand that the largest network of ATMs is Credit Union ATMs. I figure you know all this, I am further expanding on your point just in case someone reading is considering an alternative to banks.
Yep good point, people don’t realize all the random credit unions everywhere basically act like one bank. My CU doesn’t have a location in this state but I go to another CU for physical deposits I need to make, and sometimes withdrawals. Though I can take money anywhere any my bank pays the fees (even Vegas’ casino bullshit 😂) up to like $15/mo. And honestly they’ve been so good at digital banking for over a decade that I haven’t needed to go in person.
I’ll prepare to stay with my local credit union lol
>I’ll prepare to stay with my local credit union lol No reason not to now that most have the same features as big banks and no one absolutely has to use ATMs much anymore.
Any opinions on SoFi?
Sofi rocks, online banking rules. Can't remember the last time I wrote a check 
Just heard Target in the US is not going to accept checks anymore. Thier reason was no one was using them anymore anyway. That was surprising. Thought the old folks would sill be writing them. But maybe the young folks are the old folks now?
Besides not having physical branch its good. ATMs are accessable through target, CVS, and other all point atm locations. If you mainly do online baking and dorect deposit then Sofi is good. I would still keep one account open in one of large banks for the use of branches.
They are my primary bank. Very happy.
Worth it if you do direct deposit otherwise I would look elsewhere .
You can cash checks online at almost any bank, SoFi included.
They’re saying it’s only worth it with direct deposit because you get 4.6% apy. Without dd you only get 1.2%.
It’s 2024. Who isn’t using direct deposit or direct wires/transfers?
.....and Customers warn JP Morgan to get ready to process a wave of closed accounts.
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It’s not probably. Thats exactly what it says. 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.
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Citibank is turning off auto-payments on their credit cards for random nonsense reasons. They get interest and fees from all the people that don't notice right away. Look for other banks to start doing this too.
what do you recommend?
The USPS Savings System should come back!
I'd recommend SOFI. 4.6% interest with direct deposit and no account fees
I’ve been on the same chase “college” checking account since 2010. If they start charging, I’m going to a local credit union.
I’m also on their “college” account since 2010ish and honestly I already opened up a credit union account a few years ago in case something like this would happen. I actually like having multiple accounts
Local credit union gang rise up. They got great interest rate small loan (not that I need) free checking. Free savings. Unlimited checks. I use my local credit union for my direct deposits. Transfer to savings to a HYS
If they do this invest in SoFi lol
WSJ wants to charge me $8/month to read an article about JPM charging $25/month. Higher for longer...
Customer Warns JPMorgan: Prepare to Pay for this with losing 25% of your customers to other banks.
So...are we buying puts because we think they'll lose a bunch of customers or buying calls because the idiots who stay will make them even more profitable?
God forbid they learn to run their bank profitably without gouging customers.
Alternative headline: bank that generates $14.3B in *profit* per quarter doesn’t know how it’ll keep going if regulators curb predatory behavior
Puts
Looks like chase is going to be facing some major liquidity issues with this maneuver. Banking is basically a commodity and there’s plenty of other options.
Credit union here I come 😂
Lol they aren’t doing this it’s a fake threat to get voters on their side against the regulations.
Banks charge up to 29% on credit cards and pay next to nothing on Savings accounts.... How can this be? Oh it be...
They started to charge me 25$ last 2 months before I noticed and insisted they give it back because they changed the rules for a free account without sending me a notice. They only had 49 billion in profit in 2023 so I guess they have to make it up somehow.
SoFi investors eating good
Sofi ytd -35% JPM ytd +20%
this got me cracking up lmao
This must be one of those stress tests. We'll see if this bank is too big to fail. Must be goddamn crazy if they think I'm paying them to take my own money. Gtfoh with that nonsense
I use my local credit union for primary checking and savings, credit card, and get all my loans from them with phenomenally great rates. I can also use any ATM anywhere and all fees are credited back to my account at the end of every monthly cycle. I use Sofi as a secondary checking, savings, and individual investment acct, mostly for the HSA and investing is pretty good too. Really want to stress that y'all should look into moving over to credit unions!
I wonder if I can get my paycheck directly on IBKR account
Consumers warn JPMorgan: prepare to lose all your checking accounts
Oh shit, mega calls on Block.
Paywall free link?
So buy (more) SOFI? Position: 1,000 shares @ 6.42
People fail to understand they don't give a shit about small accounts. They lose money on small checking accounts. Checking accounts are loss leaders. They need you to convert to credit/debt/business accounts for it to make sense.
This is exactly why these laws are fucking stupid. Companies just get around them!! I’ve never had to worry about a late fee, fucking bullshit. And fuck you OP for posting a paywall, turd nugget.
Some 15-20 years ago I ditched wells fargo because they were going to charge a fee everytime customers used their ATM cards anywhere not a WF ATM. At first I was just going to write a ton of checks which would still be free out of spite, but I just bailed. I think they changed the plan to not do it after I and probably a lot of other people left.