âThe 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,â she said.
Last week, JP Morgan Chase, the largest bank in the U.S. by assets, announced they plan to start charging fees for having a checking account, and one of its representatives was upfront and direct in saying this was targeting customers that have lesser holdings at the bank.
Marianne Lake, the CEO of consumer and community banking at Chase Bank, revealed that new regulations that would cap overdraft and late fees will make everyday banking way more expensive for all Americans. In response to that, Chase Bank will be passing on these additional costs onto customers.
The Wall Street Journal reported:
Banks are saying this time could be different because of the scale of new financial regulations coming out of Washington. Agencies such as the Consumer Financial Protection Bureau are proposing an $8 cap on credit-card late payment fees and a $3 cap for overdrafting bank accounts.
They are also planning to further limit debit card fees and how much they can charge to software companies like Venmo and CashApp for accessing and using their customersâ data.
On top of that, new bank capital rules would make it harder for banks to lend by requiring them to hold more reserves against mortgages and credit card loans…
READ FULL ARTICLE HERE… (winepressnews.com)
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