JPMorgan Chase is already hearing from US lawmakers after declaring it will soon impose unprecedented fees on its more than 80 million customers.
In a letter to the banking giant obtained by Fortune, Democratic Senators Elizabeth Warren and Chris Van Hollen condemned the bank’s flirtation with rate increases, including fees for basic checking accounts and services.
“Will JPMorgan Chase reduce share buybacks rather than impose new fees on its customers? Will JPMorgan Chase cut executive pay instead of imposing new fees on its clients?
The potential imposition of new fees by JPMorgan Chase on its customers in response to legal and long-overdue efforts to limit unlawful fees – at a time when the then-bank is making record profits and funneling those profits directly into the pockets of its executives – is outrageous. ”
Data from the Consumer Financial Protection Bureau (CFPB) shows that JPMorgan earned $1.1 billion in overdraft fees last year, more than all other U.S. banks.
But despite the historic gains, the bank says proposed federal regulations that would cap late fees on credit and debit cards and force banks to maintain higher capital reserves would result in new fees being imposed.
In addition to charging basic checking accounts, Chase says things like credit score trackers and financial planning tools will also likely come with fees if the new regulations are approved.
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