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.
Why is that? Genuinely curious as someone who has a commercial bank account.
Member owned and not required to turn a profit and grow revenues like a publicly offered corporate bank.