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.
… This is already common in Europe. I pay like 3 euros a month for my account
Why? I changed my bank like decades ago and have a free account ever since. IIRC a ‘real’ credit card would cost a fee, and unlimited cash withdrawal too, but I think that’s it. I don’t use either.
I have accounts at two different banks but I don’t have any credit cards. Debit cards are way more widely used in Europe. Every bank in the Netherlands will charge you a fee for opening an account.
Finally, something for the Americans to laugh at Europeans about
Same as Canada. I pay $15 per month (minus $12 rebate for age) for my account, but that gives me free e-transfers, debit card usage, etc.
Free debit card usage? As opposed to paying to spend your money in your account? That’s crazy.
$15 a month for a bank account is less than 1 hour’s work at Canada’s minimum wage. That’s more than two hours’ worth of work at US minimum wage.
Not ridiculously expensive all things considered, but still worth noting how much a poor person would have to work just to maintain a bank account at that rate in the U.S.
You know how much I pay? 0 hours of my hard earned labor
Me too, but I joined a credit union.
Oh yeah same here. Virtually unlimited service and I can request new cards if needed.