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.
Daily reminder to check out some local credit unions. They offer the same services as banks and are run as a not-for-profit charity. Most US credit unions are members of the Co-Op ATM network which allows you to use any other credit union’s ATMs for no fee as if they were your own. Some also reimburse out-of-network ATM fees and even pay interest on checking/current accounts. Their fees are usually the same or lower than banks.
Second the suggestion of credit unions, but to be clear they’re neither charities nor non-profits; they’re member co-ops, run for the benefit of members (instead of stockholders), in which each member gets one vote (instead of each share of stock having one vote).