JPMorgan Chase is already listening to from US lawmakers after declaring it could quickly impose unprecedented charges on its 80 million-plus prospects.
In a letter to the banking large obtained by Fortune, Democratic Senators Elizabeth Warren and Chris Van Hollen blast the financial institution’s flirtations with price hikes, together with expenses for fundamental checking accounts and providers.
“Will JPMorgan Chase cut back its inventory buybacks as a substitute of imposing new charges on its prospects? Will JPMorgan Chase cut back government pay as a substitute of imposing new charges on its prospects?
JPMorgan Chase’s potential imposition of latest prices on its prospects in response to authorized and long-overdue efforts to restrict abusive charges – at a time when the then financial institution is making report earnings and funneling these earnings straight into the pockets of its executives – is outrageous.”
Knowledge from the Client Monetary Safety Bureau (CFPB) shows JPMorgan earned $1.1 billion in overdraft charges final yr, forward of all different US banks.
However regardless of its historic earnings, the financial institution says proposed federal rules that will cap credit score and debit card late charges and pressure banks to carry greater capital reserves would set off a must impose new charges.
Along with charging for fundamental checking accounts, Chase says gadgets like credit score rating trackers and monetary planning instruments will seemingly additionally see charges connected to them if the brand new rules are permitted.
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