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 payment hikes, together with expenses for fundamental checking accounts and companies.
“Will JPMorgan Chase scale back its inventory buybacks as an alternative of imposing new charges on its prospects? Will JPMorgan Chase scale back govt pay as an alternative 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 income and funneling these income straight into the pockets of its executives – is outrageous.”
Knowledge from the Shopper Monetary Safety Bureau (CFPB) reveals JPMorgan earned $1.1 billion in overdraft charges final yr, forward of all different US banks.
However regardless of its historic income, the financial institution says proposed federal rules that might 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 hooked up to them if the brand new rules are accredited.
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