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JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts (finance.yahoo.com)
submitted 4 months ago by HailSeitan@lemmy.world to c/enshittification@lemmy.world
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cross-posted from: https://lemmy.world/post/17274141

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.

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[-] psvrh@lemmy.ca 38 points 4 months ago

Do you think that gutting Chevron and the FTC's regulatory authority has anything to do with this?

I mean, it's not like banks aren't already making buckets of money...

[-] HailSeitan@lemmy.world 27 points 4 months ago

Not sure about that case specifically, but in general lack of regulation unleashes enshittificatory impulses. This comment may be aimed more at conservative voters or politicians to convince them (or at least let them claim) that pro-consumer regulation actually harms “consumer welfare.”

[-] henfredemars@infosec.pub 12 points 4 months ago

I’ve met one of these zero-regulation idiots thinking that somehow the average Joe benefits from giving all power to anyone with lots of money who isn’t them.

[-] billiam0202@lemmy.world 5 points 4 months ago* (last edited 4 months ago)

Just ask those dickholes how many times they've had the chance to vote for JP Morgan Chase's or Walmart's or ExxonMobil's CEO.

Then ask them how many opportunities they've had to elect Presidents and Congressmembers.

this post was submitted on 06 Jul 2024
179 points (98.9% liked)

Enshittification

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What is enshittification?

The phenomenon of online platforms gradually degrading the quality of their services, often by promoting advertisements and sponsored content, in order to increase profits. (Cory Doctorow, 2022, extracted from Wikitionary) source

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Embrace, extend and extinguish

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