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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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this post was submitted on 06 Jul 2024
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Enshittification

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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

The lifecycle of Big Internet

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Embrace, extend and extinguish

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