179
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
43 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments
[-] MeaanBeaan@lemmy.world 29 points 4 months ago* (last edited 4 months ago)

I don't know if being forced to cease charging predatory fees should be considered "increased expenses". You were taking money from customers that they didn't have. It cost you nothing to do that. It costs you nothing to stop doing that. All you're saying now is that "we can't extort so much money out of you with overdraft fees anymore. So we're going to figure out a different way to do it."

Fucking gross.

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

Enshittification

1577 readers
1 users here now

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

The lifecycle of Big Internet

We discuss how predatory big tech platforms live and die by luring people in and then decaying for profit.

Embrace, extend and extinguish

We also discuss how naturally open technologies like the Fediverse can be susceptible to corporate takeovers, rugpulls and subsequent enshittification.

founded 1 year ago
MODERATORS
hydra@lemmy.world