Chase Bank to Start Charging Fees for Services Due to New Regulations
Banks to Pass on Costs to Customers as Overdraft and Late Payment Fees Are Capped
According to Fortune, Chase Bank is warning its 86 million customers that they might have to start paying for some of their services. This is because new rules are coming that will limit how much money banks can charge for things like overdrafts and late payments. Chase says it will have to make up for this lost income by charging customers for some of its services, like checking accounts and wealth management tools.
The new rules are trying to stop banks from charging too much money for things like late credit card payments and overdrafts. They also want banks to keep more money set aside in case something goes wrong with mortgages and credit card loans. Chase says it won’t be able to afford to give away free services anymore.
Uncertainty Looms as Fate of New Banking Regulations Hangs in the Balance
The future of these rules is uncertain. The person who wins the next election might try to change or cancel them. Banks have already sued to stop the rules from happening. If these rules do become law, it could make it harder for Americans who are already struggling with high living costs and inflation.
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