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.
Second the suggestion of credit unions, but to be clear they’re neither charities nor non-profits; they’re member co-ops, run for the benefit of members (instead of stockholders), in which each member gets one vote (instead of each share of stock having one vote).