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.

    • bl4kers@lemmy.ml
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      4 months ago

      The way you’re presenting this seems pretty fishy. There’s no way to guarantee an 18% return without an equal dose of risk. Interest on savings accounts are guaranteed, up until they change the rate. So that’s apples to oranges.

    • wagoner@infosec.pub
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      4 months ago

      What is your bank’s wealth management team doing for you? I’ve always assumed they were overpriced and set up to sell their own products.

      • oyo@lemm.ee
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        4 months ago

        Yup, they’re a scam that just charges a fee to park your money in index funds.