Head Of Chase Bank Warns Customers: Era Of Free Checking Is Likely Over

The ‘problem-solving’ elites in Washington, DC, who advocate interventionist policies and overregulate the economy into oblivion, often cause unintended consequences. The latest example comes from the head of America’s largest retail bank, which has a warning for its 86 million customers: The era of free checking is likely over. 

Marianne Lake, head of Chase Bank, a division of JPMorgan Chase, was quoted by The Wall Street Journal as saying the bank is preparing to charge customers for now-free services, including checking accounts and wealth-management tools, if new rules pushed by politicians in Washington are enacted. These rules include capping overdrafts and late fees.

“The changes will be broad, sweeping, and significant,” Lake said, adding, “The people who will be most impacted are the ones who can least afford to be, and access to credit will be harder to get.”

Agencies such as the Consumer Financial Protection Bureau have proposed an $8 cap on late credit card payment fees and a $3 cap on over-drafting fees. There are also talks of placing limitations on debit card fees and the amount banks can charge CashApp and Venmo for accessing and using their customers’ data.