JPMorgan Chase is already listening to from US lawmakers after declaring it could quickly impose unprecedented charges on its 80 million-plus clients.
In a letter to the banking big obtained by Fortune, Democratic Senators Elizabeth Warren and Chris Van Hollen blast the financial institution’s flirtations with payment hikes, together with fees for primary checking accounts and providers.
“Will JPMorgan Chase scale back its inventory buybacks as a substitute of imposing new charges on its clients? Will JPMorgan Chase scale back government pay as a substitute of imposing new charges on its clients?
JPMorgan Chase’s potential imposition of recent prices on its clients in response to authorized and long-overdue efforts to restrict abusive charges – at a time when the then financial institution is making document earnings and funneling these earnings straight into the pockets of its executives – is outrageous.”
Information from the Client Monetary Safety Bureau (CFPB) shows JPMorgan earned $1.1 billion in overdraft charges final yr, forward of all different US banks.
However regardless of its historic earnings, the financial institution says proposed federal laws that might cap credit score and debit card late charges and pressure banks to carry greater capital reserves would set off a have to impose new charges.
Along with charging for primary checking accounts, Chase says gadgets like credit score rating trackers and monetary planning instruments will doubtless additionally see charges connected to them if the brand new laws are accredited.
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