“The bank says it’s possible that the potential regulatory changes are tweaked in such a way that allows the banking giant to keep its services free.”
Everything you do will cost you $2-10 and if you never touch your account it will cost you $50-100 a month until you use it ,LOL
Chase and many other banks use bank accounts to make money from. In essence, people are letting banks use their money for free to make the bank money. Imagine using other people’s money for free and then using that money to make more money. People lending hundreds of billion dollars to let the banks make billions for themselves.
And then, the banks want to charge their depositors a fee to use their money for free?
Should be the first challenge in light of the overturning of the Chevron deference. But, I suspect the bank is perfectly fine charging fees to customers and will go right along, pointing the finger elsewhere.
Do yourself a favor and move all your money to a Credit Union, where they appreciate your business. I don’t have an account at Chase, and I guess I never will.
Only three of my seven renters have bank accounts. That’s because the five who don’t can’t keep the minimum required amount. Of the 86 million, how many will have to forgo the convenience of having a bank account? How much will the bank lose overall because of this? Any ideas?
This also means that when the five who don’t have accounts get paid, they have to pay a percentage to get their check cashed. Also, there are some employers who simply can’t write a check. It’s either direct deposit into a bank account or you can’t work there. The impact of this will be felt far and wide.
The regulations are in valid as of the last Friday SCOTUS decision
What, they aren’t making enough money?
The federal reserve and the consumer protection bureau can’t make rules and regulations... Only Congress can make laws. SCOTUS just ruled on that.
The four majors are in deep do do. Derivatives in the trillions. Expect Bail In’s, as per the Dodd Frank act.
Best you can do is find a Credit Union.
I wonder if those new regs were put in after the Chevron decision. Or before?
I started working at a bank in 1997 in a Vice President role in a technology side of the operations. I had no idea that most smaller banks maintained their “accounts” on systems run by back end companies. The banks had to pay for every account. This included daily transactions and monthly closings/statements. I was stunned that the monthly price ranged from $4-$7.50. When I talked to my boss about this, he told me they made enough out of the accounts that had tens of thousands in them to pay for the small balance accounts (which were many.)
We were a bank that provided free checking.
Over the next few years we kept buying the smaller banks that were almost bankrupt. Every three months we would absorb another one. The biggest operational savings? Rolling their account structure into our provider and saving $3-$5 a month, per account. This worked for several years….until we got rolled into a HUGE bank who had their own back end.
But, account management is a huge expense for any bank.
Between 18 and 30% interest, and say what?
That’s it fellas. Kill the golden geese.
Jamie has the jitters…..
As long as ‘Chevron’ approves of these new ‘regulations’, then I’m good with them.