Posted on 07/06/2024 3:10:51 PM PDT by Texan4Life
Chase Bank customers could see some additional charges in the not too distant future.
The country’s biggest retail bank is warning that it might begin charging customers for their accounts. That would impact some 86 million customers.
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.
(Excerpt) Read more at finance.yahoo.com ...
This is a notice from Wells Fargo that will end up costing a lot of folks $10/month, that were paying $0/month for the $15 plan because they had their Home Mortgage with Wells Fargo. But that $15 Plan is being scrapped.
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What's changing
Your current Complete Advantage Checking account has a $15 monthly service fee. When you switch to Everyday Checking, the monthly service fee will go down to $10. Plus, you'll have new ways to avoid this fee, including a lower minimum daily balance requirement of $500.
There is no monthly service fee if you meet any ONE of the following conditions during each fee period: New - Make $500 or more in total qualifying electronic deposits. New - Maintain a $500 minimum daily balance. New - The primary account owner is 17-24 years old. New - The account is linked to a Wells Fargo Campus ATM Card or Campus Debit Card. New - Make a qualifying monthly non-civilian military direct deposit with the Wells Fargo Worldwide Military Banking program.
Please note that the monthly service fee can no longer be avoided by linking a Wells Fargo mortgage.
Some additional changes to be aware of – discounts on checks, free money orders, and free cashier's checks will no longer be available.
It’s criminal.
Are they paying their customers for profiting off of their income when they make loans or profit off of the stock market?
What ever happened to the Postal Savings system?
A two percent rate was not incentive enough.
https://en.wikipedia.org/wiki/United_States_Postal_Savings_System
FAQ
What is the line on my statement for BG?
That is the administrative non-negotiable banking system fee assessment 10% For the Big Guy.
They are trying to reset the whole market. Everyone else will jump on the bandwagon too.
Should be able to beat that today. I think a “public option” depository institution should be considered. The commercial banks clearly do not want ordinary peoples’ deposits, so they’d have no grounds to complain, and we wouldn’t be letting lower middle class people continue to get victimized by the check cashing strip-mall scummers.
“Are they paying their customers for profiting off of their income when they make loans or profit off of the stock market?”
No, they’re paying their owners, the stockholders.
Nobody forces you to get a loan from them. You do it because it benefits you.
A no minimum on demand checking account earns the bank zero money, in fact it costs them since they have to process the checks and payments.
Expecting a bank to offer that type of account for free would be like expecting a ministorage to store your stuff for free.
Join a CREDIT UNION!..........
I remember Rush talking about some European banks establishing negative interest rates in order to rake in more $$$. Imagine the account holders who did not withdraw, change banks.
Bookmark
Customers to JPM, “AMF”.
"The big banks are all figuring out how to legally rake in more profits to offset the Federally mandated overdraft and late fee caps [??? emphasis added]."
FR: Never Accept the Premise of Your Opponent’s Argument
James Madison's Journal of Debates shows that Constitutional Convention delegate Dr. Benjamin Franklin had suggested adding canals to the US Postal Roads Clause (1.8.7), probably to facilitate building freight-moving canals to improve commerce. His fellow delegates considered the idea but had dropped it.
"Docr. FRANKLIN moved to add after the words "post roads" Art I. Sect. 8. "a power to provide for cutting canals where deemed necessary [emphasis added]"" —Madison Debates, September 14, 1787.
"Article I, Section 8, Clause 7: To establish Post Offices and post Roads [, a power to provide for cutting canals where deemed necessary];"
"Mr. KING. The States will be prejudiced and divided into parties by it. In Philada. & New York, It will be referred to the establishment of a Bank, which has been a subject of contention in those Cities. In other places it will be referred to mercantile monopolies." —Madison Debates, September 14, 1787.
Thomas Jefferson had noted the above discussion, indicating that federal government power to build such canals would justify the feds establishing a national under the "Necessary and Proper Clause" (my words), some delegates indicating that friends who owned private banks would would make it more difficult to ratify the Constitution.
"It is known that the very power now proposed as a means was rejected as an end by the Convention which formed the Constitution. A proposition was made to them to authorize Congress to open canals, and an amendatory one to empower them to incorporate. But the whole was rejected, and one of the reasons for rejection urged in debate was, that then they would have a power to erect a bank, which would render the great cities, where there were prejudices and jealousies on the subject, adverse to the reception of the Constitution [emphasis added]. — Jefferson's Opinion on the Constitutionality of a National Bank : 1791
Respected, post-American Revolution law expert St. George Tucker had also mentioned this discussion, indicating that the states have never expressly conditionally given the feds the specific power to regulate INTRAstate banking.
"If it were, in fact, an unconstitutional exercise of power in congress to pass a law establishing the bank, nothing can manifest the impropriety of over-stepping the limits of the constitution, more than the act which we have just noticed. It shows that the most unauthorised acts of government may be drawn into precedents to justify other unwarrantable usurpations [emphasis added]." —Article 1, Section 8, Clause 6, St. George Tucker, Blackstone's Commentaries 1:App. 262--64, 1803.
"From the accepted doctrine that the United States is a government of delegated powers, it follows that those not expressly granted, or reasonably to be implied from such as are conferred, are reserved to the states, or to the people. To forestall any suggestion to the contrary, the Tenth Amendment was adopted. The same proposition, otherwise stated, is that powers not granted are prohibited [emphasis added]." —United States v. Butler, 1936.
The bottom line is this. Democratic and Republican Trump supporters need to support hopeful Trump 47 with a new Congress in November that will not only respect its constitutionally limited powers, but will also support him in surrendering state powers that the unconstitutionally big federal government has been stealing from the states back to the states, including unique, 10th Amendment-protected banking powers.
FinTech.
FinTechs are low cost digital banks that subcontract up to 100% of their deposits to real banks or real financial businesses.
A significant percentage of FinTech customers are youngsters, many of whom have no banking history or a poor banking history.
At first glance, FinTech looks like a digital solution to banking the un-bankable. FDIC actually insures the accounts.
One problem - FinTech banks usually aggregate all their deposits and pass along giant chunks of money to their subcontractors.
When something goes wrong, no one knows whose money got squandered or misplaced or stolen, so FDIC either calls a lengthy time out, or even refuses to pay.
When that happens, ALL depositors try to withdraw ALL their money, at the same time!
In my opinion, FinTech banking is the 2024 version of the 1990 USA Home Mortgage collapse.
FinTech has the whole hearted support of the Political Left, in Europe and the USA, which pretty much explains every thing.
Also, China and India are up to their elbows in FinTech.
No one wants to see what happens when THAT blows up!
Now wait just a minute. We are constantly told that free stuff is bad right?
I guess free stuff is bad until you have to pay for it, then free stuff is great right?
I HATE BANKS
Get away from Banks.. go Credit Unions!
Zee— just curious- is the SoFi Bank one of those FinTech digital banks?
Have run into SoFi (checks from this bank) several times the last year in lease payments being made. The checks clear so far- but had never heard of this bank, and assumed it was like an Ally Bank, or EverBank etc.
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