JPMorgan Chase is already listening to from US lawmakers after declaring it might quickly impose unprecedented charges on its 80 million-plus clients.
In a letter to the banking large obtained by Fortune, Democratic Senators Elizabeth Warren and Chris Van Hollen blast the financial institution’s flirtations with charge hikes, together with costs for fundamental checking accounts and companies.
“Will JPMorgan Chase cut back its inventory buybacks as an alternative of imposing new charges on its clients? Will JPMorgan Chase cut back govt pay as an alternative 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 income and funneling these income straight into the pockets of its executives – is outrageous.”
Knowledge from the Shopper Monetary Safety Bureau (CFPB) shows JPMorgan earned $1.1 billion in overdraft charges final 12 months, forward of all different US banks.
However regardless of its historic income, the financial institution says proposed federal laws that might cap credit score and debit card late charges and drive banks to carry increased capital reserves would set off a must impose new charges.
Along with charging for fundamental checking accounts, Chase says gadgets like credit score rating trackers and monetary planning instruments will probably additionally see charges connected to them if the brand new laws are authorised.
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