JPMorgan Chase has warned it may soon impose unprecedented fees on its more than 80 million customers and is already hearing from U.S. lawmakers.
In a letter to the major banks, luckDemocratic Sens. Elizabeth Warren and Chris Van Hollen slammed banks for trying to increase fees, including charges for basic checking accounts and services.
“Will JPMorgan Chase cut its stock buybacks in exchange for imposing new fees on customers? Will JPMorgan Chase cut executive pay in exchange for imposing new fees on customers?”
“It is outrageous that at a time when JPMorgan Chase was making record profits and funneling those profits directly into the pockets of its executives, it could impose new costs on customers in response to legal and long-overdue efforts to limit unfair fees.”
Data from the Consumer Financial Protection Bureau (CFPB) show JPMorgan made $1.1 billion from overdraft fees last year, more than any other U.S. bank.
But despite its historic profits, the bank says proposed federal regulations that would cap late fees on credit and debit card payments and require banks to hold higher capital reserves will force it to impose new fees.
Chase Bank said that if the new regulations are approved, in addition to charging for basic checking accounts, it would likely also impose fees on items such as credit score tracking and financial planning tools.
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