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.
Ah yes, we will use your deposited money to grow our wealth and give out credit, but that will cost you because we have to afford servers, IT admins AND a yacht for every shareholder. /s