Chase Bank warned customers that checking accounts might not be free in the future
Transcript:
CONWAY GITTENS: Here’s what we’re watching on TheStreet today.
The Dow flirted with an all-time high for the first time in two months as investors spread the love beyond tech. The start of earnings season didn’t hurt. JP Morgan Chase and Citigroup both topped quarterly forecasts. Wells Fargo, however, suffered a drop in profits.
On the earnings calendar for the coming week: Goldman Sachs, Bank of America, and Morgan Stanley.
Sticking with banks, free checking at your local branch may be in jeopardy. Marianne Lake, head of Chase Consumer Bank, says her bank might start charging for checking accounts and other services due to higher regulatory costs. Other banks could follow.
She told The Wall Street Journal the bank has to recoup that money somehow and “the people who will be most impacted are the ones who can least afford to be, and access to credit will be harder to get.”
Banks are facing new limits on charges and fees. The Consumer Financial Protection Bureau wants to cap credit card late fees and overdraft penalties, and the Federal Reserve is mulling the idea of limiting how much banks can charge merchants for debit card transactions.
Consumers forked over roughly $6 billion in overdraft and other penalties in 2023, according to the CFPB. That doesn’t include ATM fees, credit and debit card fees, and digital transaction fees.
But some experts question if no-free checking can become a thing since intense competition is already forcing banks to fight for every deposit-making customer they can get.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#credit #banking
source
