JPMorgan Chase is already hearing from US lawmakers after declaring it may soon impose unprecedented fees on its 80 million-plus customers.
In a letter to the banking giant obtained by Fortune, Democratic Senators Elizabeth Warren and Chris Van Hollen blast the bank’s flirtations with fee hikes, including charges for basic checking accounts and services.
“Will JPMorgan Chase reduce its stock buybacks instead of imposing new fees on its customers? Will JPMorgan Chase reduce executive pay instead of imposing new fees on its customers?
JPMorgan Chase’s potential imposition of new costs on its customers in response to legal and long-overdue efforts to limit abusive fees – at a time when the then bank is making record profits and funneling those profits straight into the pockets of its executives – is outrageous.”
Data from the Consumer Financial Protection Bureau (CFPB) shows JPMorgan earned $1.1 billion in overdraft fees last year, ahead of all other US banks.
But despite its historic profits, the bank says proposed federal regulations that would cap credit and debit card late fees and force banks to hold higher capital reserves would trigger a need to impose new fees.
In addition to charging for basic checking accounts, Chase says items like credit score trackers and financial planning tools will likely also see fees attached to them if the new regulations are approved.
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