JPMorgan Chase could soon start charging some 86 million people for holding their own money for them. That's according to Marianne Lake, CEO of consumer and community banking at JPMorgan Chase, who told the Wall Street Journal the bank may institute checking account fees in order to recoup any revenue lost if regulators go forward with a plan to cap overdraft fees.
Currently, Chase charges up to $35 for checking accounts if certain requirements, like a monthly direct deposit, aren't met. And it charges a $34 overdraft fee per transaction that overdraws an account by more than $50 (up to three per day). That enabled the bank to rack in over $1 billion in overdraft fees in 2023, according to the Consumer Financial Protection Bureau (CFPB), the most of any bank in the U.S.
