Good Lifestyle

You work hard for your money and count on your bank to store your income safely and allow them accumulate at the same time. And although there are costs related to banks, such as costs for late payments and Annual fees for credit cards , we do not generally expect to pay for our current accounts. However, some banks charge monthly maintenance costs for this service. In light of pending regulatory changes, the country's largest bank for consumers, JPMorgan Chase, could follow suit.

In relation: A former bank employee says "Never deposit at an automatic counter" after the woman loses $ 1,000 . AE0FCC31AE342FD3A1346EBB1F342FCB

In a new report published by Wall Street's journal ,, Lake Marianne , CEO of Consumer and Community Banking at Chase, said that the bank may have to charge for currently free services, including check accounts and wealth management tools.

According to Lake, adjustments are necessary due to new regulations from the Consumer Financial Protection Bureau (CFPB). In January, the agency proposed rules for Overdraft at $ 3 and late fee at $ 8 and Limit debit card costs . If the potential rules become the law, Lake argued that customers will have to take into account higher costs.

"The changes will be wide, radical and significant," she told Wsj . "The people who will be the most affected are those who can do the least, and access to credit will be more difficult to obtain."

The CFPB has adopted the Credit Credit Card of Delay Reduction Rules in March , but several banks call it to prevent it from becoming law. THE Wsj reports that the appeal is currently pending before a judge.

Chase managers declared in a presentation of investors that they would increase interest rates and would be more cautious about the subscription of credit card loans to combat the financial ramifications of a late cost ceiling on cards credit, the Wsj reported.

In relation: Chase slated "unreasonable" costs on customers who "hurt anything".

Lake provides that other banks will implement similar costs, but not everyone is convinced that the new law would in fact be harmful to the American consumer. A similar conversation was born in 2010 following the 2008 financial crisis, when some lenders planned to charge costs for purchases of debit cards then return After customers have threatened to take their business elsewhere.

"Banks say that their only option is to transmit their costs to customers, but this is not true", " Dennis Kelleher , president of the best markets, said Wsj . "Again, the banks dress their attempts to maximize their own profit under the guise of what is good or bad for customers."

According to Wsj , Better Markets is in favor of the new regulations.

However, banks claim that "the scale" of new regulations makes the current situation more precarious. THE Wsj Note that the regulations would also limit the amount of banks that may charge companies, including Venmo and Cashapp, for access to customer data and make it more difficult for banks to lend by holding more reserves.

Large banks could also end up taking advantage of small regional banks, which are unable to compensate for costs for other areas of their business. But in any case, due to steep competition in the banking sphere, large institutions may need to keep their services free to keep customers, Dan Goerlich , a advisory partner at PricewaterhouseCoopers, told the Wsj . If they do not do so, consumers could end up going to other banks that always offer free services to which they are used to it.