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JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts (finance.yahoo.com)

submitted 5 months ago by return2ozma@lemmy.world to c/personalfinance@lemmy.ml

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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.

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[–] davel@lemmy.ml 2 points 5 months ago

Correct, the principal is essentially destroyed on payment. Once the loan is payed off, all the money that the bank had originally created has been destroyed.