The Wall Street Journal reports that JPMorgan Chase executive Marianne Lake says customers should be ready to start paying for their checking accounts and other services that are free in response to proposed rules from the Consumer Financial Protection Bureau that would limit overdraft and late fees.
Lake says the overdraft and late fee caps will make everyday banking significantly more expensive for all Americans, with the CFPB approving a rule limiting late fees to eight dollars from $32-dollars, although a federal judge has temporarily halted the rule from going into effect.
Consumer groups are outraged at Chase.
Chase currently has around 82 million consumer customers and six million small business customers.