JPMorgan Chase Bank (JPM) is contemplating a major change that will put extra strain on customers’ wallets in response to a recent crackdown by the U.S. government.
The bank, which has roughly 86 million customers, is reportedly planning to charge customers for a plethora of services, that have historically been free, such as having checking accounts or access to wealth management tools, according to a recent report from the Wall Street Journal.
“The changes will be broad, sweeping and significant,” said Chase CEO of Consumer and Community Banking Marianne Lake, while speaking to the Journal. “The people who will be most impacted are the ones who can least afford to be, and access to credit will be harder to get.”
The move from Chase comes after the government announced last year that it aims to cap the amount banks can charge customers overdraft fees, which currently exceed $30 at multiple banks. Chase currently charges customers $34 if their account is overdrawn by over $50 at the end of the day.
