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.
What is your bank’s wealth management team doing for you? I’ve always assumed they were overpriced and set up to sell their own products.
Yup, they’re a scam that just charges a fee to park your money in index funds.