There are several consequences that Donald Trump’s electoral victory in the 2024 elections could have, and everything is reflected in the warning launched by JPMorgan through one of the company’s top executives. With more than 86 million customers in Chase Bank, which belongs to this high-tech business conglomerate along with other companies, the effects could be felt in the coming months. This would involve paying for a service that was previously considered free. One of the largest banks, known for its outstanding services in personal banking and mortgage or vehicle financing, could undergo a drastic change in its operation.
Changes at Chase Bank: paying for your bank accounts?
JPMorgan CEO Marianne Lake has hinted that this move will be accompanied by a substantial change in the company’s regulations, with the aim of improving its operations. According to Lake herself, this will affect delinquent accounts, transferring the cost of the service to customers, who will have to assume a payment that until now was non-existent. Everything indicates that these changes will be applied to Chase Bank’s traditional accounts and the tools linked to their management. As an argument, Lake assures that other banks could follow this same line after the decision taken by his institution.
Although fees and charges for the use of current bank accounts have been proposed in the past, few banks have taken the definitive step for fear that customers would cancel their accounts and look for alternatives. However, it now seems that this proposal will take shape thanks to the initiative of Chase Bank and JPMorgan, which has more than 149 companies in its group. However, the expected reaction from customers does not seem favorable, considering the impact of inflation, the rising cost of living and the growing economic instability. Therefore, additional spending would not be welcome.
The details of the changes at Chase Bank
Although the measure has not yet been made official, it is said that the new charges would include an $8 fee for late payments on credit cards and $3 for overdrafts. In addition, according to some experts, this decision could have a direct impact on loans or mortgages associated with credit cards, limiting availability for the bank’s customers. Lake has been clear in pointing out that they are seeking to monetize a service that until now was free, without hiding it and making the company’s intentions explicit.
For the moment, this decision has not been confirmed or implemented, and the changes could depend both on Trump’s decisions and Chase Bank’s own policies after his possible electoral victory. Although there are precedents of similar cases that are in litigation, the change is still pending and it will be up to JPMorgan’s management to make the final decision.
