Chase Looking to Shed Customers; Would “Celebrate” $20 Account Fees

Campaigns

We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Tuesday, February 28th, 2012

By Christina Tetreault

According to Business Week, If you have less than $100,000 in the bank, JPMorgan Chase doesn’t want your business.Instead, Chase wants to focus on its profitable customers, claiming that those with less than a hundred grand in the bank don’t cut it.

Why does the little guy no longer get love from Chase? The bank blames lost revenue on the spate of recent regulations.

“Lost revenue has to be replaced with higher share of wallet and customer penetration,” according to Chase’s chief executive officer of consumer and business banking Todd Maclin. “Customer penetration” apparently means picking customers’ pockets. Maclin predicts that one day checking account fees reach $20, a development which the bank would “celebrate.”

Consumers Union is tracking these fees and bringing them to light through our monthly Bank Alert! Let us know if you have been hit with a new bank fee or if you are moving your money because you are tired of being nickel and dimed by emailing money@consumersunion.org.

Leave a Reply

Your email address will not be published. Required fields are marked *