10-Q, Member Exclusive

The end of free banking? 

  • JPM's Marianne Lake is cautioning that the bank may start charging for services that are currently free, such as checking accounts and wealth management tools.
  • Many interpret the announcement as a strategic power play at the intersection of politics and economics, effectively shifting the burden onto consumers.
close

Email a Friend

The end of free banking? 

    JPM is ready to write the final chapter of free banking, but what comes next?

    When a king feels threatened and restricted, it leads to confusion and repercussions for his subjects. JPMorgan Chase, the country’s largest lender, is currently dealing with a comparable power struggle.

    The news: Marianne Lake, CEO of Consumer and Community Banking at JPMorgan Chase is cautioning that the bank may start charging for services that are currently free, such as checking accounts and wealth management tools. This change could affect approximately 86 million customers due to upcoming regulatory changes from Washington, which are set to impose limits on overdrafts and late fees.

    These proposed regulations, which are yet to become law, would cap credit card late fees at $8 and overdraft fees at $3. Regulators also intend to impose additional restrictions on debit card fees and limit the charges levied on software companies like Venmo and CashApp for accessing and utilizing their customers’ data. Additionally, new capital requirements could force banks to hold more reserves for mortgages and credit card loans, potentially affecting lending practices and consumer credit access.

    “The changes will be broad, sweeping, and significant. 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,” Lake told WSJ in an exclusive. 

    The multiple angles to consider

     


    subscription wall for TS Pro

    0 comments on “The end of free banking? ”

    Embedded Finance, Member Exclusive

    U.S. Bank deepens focus on CX through its recent embedded payments suite expansion

    • U.S. Bank has recently expanded its embedded payments suite in response to growing demand for more integrated solutions.
    • By making this move, the bank is emphasizing the importance of embedded payments in creating a smoother user experience, a key driver behind its latest expansion.
    Sara Khairi | July 17, 2025
    Member Exclusive, The Quarterly Review

    The Quarterly Review: How Zelle’s GM Denise Leonhard scaled beyond $1 trillion through customer growth and 2,300+ financial institution partnerships

    • Denise Leonhard, GM of Zelle, is back to report that her aim to help Zelle go beyond the $1 trillion mark in transaction volume has been achieved.
    • Leonhard breaks down how systematically improving security and reliability as well as focusing on high-value use cases has allowed the firm to become more of a mainstay in consumers and SMBs financial lives.
    Rabab Ahsan | July 15, 2025
    10-Q, Member Exclusive

    From payment processor to commerce platform: PayPal’s new card launch tells a bigger story

    • PayPal is rolling out a new physical card that brings its PayPal Credit offering into brick-and-mortar stores.
    • We take a closer look at how its launch signals PayPal’s broader shift from a payment processor to a commerce platform.
    Sara Khairi | July 14, 2025
    Banking as a service, Embedded Finance, Member Exclusive

    A closer look at Citi’s strategy for growing its TTS business in the 2025 BaaS landscape

    • Citi continues to build infrastructure through API-driven solutions and deeply integrated partnerships — a strategy that has proven to be a reliable growth engine and a core pillar of the bank’s long-term vision.
    • We look at how its Treasury and Trade Solutions (TTS) division is playing a central role in expanding the bank’s footprint in Banking-as-a-Service (BaaS).
    Sara Khairi | July 10, 2025
    Artificial Intelligence, Banking, Member Exclusive

    How Bank of America cracked the code on AI adoption by making Erica indispensable to both customers and employees

    • Bank of America transformed its customer chatbot Erica into an employee productivity powerhouse, achieving 50% IT service desk automation by strategically targeting common pain points and building adoption incrementally over five years.
    • Learn the adoption secrets behind getting 90% of employees to embrace AI tools, including how Bank of America overcame the adoption hump and integrated generative AI with 25 proof-of-concept projects now entering production.
    Rabab Ahsan | July 08, 2025
    More Articles