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? ”

    10-Q, Member Exclusive

    ‘Payroll is one of the most direct and impactful entry points for embedded finance’: Green Dot’s Crystal Bryant-Minter on the firm’s embedded finance strategy

    • Green Dot's rapid! is wiring earned wage access and real-time payouts into Workday’s payroll and HCM systems.
    • Green Dot sees payroll and payouts not just as an end in themselves, but as the on-ramp to embedded finance at scale.
    Sara Khairi | September 15, 2025
    Creating win-win partnerships, Member Exclusive, Payments

    Remitly’s next act: Building a multi-rail highway for global money

    • A day prior to its earnings call, Remitly introduced partnerships with Circle and Bridge to enable stablecoin integration, starting with USDC, in its wallet.
    • We look at the problem Remitly is tackling with the introduction of stablecoins into its ecosystem, and the fresh opportunities opened up by its latest partnerships.
    Sara Khairi | September 11, 2025
    10-Q, Member Exclusive

    What’s left in the shadows: The Oklahoma institution that grew by keeping its head down

    • In today’s 10Q edition: What’s left in the shadows, we shine a light on the less-talked-about publicly traded names in the industry that do their own thing but remain integral to the banking ecosystem.
    • One of these shadow giants is BOK Financial [BOKF]. Founded in 1910, this Oklahoma-born institution has spent more than a century weaving itself into the economic fabric of the Midwest and Southwest.
    Sara Khairi | September 08, 2025
    Blockchain and Crypto, Member Exclusive

    ‘Stablecoins and tokenized deposits will be complementary, not competitive’: BNY’s Carl Slabicki on the next chapter for treasury

    • APIs are becoming the go-to tool for banks in stitching together legacy platforms and emerging ones, reflecting deeper shifts in banking and its underlying business model.
    • Carl Slabicki, Executive Platform Owner, Treasury Services at BNY, unpacks the key themes and how New York-headquartered BNY is moving decisively on them.
    Sara Khairi | September 04, 2025
    10-Q, Member Exclusive

    Citizens sharpens its open banking edge with a new API design

    • Citizens Bank rebooted its open banking API this year, updating the framework for today’s needs.
    • Citizens’ Head of Product Management for Access & Delivery Channels unpacks the launch of the bank’s revamped open banking API framework and the problems it tackles.
    Sara Khairi | September 03, 2025
    More Articles