As COVID-19 reshapes our economy, our newsletter will help you unpack the news from the day.
Chase slips up
Share Now on:
Chase slips up
This week a JPMorgan Chase executive said that clients who have less than $100,000 in deposits are unprofitable for the bank. Sounds mean, but banks are doing their best to improve profits by pushing the less-than-wealthy toward digital banking. Fees are on the rise, too. Someone may have to fund the new luxury banking rooms Chase will construct so that the rich can bank in peace.
“If you’re a customer of Wells Fargo, for instance, if you have less than three checking accounts, or you don’t have a mortgage with the bank, they’re going to charge you $15,” says Marketplace’s New York bureau chief Heidi Moore. “Citibank customers are being charged $20 per month unless they have $15,000 just sitting around in their accounts. A lot of these solutions are going to be very quiet, though. The banks don’t want the same rebellion that Bank of America got when it talked about that $5 debit fee.”
Click on the audio player above to listen to the full interview.
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.