We support reforms to the financial marketplace to curb bad practices by banks and lenders.
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.
I have an idea? What if you balance the books by redecing the CEO salaries?
But that would be so “Un-Free Market & Un-Capitalistic.” Heck, it might even be considered, gasp, “treasonous.” Big greedy jerks. While were at it, I know 100 Senators & 441 Congressmen/women who could get by on a $50,000+ paycut to ensure our Vets have continued proper medical treatment, our Seniors & Disabled citizens have continued access to proper medical care, our hungry children have proper nutrition & good medical services, our environment is protected at least at the level it is now, though it’s really not adequate, our military has the proper equipment, training and manpower to do the jobs we expect from them, our children can have a better education than what they are currently receiving, our infrastructure receives much needed repair & overhaul & our citizens can go back to work – not as a hand out, but on real jobs, with real skill building fundimentals and future potential. It’s time for the posh to get their tushies toughened up and their fingernails a little dirty. Paper cuts don’t count.
Or even,(gasp!) don’t do business with Chase! And while you’re at it, don’t go down the street to BofA either.