The potential charges, says Marianne Lake, CEO of consumer and community banking at JPMorgan, are a result of new regulatory rules that cap overdraft and late fees. Lake says Chase will be passing along those increased expenses to customers, which would put an end to now-free services such as checking accounts and wealth management tools. And she says she expects other banks will follow suit.
They have no physical locations, so if you need that kinda stuff, it’s a bad fit. If you don’t though, you get the savings passed along in a generally better than market rate.