JPMorgan Chase has issued a significant alert to its 86 million customers. The banking titan warns that new regulations out of Washington, D.C. may compel them to start charging fees for checking accounts, as reported by the Wall Street Journal.

The bank points to proposed regulations by the Consumer Financial Protection Bureau and the Federal Reserve as key drivers. These regulations seek to impose caps on late fees for credit and debit cards, and require higher capital reserves. Consequently, JPMorgan Chase anticipates having to discontinue free checking services.

Marianne Lake, co-CEO of consumer and community banking at JPMorgan Chase, expressed concern that these changes will disproportionately affect those who are already facing financial difficulties. She stated, “The impact of these changes will be broad, sweeping, and significant. Those who can least afford it will bear the brunt, and access to credit will become more challenging.”

In addition to potential fees for basic checking accounts, JPMorgan Chase expects that services such as credit score monitoring and financial planning tools may also come with charges in the future.

While the bank holds out hope that adjustments to the proposed regulations could allow them to maintain free services, current indications suggest that customers should prepare for these substantial changes in the coming months.

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