JPMorgan Chase has issued a significant warning to its 86 million customers, indicating that new regulations being considered in Washington, D.C. may result in the bank starting to charge for checking accounts. The Wall Street Journal reports that the banking giant is reacting to proposed regulations from the Consumer Financial Protection Bureau and the Federal Reserve, which are aiming to implement new limits on credit and debit card late fees and increase capital reserves. These regulations are expected to lead to the elimination of free checking services at the bank.

Marianne Lake, co-CEO of consumer and community banking at JPMorgan Chase, expressed concerns that these changes will disproportionately impact customers who are already facing financial difficulties. She stated, “The changes will have a wide-reaching and significant impact. Those who are most vulnerable financially will be hit the hardest, and obtaining credit will become more challenging.”

In addition to charging for basic checking accounts, Chase anticipates that services such as credit score tracking and financial planning tools may also come with fees in the future. While there is a possibility that adjustments to the regulatory framework could allow the bank to continue offering free services, as it stands now, customers should prepare for these changes to be implemented in the coming months.

Despite these potential changes, JPMorgan Chase reported record profits in 2023 for the sixth consecutive year, with a net profit of $49.6 billion for the full year.

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