Reported 2 months ago
Democratic Senators Elizabeth Warren and Chris Van Hollen have criticized JPMorgan Chase's plan to potentially increase checking account fees on 80 million customers to offset lost overdraft revenue. In a letter to CEO Jamie Dimon, they argue that the bank, which reported record profits and collected $1.1 billion in overdraft fees in 2023, should instead cut executive pay and stock buybacks. They are demanding transparency on any new fees and emphasizing the need to protect low- and middle-income consumers.
Source: YAHOO