The majority of people with checking accounts (73%) take advantage of the option, according to a 2023 Bankrate.com survey.
But if regulatory costs go up for banks, free services like checking may go away, at least if they follow Chase’s lead.
Marianne Lake, the head of Chase Bank, told the Wall Street Journal last week that Chase might stop offering free checking and other free banking services.
“Consumer banking is predicated on banks providing services for free to consumers such as checking accounts, debit cards and electronic bill paying.
Or, if those costs do rise, maybe some banks might decide for various reasons not to eliminate free checking.
Persons:
Marianne Lake, Chase, Jaret, ”, Adam Rust, Rust, Bankrate, “, ” Rust
Organizations:
New, New York CNN, Chase Bank, Wall, Consumer, TD Securities, Consumer Financial Protection, Federal Reserve, Consumer Federation of America, Fed
Locations:
New York