JPMorgan’s Lake Says Customers Should Be Willing to Pay for Bank Accounts – Report (NYSE:JPM)

JPMorgan Chase (New York Stock Exchange: JPM) Marianne Lake said customers should be prepared to pay for their bank accounts, according to a report in the Wall Street Journal.

Lake, who is the company’s CEO of Consumer & Community Banking and heads Chase Bank, said the bank already plans to charge Customers are now getting a number of free services in response to proposed new rules that would cap overdraft and late fees.

Chase Bank serves more than 82 million consumers and six million small businesses nationwide.

The Consumer Financial Protection Bureau (CFP) had finalized a rule that would reduce the late fees typically allowed by card issuers from $32 to $8 earlier this year. However, a U.S. district court judge temporarily halted the rule from taking effect in May after being asked by banking industry groups.

Lake believes that new rules that would limit overdrafts and late fees would make everyday banking much more expensive for all Americans, the report adds.

Federal agencies are pushing for more rules to cap fees paid by customers, including further limiting debit card fees and imposing caps on fees for financial technology companies to access and use bank customer data.

The company’s shares were up 0.3% in pre-market trade.