The potential charges, says Marianne Lake, CEO of consumer and community banking at JPMorgan, are a result of new regulatory rules that cap overdraft and late fees. Lake says Chase will be passing along those increased expenses to customers, which would put an end to now-free services such as checking accounts and wealth management tools. And she says she expects other banks will follow suit.

  • OldWoodFrame@lemm.ee
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    5 months ago

    Only insofar as you would say they destroy money supply when a loan is repaid. They just create a credit and a debit that cancel out.

    • davel [he/him]@lemmy.ml
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      5 months ago

      Correct, the principal is essentially destroyed on payment. Once the loan is payed off, all the money that the bank had originally created has been destroyed.