So reports WSJ’s Alexander Saeedy (behind paywall). Excerpt:
[Chase executive Marianne] Lake is warning that new rules that would cap overdraft and late fees will make everyday banking significantly more expensive for all Americans.
Lake said Chase is planning to pass on the costs of higher regulation and charge customers for a number of now-free services, including checking accounts and wealth-management tools, if the rules become law in their current form. She expects her peers in the industry will follow suit.
* * *
This isn’t the first time banks have said they would pass on higher costs to consumers when regulators have attempted to cap their fees. In 2010, after the post-financial crisis overhaul of bank regulations, lenders warned that they would levy fees on debit cards because of a cap on some card charges—but few ended up doing so because consumers threatened to move their business. Some consumer advocates say this time is no different.
