Subscribe for FREE Email Updates & Access To EXCLUSIVE Research!

JPMorgan Chase Eases Overdraft Charges Comforting Customers

By John F. Heerdink, Jr.

As per reports, JPMorgan Chase & Co (JPM) allows customers more space on overdrafts before charging fees, giving up revenue in a bid to attract customers and to keep up with competitors. The bank informed that beginning next year it will allow customers a full day to restore overdrawn balances and will also allow them to tap funds from direct deposits of paychecks two days early.

The bank’s decision comes after Capital One Financial Corp informed it will stop charging accounts for not having sufficient funds to cover drafts, a practice that is under scrutiny from the U.S. Consumer Financial Protection Bureau and other officials.

“We believe this set of changes puts us in a leadership position competitively,” stated Jenn Piepszak, co-CEO of the Chase segment of JPMorgan.

As per analysts, about 1% of JPMorgan’s revenue has come from overdraft fees. In August, JPMorgan relieved charges and eliminated fees for bounced checks and it allowed customers to overdraw their accounts by $50 before charging to cover the transactions.

JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

Stay Informed! Stay Competitive! Please join us at Vista Partners, and receive our FREE email updates throughout the week and view our exclusive content and research.

(Read Original Story: JPMorgan Chase reduces bank overdraft fees in bid for customers in Reuters)


Subscribe for FREE Email Updates & Access To EXCLUSIVE Research!

Connect with us