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JPMorgan Chase warns 86 million customers they might have to start paying for their bank accounts (finance.yahoo.com)
submitted 3 months ago by HailSeitan@lemmy.world to c/enshittification@lemmy.world
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cross-posted from: https://lemmy.world/post/17274141

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.

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[-] muntedcrocodile@lemm.ee -2 points 3 months ago

Never gonna happen so not really any point discussing it.

Btw im curious how is a wealth cap supposed to work. Hypothetically lets say thw wealth cap is $100 (u cant just define a number with fiat another bonus of xmr) own 100% shares in a company valued at $1 then build its value to $101 where does the extra $1 go? Does the government take it as tax? Can i simply give away my $99th dollar to my children friends fammilly etc so i nwver reach the cap. Can i transfer all my assets to a forign company that holds them on my behalf? Can i put it in a trust thats owned by a company thats publicly traded so all shair holders are below the cap but i have a contract with them to give me full control of the assets they hold for me?

[-] magic_smoke@links.hackliberty.org 3 points 3 months ago* (last edited 2 months ago)

Any extra money can go to family, charity, government its your choice within reason. There would of course be stipulations, the most important thing is that you no longer have control of the money.

That being said, if we wanna talk about corporations, then anything other than sole proprietorships should be employee owned co-ops.

If there's not one person with their head in the guillotine at all times to take responsibility for the company than it should be on the people who actually run it.

[-] muntedcrocodile@lemm.ee 2 points 2 months ago

Great in theory but i can just continuously give my money away to my family my dog etc as to nwver reach said wealth cap seems extremely exploitable.

[-] magic_smoke@links.hackliberty.org 1 points 2 months ago

By family I'm talking taxable adults who will also be subject to wealth cap. The richest of us own too much to spread it all around.

this post was submitted on 06 Jul 2024
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