Customers of Bank of America, one of the largest in the United States, could soon have to pay a fee for previously free services if the bank decides to pass on the costs of new regulations from the Consumer Financial Protection Bureau to their accounts to limit overdraft and late payment fees.

According to Marianne Lake, executive director of Consumer & Community Banking (CCB) and member of the JPMorgan Chase Operating Committee, the most affected will be clients who cannot afford to pay these costs.

She added that “the Consumer Financial Protection Bureau proposes an $8 limit for late credit card payments and a $3 limit for overdraft fees.”

Additionally, the agency is considering setting a limit on debit card fees as well as the amount banks can charge companies like Venmo and CashApp to access and use customer data.

Lake stressed that it is very likely that services that users are accustomed to accessing for free, such as their “checking accounts, credit score trackers and planning tools,” will become paid.

M.Pino

Source: revistaeconomia

(Reference image source: Unsplash+, in collaboration with Getty Images)

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