JPMorgan’s Lake says customers should be ready to pay for bank accounts-report (NYSE:JPM)

JPMorgan Chase’s (NYSE:JPM) Marianne Lake said customers should be prepared to pay for their bank accounts, a Wall Street Journal report stated.

Lake, who is the CEO of Consumer & Community Banking in the firm and runs the Chase Bank, said the bank is already planning to charge customers for a number of now-free services in response to new proposed rules that would limit overdraft and late fees.

Chase Bank serves more than 82 million consumers and six million small businesses in the country.

The Consumer Financial Protection Bureau had finalized a rule that would lower the typical late fee allowed by card issuers to $8 from $32 earlier this year. However, a U.S. district court judge temporarily stopped the rule from coming into effect in May after being moved by bank industry groups.

Lake believes the new rules that would cap overdraft and late fees will make everyday banking significantly more expensive for all Americans, the report added.

Federal agencies are pushing more rules to cap fees paid by customers, including limiting debit card fees further and charge caps for fintech companies to access and use bank customers’ data.

Shares in the company were up 0.3% in premarket trade.