TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Chase, and other banks, may end free checking.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:05The Dow flirted with a new all-time high for the first time in two months as investors spread the love beyond tech.
00:13The start of earnings season didn't hurt. JPMorgan Chase and Citigroup both topped quarterly forecasts.
00:18Wells Fargo, however, suffered a drop in profits on the earnings calendar for the coming week.
00:23Goldman Sachs, Bank of America and Morgan Stanley.
00:27Sticking with banks, free checking at your local branch may be in jeopardy.
00:31Marianne Lake, head of Chase Consumer Bank, says her bank might start charging for checking accounts and other services due to higher regulatory costs.
00:40Other banks could follow. She told the Wall Street Journal the bank has to recoup that money somehow and quote,
00:45the people who will be most impacted are the ones who can least afford to be and access to credit will be harder to get.
00:52Banks are facing new limits on charges and fees.
00:55The Consumer Financial Protection Bureau wants to cap credit card late fees and overdraft penalties.
01:01And the Federal Reserve is mulling the idea of limiting how much banks can charge merchants for debit card transactions.
01:08Consumers forked over roughly six billion dollars in overdraft and other penalties in 2023, according to the CFPB.
01:15That does not include ATM fees, credit and debit card fees and digital transaction fees.
01:21But some experts question if no free checking can become a thing,
01:26since intense competition is already forcing banks to fight for every deposit-making customer they can get.
01:33That'll do it for your daily briefing from the New York Stock Exchange.
01:36I'm Conway Gittins with The Street.