JPMorgan on Durbin: Customers ‘May Be Pushed Out of the Banking System’

Many have wondered how banks might recoup losses if new debit card interchange fees are enforced by the Federal Reserve in response to the Durbin Amendment. Recently, JPMorgan CEO Jamie Dimon shared his prediction during the company’s quarterly conference call.
 
“We might just charge for checking,” he said, according to philly.com. “You might charge for debit. You might just have higher deposit balances… The general banking customer base may be pushed out of the banking system.”
 
Dimon and JPMorgan CFO Doug Braunstein estimate that number could be as high as 5 percent, according to Reuters blogger Felix Salmon. To read the complete transcript of JPMorgan’s quarterly conference call, click here.