American Senate members accuse Jpmorgan Chase, Bank of America, Wells Fargo, Citibank, US Bank, PNC and Trueist from the “smell”, reaching $ 1,000,000,000 of standard profits while paying smoked peanuts
Two American lawmakers accuse seven of the largest American banks by total assets that fail to pass the benefits of high environment rate for customers.
In a letter to the CEO of Bank of America, Sigitanck, JPMorgan Chase (JPMC), the American Bank, PNC Bank, Truist and Wells Fargo, US Senate members Elizabeth Warren (D-Mass) and Jack Reed (Dr.i) He says The lenders have increased the interest rates they receive for borrowers while maintaining the prices they pay for low savings accounts.
“The price deposit prices always fails the rate of federal funds, but this gap is greater for large bank customers compared to regional and community banks.”
Warren Raid is both a member of the Senate Committee for Banking, Housing and Urban Affairs.
According to Senate members, the seven banks made record profits of $ 1 trillion in 2023 by “imposing fees on borrowers more, paying savings a little, and the benefits of the pocket paid by the Federal Reserve.”
Warren Ward says that the executives of the seven huge banks did not retain their speech after the testimony before the US Senate three years ago that they would scatter interest rates on savers.
The CEO of the largest American lender by the assets, Jimmy Damon, says Senators, says
“When the federal reserve began collecting the federal funds in March 2022, JPMC was very fast in increasing interest rates imposed on borrowers on real estate loans, car loans and credit cards.
In September 2022, you [Dimon] He testified before the Senate Banking Committee that you also expected the rates of JPMC to savers – albeit at a slower pace.
At that time, JPMC was receiving 6.98 % against a mortgage, and 18 % to 27 % for credit card, while its customers pay 0.1 % at the request to deposit the request.
But after two years, despite your testimony, the interest rates at JPMC have not budged. While JPMC interest rate on the balances it keeps in its own federal reserve accounts has increased from 3.15 % to 4.4 %, JPMC customers continue to earn 0.01 % minimal over their savings. “
American Senate members also The heads of Wells Fargo, Bank of America and Touist were accused of maintaining interest rates that savings holders earn “0.01 %” although lenders are born between 3.15 % to 4.4 % on federal reserve balances. The executives of PNC, Citi and US Bank are also accused of maintaining interest rates on savings accounts by 0.02 %, 0.03 % and 0.05 %, respectively, with more than three hundred bank balances with the Federal Reserve.
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