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NEW YORK — JPMorgan Chase’s decision to introduce new fees for financial technology companies accessing customer bank data is raising concerns across the fintech sector, with several CEOs warning that the costs may ultimately be passed on to consumers.
The fees, set to take effect within weeks, target data aggregators such as Plaid and Yodlee, whose platforms connect fintech apps to users’ bank accounts. These aggregators have historically accessed customer data at no cost, enabling services like budgeting, investing, and subscription management.
Fintech executives told Forbes that the added expense could force companies to raise subscription prices or eliminate free features. Rocket Money CEO Haroon Mokhtarzada said, “Consumers are going to take the hit in the end. That’s just the way these things work,” noting that his company may need to charge for services that are currently free.
JPMorgan cited infrastructure costs, fraud prevention, and data security as reasons for the new charges. The move marks a shift in how major banks interact with third-party platforms amid growing scrutiny of open banking practices.
Negotiations between JPMorgan and data aggregators are ongoing, but no agreements have been finalized. Industry analysts warn that similar fee structures could soon be adopted by other large banks, reshaping the economics of consumer-facing fintech services.
