J P Morgan to Charge Fintechs for Bank Data Access, Disrupting Industry Model

NEW YORK, July 2025 – J P Morgan Chase, the largest U.S. bank, is preparing to introduce fees for third-party access to customer bank account data, a move that could have sweeping implications for the fintech industry, according to a Bloomberg report. 

The bank has circulated pricing details to data aggregators like Plaid and MX, who serve as intermediaries for fintechs such as Venmo, Coinbase, and Robinhood. These platforms depend heavily on real-time access to bank data for transactions and user services. 

Fees will be tiered based on data usage, with higher charges for payment-focused firms, potentially translating to hundreds of millions in annual revenue for the bank. J P Morgan emphasized that these charges support its efforts to build more secure infrastructure for consumer data. 

The proposed fees are set to roll out later this year, pending the outcome of ongoing regulatory developments from the Consumer Financial Protection Bureau (CFPB), which has sought to enforce free access to customer data as a consumer right. 

J P Morgan CEO Jamie Dimon has defended the move, arguing that third parties profit from bank systems and should pay for access. The decision follows the bank’s February refusal to share detailed credit data with U.S. regulators, raising broader transparency concerns.