Major U.S. banks, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and others, raised their prime lending rate from 6.75% to 7%, effective September 17. According to Sina Finance, the move followed the Federal Reserve's first rate hike in three years.

Bank of America said its prime lending rate rose to 7% from 6.75% on September 17, and Truist also lifted its prime lending rate to 7% on the same date. JPMorgan Chase, Citigroup, Wells Fargo, and other large banks made the same adjustment, with each raising rates by 25 basis points in line with the Fed's move.