Chase starting to charge $12/Month for a Checking acct.

[stv17]

I just received a letter from Chase bank where i have my acct. that Chase is starting to charge $12/Month service fee for the Checking acct.

There are 3 options to avoid the fee
1- Have $500 or more in monthly direct deposits.
2- Maintain a $1,500 beginning day balance.
3- Keep at least $5,000 across Chase accounts.

While most people have 1 of the above, i think it's very unfair to a lot of average folks.
My chase banker told me recently, we have fees for everything.

[Euclid]

I just received a letter from Chase bank where i have my acct. that Chase is starting to charge $12/Month service fee for the Checking acct.

There are 3 options to avoid the fee
1- Have $500 or more in monthly direct deposits.
2- Maintain a $1,500 beginning day balance.
3- Keep at least $5,000 across Chase accounts.

While most people have 1 of the above, i think it's very unfair to a lot of average folks.
My chase banker told me recently, we have fees for everything.

This is new? I opened a chase checking account about 15 years ago and they had a similar fee.

[AsherO]

This is new? I opened a chase checking account about 15 years ago and they had a similar fee.

+1, I'm surprised too that you're only getting this now. I was a WaMu (OBM  ) customer for years, and Chase took over WaMu like 13 years ago. Sooner or later my account type was changed to Total Checking and I was subject to similar terms to the OP.

Your options:

• Figure out which requirement is easiest and make sure you're hitting it every month
• Vote with your feet and take your business elsewhere. If your balance is below $1,500 Chase won't miss you anyway
• Suck it up and pay the exorbitant/rip-off fees, a money grab on Chase's part, the proverbial tax on the poor

Corporate America is greedy, and potentially maintaining millions of unprofitable accounts is a huge hit to their bottom line, so most of the biggest banks do this.

[stv17]

I just received this letter today....did not know that this was standard policy.

[as2]

It's possible you've always met one of those requirements until now, and now you no longer do, so they are notifying you. I know this has been the case with my account since day one (10+ years ago).

[stv17]

It's possible you've always met one of those requirements until now, and now you no longer do, so they are notifying you. I know this has been the case with my account since day one (10+ years ago).

I did recently opened an acct. with a different bank and started keeping less in my chase acct. and figured i'd keep it open because i have this acct. for over 25 years.

[AsherO]

I did recently opened an acct. with a different bank and started keeping less in my chase acct. and figured i'd keep it open because i have this acct. for over 25 years.

It's clear from the letter that they're changing your account from Chase Checking to Chase Total Checking.

Just like I said:

+1, I'm surprised too that you're only getting this now. I was a WaMu (OBM  ) customer for years, and Chase took over WaMu like 13 years ago. Sooner or later my account type was changed to Total Checking and I was subject to similar terms to the OP.

[Spoon]

• Vote with your feet and take your business elsewhere.
  

This.
Just switch banks. There's no reason to be loyal to them[/list]

[Euclid]

This.
Just switch banks. There's no reason to be loyal to them

It's possible that having a (seasoned) Chase checking account can help when it comes credit card applications etc.

[madhocker]

Received a similar letter over shabbos regarding chase business account. They raised the minimum deposit balance to 2000 from 1500 in order to avoid the maintenance fee...

[Square]

Received a similar letter over shabbos regarding chase business account. They raised the minimum deposit balance to 2000 from 1500 in order to avoid the maintenance fee...

But added a gem that you could waive the fee, with spending 2000 on a ink credit card

[Yo ssi]

It's possible that having a (seasoned) Chase checking account can help when it comes credit card applications etc.

Still awaiting a DP on that. Are you suggesting age of the account matters?

[Euclid]

Still awaiting a DP on that. Are you suggesting age of the account matters?

I don't know for certain. Only have my personal experience- have been a Chase checking customer for 15 years and have had countless cards and have never had an issue with my applications, shutdowns, etc.

[Spoon]

It's possible that having a (seasoned) Chase checking account can help when it comes credit card applications etc.

The opposite is true as well. Usually if they flag a checking account they shut down all credit cards as well.

[CountValentine]

The opposite is true as well. Usually if they flag a checking account they shut down all credit cards as well.

Like I would know. 

[shwarmabob]

Banks have been like this for a long time. Switch to a credit union to avoid it. They require you to maintain $5 in your account

[ExGingi]

Banks have been like this for a long time. Switch to a credit union to avoid it. They require you to maintain $5 in your account

AYLOR about using a Credit Union.

There are banks with no minimums and no monthly fees.

I just discovered https://www.myrepublicbank.com/business/business-checking (which seems to be run by the same guy who ran Commerce Bank until it was taken over by TD Bank - also same color scheme as Commerce Bank).

I personally use nbkc.com for business checking and USAA for personal checking. For personal checking Schwab can be a good alternative, and I'm sure there are many others. And if you want to keep your Chase checking account, you can set up a monthly transfer of $500 into it from another bank that allows for ACH transfers, and you avoid the Chase monthly fee. I've been doing that for years.

[Spoon]

Banks have been like this for a long time. Switch to a credit union to avoid it. They require you to maintain $5 in your account

Cap1 360 has no fees and no minimums

[Avid Reader]

I just received this letter today....did not know that this was standard policy.

I got this letter as well over the weekend. It seems they're removing the option of 5 debit card purchases to waive the fee. I had this option with my account.

AYLOR about using a Credit Union.

What's could be Halachikly wrong using a credit union?

[yungermanchik]

What's could be Halachikly wrong using a credit union?

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