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Chase Banking To Charge a Monthly Fee if you have less than $500 in your account!

HappyDude20

HappyDude20

macrumors 68040
Original poster
Jul 13, 2008
3,688
1,479
Los Angeles, Ca
I got a letter in the mail from chase banking saying something along the lines of new service fees coming our way for 2011; specifically starting in February.

I don't have that letter on me at the time of this writing but it went something along the lines of being charged a $12 monthly fee if your account has less than $500. And you're excempt if you have at least $2000 or have had good financial standing, regular flowing income within the past few months. Again, I'm paraphrasing here but nevertheless these new charges are ridiculous.

In about a month I'll be leaving to Tokyo where I won't be adding any cash to my chase account, only grabbing cash from it if need be and truth be told, these new charges are seriously making me consider moving to another bank.

..just wondering if I was the only one with Chase.
 
I totally hate Chase. They're the biggest bank in the world and have over 4 trillion in assets (last time I looked a few years ago). So they have all this money of their own and want to charge you more? Why am I not surprised?
 
SandboxGeneral said:
I totally hate Chase. They're the biggest bank in the world and have over 4 trillion in assets (last time I looked a few years ago). So they have all this money of their own and want to charge you more? Why am I not surprised?
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Settle down. Do you have chase? Have you received this letter? I have chase and I have seen nothing about this. Nothing on the website either.
 
all the more reason why I use a credit union. No fees, no balance requirement and better interested rates.

I bet my checking account has a better interested rate than YOUR best saving account. Checking account is what has my worse interested rate.

As for banks Wellsfargo and Chase I have found are the worse.
 
I got the same letter.

If you have deposits with them over a certain dollar amount (like an IRA or something), they won't charge you; or if you have your paycheck direct deposited.

It's not just Chase - many banks won't give free checking to people without a minimum balance or direct deposit.
 
Lots of banking choices--with lots of options--and fine print--as far as when fees apply. I have lots of assets with Chase and love it--no fees and interest on checking. You need to shop around and find a bank that fits your needs.
 
Link


In response to new regulations, banks are carefully guarding one of their most reliable profit streams: the fees they charge customers for basic banking services. And this may mean a wave of new penalties and fees for consumers, the Wall Street Journal reports.

As rules under last summer's Dodd-Frank financial reform begin to take shape, banks fear for their card businesses, the Wall Street Journal notes. Banks are considering a new set of debit card fees, in addition to fees on checking accounts. From the WSJ, a partial list:

Annual fees of up to $30 for people with debit cards.

Increased ATM fees for non-customers who withdraw money from a bank.

Penalty fees on checking accounts, imposed if customers fail to maintain a certain balance, or fail to meet a monthly direct deposit minimum. Chase already imposes such fees. Customers of the former Washington Mutual, now owned by JPMorgan Chase, will see these fees next month.

"If you bring us more business, you will get rewarded with better pricing," BofA spokesperson Robert Stickler told the WSJ. The bank has estimated that Dodd-Frank could cost it 80 percent of its debit card revenue, Bloomberg reported.

Consumers already have sufficient cause to resent the nation's big banks. As foreclosed properties cripple the housing market, lenders continue to be mired in a controversy of allegedly botched or faked mortgage documents. Among the biggest mortgage companies, Bank of America has the worst record, with just 21 percent of its eligible borrowers granted permanent mortgage modifications.
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bobr1952 said:
Lots of banking choices--with lots of options--and fine print--as far as when fees apply. I have lots of assets with Chase and love it--no fees and interest on checking. You need to shop around and find a bank that fits your needs.
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and I bet I have more interested on my checking account with my credit union than you do with your savings account with chase.

I think credit unions are by far better. Banks first interests is to their stock holders. Last interest is to the account holders. Credit Union first interest is to the account holders.
 
It really is hard for me to understand why people use these big banks. I left US Bank about a year and a half ago because I was sick of their fees and other bull *****. Small banks are the way to go.

OP, I would give chase the boot and switch banks before your trip.
 
HappyDude20 said:
I got a letter in the mail from chase banking saying something along the lines of new service fees coming our way for 2011; specifically starting in February.

I don't have that letter on me at the time of this writing but it went something along the lines of being charged a $12 monthly fee if your account has less than $500. And you're excempt if you have at least $2000 or have had good financial standing, regular flowing income within the past few months. Again, I'm paraphrasing here but nevertheless these new charges are ridiculous.

In about a month I'll be leaving to Tokyo where I won't be adding any cash to my chase account, only grabbing cash from it if need be and truth be told, these new charges are seriously making me consider moving to another bank.

..just wondering if I was the only one with Chase.
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Haven't gotten back from my trip so I haven't really seen a letter. I guess I'll find out soon enough. By the way, are these new charges for Savings, Checking or other type of accounts?
 
renewed said:
Settle down. Do you have chase? Have you received this letter? I have chase and I have seen nothing about this. Nothing on the website either.
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I had Chase, then dumped them for a local bank. I'm much happier now! :D
 
Wirelessly posted (Mozilla/5.0 (iPhone; U; CPU iPhone OS 4_1 like Mac OS X; en-us) AppleWebKit/532.9 (KHTML, like Gecko) Version/4.0.5 Mobile/8B117 Safari/6531.22.7)

OP: did you have wamu before it became chase? I signed up for chase in June 2009 and never had a fee because I have a credit card with them and never received a notice about new fees.

If I do see these fees, I'm going to switch to another bank asap, but I will miss my (apparently high) interest rates.
 
I've received the letter and I'm this close to dropping chase....

it's actually worse than the op says. you must have direct deposit of at least $500 monthly or a minimum of $2000 in your account to get out of their $12 monthly surcharge.

I have both requirements but just the fact that this coniving bank is doing this... enough is enough. they were forced to drop their ridiculous overdraft fee they charged everybody without their consent and then tried haggling everybody to add it back to their account, their retarded bankers stand at the door and hassle customers to sign up for accounts they don't want when they are just trying to make a simple transaction.

BOYCOTT Chase and their corruption!!!!!!!
 
steve2112 said:
Local banks and credit unions FTW. Megabanks suck and will take every available opportunity to screw you over. Did anybody really believe these banks weren't going to find ways around those new banking laws passed last year? I have no doubts Citi, BoA, and others will be right behind.
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I was also happy to learn that my local bank refused the TARP money from the government.. er... I mean the taxpayers.
 
I have a credit card through Chase and I've gotta say I feel they're kind of shady. Every month they send me a big sheet of checks I can write against my credit line, plastered with all kinds of deals and offers that sound great, but if you're not careful will result in mega huge interest charges being slapped all over your account. They're blatantly baiting people into messing up so the bank can cash in. Throughout the 'credit crunch' they kept regularly upping my limit despite the fact that I never even spent 50% of what they offered me—again, baiting me to spend more than I should have.
 
I used to have Chase up until I read "I Will Teach You To Be Rich" by Ramit Sethi. The book introduced me to the benefits of using an online bank such as Ally, ING, or Charles Schwab. I'm not sure with ING but I know that Ally and Schwab both offer free interest checking with no fees (including ATM fees). I really like Chase's iPhone app but the no ATM fees and free checking with Schwab or Ally make me a happy customer.
 
Bubbasteve said:
I used to have Chase up until I read "I Will Teach You To Be Rich" by Ramit Sethi. The book introduced me to the benefits of using an online bank such as Ally, ING, or Charles Schwab. I'm not sure with ING but I know that Ally and Schwab both offer free interest checking with no fees (including ATM fees). I really like Chase's iPhone app but the no ATM fees and free checking with Schwab or Ally make me a happy customer.
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I'm going to look into this. so when you make withdrawals at Chase atm's Schwaub reimburses you the fees? that sounds good
 
renewed said:
I for one love Chase. Just wanted a little balance in this bashing thread.
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Love a bank? Kind of extreme.

I'm a Chase customer for forever, about 32 years. Checking, savings and 2 credit cards. Only one issue which they promptly fixed over all those years. Shrug.
 
I went from a Chase and Citi card in college, with BBT checking/savings.


I've since switched to American Express and Discover, with pnc checking/savings.


The level of customer service isn't even on the same level. Amex, Discover, and pnc are GREAT!
 
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