Chase to stop issuing new debit rewards cards

By Becky Yerak
Posted Nov. 5, 2010 at 5:47 p.m.

Chase plans to stop issuing new debit rewards cards in February. An executive from the bank disclosed the plans Thursday at a banking event.

A Chase spokesman said Friday that the bank is still reviewing the program for existing debit reward customers.

Chase, Chicago’s market share leader in deposits, also said it has developed new ways for customers to bank without a monthly service fee — but only for consumers who have broader relationships with the bank or who keep balances.

It will charge higher fees for customers who don’t maintain sufficient balances or don’t do a sufficient amount of business with the bank, according to a presentation made by the bank. It didn’t provide any details on the monthly fees.

The bank spokesman said Friday that Chase will continue to issue debit cards as a convenience.

Chase and other banks have been hiking fees in response to new federal regulations that they say raise their cost of doing business.

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  1. steve Nov. 5, 2010 at 7:15 pm

    Thank you so much president Obama for forcing the banks to rape us now with charges for everything under the sun! Its great! Now the responsible person gets to pay for all of the idiots that bought houses they couldn’t afford.

  2. fusteve Nov. 5, 2010 at 8:26 pm

    thank you so much banks for brainwashing the american public into thinking that they were not responsible for the meltdown and they deserve things like a 4.4 BILLION 3q profit. steve – your corporate masters are pround

  3. Another Steve Nov. 5, 2010 at 8:29 pm

    Why is whenever a story like this published that you nutjobs always have to blame Obama? The real culprit in the housing mess can be laid at the feet of Bill Clinton who mandated relaxing the rules that carried over through the Bush administration to this day.

    Get over the fact that we elected a black man president.

  4. Edward Norton Nov. 6, 2010 at 8:35 a.m.

    Funny…..Banks and car dealers got a bailout but small businesses got NOTHING!!? Why you ask???? We do not line the pockets of the political machine,we just get the screwing and thumb screws to pay pay pay…REVOLUTION, the only way!!!!

  5. gibson96lp Nov. 6, 2010 at 10:24 a.m.

    STEVE, YOU ARE MY HERO!!!!!!!!

  6. Zach Nov. 6, 2010 at 11:40 a.m.

    Hey Steve (the first Steve) , Obama’s banking regulations make it harder for banks to rip off people. Now that the banks can’t make as much money by ripping off people, they have to make their money by charging fees and putting them out in the open for people to see.

    You don’t like Chase’s fees? Switch banks. That’s how markets work. Even better, join a credit union, then your money won’t be funding the corrupt bankers, and it will still be federally guaranteed.

    “Another Steve” is right…get over the fact that Obama is president.

  7. Steve Nov. 8, 2010 at 6:56 a.m.

    Join a credit union? You realize that credit unions pay zero federal income tax right? You realize that credit unions are granted non-profit status so they can support low income people or people that are in a closely knit group right? Yet the federal budget office has reported repeatedly that the credit unions DON’T even come close. Oh and by the way, do a google search for credit union fraud or real estate losses and see how you feel about credit union safety.