Chase customers who don’t earn a lot or rely on paltry government benefits may soon have to pay a monthly fee on their checking accounts.
The bank started notifying customers this month that direct deposits will have to be at least $500 to qualify for a waiver on the $6 monthly fee.
The change, which takes effect Feb. 8, applies to basic checking accounts.
Chase said the $500 monthly requirement is for a single direct deposit; multiple direct deposits that add up to $500 will not qualify for the waiver. The monthly fee can still also be avoided if customers make five or more debit card purchases in a statement period.
And JP Morgan Chase does billions in business with the State of Illinois, no less!
It’s time for Illinois to cut the cord with Chase. Give the state’s business to an institution that’s not as blatantly out to stick it to the little guy.