Chase, Chicago’s biggest bank, is making changes to its basic checking account that could make it tougher to avoid a monthly service fee.
Beginning Feb. 8 , customers will need at least one direct deposit of $500 a month for Chase to waive its $6 monthly service fee. The direct deposit may include a payroll, pension or government benefit payment, such as Social Security.
Currently, a direct deposit of any amount qualifies.
As is the case now, customers can also avoid a monthly fee on a Chase checking account if they make at least five purchases using a Chase debit card in a statement period. ATM withdrawals don’t count.
Chase said two or more direct deposits that add up to $500 or more, but do not individually equal or exceed $500, do not qualify.
Chase said the Social Security Administration said that 93 percent of Social Security recipients receive at least $500 per month.
byerak@tribune.com
I think you should also note that unemployment checks probably will not reach the $500 mark. This eliminates.. let us guess…%9.8 of illinois unemployed? Smaller no fee banks will of course benefit from this move. Like downsizing the depositors? where does this make sense?
Too much. Why do the American people persist in allowing corporations to rip them off over and over again?
Close your accounts, move to a credit union if you can. Retail banks are little more than criminal enterprises at this point, and it’s foolish to use them.
I heard you can also avoid the fees if you stand on one leg and cluck like a chicken for 4 minutes every third Tuesday (but not more than 5 minutes, b/c that will result in an added fee of $6 every second Wednesday).
Bye Bye Chase. I meet your requirements but I’m sick of your crap. We don’t need you. YOU need us. Buy Silver, Crash J P Morgan.
yes bye bye chase we don’t need you you need our business i will be closing my account soon with chase . it is so shame . how these big corporation and insurance company can do what they want do . and still their executive get big fat bonus . Govt. should control some thing
I have been a customer with this bank when it was 1st National Bank of Chicago, over 40 years. A 2nd joint acct with spouse established over 34 yrs ago. I was an employee of the bank when it changed from Bank One to Chase. My pension check is less than the required amount for 2/8/2011. That’s a shame. This is what another well known bank did over 10 yrs ago. Chase knows just weed out the none productive accounts. Also want to complain about how Chase double charge fees. If your company has a corporate account with Chase, you want to cash your payroll check. The company pays Chase a corporate acct fee and Chase charges a cashing fee of $5.00 if u don’t have a checking account with them. The corporate acct fee should be enough! U think?! More money or WHAT?! I’m tired of this!!
Any bank like Chase changes it’s fee structure to reduce non profitable accounts. Simples as that. If you do not have large balances, they are not interested.
After eceiving the NEWS from Chase bank, I paid a visit to my local branck. After they explained all the new FEES to me, I said thank you, been bad to know you, took my money and ran.
I have three accounts with them. Not because I have lots of money but rather because I have to set them up this way. (government requires it) I spoke with Chase to see if there was anyway to waive the service fee but to no avail. So Chase will be losing three accounts from me alone and I hope many others do the same!!!!!