I just discovered that Chase started charging me$12 monthly fee on my checking account. I endured loop-mode call to their Customer Service (where to enter you have to dial your debit card number, then your pin, then you’ll be directed – through 6 intermediaries – to a clerk who starts by asking for this information again, and then for your #SS and address, etc) and found out, from a creature named Nievel (?) that this is indeed a new policy they have installed in February. (S)he then proceeded to recite requirements for the fee to be waived and I couldn’t believe it. I searched their site for info and found it (it was not easy, as they hidden it pretty thoroughly). Here’s the quote.
To get the fee waived, the account must comply with the following:
Have at least one direct deposit of $500 or more made to this account. The
direct deposit, which must be an ACH credit, may include a payroll, pension,
or government benefit payment such as Social Security. Two or more smaller
direct deposits that add up to $500 or more do not qualify; or
Keep a minimum daily balance of $1,500 or more in this account; or
Have an average daily balance of $5,000 or more in this account or a
combination of this account and any deposit or investment accounts linked
with this account; or Have paid $25 or more in qualifying
checking-related services or fees. Otherwise,
Accounts opened in CA, WA, OR:$10
Accounts opened in all other states:$12
Are you nuts?! I mean, I keep this account TO PAY CHECKS. Of course I will have less than $1,500 daily balance on it! That’s the purpose of checking account – to be liquid and have a turnover. And I don’t have a direct deposit with anybody at the moment – btw, last I heard, businesses are not required to pay employees exclusively through direct deposit. So everybody who is not getting paychecks direct-deposited, in other words – freelancers and short-term contractors, or unemployed with $less-than-$500 weekly checks, or pensioners – are getting discriminated against those with steady flow of income and get robbed, monthly!
OK, I see I have to start shopping for a new bank. Any suggestions?
Keeping a joint checking and savings account would do it. I think IRA’s that you open with chase will also be counted into the total. So if you have an Ira account somewhere, you could try to have those funds moved to a chase IRA to bring up your total holding.
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I know it would. There is a reason I keep IRA and saving someplace else: the conditions and rates are much better there. My original account, when WaMu was sold to Chase, was called FREE Checking – I selected that on principle that it will not cost me and I don’t have to keep a minimum there – let alone a minimum of $1,500! And Chase then assured us, legacy customers, that they will not change the terms of our accounts.
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[…] charge: all it takes is a direct deposit of $500-plus every month, or a minimum balance of $1500. If your response to that is “Yeah, right, how often do I have $1500 in checking?” you ar… Are you nuts?! I mean, I keep this account TO PAY CHECKS. Of course I will have less than $1,500 […]
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