Chase Morgan bank announced it will start charging its former WAMU customers, a checking account service fee of $10, starting on February 8, 2011. The Chase Free Extra Checking account will be converted to Chase Total Checking (or Chase “Total Ripoff”).
To avoid the $10 monthly service fee, you have to meet one of the following criteria:
1. Have at least one direct deposit of $500
2. or more each month Keep a minimum balance of $1,500
3. or more in your checking account Keep an average balance of $5,000
4. or more in combination of deposit accounts with Chase and/
5. or investment accounts with Chase Investment Services Corp Pay $25 or more in qualifying account fees (not including the monthly service fee)
Yes, you’ll have to “work” for your free checking now. I still like the convenience of being able to deposit checks with their iPhone app. [continued below]....
If you’re unemployed, it can be challenging to meet any of these requirements, especially the one with direct deposit. Although California’s unemployment office is moving in the direction of delivering unemployment via debit cards instead of checks sometime this year.
What gives? Recently, the government started limiting certain banking fees, like overdraft charges. Now banks are looking for new ways to make money from us. To say that I’m livid is an understatement.
I’ve had this checking account for quite awhile for 11 years before Chase Morgan bought out Washington Mutual in 2008. Before it was Chase, it was WAMU. Before WAMU, it was Cal-Fed. What can you expect in this economy?
Other major banks will soon follow this trend if they haven’t already but some will grandfather in there older custumers and if your a student you entitled to free checking in most banks. Looks like I will have to take my money elsewhere, like a credit union or online bank. Time to explore other free checking options in the next post.
Chase Morgan is trying to ripoff its customers to tell them to leave more money in or we'll take $10.00 out each month as a service fee. Personal accounts you need $1500.00 and you have to use that debit card 5 times a month also. Business you have to leave in $5000.00 but Chase Morgan says if you have $5000.00 in your business account they'll waive the personals free. Nothing is free as this is a huge change to its customers.
Chase Morgan reported profits last October 2010 $4.3 billion in one quarter, that's plenty. And you they want all customers to pay for the makeover changes when they bought out Washington Mutual or WAMU, changing all the bank over with new furniture, signs, interior remodels on all the former WAMU banks, that cost over $600 million dollars which was wasteful to the customers for the merge makeover.
As banking with WAMU 11 years and now Chase Morgan making these changes I am closing all my accounts with them. This is a total scam and the bank is corruption consider all these government bail out they got during the recession crisis this is awful to ask people to pay this huge fees and the CEO is sitting making his huge salary and on top of that the customer service gets worse and worse.
Talk about hiring foreign workers overseas, call the phone service, you'll get automated voicemail and them you get nothing but customer service from India, Mexico, Canada as Morgan Chase is outsourcing American jobs for greed and profits.
How awful. I am ashamed as this bank and I am posting this because I am sad that the bank made this ripoff changes for the rich.
Go else where and find a bank that will not make stupid demands like this and find a bank they hires American workers instead.