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Beware: New Fees on Chase Checking Accounts

by on February 9, 2011 · 9 comments

in Chase, Continental

One of Chase’s best deals last year was the 25,000 mile sign-up bonus on Personal and Business checking accounts. All you had to do was either utilize direct deposits or use your check cards 5 times a month to avoid fees.

No longer. You now need to have one of the following to avoid monthly fees:

Chase Premier Checking (what most Continental debit card checking accounts were opened as):
Maintain an average daily balance of $15,000 or more in linked deposits7/investments, otherwise a $25 monthly Service Fee

Chase (JPMorgan Chase & Co.)

However it looks like you can downgrade to a: Chase Total Checking account which has no fees if you:
Have a monthly direct deposit of $500 or more
OR, maintain a $1,500 minimum daily balance
OR, maintain an average daily balance of $5,000 or more in linked deposits/investments
Otherwise, a $12 Monthly Service Fee applies ($10 in CA/WA/OR).

Business Accounts:
Maintain an average daily balance of $7,500 or more
or Minimum daily balance of $5,000
or Maintain a Chase personal checking account
or Purchase $1,000 a month on your business credit card
or Pay $50 or more in fees

I actually use both personal and business checking accounts and it looks like if I downgrade my personal account to the Total Chase Checking, it will also exempt me from business checking fees. Although, I have to say Chase has been pretty shady lately. I noticed a random $25 a month “invoicing” fee showing up on my accounts and I had to call to get it removed. Lo and behold the next month the fee was back in both accounts and the Chase reps brushed it off saying, “usually false charges happen again even after we turn them off.” Really??

I like Chase’s coverage in NYC and other major cities like LA, so it works pretty well for me. I’m not sure other banks are much better, so I may just stay with Chase (sleeping with one eye open, of course).

I personally use mint.com and they alert me anytime I get a fee. This service allows me to keep a better handle on any suspect charges.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author.s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.

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  • Tao

    They charged $65 annual fee on my personal checking account. I wrote an email to them through the secure message center. I’ll see how they respond.

    PS, how long does it take for the 2 award nights of Hyatt to be posted? My first billing cycle just closed, nothing showed up on the statement, nor in my Hyatt account.

  • Sergey

    Thanks, The Points Guy. I am quite concerned about such fees, since I was under impression that 5 debit purchases still remove a monthly fee. I see the following in my Chase Checking statement:

    =======
    With statement periods beginning February 8, 2011, if you use a direct deposit to waive your monthly Service Fee, you will need to have at least one direct deposit of made to your Chase Checking account during your statement period . The direct deposit, which must be an ACH credit, may include a payroll, pension or government benefit payment, such as Social Security.

    In addition, you can continue to waive your monthly Service Fee on Chase Checking accounts if you have five or more purchases using your Chase Debit Card or Chase ATM Card that post to your account during your statement period. (ATM withdrawals or cash advance transactions do not count.) Otherwise the monthly Service Fee will apply, which remains at $6.
    =======

    Does your post about different kind of Checking account? I opened mine as a part of Continental deal (Regular checking account).

  • JohnnieD

    Does this apply to new accounts only? Or all accounts?

  • http://frequentlyflying.com Frequently Flying

    I’m traveling right now, but I swear I read the notice when it arrived with one of my recent monthly statements. It is my understanding as a Continental Chase Checking Preferred Debit account holder (1 mile/$1 charged) that I need to have a monthly direct deposit of at least $500.

    Again, I could be absolutely incorrect, but your post scared me into looking at it as soon as I get home!

  • The Points Guy

    I just called Chase and they told me that since my personal account is linked to my business account, I won’t receive fees.

    Also, with my business account, as long as I continue to use the debit card 5 times a month, I won’t receive fees.

    So it seems like these new requirements are for new accounts, but I’d still encourage everyone to check with Chase and monitor their accounts closely for any fees.

  • Bryan C.

    PointsGuy,
    I use USAA for all my financial needs. I have been banking with them for 15 years. I once had a BofA bank account in college and I vowed after that debacle that I would never use anyone besides USAA for any banking. They used to be exclusively only for the military but they now have opened their doors to anyone. I know they don’t provide bonuses for use of their debit card besides their in-house rewards program (1 pt/$1). However, they don’t charge fees for any services and since they don’t have any ATM’s they reimburse you upto $15 on 10 ATM usages per month. Let me emphasize, they will pay upto $15 of the other Bank/ATM owners fees per month and never charge you themselves!!! They provide free checking and free paper checks for those who still use them.

    http://money.cnn.com/galleries/2011/pf/1101/gallery.least_evil_banks/3.html

  • http://frequentlyflying.com Frequently Flying

    Just to follow-up on my previous comment:

    I looked at my last statement and it states I only need the $500 direct deposit or 5 non-PIN debit card transactions per month to maintain a free account. Otherwise the fees are in line with the Chase Total Checking amounts you have listed in the post.

    Phew… breathing easier about my Continental Chase Checking account, as there would be no way I’d maintain $15k!

  • http://www.facebook.com/profile.php?id=100003003505198 Lloydie Vuitton

    I wanted to sign up for a Chase Checking Account as I am heading out to leave Bank of America… but this article made me think twice. :(

  • Stephen Smith

    I’m leaving CHASE since they ding me with 15 dollars fee every month for my business account. I’ve already close my BofA account. I’m going with credit unions if they’ll accept an account for a small business.