Chase Bank wants another bailout?

[free1]

Chase Bank took over Washington Mutual and their free checking accounts, but now want to charge a monthly fee of $12 for a "FREE" account.


Please sign the Groubal ! Call them and tell them you will be closing your account!


Didn't they already get bailout money from everyone? This is how they repay people? Didn't they get enough?

Link and text:
http://www.groubal.com/chase-bank-wamu-12-fee-for-free-checking-accounts/

CHASE Bank (Formerly Wamu) has sent notices to all of its customers informing them of new changes/fees taking place in the new year.

If you currently have a "FREE CHECKING" account, it will no longer be "FREE" unless you meet the following criteria:

A monthly direct deposit of $500 or more OR a miniumum daily balance of $1500 or more OR $5,000 or more in an investment account.

If you DO NOT meet any of these criteria, your account will be billed a monthly $12 FEE.

All "Chase Free Checking" acounts will be renamed "Chase Total Checking"

I feel this is absurd. I signed up for FREE checking, so I dont understand how they can have the audacity to change the rules.


One comment I like:

"I think it's ridiculous that in a tough economy the answer that chase found was to penalize the poor for being poor. Not cool at all. I will be closing my account with them before 02/08/11."


Find a better bank - possible good resource
http://moveyourmoney.info/find-a-bank

[Sentient Void]

Honestly they are probably charging 12 per month on 'free' accounts because they don't want those free accounts any longer. They're probably unprofitable. I'm sure they hce a good idea that those in the 'free' accounts don't want to pay 12 per month to have a basic checking.

There are tons of competitors available that will give people legit free checking (as long as you maintain a reasonable minimum balance), or at least very cheap checking. Business can be easily taken somewhere else.

No need to try organize a boycott for that IMO, people will make the right decision on their checking accounts.

The title of this thread was very misleading btw.

[roho76]

Honestly they are probably charging 12 per month on 'free' accounts because they don't want those free accounts any longer. They're probably unprofitable. I'm sure they hce a good idea that those in the 'free' accounts don't want to pay 12 per month to have a basic checking.

There are tons of competitors available that will give people legit free checking (as long as you maintain a reasonable minimum balance), or at least very cheap checking. Business can be easily taken somewhere else.

No need to try organize a boycott for that IMO, people will make the right decision on their checking accounts.

The title of this thread was very misleading btw.

I agree for the most part except the part about not being profitable. Bank loan out my money at interest. If this is not profitable then I'm living in the twilight zone. They are just greedy and want to change the rules on their existing customers. People should move their accounts elsewhere though. Fuck em.

[james1906]

My wife and I both had Wamu accounts. I got sick of Chase's BS quickly and left. Hopefully she'll leave now too.

[jtstellar]

take whatever economic observation you want to get out of this with a grain of salt.. keep in mind these are failed banks with failed people who don't know how to run sustainable businesses being propped up by the government.. not all of their decisions make economic sense.. and you certainly shouldn't expect customer service from people who don't know how to run a business properly

[Jordan]

I agree for the most part except the part about not being profitable. Bank loan out my money at interest. If this is not profitable then I'm living in the twilight zone. They are just greedy and want to change the rules on their existing customers. People should move their accounts elsewhere though. Fuck em.

Checking accounts are horribly expensive for the bank to maintain. And checking accounts have greater up and down fluctuations in their balances which makes lending that money out more difficult.

Even my credit union will start whacking at checking accounts after very brief amounts of time of inactivity. Granted, they don't start charging monthly fees, but they do tell you they'll close them if left unused for too long.

[free1]

Bump

[Bern]

The JPMorgue is getting desperate. The buy (physical) silver campaign seems to be really roiling them.

[Brian4Liberty]

The JPMorgue is getting desperate.

Yeah, it should be pointed out that this is JP Morgan, and they have no interest in actually being a "bank" for the common people. Close your accounts and open a new account at a good Credit Union.

[Bodhi]

Close your accounts and open a new account at a good Credit Union.

I agree, everyone here if they have an account with Chase should close it and find a local bank or Credit Union. I have been with a Credit Union for well over a decade and could not be happier. I once had my card sucked up by an ATM in Europe. I phoned the Credit Union and the representative was more than happy to FedEx me a new card the next day at no charge. Absolutely great customer service. I never had that when I was banking with BofA.

[coastie]

I agree, everyone here if they have an account with Chase should close it and find a local bank or Credit Union. I have been with a Credit Union for well over a decade and could not be happier. I once had my card sucked up by an ATM in Europe. I phoned the Credit Union and the representative was more than happy to FedEx me a new card the next day at no charge. Absolutely great customer service. I never had that when I was banking with BofA.

WOW-I have to wait at least 2 weeks for a new card with my credit union-no matter what happened. Coastie is jealous.:o

[Icymudpuppy]

I used to have an account at Seattle First Bank. Then BOA bought them out. I hated BOA, so I left. If your local bank is bought out by a big national, then it is time to leave.

[Humanae Libertas]

Banks are getting greedy because people are being more responsible with their money. Making profit over overdraft fees isn't cutting it, so now they want to charge you for having a checking account. I'm thinking of leaving Bank of America, they recently started charging monthly fees for Checking accounts.