# Anyone else closing their Chase account?



## ◄ Jess ► (Apr 21, 2010)

I'm heading to the bank today to close my account. I got a letter that starting in February, they will begin charging a $10 monthly fee if you don't have a $500 direct deposit, balance of at least $1500 or average balance of $5000. Ugh! Needless to say, I don't fall under any of those. I probably would have completely missed the letter if one of my friends hadn't warned me ahead of time. Hopefully anyone else with chase accounts noticed and read the letter. I'm kind of bewildered why they're instating this fee, since it seems like a lot of people will be closing their accounts. I hope this isn't something that all banks are going to start doing, since I honestly can't afford it.   Your thoughts?


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## jhanel (Dec 22, 2010)

Aside from writing, I keep my pulse on financial issues. =)

This is a trend that is NOT going away soon. Why? Because banks are greedy little buggers. I don't mean your down-home mom-and-pop banks. I mean the big corporate entities that span from coast to coast. Their job is to squeeze every penny they can from each of us. No, really... it's in the job title and everything. 

My recommendation, go find a local credit union! My CU is insured, and they treat me like family, not a number. I wrote a check last week on a closed account by mistake. I snatched up the wrong checkbook in a hurry and didn't notice which one I'd grabbed. At a "big-box-bank", they would have denied payment (causing my friend woes and fees for trying to deposit a bounced check), then charged me several fees to "remind me not to do that again." 

I can't afford fees right now. Neither can my friend. That's why I wrote the check to begin with!! To help him out.

But my local CU didn't do that. She called me up. I know her by name, and she knows me by name and has my phone number handy. "Hey Jerry... did you write check XYZ on your old account or is this a fraud attempt?"

I looked in my book and apologized profusely. I had actually done it. I felt two-inches tall.

"Oh, no worry." she said. "We'll transfer that to your new account, and just make a note on the old account as to what happened."

I then told her to let me know what the fees were so I could make sure to cover them. 

"Fees?" she laughed. "What fees? We just wanted to make sure that you were covered and it wasn't someone trying to hack your account. Just... go back to work, Jerry and leave it to us. We've got you covered."

You will NEVER get service like that from a big-box-bank.


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## Forster (Mar 9, 2009)

Does this affect the Chase Amazon card?  I don't think I got a letter but I tend to chuck anything that may look like a CC solicitation.


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## Alle Meine Entchen (Dec 6, 2009)

we are going to close our accounts, but for an entirely different reason.  DH has a job w/ United bank (started last month) and as an employee, he gets a free account, safety deposit box, etc.  Why pay for something when you can get it for free?


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## ◄ Jess ► (Apr 21, 2010)

I don't think so, Forster. I believe it just applies to the basic checking accounts, but I could be wrong.

That sounds like such a better idea, jhanel. That's my plan once I settle down. I graduate from grad school in 4 months and I'm not sure where I'll end up after that. A credit union sounds so much more pleasant, though!


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## Steph H (Oct 28, 2008)

It's sad, but I can't say I'm really surprised.  With all the new rules that went into effect to protect consumers on credit cards earlier this year, which essentially cut back on a lot of the fees the banks were charging there without people really knowing, they have to make up the income somewhere.  

Jerry's got a good idea about the credit union.  Back in the old days when they were first set up, membership criteria was pretty strict, but that's changed in the last 10 or so (?) years and from what I read, it's a lot easier to get into one now.


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## jhanel (Dec 22, 2010)

Yeah. Most CU's still have the "must meet the criteria" clause. But the criteria has changed to read something like:

"Must live within the city limits of ...."

or 

"Must have a child that attends oen of the following schools..." which then lists all of the schools in the county/state.

Seriously, go check them out. It's a great way to not only save money, but to also take back some of your rights with your money. ... And they're generally VERY nice people. =)


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## Andrew Kaufman (Jun 16, 2010)

Sadly, this is a very common trend with banks. It seems they're trying to find every way they can to make an extra few bucks from their customers. Not a great way to improve relations, and in the end I would suspect they'll end up losing money instead, after people begin closing their accounts. I suggest trying your local credit union--they seem to be much more fair.

Drew


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## Forster (Mar 9, 2009)

Jessica Billings said:


> I don't think so, Forster. I believe it just applies to the basic checking accounts, but I could be wrong.
> 
> That sounds like such a better idea, jhanel. That's my plan once I settle down. I graduate from grad school in 4 months and I'm not sure where I'll end up after that. A credit union sounds so much more pleasant, though!


*facepalm* I read CC into your post without it being there, lol.

BTW all the Credit Unions I've had accounts with over the years have been great. I'm currently at Wells Fargo cause when I got my mortgage with them I got free checking with interest, not that it pays a lot of interest mind you. I don't know what will happen with the account in a few years when my mortgage is paid off. Fees probably.


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## Tripp (May 28, 2009)

My DH and I have been talking about transferring from a national bank to our local CU for this very reason.  This posting has decided me that we will do this in 2011.  The national bank treats us like dirt and we have been with them (or the local bank they took over) for 21 years and you would think we had been with them for 21 days.


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## Atunah (Nov 20, 2008)

I swear, this bank stuff is making me pull my hair out. For years I had an account with which was I think the first internet bank, it was called Netbank. Never had any problems, all free, interest on checking. Then they went under in that first wave of financial collapses. They were bought by ING. Ok, so I thought, should be fine, its an internet bank too, free checking, interest bla bla. 

Well, ING requires you to link a brick mortar type account to their account. Since I came from Netbank, they gave me a little time. So I opened an checking with WaMu online, just so I could link it with ING. The WaMu was also free checking, no fees. 

Well of course WaMu went under and now my itty bitty account was bought by, you guessed it Chase.  . Chase does not have a totally free checking account. So they gave us a grace period. They called it free checking and with the documentation they can change it at any time  . I got a letter saying if I don't make a transaction, they will put me on the whatever their regular checking is. 12 dollar fee unless you have 1500 in it. I don't of course. So I transfered some money from chase to ING and now I have to wait and see if that did the trick. Otherwise I will have to close that account and find another one to link to my ING 

AHHHHHHHHHHHHHHHHH


I am about to stuff everything in a mattress


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## Thumper (Feb 26, 2009)

Chase's new fees don't surprise me. This is the bank that, after all, closes credit cards when they're paid off--especially if the customer has maid far more than on-time minimum payments. Can't make any money off of the financially responsible...

My son just closed his checking account with them. It's not even a matter of affording the fees, it's the principle.

I'll stick with my credit union and with USAA...


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## angelmum3 (Sep 12, 2010)

another CU member here - we were hesitant at first too - but the more we use the services, the  more we wondered what took so long... on other message boards people have posted that they didnt like their CU - but every other post was positive and and someone mentioned that do research... 

but our CU is wonderful, and it amazes me that the tellers remember me - I always get out my ID, but often I hear, thank you _____ but I remember you, how is your day?  and I like being able to see a PERSON (ATM'S  are well and good, but I deposit a check and have access to it immediately at the teller at my CU - not if it goes into the ATM - - one time, dh put it in the ATM late at night, and it was processed differently - we talked to the teller, and he went out of his way to locate the paycheck and explain to us that from now on we could wait and have access immediately)

anyway, just trying to say, I like not being a number, not having a rotating group of tellers - who never seem to even look up -


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## Sendie (Dec 3, 2009)

I work for a bank, and this is something all larger banks are being forced into by the Durbin Amendment we were told.  It will go into effect for us in February and we start training on it next week and will know more then.  Believe me, none of the employees are happy, but we have no choice.


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## ◄ Jess ► (Apr 21, 2010)

Sendie said:


> I work for a bank, and this is something all larger banks are being forced into by the Durbin Amendment we were told. It will go into effect for us in February and we start training on it next week and will know more then. Believe me, none of the employees are happy, but we have no choice.


I bet not! All the people at my Chase branch are actually very friendly and I love the Chase ATMs (no envelopes and it counts my money for me? Excellent!), but it sounds like credit unions are the way to go. I'm planning on sticking with my Wells Fargo account until I move in May, then switching to one of those. Thanks for all the info!


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## The Hooded Claw (Oct 12, 2009)

The Hooded Claw keeps a USAA credit card, and does his banking at a local Credit Union. He recommends both practices to others, though he has lately been using an Amazon credit card from (as mentioned by others) Chase.

I also have a Discover Card, though I only use it for purchases that get "bonus" cash back awards. They announce these special bonus awards for different types of purchases every few months.


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## Maria Romana (Jun 7, 2010)

For the last year, I'd been looking into opening checking accounts for my teenage daughters, so they could learn to manage their own money.  They don't have a lot of money, mind you, just the usual Christmas gifts from Grandma and the like, so I was trying to find something free, but I couldn't!  Even with relatively low fees, I figured out that their meager couple hundred bucks would be eaten up by fees within a year or two, so I told them they were better off keeping it in the coffee can they'd been using.  How sad is that?

But I hadn't looked into the CU idea.  Maybe there's still hope for a basic savings account where you can actually "save".

--Maria


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## metal134 (Sep 2, 2010)

Yeah, I agree with the sentiment about Credit Unions.  I belong to one and would not switch to a bank.  The interest rate may be smaller, but unless you are a millionare, you don't get enough in interest for it to matter.  Besides, all the fees abnks hit you with make the difference in interest irrelevent.


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## sabinfire (Nov 11, 2010)

The way I read it, Chase is still waiving the services fees (even after Feb 2011) if you make at least 5 debit card purchases during the month.  The amount of the debit card purchase does not matter.  I've never had a problem using my card at least five times a month, even when I'm not thinking about meeting the 'quota'.  Gas, groceries, coffee, lunch, etc.  They add up quickly.


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## Ann in Arlington (Oct 27, 2008)

USAA + Navy FCU here. . . .I do have the Amazon Visa card from Chase.  But I pay it off month to month so never any fees -- and I use it enough that the points are actually useful: Amazon gift card, cash, or a credit back on my card.


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## Geoffrey (Jun 20, 2009)

I moved my checking, savings, credit card and car note to my local credit union starting in early '09 and I couldn't be happier.  I reached a point where I just couldn't take Citi's and Compass' reasons for this that and the other fee or process any longer.  To my mind, their products are designed to screw their customers over whenever possible.

As an aside, my car loan automatically debits from my checking account and if it's time and I'm short, they just wait until the money is there and then take it out - without a fee or penalty.

BoA has my mortgage - but only because I don't want to go through the paperwork required to move it to my CU ... eventually I'll move that as well.


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## jhanel (Dec 22, 2010)

Geoffrey said:


> As an aside, my car loa[n] automatically debits from my checking account and if it's time and I'm short, they just wait until the money is there and then take it out - without a fee or penalty.


Yeah... you could NEVER get service like that from a big bank. I'm not suggesting that we all be late on our loans, but come on... everyone has an off day every now and then. How many times to we get to "fee" our banks when THEY have off days, their tellers are snarky or their ATM's don't act just right?

Yep.. love my CU.


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## Ann in Arlington (Oct 27, 2008)

With Navy FCU, I have once or twice over debited my checking account. . .just didn't get money moved or deposited on time.  But it's linked to my savings and there's always plenty there. . .the CU just moves it and pays the checks. . .no fees, no warnings. . . .just good service.  We have our mortgage with them as well and refinancing this past summer was a breeze.


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## Susan in VA (Apr 3, 2009)

I have both my personal and my business accounts with SunTrust, and they've been okay so far. I also have an account with BFSFCU, but since their physical location is almost 20 miles away, I don't use it other than to keep a small reserve there.

Last month I got two letters on the same day. One was from SunTrust telling me that in the future all business accounts with less than $1000 average balance would be charged $10 per month. The other was from the CU reminding me that I hadn't actively used the account in 18 months and that I had 60 days to do _something_ (make a deposit, write a check, anything) otherwise they'd close the account. I know whose customer service I prefer!!


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## Atunah (Nov 20, 2008)

I was curious, can anyone open a credit union account? Or does one have to fall in certain criteria.
Just googling in my area, there are quite a few credit unions. I guess I am not clear on what that really means. Credit Union that is. There can be more than one? 
Not seeing any locations near by though, we got a Chase on every corner here it seems. They keep opening new ones everywhere. They grow like rabbits and McDonalds it seems.


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## Susan in VA (Apr 3, 2009)

There are certain criteria, but most credit unions have relaxed those quite a bit.  Can't hurt to call a few in your area and ask them.

Mine hasn't (only current and former employees and their families), so I can't help more, but I think some are now specifically for people living in a particular county or something similarly generic.


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## Atunah (Nov 20, 2008)

Hmm, I can't really find any details much on the websites of the ones I picked out. So a Credit Union is for union workers? 
Doesn't look like I would qualify then. 

Thanks though.


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## ◄ Jess ► (Apr 21, 2010)

Well, the credit union where I go to school says this:



> Anyone who lives, attends school, worships or works in Houghton County, or Baraga Township may be eligible to join.


So it's open to pretty much anyone in the area.


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## Atunah (Nov 20, 2008)

I found this on one of the Credit unions, I guess its the main one. So I don't qualify. Oh well, sounded great. Trying to find something else. 

"You may qualify for an SACU membership if:
Your parent, sibling, child, spouse, grandchild or grandparent is a member of SACU.
You live in the San Antonio area and:
Are a retired, full-time, part-time or volunteer worker at a company sponsoring SACU membership. Pensioners and annuitants of these companies also qualify.
Are a student enrolled in a postsecondary educational institution. "


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## Susan in VA (Apr 3, 2009)

Atunah said:


> Hmm, I can't really find any details much on the websites of the ones I picked out. So a Credit Union is for union workers?
> Doesn't look like I would qualify then.
> 
> Thanks though.


No, not union workers. I just meant employees.


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## Atunah (Nov 20, 2008)

Oh ok. Sorry to seem so dense, I just never realized what credit unions are so I am a bit confuddled  

I think I found one that just says live in a certain county among other things. I think I need to look into that one. 

So why are credit unions able to offer better stuff than the big ones like Chase, BoA and such? Just a bit confused at that.


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## G. Henkel (Jan 12, 2010)

Yes, thanks for pointing this out. I guess it is time to close my accounts with them. I used to be with Washington Mutual and when they were eaten up by chase I closed most of my accounts and transferred all my monies to other banks. I never liked Chase - the notion of customer appreciation is entirely foreign to them. So, now it is time to close what is left of the straggling accounts.


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## Ann in Arlington (Oct 27, 2008)

Atunah said:


> Oh ok. Sorry to seem so dense, I just never realized what credit unions are so I am a bit confuddled
> 
> I think I found one that just says live in a certain county among other things. I think I need to look into that one.
> 
> So why are credit unions able to offer better stuff than the big ones like Chase, BoA and such? Just a bit confused at that.


Credit unions are more like the old building and loan societies. . .they are normally not really 'for profit' so their fees are set to cover expenses rather than make a ton of money for the corporate board. You won't hear of credit union presidents getting huge bonuses. And, really, the members are the 'owners'. As a member you periodically get to vote on whose on the board of directors and such like. They tend, for that reason, to be rather more conservative in the investments they choose for their reserves. . .they may even be required by the credit union chartering rules to keep a higher level of reserves than a bank. So less chance of going under in bad times. Your deposits are still insured but it's not FDIC, it's an analogous group for CU's, the name of which I can't recall off hand.

At least, that's how I understand it.


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## Pawz4me (Feb 14, 2009)

We have a $5 account at one credit union (just to remain a member), and some investments at another.  But the checking and savings accounts we use for all our daily stuff are with a local bank.  Very friendly, efficient, the kind of place where the tellers remember your name and if you call with a question that can't be answered right away, someone calls you back within thirty minutes.  So far we have no reason to want to switch our main banking to one of the credit unions, but it's nice to know they're available if we need to.

We're members of one credit union because DH used to work for the company that it was originally started for, and were able to join the other one because my brother and parents were members.


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## Christopher Bunn (Oct 26, 2010)

We're closing our accounts at Chase and moving them to a small, local bank. Good rating, free checking, great customer service. Hopefully it'll stay that way. Though, with the way regulations are going, things might get tougher for the smaller banks. Difficult to ammortize new costs across a smaller customer base.


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## The Hooded Claw (Oct 12, 2009)

Ann in Arlington said:


> Credit unions are more like the old building and loan societies. . .they are normally not really 'for profit' so their fees are set to cover expenses rather than make a ton of money for the corporate board. You won't hear of credit union presidents getting huge bonuses. And, really, the members are the 'owners'. As a member you periodically get to vote on whose on the board of directors and such like. They tend, for that reason, to be rather more conservative in the investments they choose for their reserves. . .they may even be required by the credit union chartering rules to keep a higher level of reserves than a bank. So less chance of going under in bad times. Your deposits are still insured but it's not FDIC, it's an analogous group for CU's, the name of which I can't recall off hand.
> 
> At least, that's how I understand it.


Ann's answer is correct as I understand it. A shorter version of the above is that banks are organized and run for the benefit of stockholders, while credit unions are organized and run for the benefit of members. The insuring organization she mentioned is the National Credit Union Administration (NCUA), which offers member credit unions insurance and oversight similar to that given to regular banks by the FDIC. I've never heard of a credit union that wasn't an NCUA member, but I'd verify that your credit union was a member before joining.


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## Atunah (Nov 20, 2008)

Thanks Ann and The Claw  

Guess I'd so some research this week.


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## Gertie Kindle (Nov 6, 2008)

Different states, different rules. Chase wants to charge me $15 on accounts with less than an average daily balance of $7500.

I have three accounts with Chase, so that's $45 a month. I'll be consolidating my accounts. I keep one account for business, one for debits and one regular account. No matter which two I close, it's going to mean a lot of work to make sure everything transfers over correctly. There's not a lot of time to do all this.


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## louiseb (Mar 2, 2009)

The Hooded Claw said:


> The Hooded Claw keeps a USAA credit card, and does his banking at a local Credit Union. He recommends both practices to others, though he has lately been using an Amazon credit card from (as mentioned by others) Chase.


I also have a USAA credit card, but was a little taken aback by their update to practices which includes among others you are only protected on purchases you make within your state on it, not outside your state.


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## The Hooded Claw (Oct 12, 2009)

Louise b....I missed that, I'm gonna have to check on this since I travel a lot.


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## The Hooded Claw (Oct 12, 2009)

Louiseb, can you be specific about what you are talking about on losing out of state protection? I just called USAA, and was assured that they offer full fraud protection whether a purchase was made in state or out of state. I spoke to a fraud investigator who verified this with her supervisor.  We went through the recent announcement item by item and didn't find any changes that even resembled what you are speaking of. Maybe this was a different bank?


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## louiseb (Mar 2, 2009)

That's great to hear, it was in a flyer that came with my bill, I'll dig it out when I get home. I probably didn't read it close enough, too much multi-tasking


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## louiseb (Mar 2, 2009)

Here's what the USAA notice says:

_Your Rights if You are Dissatisfied With Your Credit Card Purchases_
If you are dissatisfied with the goods or services that you have purchased with your credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the purchase.
To use this right, all of the following must be true:
1. The purchase must have been made in your home state or within 100 miles of your current mailing address, and the purchase price must have been more than $50. (Note: Neither of these are necessary if your purchase was based on an advertisement we mailed to you, or if we own the company that sold you the goods or services)
2. You must have used your credit card for the purchase. Purchases made with cash advances from an ATM or with a check that accesses your credit card account do not qualify.
3. You must not yet have fully paid for the purchase


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## The Hooded Claw (Oct 12, 2009)

Sounds like that's not fraud protection, but more like merchant dispute problems. Ot is an unfortunate change. I'm not sure how other card issuers deal with this, and if they have made similar changes.


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