Chase Manhattan Bank Informative - Chase health savings accounts charge a monthly fee (Opt out!)
There is no longer such an incentive to get a Health Savings Account through Chase. Chase charges you a $3 "toy" fee (I call it that because it is likely used by the CEO to buy new toys) every month. The evil minds at Chase must have realized one day "Wow, even though we're using all the money that customers deposit into their HSA's to earn interest for ourselves, we should also be charging them monthly. After all, this is one thing that we aren't already charging a monthly fee on. Perhaps next year we can charge a monthly fee on the monthly fee, because it currently isn't being charged a monthly fee yet. Then, we can add an "inactivity fee" the following year, where we optimally define inactivity so that we get the most money, and then a "processing fee" for each distribution because we don't already have a fee called that.
Hey, when all is said and done, no one will be able to retain any of their savings in the HSA. It will all go to us!"
This new fee does present a new problem for customers of Chase's HSA. If the interest earned on their account is less than the monthly fee (and it probably is), that technically means that Chase forced the customer to make a non-health related distribution (i.e., they gave it to Chase instead of using it for qualified health expensses). So, the customer will be socked with the 10% penalty. I am going to look into a class action lawsuit.