JP Morgan Chase Informative - Chase new monthly fees
Chase sent out letters to let its checking account holders know of changes. There are ways to avoid the monthly fee but “if you do not meet the criteria, a monthly service fee will apply.” Exploring what they mean will help to understand what Chase means by “options” and “service fee.”
It is Important to Remember That if You Don’t Meet the Criteria You Will Pay Fee
In Chase's letter sent to those who have checking accounts, they state that if you do not meet these requirements you will pay a monthly fee of $10.00. Here is their list from Senior Vice President Jennifer Myhre telling account holders what they need to do to avoid paying fees.
•have at least one direct deposit of $500.00…or more
•or they could keep a balance of $1500.00 or more…in checking account
•or average balance of $5000.00 or more… in a combination of deposit accounts and/or investment accounts.
•or pay $25.00 or more… “in qualifying account fees (not including the monthly service fee).”
•if one of these are not met “otherwise, a $10 monthly service fee will apply.”
Some of the Things That Chase Is Not Changing
Chase states that even though there will be a new monthly fee of $10 charged to Chase checking accounts starting February 8th, 2011 there are some things that will stay the same. Here is a list of things that will not change:
At No Additional Charge, After the $10.00 Monthly Service Fee, Chase Will Continue These
Chase is going to continue to give these services without more fees. They will only charge the $10 if the criteria they listed is not met. You will still enjoy these features after the service fee increase that starts on Chase checking accounts February 8th, 2011. These are the features they offer at “no additional charge:”
•free access to 15,000 Chase ATMs.
•free 24/7 Telephone Banking
•free Chase Online with Bill Pay.
•free Chase Mobile so you can tell if your account is low, or pay a bill.
Chase is going to charge a $10 dollar service fee for not meeting at least one of their requirements. They want you to have at least one direct deposit of $500 or more or, a daily balance of $1500. Or, an average balance of $5,000 in combination of deposit accounts and/or investment accounts with Chase. “Otherwise, a $10 monthly fee will apply."