Chase Bank Decides To Not Charge For Checking Accounts

With failing bank conditions and difficult economic times forecasted for the next few years, many banks have attempted to make up their losses through fees changed to basic checking accounts. However, just as quickly as these charges came up, nearly all of them fell. Chase is one such example. Unlike other banks, which planned to charge or are charging, around $5 or less for monthly maintenance fees, Chase was ready to triple this amount.

When news dropped about Bank of America charging $5 for checking accounts, the whole world stopped and looked. But, somehow, Chase was able to mainly escape this attention, though their checking account fees were $15 per month. Despite the lowered attention, Chase has still decided to nix this increased fee due to pressure from customers, and general disfavor of the idea.

This comes as no surprise, because many similar retail banks are also nixing or decreasing their current monthly maintenance fee charges. For example, Wells Fargo, Regions and SunTrust, all of which were ready to follow the other retail banks in charging customers for checking or debit accounts, backed down at the last second. Bank of America, though standing firm on its $5 fee decision, has decided to give customers ways of avoiding charges, such as having a certain balance and other methods they have yet to disclose.

The $15 fee is not the only fee Chase is scrapping. They have also decided to get rid of their $3 monthly fee for debit cards. Both of these fees were tested in Georgia, and while Chase has not been privy about the information, one can assume the results were terrible if they pulled the plug.

However, though these fees are gone, Chase has decided to retain some of its other fees, so Chase customers can’t quite breathe easily. Presently, Chase has a $12 monthly fee for many basic banking accounts, and it is unwilling to give this up anytime soon. While Chase has been notorious for banking fees like this for years, they are trying to give customers an easier time avoiding the $12 fee.

Customers are able to avoid this fee if they have a minimum balance. The balance amount depends on what account customers hold, so it would be best to ask a Chase representative about this figure. Another, easier way, to avoid this charge is to switch over to direct deposit, which is always easier than going to the bank and cashing a check, and it wastes less paper.

Chase has been a fee monger for years, but for once they learned to back down. With the large influx of angry customers, an already failing market cannot attempt to impose such as a high fee without some customer rancor. They still have some high fees, but at least customers do not need to worry about those fees going up for the present.

If you are currently a Chase customer, speak with a representative and find a way to get away from the fees. A $12 a month fee can easily eat anyone’s account.