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Chase now requires $500 monthly direct deposit to avoid checking account fee

Oats 285 61 March 17, 2011 at 08:15 PM
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I've been transferring $5 to my Chase checking account every month to avoid their fee for months. I know I could use my debit card 5 times but I never use the card or have much money in the account.

My latest statement from yesterday shows a $6 fee, explaining that I have to use my debit card 5 times a month or have direct deposits totaling $500 a month.

I know a lot of users here sign up for the bonus $100 and transfer $5-10 a month to avoid the fees. So just a heads up this will no longer work.

I'm calling tomorrow to see if I can get it reversed since they never informed me of the change so I could avoid the fee.

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Joined Jul 2009
L8: Grand Teacher
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#2
You should have received a letter last year notifying you of the new fees. Plus, check your December statement for mention of the new fees. Also, someone posted a warning on Jan 3rd: http://slickdeals.net/forums/showthread.php?sduid=666539&t=2540409
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Joined Jan 2006
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#3
That probably explains why I didn't get a notification, I opened my account in December and didn't get my first statement until January.
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Joined Jul 2009
L8: Grand Teacher
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#4
Someone posted in Hot Deals recently that he was charged a fee, but he was able to get the fee waived, so you are not alone.
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#5
Quote from Oats View Post :
I've been transferring $5 to my Chase checking account every month to avoid their fee for months. I know I could use my debit card 5 times but I never use the card or have much money in the account.

My latest statement from yesterday shows a $6 fee, explaining that I have to use my debit card 5 times a month or have direct deposits totaling $500 a month.

I know a lot of users here sign up for the bonus $100 and transfer $5-10 a month to avoid the fees. So just a heads up this will no longer work.

I'm calling tomorrow to see if I can get it reversed since they never informed me of the change so I could avoid the fee.
Right, like others said, this is old news. However, they should have informed you of the fee (or fee change) when you opened the account in December, since they were welll aware of it by that time. Maybe they thought you would be scared away if you knew, so they didn't bother to tell you.

I don't know what state you're in, but I thought in most states the fee was $12 ($10 here in CA for some reason). I surprised you're only getting charged $6.00. Don't worry, though, they'll up it on you soon enough...

Do yourself a favor, find another bank ASAP and dump them. It's that not hard to find a bank (at least for now) that doesn't charge fees for checking accounts.
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Roundabout - 10 years on SD
#6
Do you get charged a fee even if you maintain a $1,500 daily balance?
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#7
Quote from DarthBurger View Post :
Do you get charged a fee even if you maintain a $1,500 daily balance?
From the chase website for their total checking:

Minimum Deposit to Open

* $25

No Monthly Service Fee*

* With a monthly direct deposit of $500 or more**
* OR with a $1,500 minimum daily balance
* OR, with an average daily balance of $5,000 or more in linked deposits/investments.

Otherwise, a $12 Monthly Service Fee applies.


So, no if you keep it at least $1,500.
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Joined Mar 2007
L8: Grand Teacher
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#8
Although some people reported otherwise in another thread I know two people with Chase accounts that were allowed to keep the old terms by which they waive the fee if the debit card is used 5 times. Check to see if you were grandfathered in too.
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<Patagonian maras, not quite as awesome as capybaras.

You're thinking of a brick wall.

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Joined Jan 2006
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Original Poster
#9
My statement says I can use my debit card 5 times or have over $500 direct deposit to avoid the fee. Didn't say anything about have $1500 balance. I'll have no problem avoiding it next month, just it was a surprise this month.
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#10
No they dont have this 5 times debit card usage option. Maybe those 2 people are the only people in this whole USA. They already went through all the options for me. I even asked them twice if I can grandfather my terms with additional requirements. They said nothing they can do besides the only 3 listed, no exceptions:

* With a monthly direct deposit of $500 or more**
* OR with a $1,500 minimum daily balance
* OR, with an average daily balance of $5,000 or more in linked deposits/investments.
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