Mainstream news doens’t like Chase either
Yup, another article in a major metropolitan newspaper (the Los Angeles Times and reprinted in the Columbia Daily Tribune) about people getting fed up with their bank and leaving it. As often seems the case, the bank in this example is Washington Mutual Chase. Seems they were very happy with Washington Mutual and feel that customer service has gone downhill and the ridiculous fees have gone up since Chase took over.
Yup, you guessed it, they moved to a credit union.
BY E. SCOTT RECKARD Los Angeles Times
Adding insult to injury, Roberta said, they had to pay a fee for depositing more than $5,000 in cash to their small-business account in a month — something they might do again because Mark, a saxophone player, earns much of his living selling his CDs at street fairs. “I thought banks were supposed to want you to put more money in,” Roberta said.
Mark and Roberta Maxwell had been zapped by fees for overdrawing funds and using the wrong ATM, and they felt their bank, once Washington Mutual, had lost its personal touch since a takeover by Chase.
The part that kills me is that Chase is actually charging someone for depositing TOO MUCH money in their account in one month. Are you kidding? Aren’t banks supposed to want more deposits? Especially Chase, who it seems has been drastically losing deposits and customers for a year or more, as far as we can tell.
Bad bad Chase | admin July 15, 2010
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By coakl, January 11, 2011 @ 4:45 pm
Yes, that is a surprising fee. The threshold was recently raised to $10,000 in cash per monthly cycle.
Chase, like WaMu before it, does not like cash-intensive businesses. Cash has handling costs: the bank has to count and store it, vault transfers require taking two people off of the teller line (i.e. can’t trust 1 person with all of that cash), and the armored car courier isn’t free either.
Even worse are the federal reporting requirements for large cash transactions. And the lingering fear or risk that you could be dealing with an illicit business or laundering operation.