Is Chase trying to kick out small business customers?
What is Chase up to?
They send out this letter giving the small business 5 weeks notice, that if they don’t start keep a minimum balance of $5k in their accounts, they will be charged between $180 and $252 per year to keep the account. Supposedly, they think this will increase cash reserves on hand. But $5k at 5% mortgage interest rates is $250, and since that is a minimum to have on hand, that costs just as much as paying the fees, so why should anyone stay?
Fees & charges | admin December 26, 2010
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By Up Set Customer, January 1, 2011 @ 5:26 pm
I have had my small business account with Chase for sometime now, last week I got their letter of changes to their checking. I run a small company and can’t afford to meet their balance & pay for their fees as well. So I will be puling all of my funds out of the bank & will be taking my business elsewhere; if we all do the same and remove are cash it might put them out of business! Power to the people and not to the Banks!!!