The devil made him do it
Chase’s CEO Jamie Dimon has blamed new regulations for raising fees and forcing poor customers into the ranks of the unbanked, but several prominent bloggers are calling him out on that statement.
The truth is, once they lost the ability to bilk poor customers with lots of unreasonable and unregulated fees, they lost interest in “serving” them.
Fees & charges | admin January 19, 2011
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By coakl, January 19, 2011 @ 2:46 pm
As part of the Feb. 2011 changes, Chase is targeting business accounts as well as the personal checking accounts acquired from WaMu. WaMu offered free business checking with no monthly fee, no minimum balances, no limits on transactions, free money orders & cashiers checks.
All of those free business accounts will become “BusinessSelect” checking. It has a monthly fee of $15-$21, depending on whether you opt to get canceled checks back in your statement, images of checks, or trust Chase to give you copies on request only (the fee is $18-$24 in NY or OK).
More than 200 transactions or inclearing checks per month? A fee of $0.40 for each one over the 200 limit. Money orders: $5, Cashier’s checks: $8.
To waive the monthly fee, you can either:
Maintain avg. balance of $7,500 in the account.
Maintain minimum daily balance of $5,000 in the account.
Pay $50 or more in other bank fees that month (not including the checking account monthly fee)
Make at least $1,000 in purchases on a Chase business credit card during that month.
Maintain a “qualifying” personal checking account (the only ones that qualify require $15,000 minimum balances to avoid their own $20 monthly fee).
By MRJOHN, January 19, 2011 @ 5:10 pm
I DO NOT SEE ANY REASON WHY CONSUMERS STILL CONTINUES TO CONDUCT BUSINESS WITH J.P. MORGAN CHASE. GET OUT NOW BEFORE YOU BECOME A VICTIM AS WELL. TO THE “NEIGH” SAYERS JUST WAIT. AS CHASE LOSES CUSTOMERS GUESS WHO THEY ARE COMING AFTER NEXT TO MAKE UP THE LOST REVENUE.
By AC, March 15, 2011 @ 3:56 pm
I have closed my Chase business account today, because of the $18 monthly fee that they charge if you don’t have the monthly balance minimum of $5,000. Now my business account is at HSBC, they charge no fees and offer up to 10 international wire transfers for free each month.