Chase ties free checking to $500 direct deposit

[The Straight Story]

Chase ties free checking to $500 direct deposit

By Becky Yerak
Posted yesterday at 4:35 p.m.

Chase, Chicago’s biggest bank, is making changes to its basic checking account that could make it tougher to avoid a monthly service fee.

Beginning Feb. 8 , customers will need at least one direct deposit of $500 a month for Chase to waive its $6 monthly service fee. The direct deposit may include a payroll, pension or government benefit payment, such as Social Security.

Currently, a direct deposit of any amount qualifies.

As is the case now, customers can also avoid a monthly fee on a Chase checking account if they make at least five purchases using a Chase debit card in a statement period. ATM withdrawals don’t count.

Chase said two or more direct deposits that add up to $500 or more, but do not individually equal or exceed $500, do not qualify.

http://chicagobreakingbusiness.com/2010/12/chase-ties-free-checking-to-500-direct-deposit.html

[MadMaddie]

1. That will push more folks to closing their accounts. Good!

[Hawkeye-X]

2. Watch over 500,000 people close Chase and sign up with local banks

and Chase 4Q and 1Q numbers are down and *NEARLY* bankrupt, begging for another "bailout" which will be DENIED.