Chase Bank wants to do what?!
Chase wants me to pay them $120 a year to hold my money.
Me pay them to hold on to my money. Not them paying me for the privilege of holding my money for the rewarding yields and benefits Chase enjoys by doing so.
Ever unable to wrap my mind around the concept of banks charging customers to keep their money and I’m not gonna start now, I studied the letter that arrived from Chase yesterday.
Starting in February 2011, a $10 monthly fee will be slapped on checking accounts.
The fee will be waived under one of these conditions:
1. Have at least one direct deposit of $500 or more. It must be a single deposit of said amount, not two or more combined.
2. Maintain a daily balance of $1,500.
3. Keep an average balance of $5,000 or more in combination of deposit accounts.
4. Pay $25 or more in qualifying account fees, excluding this service fee.
I’m nowhere near any of the four! So 2011 promises not only a long-distance geographical relocation but also a move of bank.
Unfortunately, the switch comes at a cost of convenience in other matters involving Chase. Matter of fact, were it not for those binding ties, I’d have cut Chase loose in the heartbeat of it takeover of my former bank, WaMu (Washington Mutual).
So the search for a user-friendly bank begins.
In this era of monopolizing financial behemoths, I may meet with all the success of encountering this lil’ gal:
Yet try I must dammit!