Originally Posted by
Happy
Same here. Talked to banker who said basically the same thing - as long as the Business Classic is linked to the Premier Checking, all we need to do is the 5 debit card non PIN transactions on the Business Classic to avoid monthly fee on both checking accounts.
She said the changes are largely for those who initially have the free WAMU checking account packages... though this does not make much sense for the OP data point as I am sure OP opened accounts with Chase for the CO miles. This part is really confusing. The only guess I could come up with is, Chase is rolling out the changes region by region....
In any case, banker repeatedly said "You are good, just make sure to do those 5 debit card transactions, you would avoid the fee."
I brought up the new language on the Personal Premium Checking Account now on Chase Online - she said it does not apply as long as it is linked to the Business Classic... Whew!
Funny thing she mentioned about a pre-approved CO 20K business credit card or a $100 bonus business credit card... I said the email offer is 50K bonus but that does not show up in the bank's system... This is too bad because I honestly like to give the banker business so she could earn credit from it... She fully understands though.
Well I hope for your sakes your local bankers are not quoting you the current qualifications...I too changed my chase classic to premiere and linked it to my business account and made 5 swipes a month to avoid fees...Here in atlanta this will not work anymore after the 5th...if it would, the bank manager would have been happy to keep my business. They usually only come out of the back office to try and talk you out of closing accounts. He told me that chase was close to buying another big bank and wanted to shake out the low balance, seldom used accounts to make room in the ledger for the purchase...apparently there are laws limiting how big a bank can be and they want to get rid of some of the accounts on their books. He also said they wanted people to put all their money in chase, and not other banks, so minimum balances and higher DD will help them acheive that. Dont know which side of that coin I believe. It may be a regional phased change, but If it is changing in atlanta it wont be long before it hits you too. I have found a lot of outdated info and ignorance of new programs and rules from chase employees....so when they hit you with fees, I hope you can say " but XXXX told me that was not a problem" and they will let you slide.
Your banker was probably not up on the current changes if she was still blabbering about the old free WAMU checking that chase grandfathered in when they bought WAMU and said they would keep them free forever, only to change them all to chase classic accounts less than 2 years after they bought WAMU out...that happened almost a year ago. Then she quoted the current rules, 5 swipes if linked, then she ignored the new rules being posted and tried to sell you a CC. I'm going tomorrow to close my last account with them, its not worth parking 5k for business or even 1500 for personal to avoid fees, and the new fees and hoops are enough to make me quit in protest.
Good luck to the rest of you in staying fee free, it wont be much longer at chase, no matter what your ignorant CSR's tell you.