Chase Continental Debit card checking changes
 

For those of you who got personal and business checking accounts at Chase for the CO points here is a HEADS UP!!

as of Feb. 5th the terms are changing...business accounts now require $5000 minimum daily balance or you get hit with a $20 fee... the premier personal accounts are also requiring a min balance or a direct deposit to avoid a $12 fee....NO LONGER will you be able to swipe your debit card 5 times and link your accounts to avoid fees...they discontinued the CO debit card and they plan to add some new fees, like $3 a month for the new, plain, debit card...$3 a month for paper statements...the list goes on....its disgusting. I just closed 3 out of 4 accounts and will close the last after a few slow payments post.

If you have any doubts about your Chase checking accounts and fees, check with your banker for the latest news, and make sure, or be prepared to pay after Feb 5th.

Its time to pull the plug on Chase, and wait until the CO/UA merger moves along, and maybe chase will have a better offer to jump on later this year.

Oh, its even worse than you describe. The $10 a paycheck direct deposit to avoid fees that used to be sufficient has morphed into a $500 direct deposit.

Chase is telling us they really need more money - so please go out and coin 'em! In tough times like these we gotta all join together and give the bankers the business.;)

Can you provide the link on these new changes?

How do you learn about this, from your monthly statement? From your banker?

The $500 direct deposit requirement change has been posted on Chase website. So any other changes should be on Chase website as well if what you say is coming.

EDIT:

I saw the new terms of Premium Checking. The Classic Checking has same term as before except the DD now is $500.

So those of us whose accounts are not 6 months old yet, should downgrade back to Classic.

Business Classic Checking Account still can avoid monthly fee with 5 debit card transactions.

https://www.chase.com/index.jsp?pg_n...c_int_checking

$25 minimum to open account.

1FREE Checking means no monthly service fee and includes up to 200 transactions per month on a Chase BusinessClassicSM Checking or Chase BusinessClassicSM Checking with Interest account. Other fees may apply. Requirements are either: (a) when 5 or more debit card purchases are posted to your checking account each statement period (withdrawals from the ATM or cash advance transactions do not apply); (b) linking the checking account to a Chase Business Credit Card which balance must exceed $0 at least once during the current checking account statement cycle and must not be delinquent, closed, charged off, or revoked; (c) linking the checking account to a Chase PremierSM or Chase Premier Platinum CheckingSM personal checking account; or (d) maintain a monthly average balance of $5,000 to $7,500 (depending on region) in the checking account. All accounts are subject to approval. Linking for pricing purposes will not affect your statement and does not link accounts for overdraft protection. Overdraft protection must be requested by you.
2In the event your card or card number is lost, stolen or used without your authorization, you are not liable for any unauthorized transactions including transactions made at merchants, over the phone, at ATMs or online when you notify the bank promptly. Claims are subject to verification. See Account Rules and Regulations for details.
3Usage fees may also be charged by the institution that owns the ATM.

Where are you getting this from?

Chase.com

I don't know what my chkg acct is called (there's no title) but it's Chase chkg linked with CO debit card. I just reveiwed my last statement and there's nothing about any changes. I swipe at least 5 times and avoid any monthly fee. I guess I don't have the "premier" chkg? GOOD! BTW, I guess if you have the "premier," then, maybe it's time to re-consider. I know Chase just recently announced a similar policy to the former WaMu checking customers who had the "Free Checking" accounts. I closed that account. I just checked my current Chase checking account on line, and clicked on "account notices" and absolutely no notices have been posted for my account the LAST TWO YEARS. So, I think that I'm safe from these new changes. I like Chase but, yeah, you gotta keep abreast on these changes. Chase has been exceptional in keeping its CO credit card consumers happy with the retro miles (see the CO 50K thread)---I'm very impressed.

Time to start looking for another bank...

Is this changing just for new accounts? I would think they would be legally required to notify existing customers about these changes. So far, I have not had any emails or letters.

source
 

I got this information from my bankers a couple of weeks ago, and once again from the bank manager yesterday when he closed my accounts (I had to remind him to cancel my debit cards too!!) I think I got one warning months ago, via snailmail, about coming fee changes this year, and technically that is enough. They may let you slide a little longer because of ignorance, but the fees and requirements of all these checking accounts are changing.

The 5 swipes a month will not work anymore!! Like I said if you dont believe me, call your banker and ask if there are changes.

I applaud chase for this program, my wife and I are going first class to Hawaii thanks to it.

Hopefully they will have another good miles offer later this year after CO/UA merge thier programs and promotions.

I'm closing my CO Chase account.

This is a direct result of legislation recently passed that puts a cap on the fees banks earn for debit card transactions. Previously banks were earning 1-2% of each transaction, now they will be capped at a fixed amount of 7-12 cents!

No wonder Chase and other banks are nixing debit card swipes to avoid monthly fees.

It will NOT work for the Premier Accounts but will still work with the Classic Accounts per the rules on Chase.com.

I have not received any mailing by neither snail mails nor emails nor online notice. But I will call the banker to find out and ask for a downgrade to the Classic because ours have not reached 6 months age yet - need 2 more months. I dont want to risk the forfeiture of bonus as all new wordings on the UA checking account have that 6 months language. Better safe than sorry and fight with Chase later should it pulls the miles due to account closure before 6 months mark.

I also sent secured emails last night but haven't got any clarification yet. Placed a call to the banker who would call back in an hour. Will report back what I find out.

I already closed one of my 2 accounts with them. My primary was a Wamu convert, and I should meet the minimum daily balance, the second account was a CO add on, and it's a 1500.00 min daily balance or I get the fee. I closed it, if you're going to close do it a couple of days before fee's will be charged if you're transferring $ out, they won't close it until the transfer clears. IOW, don't wait until the last minute.

Replaced with ING Electric Orange, 50.00 bonus.

I couldn't be happier with my no-monthly fee Chase checking account. ATM's, branches, electronic banking, CO miles debit card---all free except for a yearly $20 or so annual fee for the CO debit card. It's a great bank! (tellers are friendly, too):p
"Chase is on pace!"
"Chase: Let's Embrace!"

Chase is a wonderful bank. It even provides fresh coffee for walk-ins. Does your bank do that?

Wow. Chase is getting greedy with these new fees. Apparently they don't need customer's money earning zero interest to cover their deposit requirements anymore. Better find a new bank that actually values their customer's money.

No just close your credit cards after stipmining miles and come back to the fold later as a new account for more miles. Double dipping is only bad with salsa and chips.:p

Just called Chase and was told that I will still be able to make 5 debit purchases with my Business Classic account to avoid fees, and as long as Premier Checking is linked to my biz, fees will be waived also.

I have a regular checking account...Chase said that 5 debit card swipes will still work, or the DD minimum amount is now $500. Phew!

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.

Chase rocks! Did you give her (or maybe she gave you one) a kiss on your way out?

Per Chase.com: https://www.chase.com/online/Checkin...ng-account.htm

The only change is that the $500 Direct Deposit must be all at once and cannot be added up with 2 or more direct deposits.

not in atlanta
 

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.

I'm happy that I never opened a Chase account

+1

I'm happy that I opened my Chase account. Might there be a small fee tacked on sometime in the future? Sure, just as airlines have tacked on fees for baggage, reserved seating, meals, etc. That doesn't mean I'm not going to fly anymore. Go ahead, jump around to other banks---they eventually will have to stop subsidizing deadweight, cheapskate account holders and knick them for service. Why, there are even Nigerian bankers who will probably pay you to move your money over to them.

I'm happy I opened my Chase account last year and got lotsa miles for it.

Even happier I closed it recently and don't have to think about using the debit card anymore.

Will be happiest when Chase has a new checking account opening Continental bonus. :D

By the way, Tailgater, I resemble your remarks about dead weight cheapskates. IMHO, never paid a monthly fee, never will, is a good motto. @:-) And, I await a Nigerian bank which awards bonus miles before I open an account there. :cool:

"Stick with Chase, the rest are a waste."

Charles Keating Savings
Nigerian Bank Corp.
Bernie Madoff Honesty Bank
Zimbabwe Security Bank
Royal Bank of Scotland
Enron Savings
Baninter
...the list goes on.

Or Credit Union. (if the signup bonuses dry up).

None of my CU's have any fees. One of them sends me a cert for a pound of See's candy every year. Cost me only $5 (one time fee) to join up back in 1994.

No, stick with Chase because their deals are so easy.

I'm happy with the three checking accounts we opened in the last 18 months, and was glad when we could close them after we got the Continental miles, as keeping track of the required debit payments was a pain.

I'm pleased with all of the bonuses we received from the many Chase cards we've cycled through over the past 3 years.

I've never paid a monthly fee or credit card interest.

In spite of being general satisfied by Chase, I'd never use them for my principal banking needs. I'm much happier with my main accounts at a credit union that has doesn't charge fees, offers better interest rates, and has never been in need of a government bail-out.

I'm happy to be a dead-weight cheapskate. I'm not the least bit loyal to Chase or any other company. I'm always thinking, "What can you do for me today?"

Doubt we're going to see this happen.

I have also called 1-800 number to talk to a Phone Banking Rep who adamantly said when one has a Business + Personal banking relationship, there is NO monthly fee to the Premier Checking Account. I asked her about the conditions listed on Chase website, how to explain that? She said the website did not address the Relationship Banking. She told me even when one misses the 5 debit card non PIN transactions, one would ONLY be charged with the fee on the Business Classic, but NOT the fee on the Premier Checking that linked to the Business Classic.

My banker also called me back again today to re-assure me this IS the case - no fee as long as I do the 5 debit card non pin on Business Classic. She further said, "I am your personal banker, if and ever you get charged the fee on the Premier Checking when you have met the 5 debit card transactions, come see me at the branch and I would take care of it."

And YES, I can go back to my banker in case there is a fee hit our accounts.

Seriously, one can easily downgrade back to the Personal Classic Checking and it STILL allows the 5 debit card transactions (on the Classic Checking itself) to avoid monthly fee. Only the Better Checking or whatever the name is called, requires $1500 balance and then one does not need to do the debit card trannie.

I dont see such a big deal because one can easily downgrade back to the Classic Checking. Besides, there is no notification whatsoever on our accounts whether from statements or email or what have you, 0 notification on such changes - the only thing I know such may be coming is from your post.

Finally, she is NOT babbling the WAMU change over you talk about - she is talking about Chase is NOW hitting those "converted" WAMU free checking accounts with new stipulations to avoid fees. Nothing to do with the description you gave about WAMU - those were in pass tense already.

She also wasn't trying to sell me a CC, she was just going over my account and then saw that offer of $100 sign up bonus. As a banker, this is natural she would mention this to the client. I would do the same thing if I am in the same position. However I have yet come across a banker, be it with Chase, BofA or Citi, who would mention the offers in their system but when customers tell them there are better offers from other sources, that they would still press the offers. They are just doing their jobs, like you and me, and part of their jobs is to sell their banking products they see from their end. I would not read into that being "ignorant" on the current changes while trying to sell a new product.

So now I feel much better because personal banker's info has been VERIFIED by a 3rd party - the Phone Banking Rep from 1-800-935-9935. The phone banking rep also said THE ONLY CHANGES are to those old WAMU accounts.

You may want to call the 1-800 number and see if YOUR area accounts are the same. I honestly feel you SHOULD call the 1-800 number as there is at least ANOTHER poster who called Chase and got the SAME info as I did. I am 100% sure the poster is NOT in the same region I am in.

I were you I would call to see if the 1-800 tells you the same thing your branch manager has told you, so you can know for sure if your branch manager is telling you the truth.

Now we have at least 3 sources - my personal banker, the 1-800 number I called, and the other poster who also called Chase though that person did not say whether it is 1-800 or his / her branch.

As for your branch manager, he is BSing in my opinion. Yeah, every bank wants to have customers put ALL their money with the bank, regardless other things. My banker has no issue for me NOT to put money into our Chase accounts when I told her CapOne is paying 1.05% for a MMA and 1.01% for a fully liquid checking account. Chase cannot match that whatsoever, and she fully understands it.

Out of curiosity, were you told by the branch manager when you came in to close the accounts, or were you go in the bank to do some business and the branch manager came out to talk to you? Or did you EVER receive any notification of any form about this changes?

May be your branch manager wants to get rid of unprofitable accounts and choose such unethical tactics to scare you to close all your accounts. Who knows?

For us, our accounts are not 6 months old yet, therefore I would not close them to risk my bonuses being yawned.

As for the "Chase at the verge of buying another big bank..." this aint going to happen after the financial crisis and the outcry of the "too big to fail" bail out big banks.

Who the heck "a big bank" in this country Chase could buy? Not BofA, not Citi, not US Bank, not SunTrust, not PNC...

No such rumors circulating on WS lately regarding this. The only news I saw right now is JP Morgan Chase is in the thick of the Madoff's Fraid...

News Alert
from The Wall Street Journal


J.P. Morgan Chase & Co. stood “at the very center” of Bernard Madoff’s fraud, according to a lawsuit unsealed Thursday that reveals for the first time how bank employees’ concerns went unheeded and irregularities in his accounts were overlooked.

The $6.4 billion lawsuit filed by Irving Picard says J.P. Morgan only reported its long-held suspicions of Mr. Madoff to British authorities in late October 2008, less than two months before he surrendered and the fraud was exposed.

http://online.wsj.com/article/SB1000...=djemalertNEWS

What are changing effective Feb 5
 

I dug up the November 13 to December 14 statement, there was a page of notice of changes on fees effective Feb 5th. This is the ONLY notification I ever receive regarding any changes on Fee Structure.

Affected items are:
ATM and Debit Card Fees
Overdraft Protection Transfer Fee
Deposited Item Returned (or cash items returned) Fee
Stop Payment
Stop Payment via Chase.com or Chase by Phone automatic phone system
Wire Transfer Domestic Outgoing, also Domestic Outgoing via Chase online
Counter Check
Legal Process

There is No Mentioning about Monthly Fee change.

The Premier Checking Account never can use debit card transaction to avoid Monthly Fee if it is all by itself - I dont know if you ever know about this - it is only when you have a "Relationship Banking" that has both Business and Personal accounts linked together, then the monthly fee is waived as long as it is linked to the Business Account(s).

Now there is another twist to the "Relationship banking" because at least one or two posters said they do NOT have to do any debit card transactions even on their Business Classic because it is linked to the Premier Checking which existence is due to a Business Classic is opened ... I even went into lengthy discussion with a particular poster on the main thread because again my banker said I DO NEED to do the 5 debit card transactions on my Business Classic to avoid fee. Ditto another poster friedice is told the SAME info when s/he called Chase.

It would be too co-incidental that both me and friedice are told erroneous information by 3 different Chase employees - my personal banker and the phone banking rep I talked to, as well as the Chase employee friedice talked to....

Time will tell. However for anyone who still needs to keep their accounts open for a good while, the best thing to do is to call the 1-800 number AND to call the banker who handles your accounts, to find out for sure.

Those who do call, please report back so we will get a better picture of the situation. There are folks whose accounts were opened in October or even during the extended period, they can NOT close their accounts as the 6 months are not up yet. Else their bonuses would be yawned by Chase and I do believe it would happen, particular now Chase actually has such language in the new UA 10K offer.

rep told me you can no longer get this debit card??

doesn't matter to me anymore
 

The CO debit card is no more, and the new cards come with a $3 a month fee. Paper statements, which wasn't mentioned in your list of items affected with new fees are also $3 a month.
My accounts are now closed as well as my wifes...I got in at the beginning of this offer, and actually told my banker about it, when I signed up. I cancelled my accounts and signed up again last year because the T&C stated you could get the bonus once per calander year. Nowhere in any of the T&C did it say 6 months required. I left them open that long because I knew my banker would get a commission for each account that way, she also got a bonus for us using billpay. Unless it said so in the T&C chase cant yank back any points. We first opened the basic account and then business, and we had to swipe each debit card 5 times to avoid fees....then my banker told me I could change the basic accounts to premiere and link it to the business and only have to swipe 5 times on the business debit to avoid the fees.
I was told this wouldnt work anymore, and one of my bankers reads FT and looks for the same loopholes we do. they didnt say if downgrading from premiere to basic again would work and maybe there is a configuration that will keep accounts fee free without 5k in business or 1.5k in premiere or $500 DD, but my bankers just told me, no. The fact that our bankers tell us each different stories is confusing, but i have no doubt that the fees and requirements have changed and I would have had to pay a fee. just as you are sure that you will not be hit with a fee if you continue your 5 swipes for your accounts. I could have waited for proof in writing or let the fees hit my account and then disputed them with my banker next month, but why wait?
It really doesn't matter to me since I would have closed them in a couple of months when the debit card fees hit again, but with new fees and changes hitting these accounts now, for people like me it's easier to just close it down now. I can see wanting to find a way to keep them open for the 6 month, not for fear of points being repo'd (unless it specifically states 6 months in the T&C of your offer), but out of thanks to your banker. The best thing you said was you discussed it with your personal banker and they will reverse the fees if you get hit. I suggest others do the same, if they plan to keep these accounts open for a while.
I am now happy with my free checking at Suntrust and the DL miles I got from their program, although i will cancel my business account there in June when the min balance requirement changes to 1K and just keep the personal account which has no min balance req, no req DD, and no required swipes of the debit card.
Hopefully Suntrust will do the DL offer again next year and I will be able to do it again. I also hope Chase will do a similar offer with UA miles later this year once the merger has progressed.

I know the whole thing is confusing - but for those of us who still need to keep the accounts open for 6 months so not to risk the miles being yawned back, here are a Summary I hope would help.

For accounts opened after Aug/Sept - yes, there were languages about the 6 months and that actually was also specifically mentioned by personal banker. Others have reported same data points in the sister thread residing in CO forum.

Here is the post on the sister thread in CO forum about the 6 months clause. Incidentally this poster has been arguing with me and a few others about the 6 months are not needed, UNTIL of course he got the same wordings for his account(s) from Chase as an Update.

http://www.flyertalk.com/forum/15423888-post260.html

Therefore, I say, close the account before 6 months are up at your own risk. Me, I would wait till the 6 months are passed with a week or 2, before closing them for good. Meanwhile I will count on my personal banker's words. I also feel that in the case if a fee is posted, the banker has the discretionary power to reverse at least the first such posting as a courtesy. Then she can downgrade the account back to Classic. I have no issue for that. I even offer to downgrade it now but she insisted there is no such need.

First of all, the personal Classic Checking is still free IF you do the DD of $500, or the 5 debit card transactions.

The $1,500 min balance is for Better Checking (or something like that), NOT the Premier Checking, which actually requires $15,000 combined balances from all eligible sources - quite a big difference - when one important 0 is omitted. :D

The Business Classic remains FREE regardless balance as long as you do the 5 debit card transactions each month.

All the above are stated in Chase own web page for anyone to see.

I dont see WHY one cannot downgrade to a Personal Classic, especially it is upgraded from that very same produce to begin with. Banks allow customers switch product types to meet customers need all the time. They normally find ways to work with you instead of "scaring" you off.

It does not mention any fee for a debit card. If a bank charges a monthly fee to have a debit card, I believe many would simply close their accounts because many people use their debit cards to do ATM withdrawals. I can see a Saving account, a MM Account may impose a monthly fee on a debit card. But for a demand deposit account, i.e. a Checking Account, an ATM card is almost a given. Again, such info is not published on Chase website.

The missing parts and that have caused lots of confusion is, on Chase website, it does not mention about any "Relationship" banking that would avoid monthly fee.

At the beginning some bankers even told some FTers as reported in the original CO bonus thread, that once the Business Classic and Personal Premier is linked, neither account requires any particular action to avoid monthly fee... This seems to be a mis-interpretation to me because the Premier Checking for most folks is a product of upgrade when a Business Classic is opened. Otherwise I seriously doubt anyone here would keep a $15,000 combined balance at Chase to have a Premier Checking... A $1,500 Better Checking - many of us would do if this means not to worry about the debit card transactions or DD.

There are though, several separately verified data points about 5 debit card transactions done on the Business Classic side would avoid monthly fee not only on the Business Classic but also the linked Premier Checking.

May be friedice could chime in on his / her conversation with Chase about no need to keep a $15,000 monthly balance.

Just a suggestion, next time when you post, would you mind use paragraph?

It is kind of hard to read and understand your posts due to its format. Using paragraphs would help us all.

Thank you for your heads up information regardless.

I got different info than OP
 

Based on the materials that I received, the only account that I have that will change at this juncture is my old WAMU "free checking" account. Maybe it varies from state to state (I am in California).

I just opened a new business account with Chase that came with a UA CC (30k miles bonus after 1st charge). I was instructed that, so long as I use the CC once a month, I will not incur fees. I plan to charge my virtual office rent to that card, plus some other monthly bills, so that's a piece of cake.

As noted above, my old WAMU "free checking" is no longer free, but my banker is linking it to yet another business account that I have (in addition to my own business, I am Treasurer of another organization) that has a decent average balance (typically $20k+) and -- according to my banker -- it will keep that checking account free. I went into the bank to close that account, as I have plenty of other accounts (as emphasized in this post!) and don't really need it. It was never linked to a FF account.

I was further informed that my "second" personal account at Chase will continue to be free, so long as I do the 5 credit transactions each month with my CO debit card. They said that, given the balance in one of my business accounts, I get 2 free checking accounts, so I assume I could change it to that.

I'm far from an expert and frankly fairly lost, but, for now, I have left all of my accounts open. I have gotten roughly over 100,000 in miles from Chase, so I'll ride it out to make sure the banker isn't giving me bad info.

Oh, come on. Don't buy their crap. This is basically a money grab because they are pissed at the government at capping their fees and they have the scale to effectively tell the government and consumers "Screw you". It's not like they actually need the money (correction: they wouldn't if they stopped making lousy investments), it's because they can.

Meanwhile, somehow card issuers in Europe and elsewhere have long figured out how to survive on tiny commissions.

EDIT: Anyway, I closed both my accounts today. Bye, bye Mr. Dimon.

+1

Chase is a good bank--perhaps a cut above the rest. Recently, another bank, Bank of America, moved its mini-branch out of a local supermarket (Save Mart), left a sign explaining where the nearest branch is located. Guess who moved in? Who has fresh coffee free to walk-in customers at its branches? Who has the modern, accept-anything ATM's? Who has the cleanest looking banks? Who pairs up with several airlines to offer airline cards? Who really listens to airline credit card acct holders?

Answer: Chase.

"Chase is my base, my taste!"