Chase Continental Debit card checking changes
Feb 1, 2011, 7:56 pm
#1
Original Poster
Join Date: Mar 2010
Posts: 1,173
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.
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.
Feb 1, 2011, 8:10 pm
#2
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
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.
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.
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.
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.
Feb 1, 2011, 8:16 pm
#3
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,756
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.
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.
Last edited by Happy; Feb 1, 2011 at 8:26 pm
Feb 2, 2011, 7:11 am
#6
Join Date: Apr 2009
Location: SMF
Posts: 1,262
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.
Feb 2, 2011, 9:03 am
#8
Join Date: Aug 2002
Location: New Hampshire
Programs: AA Platinum, Marriott Gold, Everything else: Dirt
Posts: 802
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.
Feb 2, 2011, 9:10 am
#9
Original Poster
Join Date: Mar 2010
Posts: 1,173
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.
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.
Last edited by wise2u; Feb 2, 2011 at 9:12 am Reason: punctuation
Feb 2, 2011, 9:19 am
#11
Join Date: Jul 2010
Programs: UA, AA, SPG, HH
Posts: 672
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.
No wonder Chase and other banks are nixing debit card swipes to avoid monthly fees.
Feb 2, 2011, 9:45 am
#12
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,756
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.
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 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.
Last edited by Happy; Feb 2, 2011 at 9:54 am
Feb 2, 2011, 9:51 am
#13
Join Date: Jul 2007
Location: EWR
Programs: AA, Delta, NWA,HHonors, Hyatt BF
Posts: 1,762
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.
Replaced with ING Electric Orange, 50.00 bonus.
Feb 2, 2011, 10:15 am
#14
Join Date: Apr 2009
Location: SMF
Posts: 1,262
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)
"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?
"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?
Last edited by Tailgater; Feb 2, 2011 at 12:56 pm
Feb 2, 2011, 12:36 pm
#15
Join Date: Dec 2007
Location: Los Angeles, CA
Programs: AA Platinum, SPG Platinum, Marriott Platinum
Posts: 345
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.