Bonuses get larger at chase but checking account fees are also on the rise
The new fee policy at Chase has taken shape and if you review your Chase bank statement you will notice that there is a new $12 service charge that is being added. This is applicable to the existing as well as the new checking accounts. So, if you are hit with the new fee, you could call and request a refund. Most banks will normally give one refund if you are hit with a new fee. However, they will be less accommodating if you are hit with the fee the second time.
You will have lesser options to avoid the monthly fee if you have the Chase Total Checking or College checking account and if you have a Chase Checking Account. You will have to maintain a large balance if you have to avoid the $25 monthly fee if you have the Chase Premier Checking Accounts. There are some tips to avoid the monthly fees if you have the Chase Total Checking account such as:
- You could either maintain $1,500 minimum daily balance OR
- Have a monthly direct deposit of $500 or more (direct deposits that add up to $500 will not qualify)
- In linked deposits or investment accounts you will need an average daily balance of $5,000.
Falling short of these requirements will attract a service fee of $12. Earlier, Chase used to waive off the monthly fees on direct deposits irrespective of the size or when you made over 5 debit card purchases within a month. Some fees that you must watch out for:
- $25 if you close the account within 90 days
- $2.50 if you use ATMs of other banks other than Chase (this does not include the fee charged from the other bank)
- $15 for all incoming domestic wire transfer and $30 for outgoing.
There is an increased likelihood of seeing more fees during this year.
Large Checking account Bonuses
The new bonuses on checking accounts are something that will catch your eye, especially if you are not a Chase customer. Although the bonuses have become larger, it will now be difficult to avoid the monthly fee. Chase has probably decided that this strategy would be more profitable.
Chase had already offered $100 bonus on new checking accounts with direct deposits. The $125 bonus is more common these days and you would have found this bonus every now and then.
