Free Checking WaMu/Chase Customers

[LuvSulley]

Did anyone else receive a letter from Chase saying that their current Free Extra Checking will change to Chase Total Checking and require a monthly service fee unless you meet the criteria? I was a WaMu customer and I thought Chase sent a notification when they first merged that will keep the terms WaMu gave us.

I won't be able to meet the criteria so I'm looking for a new bank. Does anyone know any banks that has free checking like WaMu use to?

 

[Cheshire Figment]

I would suggest you go into your local branch and discuss it there.

I opened a checking account in 1969 with the Virginia National Bank with a promotion of no minimum balance and no service charge as long as I mainatined the account. VNB merged and became Sovran Bank which then merged and became C&S National Bank which then merged and became NationsBank which then mergeed and is now Bank of America. I have maintained my free checking all the way through this chain.

 

[njmom47]

I have been a First Union/Wachovia (now merging with Wells Fargo) customer for over 30 years, and I really like them. In my area (and probably other areas) they have a program with local businesses where you recieve some of the benefits of Wachovia employees (this may change when they change over). They actually do have a free checking account. On their website they also have a quick quiz about your banking habits that can direct you to the proper type of checking account. You could check them out. I rarely go to a branch; I have direct deposit and utilize online banking with them.

 

[disneychrista]

No I haven't gotten anything...yet

 

[SandrA9810]

I have a chase account, and it's free as long as I meet the terms. Either direct deposit or 5 monthly card transactions.
Is it possible to change to one of the other checking accounts that would be free??

Although I would go into the bank and speak with them about it. Doesn't seem right to me.

 

[JB2K]

I'm in the Illinois market area, and I received that letter in the mail, last week.

In all fairness, I only used my Chase account for fee-free access to money while at WDW (I am a firm believer in not taking my everyday bank card with me when I am playing tourist -- in case of card loss, etc.). Now that Chase is imposing monthly service charges unlike anything I've ever seen before, I will go-ahead and cancel-out that account.

For those of you holding accounts at the nation's other big banks, I am 100% certain they will soon follow suit, as this was their way of offsetting expenses incurred by recent deals with Uncle Sam.

Does anyone know any banks that has free checking like WaMu use to?

In other words, as we go into 2011, "free checking" will be something of the past --especially, if you don't maintain certain criteria.

For those curious (and don't mind doing their banking without the support of a local branch), I can recommend First Internet Bank -- they've been around since the late 90's.

 

[Hoodie]

Straight free checking will start to end for everyone. Financial reform will be the death knell for it. Banks have to recoup the loss of income financial reform caused.

You'll be able to get free checking if you meet other criteria, but slowly all banks will phase out free checking only accounts.

 

[SandrA9810]

Many credit unions still offer free checking accounts. So don't rule them out.

While they are usually local only, you can often times use "sister branches" across the nation. They have a network set up that allows another bank to deposit and withdrawal money from your account.

 

[Dax]

Another firm believer in a credit union...

 

[LuvSulley]

Thanks, I'll go to the branch and talk to them. I'm just surprised by the criteria and disappointed that I'll most likely have to close my only checking account that I had since high school. It went from completely free checking to having to meet one of the following:

- Have at least one direct deposit of $500 or more
- Or, keep a minimum daily balance of $1,500 or more in your checking account
- OR, keep an average balance of $5,000 or more in a combination of deposit accounts with Chase and/or investment accounts with Chase Investment Services Corp

That's a big difference!!

 

[Fire14]

I just recently opened a chase account and at time of opening I was told starting in Feb I had to have at least 1 diret depoit/mo of 500 or more
or use card 5 times. I figured fine I can do that and more I think about it the more i'm leaning towards just doing 500 dd and using acct to pay few bills so i don't have to think about it.