My notes as I explore various business and financial topics

Thursday, April 21, 2011

Closing my 19 year old Chase, Wamu, Great Western bank account

Well it looks like I will be closing my 19 year old Chase, Wamu, Great Western checking account. Although I tried to meet their requirements and increased my direct deposit amount to their $500 or more requirement, I was still being charged a $10 a month fee.

I get paid bi-monthly and had set up my two direct deposits to meet their benchmark, so I didn't understand why I was still being charged a monthly service fee. When I called to inquire, I was surprised to learn that Chase requires the $500 minimum all be in a single direct deposit transaction.  Every other bank program that had a direct deposit requirement had always counted the monthly total.  But not Chase.  I don't remember remember this being mentioned in their fee notification letter. Maybe it was in the fine print. Or maybe, I just can't read.  But then again, Chase, can't add.

So now, instead of a life-long loyal customer, I've joined the ranks of those disillusioned with Chase.  I guess the lesson here is that loyalty doesn't count for squat when dealing with big corporations.  Since Chase's banking products and services have become inferior to their competitors I need to ditch them. What a far cry from the former bank (Wamu) that had once advertised about getting rid of those pesky bank fees. I guess, this review summed it up best, "I like it better when it was Wamu!"

By the way, Citi still offers FREE Checking.

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