Another ridiculous fee
With its overdraft fee income in jeopardy because of new Federal laws, is Chase starting to ding customers in other stupid ways? One customer writes:
I found there was a $3.00 charge against the account because I went over the maximum of four withdrawals within a given statement cycle. For this particular cycle I only did five due to added expenses that given month.
But they went and actually read Chase’s policy on their website.
Under federal regulations, you are allowed up to six pre-authorized withdrawals per monthly statement cycle
The customer contacted Chase by phone, in person, and by email and explained the situation but Chase refused to budge.
Perhaps next Chase will institute a fee for standing in line at their branches?
Fees & charges | admin May 20, 2010
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By coakl, January 11, 2011 @ 11:32 am
These two limits are not the same.
The first one ($3 fee for going past 4 withdrawals) is an arbitrary limit by the bank to retain savings deposits. A little fee income too, as many people were using online banking transfers to cover transactions, one at a time.
The second limit is a federal one. The feds want it to be clear which accounts are checking and which are savings. Banks have limits on the deposited funds that can be used for lending, depending on whether they are in checking or savings. This is why you can’t use your savings account like a pseudo-checking account.
SOLUTION: don’t bother with a savings account at all. They pay so little interest nowadays that it’s just not worth it. Keep everything in the checking account and you’ll also have fewer hassles (keeping track of one account instead of two)