Chase adopts Pew simplified disclosure forms, shows just how fee hungry they are
Chase is tooting it’s own horn about adopting simplified disclosure forms developed by the Pew Health Group. These forms are in fact quite an improvement over the typical checking account disclosures. But at least one analyst is willing to call this out for what it is:
Philip Van Doorn, senior bank analyst with TheStreet, says the bank’s effort to become more consumer-friendly is largely out of necessity.
“They had better be in an environment where you have a new unfettered [CFPB] that is going to be aggressive on this type of issue,” Van Doorn says. Essentially, Chase is being proactive about making changes that are likely going to be enforced by the Consumer Financial Protection Bureau sometime in the near future anyway, according to Van Doorn.
Regardless, the simplified disclosure form makes it very easy to see Chase for exactly the kind of bank that it is, fee hungry. For instance
- Chase charges $5 for a money order; the Post Office charges $1.10 up to $500 and $1.55 up to $1,000.
- $15 for incoming wires. My bank does this for free.
- $30 for outgoing wires. My bank charges $11.
- $12 monthly service fee unless you meet minimum balance and other requirements
- $12 per day when you draw from your overdraft protection line. My bank charges a one time fee of $10 and interest.
- $34 stop payment fee. That is very high!
- They charge YOU $12 when someone else’s check bounces!
- They charge $2 for a counter check. My bank gives these away for free.
I think this new disclosure thing might work to their disadvantage.
Fees & charges | admin December 17, 2011
By Michael, December 20, 2011 @ 6:50 am
I’ve been comparing fee schedules. Chase is almost always the highest and the value I receive for the premium isn’t worth it. I paid over $100 in bank fees with Chase last year. Luckily I switched banks in July and haven’t had to deal with these non-stop fee switches.
By FeeCrazy, January 2, 2012 @ 4:45 pm
JPMChase holds frequent “town hall” meetings where they discuss, and even ask for suggestions, with employees on how they can come up with more fees for their cardholders. While banks do this by nature, this company is fee hungry and without any empathy or consideration for the cardholder.
By coakl, January 16, 2012 @ 9:34 pm
Don’t forget the $34 overdraft fee. It’s also $34 if the check or automatic payment bounces (i.e. does not overdraft your account).
The nastiest fee is the $15 extended overdraft fee. For every 5 business days that your balance is negative, there’s a $15 fee. You can get several overdrafts, each costing you $34, and then Chase hits you with this $15 one after 5 days of negative balances. Talk about rubbing salt into a wound !!!
By D. Willis, August 21, 2012 @ 8:40 pm
Chase is doing bad banking business. I am a victim of overdraft charges due to insufficient funds after monthly fees where applied. An automatic bill-pay came in for $44.95 at which time I had in the account 41.26 because of the monthly fee. I was charge $34.00 and then $15.00 every week until paid. The problem is, I am retired and I have advised them not to pay the insufficient fund; however, I was advised it is the discretion that Chase Bank will make. In other words If the bank believe it is feasible to pay the insufficient fund and make $50.00 for the payment. Then it is worth the $3.00 that is insufficient. I consider this as Loan Sharking. After researching other banks, Chase Bank is the only bank that has these hidden fees. I am currently sending this to the House of Representatives because I think they should know about the rip retired people are getting. When you get paid once a month the charges can be astronomical leaving a retired person less than 82% of their monthly retirement fund.