Chase and Free Checking

In 2011/2012 as the government was implementing a number of policies that affected banks, (like limiting what banks could charge merchants for debit card charge processing), most banks complained that the hit to profits would force them to no longer offer free checking, and they changed their policies so that many if not most customers were no longer eligible for free checking accounts.  Chase of course was one of the first and worst to do this.

Fast forward to today.  Chase’s last fiscal year included record profits of $20 billion, about half of which CAME FROM RETAIL BANKING.  So it would seem that Chase is doing just fine and could be offering free checking just like they used to.

Remember, you are giving a bank your money to play with while you aren’t using it.  This is how they get much of their capital to fund loans and to do their own proprietary trading activities (i.e. London Whale).  If a bank wants you to pay for the privilege of allowing them to use your money, it is time to find another bank.


  • By Frank Lee Speaking, May 26, 2013 @ 9:06 pm

    JPMorganChase holds Town Hall meeting where all employees are regularly asked for ideas on how the firm can increase fees on their cardholders and other customer base.

    What’s even more of a joke is that the firm exhaustively solicits the same employees to open accounts with Chase. It reminds me of the ‘ol adage: Don’t sh*t where you eat.

  • By Ajax, June 12, 2013 @ 6:12 pm

    To settle the score, take 500 Sweet & Low packets out of the employee break room.

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