This. I expected my deposit in 1 business day like it has been with Chase, BoA, PNC, etc. Unfortunately, this is not the case.
I believe the only accounts affected are the ones that transferred from Wamu. If this is an original chase account there are no fees. I was in the same boat and was about to close the account until the banker told me what I just wrote.
Well, the rep lied, plain and simple. I've called on multiple occasions to have this done, but the reps and their supervisors and managers told me that this was actually STOPPED in Feb. 2011. It seems the reason the initial rep was vague in telling me why I should wait until after Feb. 2011 was probably because instructions were handed down to tell people who were with other banks and had their accounts taken over by Chase that they should wait so they would then be ineligible to convert their accounts and would have to meet the other criteria in order to not be charged monthly fees. It doesn't take a genius to figure that out. It's not a big deal because I meet the minimum balance and the monthly direct deposit requirements, but it's still dishonest.
Chase banks writes a check to a man, then has him arrested claiming forgery when he attempts to cash it. Amazing. Link
Banks suck! Also: For anyone with a Wells Fargo Free Checking Account, starting in September they will no longer be free. WF is going away with them and will now be charging you $7 a month unless there is a $500 deposit or a $1500 balance I believe. We got word of this a couple days ago(I work there). Just giving everyone a heads up.
I'm currently with a credit union and I agree that ATMs are limited. Doesn't bother me since 99% of my purchases are online or with a card. The 1% is why I keep a few bills around. I'm waiting for ING Direct to have their occasional $100 bonus deals if you sign up for them. They, like many online banks, have the best rates around.
I just deposited a personal check at my bank made out to "Ron." Not Ronald. I had both the teller AND the Branch Manager tell me they needed a supervisor's approval to have it deposited even though my last name is so unique it was impossible for me to be someone else. Something really bad is about to happen.
I work for Regions Bank. The main reason banks are now starting to charge fees is due to this thing called the Durbin Amendment which is lowering interchange fees that banks can collect. Currently at regions we also have a monthly fee but its not $12. To get the fee waived a customer has to either a)have a monthly avg balance of $1000 or more b) have a minimum 15 electronic transactions (which include swiping your atm card or paying bills online) or c) direct deposit of $100 a month or more. Anyways I'm surprised you can't get a student checking account. I've seen many customers who are not students have student accounts, most banks don't require any proof. Usually the account will automatically convert to a regular checking account after 4 years. In fact, BoA did this to my account and I went in and they changed it back to a student account. You should check up on that. It is very easy to complain and blame the banks for charging these so called ridiculous fees, but in the end, it's a business. They have to make money some way. Cause majority of the customers a bank has, do not benefit them what so ever. They count on these monthly fees and overdraft fees to bring them business. So yes it sucks, but thats just the way it is. Mostly all banks are moving to this and eventually you won't be able to find a free checking account anywhere.
Ummmmmmmmm.. I'm not sure you know how banks make the majority of their money. HINT: It ain't off checking accounts. They loan money at 6% (or whatever it is right now) They borrow at 2%. You need to go back to school.
Okay I'm sorry I didn't clarify. I didn't mean their main business. But why would any bank deal with these customers who never take out a loan or use any of the products banks offer that bring the bank a profit??? They have to make something off of these customers that bring em no business what so ever...
I've said it before (probably in this thread)...Chase f&*(ing sucks. They are, by far, the worst bank I've ever dealt with.
Unfortunately I get paid weekly....so I've been paying the fees. A local bank up here in Nacogdoches just started to charge too, CBTX. I'm dropping them because of it, since I don't need them anymore anyways, with the Chase app on my android phone I can deposit checks that way.
I'm not an expert, I'm not claiming to an expert and could be wrong /end disclaimer. While interest revenues are a big contributor of income for Banks, the non-interest revenue also have a large effect on the bottom of lines of the banks. I've picked two banks and their 10K, which are not always the best basis for the arguments since corporate P&L are not always the cleanest data but take a look at bottom of page 28 for BOK and bottom of page 45 for Regions (the page stamp on the documents). The banks are picked because I think they are large banks where traditional commercial banking is a majority of their P&L (could also be wrong, I don't know and didn't want to do too much research or analysis for a message board argument ). You will see that 33 to 50% of a bank's net revenue are not from interest. http://investor.bokf.com/Cache/10814467.PDF?D=&o=PDF&iid=100003&osid=9&Y=&T=&fid=10814467 http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9ODM3OTZ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1 Further more, there aren't always a lot of good assets for bank to lend money out in. Especially in a time of low growth, belt tightening and higher savings, you are going to have banks with situations of a lot of deposits (and servicing cost to go with them) and lack of ways to generate revenues off of them. TLDR answer: Bank do and will need to make money off of things other than interest.
