While paying a bill online, I just saw a notice that Chase Bank wanted to charge $1.75 per ATM transaction.

I'm going into the bank tomorrow, demand that they refund any fees they may have charged this month and then canceling my account. What bastards!!

At many big banks, no more free checking - Los Angeles Times

At many big banks, no more free checking

Saying new banking rules will cost them billions of dollars a year, the big banks plan to bring back maintenance fees on basic checking accounts. The poorest will be hit the hardest.


February 04, 2011| Los Angeles Times



Free checking, RIP. It was nice while it lasted.


Reversing a trend that began in the mid-1990s, big banks are imposing new fees on their least-profitable customers — those who want just a bare-bones checking account.






Those who can't maintain fat balances, or who don't use other services that would make them more lucrative to a bank, probably will need to cough up about $100 a year if they want to stay put.


Blame the financial crisis. As part of the reforms adopted after the banking system's near-meltdown in 2008, the federal government has made it more difficult for banks to impose credit-card late fees, debit-card overdraft penalties and other charges.


Saying the new rules will cost them billions of dollars a year, the big banks plan to bring back maintenance fees on basic checking accounts.
The country's four giant banks — Bank of America, Wells Fargo, JPMorgan Chase and Citibank — are already phasing in the charges, and large regional banks are expected to follow suit.


The upshot: If you're not prepared to stockpile cash in a checking account, be prepared to pay a monthly fee or to take your money to a smaller bank.

....

Valerie Milan of Laguna Beach said Chase plans to start charging her $10 a month next week if she doesn't keep at least $1,500 in her checking account or make a deposit of $500 or more each month.


"I don't make enough to have that much in the bank all the time," Milan, 34, said as she left a Chase branch in Dana Point.


Milan will probably be able to get a better deal from smaller banks still offering free checking — but she'll have to give up access to a vast ATM network and the variety of services offered by bigger competitors.