Saturday, December 11, 2010
Pulling My Three Bank Accounts Out of Chase Bank
Today I got a notice from my bank I've long been expecting. I had two free checking accounts at Wamu and a savings account that got bought out when Wamu folded. Chase assured me nothing would change and my accounts would be free. But every time I go in there they hammer me to set up a direct deposit. Even if I wanted to I couldn't. If I get ten checks a month they come from ten different places. That is the nature of the beast when you do freelance work for a living. So I wasn't really surprised when I got a booklet from the bank today explaining how they are going to start charging a monthly service charge of $10 (per account). There are a few ways to get around it, all which demand $500 per month lump sum of a monthly deposit, or a large minimum daily balance, or some other things that don't apply to me. I have until Feb. to decide before I start getting dinged with fees.
The reason I left Bank of America in the first place is that I was sick of paying $120 a year in monthly account fees.
Right now I'm leaning towards Wells Fargo bank. But they also charge a $5. monthly fee. It's half of Chase so I may go in that direction, and their daily minimum if I want the fee waived is half what Chase requires.
As I was researching banks, I came across something called 'move your money'. That lead to the video embedded here. It truly is scary to see how big banks have us in their clutches. I wonder if there is a small community bank I can trust in the Anaheim area. I've never had a lot of trust in big banks anyway, but I have even less now. I'm about to start sticking my money under the mattress and hope the building never catches on fire.
One thing is for certain, there is no way I'm staying with Chase.