A ridiculous banking rules had the customers to follow
By kingparker
@kingparker (9673)
United States
December 14, 2010 6:20pm CST
A friend of mine who has an account with Chase, which is a checking account. She hand me the letter this yesterday morning, and told me how ridiculous their rules for her to follow. She has to direct deposit $500 per month; and she has to keep up the account balance around $1,500 per day. Otherwise, she will be charged $12 per month. Don't you think that is really ridiculous? We, as customer deposit the money and trust your bank watch our money. So the bank can use our money to lend to other people and make high interest of it. They turn around and penalize us if we don't do this and that? So, they can earn more money? I advised her transfer her money to somewhere else. She doesn't need this bank to serve her.
1 person likes this
6 responses
@foxwolf91 (40)
• United States
15 Dec 10
I'd switch banks. That's a ridiculous set of rules, her time would be spent better at another bank, that values their customers more.
@calpro (930)
• India
15 Dec 10
Hi,
Yes these kinds of rules are imposed by several private sector banks in India too. They will fine us if we are unable to maintain the said average balance. Most of the corporate bank fees and average balance are high. In USD it is more than $100 average balance is to be maintained monthly or quarterly depending upon the bank.
This all charges are to maintain their sophisticated infrastructure of branches they have. The Govt should take initiatives to control the banks.
Happy Banking
Calpro
@maean_19 (4655)
• Philippines
15 Dec 10
That is really ridiculous my friend. It sounds not so fair for valued customers to become loyal. Well, you better withdraw your account and find another bank who has a better policy. Why they have to implement a penalty for not keeping a maintaining balance? I mean, the maintaining is even higher than the supposed direct deposit. I would understand when you charge something to an account only when the balance of an account is below the prescribed maintaining balance. The rules of your friend's bank is absurd.
@hardworkinggurl (37063)
• United States
15 Dec 10
I too have Chase and know exactly what you are speaking of. If it were not for my IRA, I too would be penalized this way. At any rate Chase is a great bank that does not realize the trustworthiness that many members entitle them.
Unfortunately they will fall under the gambit of all other competitors and sink ship along side them.
@nicregi (1934)
• Malaysia
15 Dec 10
Hi there!
Oh my my..this is one stupidd rule! Lol I nearly laugh so badly as the bank is definitely trying to ripped off! Is there a typo in the letter or some sort? This is insane! Oh my..if I were you, I will head down to the bank and have a nice chat with the manager :)
Have a great day!
@AdalieM (1134)
• United States
15 Dec 10
What!!! I have a checking account with Chase. As longest I used my Chase debit card to pay three or more bills online/offline I don't get that monthly fee. If she uses her debit card/credit card to pay some of the bills this shouldn't be a problem.
I don't really like Wells Fargo,I have another account with Bank of America and they give me cash back every time I use my debit card,however they still have the same rules when it comes to direct deposit, if you don't have it they will charge you, not sure how much. The only thing about Wells Fargo is that they don't required you to have direct deposit, but the minimum to have in your back account is about 300 dollars, if not there's a monthly fee of 30 something dollars that used to be the case few years ago here in TX.
