Chase has sent out a letter to old Chase personal checking account holders (totally free checking), informing them that on October 16, 2021 their account will be converted to a Chase Total Checking. Recently Chase converted Business accountholders to the new Business checking account. This is slightly different as the old personal accounts are significantly older and Chase Total Checking isn’t a new account. It is more difficult to keep fee free though.
they also recently changed Chase Total Business Checking for current customers to Chase Business Complete Checking and the minimum now $2,000 instead of $1,500
They are still having the monthly fee for Veterans/AD/Reservist – they also offer a free safety deposit box – just got my renewal last month – still $0.
Wow, these accounts must be very old. I remember opening a Total Checking in 2012, which means these are older. Anyone know the date that Total Checking replaced these old Chase accounts?
This was my DP. It was originally a Chase Totally Free Checking I had opened up back in Undergrad in ‘08. Total Checking took most of these over in ‘10 or ‘11, I think— if you let JPMC lull you into complacency, or were previously WaMu (…until the Fed put their insolvent asses up for a fire sale, that is.) That wasn’t the case for me, I’m into fine print. For anyone else whose Grandfathered account was rebranded a basic, boring “Chase Checking,” the honeymoon is officially over on 10/16. I have half a mind to close out my savings, JPMorgan investment accounts, and two lines of credit along with it, though. Dick move against the financial instruments of loyal customers with Super Prime FICO 8s and 9s will NOT be well received.
The first iteration of what would eventually become “Chase Checking” was introduced in Dec. 2003 to compete against Commerce Bank. This was back when Chase was only largely in the NY Tri-State region and new entrants were intent on disrupting the long neglected retail banking market by offering free checking accounts. Chase pretty much dominated NYC consumer banking after three large banks (Manufacturers Hanover, Chemical, and Chase Manhattan) became Chase in the 1990’s.
Chase Manhattan did not give in quickly and rolled out “Chase Extra Checking” ($1,500 in checking and savings or $9.50 fee) as well as “Chase Checking” ($1,500 in checking or $9.50 fee). In April 2004, the bank succumbed and eliminated the minimum balance requirement and renamed “Chase Checking” to “Chase Free Checking with Direct Deposit”. Without a direct deposit, it was $6 per month. In 2006, this account was renamed again to “Chase Free Checking”.
The option to complete five or more debit card purchases was eventually added as another avenue to avoid the fee. The direct deposit requirement was increased to a $500 minimum. On November 16, 2008, the account was renamed yet again back to “Chase Checking”. Free checking at many banks disappeared following the Durbin Amendment. Chase rolled out “Total Checking” in Aug. 2011 and grandfathered “Chase Checking”.
Amazingly as of Nov. 2017, the fee was still $6/month for “Chase Checking” vs. $12 for Total Checking if no requirements are met. It’s been a good ride for those who have benefited all these years.
Opened a chase college checking back then, free for students and DD or $6 fee after that.
It still shows up as chase college checking after all these years;)
Significantly older indeed. These accounts have been grandfathered since 2010.
Why are there so many Chase changes this week? This is outrageous!
If one has such an old account still, and hasn’t signed up for a new checking for the bonus yet, there’s probably a reason they didn’t. I don’t think anything really would be changed by this.
I had an old business checking account that had no monthly fee with at least one business credit card purchase. And with that, a free personal checking account. I chose to churn elsewhere, leaving the old grandfathered account, from 2001-2003, as it was.
I might keep one of my biz checking accounts opened around 2014, because the jump from 1500 to 2k isn’t horrible, and there are still uses for that account. As for the old grandfathered biz and personal checking, it’s the end of a nearly 20-year run. I almost closed it today, but will definitely close it before 10/16.
That was exactly what we did on Monday. We closed both business and personal checking accounts that were open years ago when Continental bonus miles were offered, and the $75 a year debit card would earn 1 mile per $1 spend… It probably 10 years or more ago! At the time the business account linked with the premium plus personal checking, making both essentially free as long as you do 5 debit card transaction each month on the business checking…
Though hind sight, once the checking accounts lost their initial purposes, we should close them so be able to earn sign up bonus in subsequent years when there was almost like once per year offer…
My mom got this notice.
Luckily she has Social Security direct deposit so no fee.
They also did away with the free checks.
I know many people don’t write checks anymore, but my mom does.