Update 10/5/21: Change has been delayed for existing customers:
We recently sent you a letter to let you know that we were converting your business account(s) ending in XXXX effective October 10, 2021.
We’ve postponed this change, so it won’t happen this year. We’ll send you a letter with the new date when the account conversion is rescheduled. No action is needed at this time
Update 8/2/21: Chase has sent out letters to account holders letting them know they will be changed over to the new account.
Update 11/24/20: This has now been confirmed, some Chase business credit card holders are being targeted for a $300 bonus as well.
Original post (10/10/20): There is a rumor that Chase will replace the Chase Total Business Checking with something called Chase Business Complete Banking. Changes are as follows:
- Additional ways to waive the monthly fee:
- Spend $2,000 or more on Ink Business Credit Cards (transactions eligible for reward points are counted)
- Have $2,000 of deposits from QuickAccept transactions and/or other eligible Chase Mechant Services solutions
- Maintain a minimum balance of $2,000 or more in this account (currently $1,500)
- You maintain a linked Chase Private Client CheckingSM or
Chase Sapphire® Checking personal account(current fee waiver)
There are a few other charges as well, for example the following transactions no longer incur a fee once you have over 100:
- Debit card purchases
- ACH payments and deposits
- ATM usage
- Incoming wire transactions
- Check deposit at ATM
- ATM cash deposits
Main difference is needing a $2,000 balance instead of $1,500 to keep fee free.
So I never got the first letter but I did get the letter that said the conversion was extended to October 10th. I thought the letter was a scam so I googled the letter. I Had no idea they needed any information from me. Then my accounts were frozen. They wouldn’t even allow me to deposit customer checks so I had to cash them instead . I called the 800 number and was on hold for 2 1/2 hours and then Chase disconnected the call. Called back and they put me on hold again. Hung up after 10 minutes. Went into the bank today and found out that all they needed was my drivers license and another form or ID. I gave it to them and was told that since Chase is so back logged with this conversion they had my business checking and savings account scheduled to close on the 18th. Ahhhh today is the 30th. So why is it they need my drivers license now, I gave it to them when I opened these accounts over 10 years ago. Did I mention these accounts are through our trust corporation. Chase definitely has zero respect for their loyal long term existing customer base. Not happy with them at all. I will be taking my business and our house accounts elsewhere
Today’s update 10/18/21: Got this email (My account was converted on the 10th):
Based on your account history as of 9/30/2021, you may not be meeting fee waiver requirements. As a courtesy, we are waiving your Monthly Service Fee for October 2021.
So even though I am so far meeting the requirements for this month, they decided to waive the requirement with 12 days left. So I could pull out the 500 today and put it back on the 30th.
Mine changed to Business Complete. I also got an email about it “NAME, your business checking has been converted to Chase Business Complete Banking…” so apparently this doesn’t apply to all of us. Kind of stinks because I keep $1500 in there to avoid the fee but 2k just seems like a lot to avoid a fee.
My account changed overnight. Now business complete 🙁
Mine didn’t, still shows Total Business Checking.
Mine didn’t change either even though they no longer offer Total Business Checking as one of their products.
Glad it’s worked out for both of you, hope it will delay for you forever 🙂
Got an email today confirming the completed transition to Chase Business Complete.
As of today, no change to my business account shows, maybe overnight?
No change this morning either so looks like the change is being delayed into next year.
FWIW, banks are closed today with the holiday.
I got an email today confirming the change (not the delay but the conversion itself) on 10 Oct. So I’m probably one of the unlucky ones. The ones who got the delay information were targeted for some reason. I do use my account regularly and maybe that is why they guessed that I am less likely to close it down. Still couple days to go…so lets see.
This is the text of the email:
Dear Business Customer,
We sent a letter to the billing address for your checking account(s) ending in xxxx to explain that we’re converting the account(s) to a Chase Business Complete CheckingSM account effective October 10, 2021. We wanted to make sure you saw this information, so we’re sending it to you by email. No action is needed at this time.
Here’s what we said in the letter:
Your new account(s) has many of the same features you enjoy today and some new features that we’re excited to share.
You get new benefits with Chase Business Complete Checking
For more details, please read the Additional Banking Services and Fees for Business Accounts Deposit Account Agreement (ABSF).
• New ways to waive the Monthly Service Fee – The Monthly Service Fee for your new account will be $15 and the minimum daily balance required at the beginning of each day to waive the fee is $2,000. These may be higher than your current Monthly Service Fee and/or minimum balance to waive. We’re adding more ways to waive the fee, including:
Got the same email. I wasn’t going to chance not having 2K in there until I got confirmation it was delayed. Apparently it is not for everyone. Been a Chase biz checking customer for a number of years.
Just got the same email. I used the account periodically. It would go months at a time with just the minimum balance in it. I closed it down a couple days ago via SM to avoid the conversion.
William Charles to update
Tagging
I got the letter dated October 1advising that the conversion is delayed until next year and also got the email yesterday confirming the original change on October 10 so not sure what to think now. Probably a miscommunication between their email department and letter department (if those are a thing).
Guess we’ll find out tomorrow.
*UPDATE: Called Chase just now and the only info the csr had was that the conversion was still to be on Oct 10th and was surprised when I read her the letter explaining the delay into next year. Since it is the weekend she couldn’t check any further so there is confusion even on their end.
Their loss. I cancelled my account because I thought this change was pending.
Same. Funny thing is I saw on the account notes when the banker was confirming the information and account to close that it had been delayed with further communication to come. I closed it anyways since I was there. Overdue anyways, how else to sign up for a new one next year?
Anyone know why?
does chase really think they have too many customers and need to get people fleeing somewhere else?
Apparently, yes. Chase sent me a notice that they needed my driver’s license, but you need a business banker, so you can’t just stop in quickly, have to have an appointment.
I complied, gave them documentation, answered all of the KYC questions as if it was when I opened the account, signed the forms I was handed.
I received another letter, this time asking for more information. At least this time the letter showed up before the account was restricted. Yes, Chase seems to want to get rid of customers, I guess unless you have enough for CPC.
Totally Complete!