Dinosaur bank

posted by Jeff | Monday, November 1, 2021, 3:02 PM | comments: 0

I've had my personal checking account with Chase since it was a National City account. I think it was owned by someone in between, or there was a name change, but it's literally the only checking account I've ever had. Then in 2000, when it was clear that I needed to separate business transactions, I opened a business account there as well. Today, I closed the business account.

About a month ago, I got a notification that Chase was instituting new account minimums and all kinds of fees for business accounts. There's no way I'm going to keep a minimum of $2k in that account, and there are only a couple of times a year (2020 not withstanding) where I would even cycle that much through it in a month. But the way that I understand banking, that they get to hold on to the sums of money with only a few transactions, all electronic, it's a pretty solid get for them, even though I don't use the debit card much. So, yeah, I'm not going to play that game. When I called to close the account, they didn't even ask why. A minute of a guy typing on his keyboard and it was done.

I moved all of the cash, deposit targets and such to a Capital One account where I already have had a savings account for years. It took me a few minutes to do it. It has no minimums, and they actually still pay interest. It's hilariously only 0.1%, but I'm not paying them any fees!

I just don't get how Chase believes that they have anything valuable enough to charge fees for.


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