"Total Checking." "Value Checking." "MyAccess Checking." What do they all have in common? The word "free" is missing from the name.Read the rest here.
You are likely painfully aware that big banks like Chase, Wells Fargo, and Bank of America have ended no-strings-attached free checking accounts. But if you had any questions about how restrictive -- or expensive -- those strings can be, consider Chase bank. Scarcely two years ago, we marveled at banks’ efforts to inch fees up to $3 per withdrawal. Chase bank is now test-piloting $5-per-withdrawal fees for non-customers in Illinois. That's in addition to fees the consumers' bank charges. Soon it may cost $10 to grab $20 in a pinch.
Once upon a time, consumers could expect to earn money by leaving their cash sitting in a bank. Today, consumers must worry about their bank slowly bleeding money out of the account. The change is happening swiftly. Chase says it's converted around 8 million free accounts -- many former customers of Washington Mutual -- into "follow-our-rules-or-pay-up-to-$144-annually" accounts.
Marx may have had a point. Banks are evil. I wonder if anyone has looked in the Chase Bank boardroom for that missing snake?