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In Arizona when you collect unemployment insurance the
State of Arizona has contracted with Chase bank to issue
you a debit card, which the state of Arizona deposits
your weekly unemployment benefits into.
I suspect that Chase Bank wants to shake down all these people that are receiving unemployment for this $6 monthly fee.
Chase bank customers face checking fee Dec. 16, 2010 12:00 AM Associated Press NEW YORK - Chase customers who don't earn a lot or rely on paltry government benefits may soon have to pay a monthly fee on their checking accounts. The bank started notifying customers this month that direct deposits will have to be at least $500 to qualify for a waiver on the $6 monthly fee. The change, which goes into effect starting Feb. 8, applies to basic checking accounts. Chase said the $500 monthly requirement is for a single direct deposit; multiple direct deposits that add up to $500 will not qualify for the waiver. The monthly fee can also be avoided if customers make five or more debit-card purchases in a statement period. Chase, part of New York-based JPMorgan & Chase Co., declined to say how many customers would be affected by the new requirement. But direct deposits are generally made for paychecks, pension payments or government benefits such as unemployment or Social Security. According to the Social Security Administration, about 7 percent of beneficiaries receive a monthly check of less than $500. Unemployment checks are often less than $500 as well. The change by Chase comes as the banking industry increasingly focuses on wooing prime customers who maintain higher balances and spend more. The shift in the past year is motivated by a spate of regulatory changes that limit how much banks can earn through penalty fees and other billing practices that disproportionately affected customers with less-than-stellar financial histories. |