Chase is doing the same exact thing here in WA effective Feb. 1'st.
However... an account is exempt if there's a qualifying direct deposit of $500 or more each month, or the above-mentioned balances.
The cause of this is the new Federal regulation forbidding banks from charging for more than 3 overdrafts per day. The banks need to find a way to cover the costs incurred by people who bounce loads of checks all the time.
OMG! Those nasty corporations are making everyone pay for the sins of the few because the great and benevolent government says that personal responsibility is passe?
[/SARC]
Ok, thanks for that info. So what it amounts to is we pay for others mistakes. I can understand a bounced check every so often but doesn’t the bank charge them for it? What’s it up to? Something like $30 per plus whatever the merchant charges back?
PS - can see where this might be going too. Imagine you have like $3 in your account and here comes the monthly $5 charge. Guess what? You’re now overdrawn and here come the OD fee.