Old WaMu Free Checking Being Converted Into Chase Total Checking With Monthly Fees

I just got my letter from Chase informing me of this upcoming change.  It's a darn shame; I've been using that account as my transfer hub because Chase allows unlimited (AFAIK) external ACH links and a reasonable daily transfer dollar limit of $10K, with excellent scheduling tools.  M&T used to be my hub before Chase, but then they instituted a $3 outgoing ACH fee.

Does anyone know of a bank checking account which has the attributes of a good transfer hub?  No ACH fees, no minimum balance, easy setup (trial balance, instant verification) of external links, unlimited external links, fast ACH transfers, reasonable or no maximum daily limits on the dollar value of ACH transfers?

To lvciii: Try High Yield Money Market (currently 1.01% APY) at Capital One Direct. It has almost all of the criteria you are looking for, so long as you can live with the limit of 6 withdrawals per month. If you need use of brick-and-mortar branches, you could also open the Simple Savings (currently 1.10% APY; requires a minimum balance of $2500 to earn that rate) at Capital One Bank and then do internal transfers between the savings and money market accounts online.

Hi Wil - thanks!  The interest rate is of no consequence to me in a hub account, and I don't need a physical local branch office.  I already have a Capital One High Yield Money Market account, and it's not quite what I'm looking for in a hub.  I have found the transfers to be slow (some five or six days that last time I checked, a couple of years ago), and the monthly limit on transactions is too burdensome.  One of the things I do with a hub is to avoid inactivity fees on my otherwise-dormant accounts by making a quarterly deposit of $5 to each of my linked accounts, and then making a withdrawal of that deposit a couple of weeks later.  The six-per-month transaction limitation would preclude my doing that, as I have some twenty or so accounts to manage. 

I think that ALLIANT Credit Union is the best -- in all respects --- HUB ACCOUNT. The fastest transfers I have found, one business day.

There must have been changes at Capital One Direct since you last checked. ACH: outgoing takes 3 business days, incoming is next business day, and the monthly limit on transfers with my account is $2 million! By the way, my experience with Chase is that there ACH is also 3 business days! Anyway, clearly the Capital One Direct High Yield Money Market won't serve the purpose you had in mind because of the federally imposed limits on withdrawals. I don't have anything else to suggest that meets all of your criteria. If you meet the membership eligibility, perhaps you should look into pdxmale's suggestion of Alliant Credit Union. Good Luck! By the way, I would have recommended Incredible Bank, but they allow only 3 linked accounts (and have a $1000 minimum balance).

Is no one upset about this?  The poorest people, myself being a graduate student working solely off student loans, cannot make the minimum $500 monthly direct deposits they require, otherwise hit with a $10 fee each month. This has to effect the people making the least salary.  What are people like me, who are living at poverty levels, supposed to do to have a checking account with no fees?  I rarely enter a brick and mortar bank, do practically all my banking online, and certainly do not create lots of overhead cost to Chase. I've been with the bank for over 11 years and when I did computer work maintained 5 digit balances in checking and savings accounts, had CD's/money markets, etc.  Now that I've decided to move on and take a career where I help people directly, I ironically become one of the poor people getting squashed by the big banks. So irritating.

Chase is only the Commerical bank that do business with so far since my grandfathered WaMu Free checking accounts. Now they are taking it away, I will be left with no Commerical Bank business in US. I have been using a Biggest credit union as my primary banker and few other credit unions for other financial needs. I will continue to use my local credi unions as they offer very customized products for the needs of poor man. Also their wide shared branching network and shared ATM services among the credit unions virtuall comes no closer to ANY COMMERCIAL banks for a common man needs.

Bye Bye Commercial banks(like Wellsfargo, BoA, Chase etc...)

I am keeping my Chase checking because I will get bonus points on my VISA when Chase converts my Rewards card to the Freedom card.  However, I am concerned because this one checking account has joint owners with each owner having a VISA card.  It seems logical that both owners are customers of the bank and should be getting the bonus points on both VISAs.  But I can't take that for grant it.  CSR have been known to give wrong answers.  How do I know for sure before I set up the DD?  Who can I contact?