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Tuesday, February 15, 2011 - 7:04 PM

Chase Business Account

Chase Manhattan Bank (2 stars)
I am a small business owner who had a personal and business account with WAMU. They then got taken over by Chase.  I have been happy with the account. Nothing wonderful about it, but no reason to move to another bank either. However from March 1st 2011 they will be charging $15 a month for the account. I can avoid this charge by taking out a Business Card with them and then spending $1000 a month on it or by having a balance of over $7000 in the account.

I have an AMEX Business Card which I get cash back with, normally around $300 a year. I love AMEX and really do not want to start using another card. So I either start to pay $15 a month or move my account else where.

I am very dissapointed by this. I plan on expanding my business by the end of the year and I think it is very narrow minded of Chase to do this.

Of course I will be moving my bank account. Just have to decide where.
6
missyanthamissyantha1 posts since
Feb 15, 2011
Rep Points: 6
1. Tuesday, February 15, 2011 - 8:49 PM
Chase is being exceedingly generous (by their standards) when you consider $180/yr in fee abatements on a $7000 balance = 2.57%.  Their (.30%) savings relationship rate on $60,000 earns $180/yr as would $7000 in a (.01%) Premiere checking account, assuming you don't mind waiting 25.7+ years...
2
CraigPDCraigPD85 posts since
Jun 12, 2010
Rep Points: 298
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