JPMorgan Chase is squashing two additional checking account fees this week.
NEW YORK (MainStreet) -- JPMorgan Chase(:JPM) confirmed it will squash two additional checking account fees this week.
The bank will end a test program in Oklahoma, where consumers were charged a $10 monthly checking account that couldn't be waived through direct deposits or online banking requirements, a source familiar with the bank plans told us. JPMorgan Chase is squashing two additional checking account fees this week.
The bank will also call off a $15 monthly checking account fee that could be waived only if a customer maintains a minimum daily balance of at least $1,500 or a combined $5,000 in deposit and investment accounts. This fee was being tested in Atlanta.
Both tests were launched in February.
New customers will not be able to sign up for test accounts after this week. Customers who were enrolled in the program can opt to keep their test accounts or switch to Chase's other checking options, the source says.
In late October, Chase became the first big bank to nix its controversial debit card fee (Chase's test fee was $3.50). Wells Fargo(:WFC), Regions Financial(:RF), SunTrust Bank(:STI), and ultimately, Bank of America(:BAC), abandoned plans for similar fees on debit card accounts as well.
Chase's reluctance to introduce more fees isn't surprising given the significant consumer backlash that saw tens of thousands of consumers switch to credit unions on or before Nov. 5 for Bank Transfer Day. According to the Credit Union National Association, Bank Transfer Day resulted in approximately 650,000 new credit union members.
Are different fees on the way at the country's big banks? Find out in our look at what to expect from your financial institution during the next six months.
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