New Improved Banking

Lord knows I don’t have much money and the last place I want to have any excess laying around is in my checking account with the Chase Bank. Recently they have added some new (and I’m sure, improved) fees which I have become painfully aware of. I have what they call “overdraft protection,” a credit card of sorts with a $1000 limit which can be tapped should I write a check for more than my official balance. Most of the activity in my account is automatic deposits and withdrawals so that actual check writing is very minimal. In the midst of my attempting to be frugal one of my expected deposits was a day late and my official balance was overdrawn by $1.02 for what would have been less than 24 hours. WHAM! A $7 fee for allowing them to “transfer” money from my credit card to cover this egregious error. When I questioned Chase about the reasonableness of this charge they proudly assured me that if my account was overdrawn by as little as one cent the $7 fee would apply. I remember when I first opened my account with Texas Commerce (now Chase) some 15 years ago, a kind person from the bank would call me and warn me that I was about to be overdrawn and that if I could make a deposit to cover it in the next 24 hours all would be well. What a change in policy. Why can’t their magic computers do the same thing now? E mail me saying you’re about to be $1.02 short but we’ll give you 24 hours to right the wrong or else you’ll be charged $7. Banks used to be your friend, now they are sinking into the category of used car salesmen, here a fee, there a fee, everywhere a fee fee. So, Mr. Franklin, a penny saved may now be $7 earned.

Post script 8/8/06. I have changed banks from Chase to Washington Mutual.