May 06--Chase is increasing the monthly service charge on savings accounts to $5 from $4 in 16 states, including Illinois.
Chicago's biggest bank is also boosting the monthly service charge on checking accounts in three additional states, including California, to $12 from $10. The other states are Oregon and Washington.
Consumers can continue to avoid the charges if they meet certain thresholds.
The checking account charge is already $12 in Illinois.
The changes take effect with statement periods beginning after June 17.
"To simplify our business, we are making monthly service fees for checking and savings accounts consistent across all states," Chase spokeswoman Christine Holevas said.
Among the ways that customers can continue to avoid the monthly service fee on savings accounts: keep a minimum daily balance of $300 or have an automatic transfer of at least $25 a month into the savings account from a Chase checking account; or be an account holder under the age of 18.
Among the ways that consumers can continue to avoid monthly service fees on checking accounts: have direct deposits totaling at least $500 during the statement period; or have a minimum daily balance of at least $1,500 in the account.
The other states seeing increases in monthly service fees on savings accounts are Arizona, Colorado, Connecticut, Indiana, Kentucky, Louisiana, Michigan, New Jersey, New York, Ohio, Oklahoma, Texas, Utah, Wisconsin and West Virginia.
byerak@tribpub.com
