Chase Direct Deposit Requirements Changing February 8th

January 31st, 2011 Jackson Colson Leave a comment Go to comments

For those of you with a free Chase Checking account, be sure to make a note of the changes coming up on February 8th. Previously to avoid the $6 monthly fee on the account, you only needed to have 1 direct deposit post to your account for any amount each month. Unfortunately as of February 8th, that is changing.

The current posily states that you must have at least one direct deposit per month of at least $500 post to your account. They also go on to say that two or more smaller deposits that add up to $500 or more do not qualify. As always the direct deposit may include a payroll, pension or government benefit payment, such as Social Security.

A lot of people that opened a free chase account for their popular $100-$150 bonuses may want to decide if they want to keep them open. If this is your primary checking account then this is no big issue, but for those of you that use it as a secondary really need to decide if they want to increase that direct deposit to $500 per month to avoid fees.

I am seeing more and more articles that say other banks are soon to follow Chase’s lead. With the new banking regulation passed last year, banks are looking for other ways to generate revenue and upping the requirements of free accounts seems to be a popular way to do so.

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