Business/Finance

Chase nixes $15 fee for checking account

Tuesday, November 01, 2011
Chase Bank

Chase is ending a test of a basic checking account that charged a $15 monthly fee.

The cancellation of the higher-fee checking account comes as the bank ends another test of a $3 fee for debit cards.

A person familiar with the matter says both the tests, which were being conducted in Georgia, are being scrapped this month.

Wells Fargo, SunTrust and Regions also nixed plans for debit card fees in the past week. Bank of America is standing by its decision to roll out a $5 monthly fee, but now says it will give customers more ways to avoid the charge.

Chase's basic bank account currently charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum balance or setting up direct deposit.

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