Watch Your Banks!

So I'm currently a Chase customer and just got off the phone with their customer service center.  As the financial market started to crumble and WaMu got absorbed by Chase, so did their millions of customers.  One of those customers was yours truly.  I didn't notice much of a difference other than the $2 bank fee imposed if you use a non-Chase ATM.  I easily worked around that, using cash back options and whenever I spotted a Chase ATM (while in NY) I used it.  Also, the rewards benefits are awesome.  Every time you choose 'credit' instead of 'debit' you earn points towards rewards...one being cold hard cash.  Honestly, its really come in handy these last few months.

That being said, today I took a look at my account online and spotted a miscellaneous $12 debit labeled 'SERVICE FEE'.  So, of course I called up customer service.  After politely explaining what the problem was, the agent politely responded by telling me that as of February 8th there was a change of terms associated with Chase checking accounts.  If you do not meet the following qualifications...

- a monthly direct deposit of $500 or more
- a $1,500 minimum daily balance
- an average daily balance of $5,000 or ore in linked deposits/investments
you will be charged a monthly service fee of $12 for keeping an account with them.

...you will incur a monthly fee of $12.  I, luckily, was able to get that fee waived but now have until May 10th to figure out where I take my money.  Apparently if you aren't earning enough, Chase doesn't want you or your "baby money".  If you're doing well, no need to pay fees but if things are getting a little tough for you, well, JP Morgan has decided to make things just a little tougher (and kick you while your down) by charging a $12 fee.  Kinda sounds like the rich getting their taxes cut while the poor and the (disappearing) middle class get their schools stripped, checks reduced and benefits lessened, doesn't it?  This is bigger than a $2 fee or even a $12 fee.  On a minimal level, watch your banks, call them on their policy changes and voice your opinion.  Instead of Facebook updates, get updates on your politicians and where they stand on these issues and exercise your voting rights.  Use the voice you have, as a customer and as a citizen.

As for me, well I have a month to figure out what I'm going to do.  Am I going to commit to a local Puerto Rican bank?  Am I going to go to another big bank?  or am I going to keep my "baby money" under my mattress?