As major banks back off of their plans to implement a monthly debit card usage fee, JPMorgan Chase is calling it quits for its other bank fees related to checking accounts.
Earlier this year, the bank began testing new fees in various areas of the country in order to test their feasibility, according to DailyMarkets.com. Federal regulations that have poured out of Congress ever since the financial crisis have drastically cut into many of the nation’s largest banks’ revenue. Testing the new fees was an effort to feel out new solutions to make up for all of the lost profit.
The public, however, showed a strong reaction against a proposal from many banks to start charging a monthly debit card fee.
At the end of Oct., Chase announced it would drop the $3 debit card usage fee that it imposed on northern Wisconsin customers on a trial basis.
The bank now says it will end a $12 monthly checking account fee that was targeted at new customers signing up for basic checking accounts in Oklahoma. It is also discontinuing a $15 monthly checking account fee that was going through test runs in Atlanta, according to DailyMarkets.com.
The decision to end the trial runs does not guarantee a refund to the customers who paid the test fees.
In the future, Chase plans to offer waivers on its basic checking account fees based on certain requirements. The $12 fee on basic checking accounts will be waived as long as a customer makes minimum direct deposits worth $500 and maintains a minimum daily balance of $1,500 or a minimum average daily balance of $5,000.