This happened in basically the same way as it did with BoA, only the specific details are different: they dropped fees they were charging me and they have cash counting ATMs that do not require often out-of-stock deposit envelopes. Ah, convenience!
Several months ago I started my own business, and during the early days of it when all there was to do was mail off this form, that form, wait for responses from nameless and faceless bureaucrats, etc., I decided to set up my business accounts with Chase. The reason I did so was based on my experiences with my personal checking and the credit card that I have through them. Basically, the particular Chase credit card I have, when combined with a Chase checking account, allows for rewards points on each transaction to build up in three different ways simultaneously. This turbocharges their rewards program, basically creating an automatic purchase discount of 3-8%. Cashing out the points is a simple matter of logging in to the account and ordering that the points be converted to cash and directly deposited to checking, which generally takes just two days. I wanted the same for my business.
It didn't work out that way. Things being as they are these days, the folks making credit decisions said "no." This was a mere inconvenience though and not a show stopper; I simply used other lines I already had. What this did do, however, was set up my business accounts for a $15 per month fee.
A few days ago I went in to the branch I most often visit to deposit checks I had collected from my customers, and while there I sat down with two members of their staff to see if we could try again to get a line set up for my business so I could start stacking up those reward points and get rid of that fee. I told them that absent that ability, there really wasn't a reason for me to stay with Chase since it's costing me money while there are free alternatives. That's when I discovered that successful application or otherwise, I was soon to never have to pay account maintenance fees to Chase again.
One of the staff asked me, "Are you a veteran?" I am. I was in the U.S. Army infantry for four years in the 90's, and in 1996 I deployed with B co. 1-5 Cav to Kuwait in support of Operation: Desert Strike. That's when my account fees disappeared.
"Oh, in that case, you don't pay maintenance fees anymore. Chase is now giving veterans free checking accounts."
So there we go, my reason to leave was eliminated. Maybe that credit line application will go through this time, or not, but it doesn't matter now (and one day it will go through anyway). I wouldn't call this a reason to switch to Chase, but if you are a vet and you have accounts there now, go in and ask them about this program. The staff told me that this benefit is only about one month old, so not many have become aware of it yet. You could end up saving a little more money every month.
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