NEW YORK (MainStreet) — If you bank with Chase, here’s some good news: The bank is actually lowering some fees associated with its personal checking and savings accounts, it said in a letter to customers this week.
Starting Monday, its overdraft transfer fee, which is incurred when funds from a linked savings account, credit card or line of credit are used to cover an overdrawn checking account, will be lowered from $12 to $10 per transfer.
Its debit card coverage (essentially overdraft protection for debit card purchases) will still cost $34 per transaction. No fee is charged if customer's account balance is overdrawn by $5 of less at the end of the day.
Chase is also lowering its stop payments fees to $30 when the request is made through a teller and $25 when the request is made online or over the phone. These charges, incurred when a customer requests the bank not pay a check they have written, are currently $34 and $27 per request, respectively. Additionally, stop payments will now be effective for one year rather than 180 days.
Comparatively, Bank of America charges a $10 overdraft transfer fee and $30 for all stop payment requests, while Wells Fargo charges $12.50 for most overdraft transfers and $31 for stop payment requests.
Chase did not say whether any other fees would be raised in lieu of the new changes.
“We solicit customer feedback to learn how we can enhance our customers’ experience with Chase,” a spokesperson for the bank said. “We continually review our fees and will make adjustments whenever appropriate.”
The news comes at a time when major banks are instituting new fees on their checking account products. Wells Fargo confirmed Thursday that it plans to add a $7 checking account fee in six more states, while Bank of America has been testing monthly fees on checking accounts in Arizona, Georgia and Massachusetts since January 2011.