Chasing away bank-fee confusion

Dear John: I have a substantial savings/ checking account at JPMorgan Chase. I am confused by the rule that more than six transactions can be charged a fee, including savings movedinto mychecking account.

If you have $15,000 in the bank the fees would be waived.

However, if you do the withdrawals or transfers in the bank and use a teller or ATM, it does not count toward the six.

Yet Chase employees claim that transfers/withdrawals done in that bank via ATMor a teller count towards the fee.

Why are banks allowed to gouge their customers like this? S.B.

Dear S.B. You certainly have me confused. So I asked Chase, and here’s the answer:

Chase caps the number of savings withdrawals or transfers at six per month, including those at the ATM, branch or others. “This is to discourage customers from using their savings account like a transaction account, helping them build savings as intended,” says a Chase spokesperson.

She said that in order to avoid withdrawal fees after the six transactions, Chase requires customers to maintain larger balances at the bank. “Or they can simply change to a checking account where there are no limits to withdrawals,” she said.

Dear John: TheFederal Reserve has raised interest rates four times, and my savings account at Chase Bank gets 0.06 percent.

And I’m a “Chase Private Client” — meaning I get the highest rates. My rate hasn’t moved in the last several years. Why?

Chase chief Jamie Dimon needs to increase the rates at his bank. When are the banks going to start giving us more on our money? J.B. Dear J.B. I couldn’t have said it better. But you get all these people who say that banks really want higher rates. That it helps them. Maybe in some ways. But as long as they can keep your Private Client money in the bank without having to pay you anything, what’s the incentive to change things?

The day may come when banks need your deposits again — just maybe not in mylifetime.