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Chase's Fee-Churning Plan for SSI Recipients

Adam Rust's picture

Posted May 16, 2011

JP Morgan Chase has created a fee schedule for its Chase Total Checking Account ("CTCA") that systematically pulls dollars out of the pockets of retired Americans.

The Chase Total Checking Account charges a monthly fee to any account holder that fails to make a single direct deposit of at least $500 per month. The CTCA fee can be avoided if you maintain a daily minimum balance of $1,500, or if you have an average balance of $2,500, or if you have $5,000 in any combination of Chase accounts worth a combined sum of $5,000.

If the account holder can't meet those hurdles, then Chase takes $12 from the account. This in

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