We have both our main checking and auto loan accounts through Chase, largely because they have 18 ATMs on our block. (Maybe not 18, but it seems that way.) And since both accounts can be accessed and managed online, one would think that one could pay the auto loan with the checking account.
Well, that’s possible. But they charge $10.00 to do so.
I have no idea how that makes any sense. I mean, shouldn’t they be encouraging me to not send them a check each month?
When companies do backwards stuff like this, it makes me wonder how we got to have online access to bank accounts at all.
Posted in Consumer Commentary
jk March 29, 2007, 2:29 am
I know! They should charge people (like the airlines do for paper tickets) who pay in snail mail rather than what they are doing.
I don’t understand this. They are penalizing us for convenience?
Aaron March 29, 2007, 5:47 am
Paul, you live in SF now right? If so, you should definitely check out First Republic Bank. I’ve been banking with them since ~2001 and they are the best
bank I’ve ever worked with. The first and foremost selling point is their customer service, especially the staff at their Montgomery and Market branch.
In addition, they offer free use of ATMs worldwide; and not only that, but they refund the charges from a 3rd party.
So, even though there are plenty of Chase ATMs on your block, think how nice it is to go to any ATM in SF, or CA, or US, or world and just hit the “Yes” button when it asks you if you’re sure as a $2.50 charge will be applied — with the comfort that First Republic will refund it to you. It’s pretty sweet.
I know this sounds like an advertisement, but I must say that banking with them for the past ~6 years has been a pleasure. A friend once complained that their interest rate was less than a comparable Wells Fargo account, until I pointed out that I received at least $20/month in ATM rebates (where I lived it was all corner-store ATMs) and that far outweighed any difference in interest rate on the account.
Paul March 30, 2007, 12:03 am
I ‘ppreciate it, Aaron, but I just work in SF. (Glad to hear that they do not suck, though!)
Ryan March 30, 2007, 4:16 am
Aaron — Wow – they refund ALL ATM fees? That’s incredible service.
ATM fees are such a sham. Nice to see a bank standing up for their customers. Wonder if any in VA do that… I’d switch in a second.
Merle March 30, 2007, 5:54 pm
Paul: you’re out on this side of the country? Wow. I thought most of the core pingers were central and east coast folks.
Most internet bank companies offer a similar deal where they reimburse all ATM fees (up to some monthly maximum, like $20-30). It makes me wonder how they stay in business. Better interest rates, paying back fees to other banks.. it just doesn’t seem feasible.
Given that my BofA savings account reaps me a whopping .1% interest.. it could be worth switching. I just don’t want to deal with the hassle of getting the ATM fees returned.
Paul December 2, 2007, 2:08 pm
As noted above Chase still hooks us for a $10 fee if we want to pay our auto loan with our checking account online. So we send in checks because $0.41 is a lot less than $10.
Here’s something interesting. A month or so ago Chase stopped treating these like checks and started treating them as… online fund transfers! Even though it was an actual, physical check that kicked it off as far as Chase is concerned it was an online only transfer.
Makes no sense.