Starting in February of next year, consumers who have a checking account at Chase Bank will have to receive a direct deposit of at least $500 every month or make at least five debit card purchases to avoid a $6 monthly fee. Making several direct deposits totalling $500 or more will not qualify a customer for an exemption from the fee.
The bank has decided to levy such fees as a reaction to the financial reform, which some have claimed left lenders less capable of discriminating against consumers with bad credit history, the Associated Press reports. By imposing fees on the checking accounts of consumers who have relatively low income, banks may be attempting to attract more low-risk customers than high-risk customers.
Banks are also attempting to acquire more revenue to make up for losses sustained as a result of the financial reform. By levying fees on low-income or inactive accounts, banks may be trying to make up for this lost revenue in addition to attracting a pool of account-holders who keep larger balances and spend more, according to the news source.