A loyal Chase customer was blindsided the other day by one of Chase’s bizarre policies. You can read the full story by following the link at the end, but this is the gist of it. If you keep money in a Chase savings account, and do not post any transactions for a three month period, your account goes inactive. While in inactive status, no electronic transfers can be made to or from the account – you’ll have to go old school, and visit the branch directly. If you’re foolish enough to go a full year without posting any transactions, your account goes dormant, and your money goes to the state’s “unclaimed monies” hoard.
Does anyone else see the inherent flaws in this policy? A savings account, after all, is for saving money – building a rainy day fund, if you will. It’s not a checking account that will have transactions left and right. The idea of a savings account is to leave it alone, and not touch it, except in case of an emergency. Chase fails to understand this simple concept of saving money.
Why anyone would continue to have a Chase checking account in today’s world is beyond me. Chase’s regular checking account pays less than one half of one percent – 0.20% if memory serves correctly. In today’s world of 5%+ with online savings accounts ( with no ridiculous inactive or dormant policies ), there’s no reason for anyone to keep money at Chase. In fact, there’s no really good reason to do business with Chase – they’re a company with horrid policies, and awful customer service.