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We hear a lot of about hidden bank fees associated with ATMs and overdrafts, but there's another fee that savers have to worry about, and that's the penalty for early withdrawal of a certificate of deposit. The penalty for long-term CDs is typically six months of interest. However, the early withdrawal penalty at Chase Bank is much more severe.

 

Submitted: Oct 15, 2009    Views: 228    Comments: 1    Likes: 2   


View Article: http://bankdeals.blogspot.com/2009/10/rip-off-alert-chase-cd-early-...


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Comments Received:

Tom H
(Unregistered)

I am retired in Mexico and my Social Security is auto-deposited into a checking account in the US. I have used a WAMU debit card to get pesos from my WAMU checking account for years. Wamu charged a 1% foreign transaction fee, and the foreign owner of the ATM charged another 1%. Chase took over WAMU recently, and in addition to raising their portion of those 2 fees to 3% they have added a currency exchange adjustment which in my case amounts to a combined total of more than 10%. This is not due to currency price fluctuations, the ratio hasn't moved by more than 2% or so either way from 13.25 to the dollar in some time and is overall pretty stable. This week Chase adjusted my exchange rate to 11.58 for no reason that I can see but pure theft. I called them today and was told, politely, to suck it up and move on. Shame on Chase.

Posted: Oct 30, 2009



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