Chase to charge more for checking services

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(Crain's) — Banking is going to cost more for J. P. Morgan Chase & Co. checking customers as the bank raises fees for checking account services and transactions.

“We are taking a fresh look at our checking accounts as a result of changes in competition, regulation and customer behavior,” said Chase in a statement provided by a spokesman. “We want to offer Chase customers the best accounts in the industry while earning a reasonable return on our business.” He wouldn't provide specifics about what those were.

The changes begin Feb. 8 for basic checking accounts, and Chase Free Classic Checking and Chase Free Extra Accounts will transition to Chase Total Checking accounts. The accounts will give customers four options to avoid the monthly $12 fee, including having direct deposit with a $500 monthly minimum.

Fees also will rise for automatic overdraft protection, insufficient funds, stop payments and wire transfers.