Consumer Payment Card News

Chase Drops Online Fees

Chase Manhattan announced Monday its Chase Online Banking service will now be free to all customers including individuals and businesses. Chase formerly charged $10.95 per month. Citibank, which dropped its online fees last year, now has 25 times more users than Chases service. Chase expects to signup several hundred thousand customers over the next two years.


Chase Manhattan Bank introduced a major new service, Chase Online Banking, free to all Chase customers, individuals as well as small businesses.

This move follows significant overall cost savings that Chase passed along to customers in September, when it introduced its new product line as it merged the Chase and Chemical Bank branches.

Through the new Chase Online Banking proprietary software program, utilizing Windows-based technology, customers can get real time information on their Chase accounts directly from their computers, 24-hours a day, seven days a week. Specifically, customers can:

— check account balances
— track account activity such as paid checks and deposits credited
— transfer funds between accounts
— pay bills
— E-mail Chase customer service representatives
“Chase Online Banking provides a convenient way for customers to access their accounts from their personal computers anywhere and anytime they want. Through one simple program, managing day-to-day finances and paying bills is quick and easy,” said Michael Hegarty, Chase Vice Chairman. “Offering this service free provides an additional benefit to our customers as well as another way to access their Chase accounts.”
Hegarty noted that Chase, the nation’s largest bank, expects several hundred thousand customers to sign up for the service over the next two years, reflecting the emergence of electronic banking as a “growth business.”

To facilitate its range of access and payment choices, Chase has the most extensive branch and ATM network in the metropolitan area, as well as a 24-hour telephone banking service, which handles over 65 million calls a year. In September, Chase became the first New York bank to launch a Self Service Banking account, a lower-cost option for customers who prefer using the telephone, computer or ATM to conduct their banking. Chase also offers the option of banking by fax or mail.

Chase Online Banking is being launched with television, print and interactive advertising, direct mail, telemarketing, statement inserts, ATM messages and in-branch videos and demonstrations. For further information about Chase Online Banking, call 1-800-Chase24 or visit Chase’s website at Customers must have a Chase checking account to access the new service.

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