More Chase customers could pay fees for checking

NEW YORK (AP) — Chase customers who don't earn a lot or rely on paltry government benefits may soon have to pay a monthly fee on their checking accounts.

The bank started notifying customers this month that direct deposits will have to be at least $500 to qualify for a waiver on the $6 monthly fee.

The change, which goes into effect starting Feb. 8, applies to basic checking accounts.

Chase said the $500 monthly requirement is for a single direct deposit; multiple direct deposits that add up to $500 will not qualify for the waiver. The monthly fee can still also be avoided if customers make five or more debit card purchases in a statement period.

Chase declined to say how many customers would be affected by the new requirement. But direct deposits are generally made for paychecks, pension payments or government benefits such as unemployment or Social Security.