If You Put $250 in a Chase "Savings Account," You'll Get 12.5 Cents in Yearly Interest -- And Maybe Charged $4 a Month
MARK KARLIN, EDITOR OF BUZZFLASH AT TRUTHOUT
If you are a working stiff and can squirrel away $250 to put in a Chase "savings account," Chase will pay you 12.5 cents a year (.05% APY at a "standard rate"). Furthermore, if you don't make any transactions, they will charge you $4 a month, meaning that you will be left with $202 at the end of a year, plus your 2.5 cents.
It's all right here on a Chase website marketing page for what is called "Chase Savings." But a closer look at the fees and disclosures page indicates that if you are a consumer not used to reading the footnotes, you could end up losing your savings through add-on fees (including potentially the $4 a month "service" fee).
The oligarchy doesn't keep its money at Chase we bet, at least in savings accounts. We doubt that JP Morgan Chase CEO Jamie Dimon has a standard savings account at his own firm, the parent company of Chase. Why? Because according to the Chase rate chart, any sucker who puts $5 million into even the premium "Chase Savings Plus" still only gets .15% interest. To break that down, that would equal a $150.00 return on every $100,000 lent to Chase each year. Do you think Dimon is a master of the universe with those kind of investment returns?
We call savings at Chase lending because the bank takes your money and charges credit card holders up to around 30%, yielding enormous profits at your expense and the indebtedness of the credit card holders. Meanwhile, you end up as a "good" American saver with literally pennies in interest on your nest egg. Consumer savers at banks like Chase are paying for providing the banks to big to fail with the capital to lend out funds at usurious interest rates for a variety of purposes -- or financing their risky investment ventures.
These practices of saver subsidies may explain why Forbes reported on July 12: