Chase Bank’s odd financial shaming gets torched on Twitter
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The start of the week is often a good time to get inspired and motivated, but Chase Bank’s attempt at #MondayMotivation has many of their customers motivated to take their business elsewhere.
A tweet from Chase was meant to encourage customers to save more money, but ended up badly missing the mark. In the scripted tweet, a bank customer asks why their balance is low, with Chase chastising the customer for making everyday purchases like coffee, lunch, and cab fare.
The condescending tone set off a firestorm on Twitter, with users saying they want to close their accounts and cancel their Chase credit cards. Presidential candidate Sen. Elizabeth Warren also chimed in, roasting the bank for receiving a $25 billion taxpayer bailout in 2007, and calling it out for being tone-deaf when it comes to average Americans struggling to make ends meet.
Chase deleted the tweet soon after the backlash began and replaced it with a pseudo-apology, saying, “Our #MondayMotivation is to get better at #MondayMotivation tweets. Thanks for the feedback Twitter world."
The PR mishap has exposed the anger and frustration people feel at big banks: many users were venting about bank fees that eat away at their balance. This is standard when opening accounts with large banks: the average customer is charged $329 in fees a year, according to a report by Bank Fee Finder.
Chase charges a monthly $12 service fee for Total Checking Accounts for accounts with a balance of less than $1,500, and a monthly $25 service fee for Chase Premier Plus Checking if your balance is less than $15,000. There’s a $2.50 fee for using a non-Chase ATM, and a $34 overdraft fee.
The Chase faux pas is a win for online banks, credit unions, and smaller banks, espeically when it comes to attracting younger clientele. According to a Gallup study, Millennials are 2.5 times more likely to switch banking institutions over other generations, and 47% of millennials use mobile banking services instead of visiting brick and mortar institutions.
Consider signing up for an online bank like Ally Bank, which was named the best online bank in a Bankrate survey. Online banks and credit unions often have higher interest rates on savings accounts and have low or no fees.
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