Chase is discontinuing their Finn by Chase banking app which they launched last year to lure millennials with an app-focused banking experience which included a feature to rate whether you feel ‘happy’ or ‘sad’ about a purchase. Reader Will sent over the email they received from Finn which informs that their Finn checking account will transition to a Chase secure checking and the savings account to a regular Chase savings.
WSJ is reporting on this today as well: “The bank ultimately determined that Chase was best positioned to provide that combination of services to its customers, according to people familiar with the matter, rendering Finn unnecessary.” Here’s the link to the Finn site.
Finn had some $50 and $100 signup bonus offers which some of you may have signed up for.
Rats, I should’ve opened a Finn account before so that I could’ve gotten a free, no-requirement checking account.
Next up for the kill: Chase Pay app.
JPMC moved their CFO over to run all the consumer lending businesses. So you can bet these various tech adventures without ROI will be axed in short order.
I messaged them on Twitter and they said “We are waiving the Monthly Service Fee over the entirety of the account”. Yes of course they could make changes to this (like they did with my old BofA eChecking account way back when), but I like being able to now have teller access. Chase is all over the place in my area. They still will not be my primary account though.
(eBanking) 😛
You had full Teller access previously with Finn. They did not restrict this or charge like they did with eChecking.
They were super strict that you MUST be a millennial – if you were born before or after 1982-2004, had a credit rating over 750 and did not live at home with mom and dad, your application would be denied. Also, there were so many millennials just gaming the system for the $100 sign-up bonus that would be used as a down payment on skinny jeans, Chase had no choice and was forced to shut er down to stem their losses.
https://media1.tenor.com/images/b921c2c41e9fd9022913c85c11a92a77/tenor.gif?itemid=4893827
Wow, that was fast. It was technically launched ‘last year’, but only in December 2018, so it’s been just 6 months.
What happens if you have FINN and aren’t in the CC/Savings Footprint are they allowing you to keep it or will be issued a refund? Any Idea also is their a minimum balance etc required or grandfathered with no min balance like finn was?
It looks like they’re waiving the account fees, but partner ATMs outside of Chase’s footprint aren’t going to be free anymore:
“Monthly service fees: Chase Secure Checking and Chase Savings usually have monthly service fees, but don’t worry—we’re waiving yours.
ATM fees: You still have fee-free access to 16,000 Chase ATMs. You won’t be able to use partner ATMs without a fee anymore. You can find our ATM locations here. Pro tip—you can still get cash back at many stores in the U.S. Avoid fees by choosing “cash back” when you check out with your debit card.”
They closed my Finn account cause there wasn’t no activity… Damn, wish they converted over that way I could get a free checking account when convert. It’s all good, don’t even need a checking account with them to get their cards anyway. But it’s always good to have. It’s why I don’t even have a Chase checking nor boa checking account lol.
I will close the account if they initiate fees
I think I’m going to keep my account open, just to retain banking affiliation with Chase. I don’t really use it, but I have no Chase branches in my state so I can’t sign up for their banking accounts anyway. Maybe I’ll use it in the future when I get closer to being under 5/24.
I wonder if you will have to play the regular account fee’s now
This is actually kind of disappointing. I kept a Finn checking/savings combo as a local anchor account. Gave me a free path to chase ATMs for cash deposits which I could then ACH to wherever.
It seems the new transition account will have a $4.95 monthly fee which makes the entire thing useless. Oh well, just another account to close.
The fees are waived for finn account transfered.
I went on a “let’s clean house of accounts I don’t use a whole lot” about a month ago and closed my Finn account. For what it was supposed to be, I had no complaints (I was using it as a bill-pay-and-local-ATM-cash-deposit account to go along with some online-only banks). I thought the iOS app was a bit quirky, but nicely done and everything worked well.
I could’ve probably kept it or even moved to it as a main account if I could write that one rent check a month and the savings rate didn’t suck, but I decided that simplicity was more important and closed it. They claim the monthly fee would’ve been waived for Finn customers, but I still think I got out at the right time.
I was also worried about the $4.95 monthly email, but I saw that my email said “Your account numbers, PIN, username and password, and direct deposit all stay the same. You’ll also continue to enjoy no monthly service fees.”
So, maybe they’ll waive it for ex-FINN customers? If not, then I’m just gonna close out my account.
The website and email state that transitioned accounts won’t have fees. Who knows for how long though.
Meh