Monthly fee hammer: JPMorgan Chase and Wells Fargo increase prices!

Monthly fee hammer: JPMorgan Chase and Wells Fargo increase prices!

In a recent update, JPMorgan Chase and Wells Fargo announced they will increase monthly service fees for certain accounts. These changes will come into effect from January 1, 2026. Customers who have a Performance Business Checking account with JPMorgan Chase are particularly affected.

From the start date listed, these customers will be required to pay $40 per month, which is an increase of $10. However, to be exempt from the fee, they must demonstrate an average starting balance of $35,000 in qualified linked business deposit accounts. These accounts also offer 250 debits and deposits per month and $20,000 cash deposits with no additional fees.

Bug-free features and fee waivers

Another benefit of the Performance Business Checking account with JPMorgan Chase is the free inbound transfers and two outbound national transfers per billing cycle. However, monthly fees remain the same for other business account models at Chase: Chase Business Complete Banking continues to cost $15 and Chase Platinum Business Checking costs $95.

Wells Fargo also plans to increase the cost of its Everyday Checking accounts. Starting November 29, 2025, a monthly fee of $15 will be charged, an increase of $5. To avoid this fee, customers can maintain a minimum daily balance of $1,500 or receive at least $500 in qualifying electronic deposits per month. Alternatively, you must have a total balance of at least $5,000 in qualifying deposits and investments.

Special regulation for young account holders

There is also a regulation for young account holders: If the main account holder is between 17 and 24 years old, the fee is also waived. Interestingly, monthly service fees remain unchanged for other Wells Fargo personal accounts, such as Clear Access Banking, Prime Checking, and Premier Checking.

These adjustments reflect banks' efforts to optimize their fee structures while creating incentives for certain customers. Customers should therefore reconsider their account settings and make possible adjustments early on to minimize fees.

For more detailed information on these changes, please refer to the report from Daily Hodl referred.