Chase Bank Review: 6 Things to Consider Before Opening an Account

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

chase bank

Here’s an impressive stat: Almost half of all households in America have at least one product offered by Chase Bank.

Since Chase offers checking accounts, credit cards, car loans, and mortgages, it’s not surprising that so many people do business with Chase. But while Chase might be a popular bank, that doesn’t necessarily mean it’s the best bank for everyone.

If you’re considering opening a bank account with Chase but aren’t sure if you’re ready to take the leap, this Chase Bank review will help. You’ll learn everything you need to know, including key details about Chase online banking features, the types of bank accounts offered by Chase Bank, fees for Chase accounts, and more.

Chase Bank review

Chase Bank makes it easy to open checking and savings accounts online. The company even offers bonuses for first-time account holders who open new accounts and meet qualifying requirements.

Chase also makes account management easy with feature-rich mobile and online platforms, as well as a large network of branches and ATMs that allow most customers to locally access money and customer support.

Unfortunately, monthly fees on most Chase checking accounts, costly ATM fees, and low interest on banking accounts might turn off potential account holders looking for a better value.

Pros Cons
Four different options for checking accounts, including a student account All Chase accounts charge monthly fees unless you meet requirements, such as maintaining a minimum balance
A large network of ATMs and local bank branches Chase charges $2.50 if you use a non-Chase ATM in the U.S., or $5 per withdrawal at non-Chase ATMs abroad
$200 bonus for opening up a new checking account with direct deposit The interest rate on Chase accounts is just 0.01% as of February 2018
$200 bonus for opening a new savings account, depositing $15,000 within 10 days and maintaining a $15,000 balance Bonuses are available to new Chase savings or checking customers only.

Checking accounts offered by Chase Bank

Chase Bank offers four different types of checking accounts: Student Checking, Total Checking, Premium Plus Checking, and Premier Platinum Checking. Fees, account requirements, and benefits for these types of accounts differ, as the table below shows.

Account holders with any Chase account are entitled to basic services including online and mobile banking; online bill pay; debit cards with chip technology; 24/7 customer service; and access to 16,000 ATMs and 5,100 Chase branches nationwide.

Chase savings accounts

Chase also offers two different types of savings accounts, as well as Certificates of Deposit. You could open a savings account through Chase as a standalone account or in connection with a checking account.

Your two options for savings accounts include Chase Savings and Chase Premier Savings. See each account’s benefits and requirements below.

Minimum Deposit Monthly Fee Requirements to Waive Monthly Fee Savings Withdrawal Limits
Chase Savings $25 $5 A beginning daily balance of $300 or more; link to a Chase Premier or Premier Platinum checking account; or at least one $25 repeating automatic transfer monthly from a Chase checking account You may make six withdrawals or transfers each statement period. If you exceed that, a $5 savings withdrawal limit fee is applied
Chase Premier Savings $100 $25 A beginning daily balance of $15,000, or a link to a Chase Premier Plus or Premier Platinum checking account You may make six withdrawals or transfers each statement period. If you exceed that, a $5 savings withdrawal limit fee is applied. Fee is waived if your balance is $15,000 or more when money is transferred out

Opening a Chase Bank account

Chase allows you to open a checking or savings account online. Click on the “Open account” button for the relevant account to start the application process.

There are just two steps to the application process, which can be completed in a few minutes:

  • Complete an application, including providing your name, contact information, Social Security number and a driver’s license or state-issued identification number.
  • Deposit money using a debit card or a linked bank account.

Once you’re a Chase account holder, you have access to a full array of features and services available on the Chase online banking system. You also have access to mobile banking, in-person help at Chase branches, and 24/7 telephone customer service.

Chase online banking features

Chase has a user-friendly online banking platform with many features. You can use Chase online banking to:

  • Check account balances
  • Set up text, email, and phone alerts for triggering events, such as your account falling below a certain level
  • Transfer money, including one-time and recurring transfers
  • Send money to almost anyone using Chase QuickPay through Zelle
  • Make online bill payments, ACH payments, and wire transfers
  • Download your account activity to spreadsheet software or budgeting software such as Quicken or QuickBooks
  • Sign up for paperless statements and review and print up to seven years of statements

Chase’s mobile banking service also offers check depositing, money transfers, account alerts, bill payment, and other standard features such as monitoring account balances.

Both mobile and online services are simple and straightforward, with one reviewer commenting on Consumer Affairs: “Their online service is easy to understand and navigate. The security is adequate for online activities.”

Another reviewer was even able to rely entirely upon the online and mobile services to maintain a Chase account even after relocating: “They do not have Chase where we live but I still deposit my checks and use their bill pay services on my phone.”

Chase Bank interest rates and fees

The Chase Bank fee structure is one of the bank’s biggest downsides. Unless you have direct deposits, are eligible for a student account, or keep a substantial amount of money in your account, you can expect to pay a monthly fee between $12 and $25.

Other fees include:

  • ATM fees of $2.50 for using non-Chase ATMs in the U.S.
  • ATM fees of $5 per withdrawal at non-Chase ATMs abroad
  • Overdraft fees of $34 for each item, with a maximum of three insufficient funds fees daily. This fee won’t be charged if your balance is overdrawn by $5 or less.
  • $15 extended overdraft fees each time your account is overdrawn five or more consecutive days, even if the amount is $5 or less

Monthly maintenance fees and ATM fees can make your account costly to use. Other bank account options don’t charge a monthly maintenance fee or provide some reimbursement for fees charged by other bank ATMs.

Chase’s interest rate of 0.01% is also lower than many other banks, meaning you could find a better deal elsewhere.

Chase Bank eligibility requirements

To open a Chase checking or savings account online, you must be a U.S. citizen, have a valid Social Security number, and use a valid U.S. postal address. Nonresidents might also be eligible to open accounts via Chase’s International Banking site.

In addition to meeting basic criteria, you must be prepared to fund your account with an initial deposit of at least $25, or at least $100 to open a Chase Premier Platinum account.

Chase Bank customer service

Chase has a negative Better Business Bureau rating, and the Consumer Financial Protection Bureau reported it took action against Chase in August of 2017 for failures related to checking account screening.

Chase Bank was required to pay a $4.6 million penalty for failing to provide required information to customers whose requests to open bank accounts were denied. Banks screen customers based on reports of prior checking account behavior, but banks who contribute to screening reports are mandated by law to have processes in place to ensure accurate information is reported. Chase failed to fulfill these requirements.

This behavior not only resulted in a large fine, but Chase was also ordered to implement policy changes going forward. Because of the CFPB’s order, consumers in the future will hopefully have a better customer experience.

If you want to open an account with Chase, you have many options to get customer support. To get help from Chase Bank, you can contact 877-68-CHASE or find your local branch using Chase’s online branch locator.

You can also reach the bank on Twitter at @Chase, or visit the Chase Facebook page.

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.