Chase Bank Reviews, Rates & Fees 2021 Updates
The account fees at Chase Bank start at $12 per month for their basic accounts. If you have a balance of $1,500 the account is free. The good news is that the Chase monthly service fees are free if you have direct deposits of $500 or more.
JPMorgan Chase (trading as Chase Bank) is a US bank that was formed following the 2000 merger between J.P. Morgan & Co. and Chase Manhattan Bank.
It’s currently one of the Big Four North American banks along with Citigroup, Wells Fargo, and Bank of America.
A subsidiary of financial conglomerate JPMorgan Chase, Chase Bank is the largest US bank by assets, rakes in over $70 billion US dollars in revenue annually, and is also the sixth biggest bank in the world.
With over 265,000 employees in 100 countries, Chase Bank operates more than 16,000 ATMs in 5,200 branches nationwide. Additionally, they have a vibrant mobile and online banking system.
Much akin to the other big four banks, Chase Bank enjoys a nationwide presence which comes in handy if you travel a lot.
Chase Credit Cards
Where Chase really shines is with their line of credit card offerings. Whether you need a card for personal spending or charging business expenses, Chase Bank has a solution.
The Chase Sapphire Preferred® Credit Card, for example, is popular among travelers who want to earn points towards free travel on every purchase.
This card routinely features a generous introductory rewards bonus for new card members and points earned with the card transfer to selected travel loyalty programs on a 1:1 basis.
If you prefer cashback, the Chase Freedom® Unlimited℠ Credit Card offers unlimited cash back on every purchase, with no minimum amount required to redeem.
And if you need to transfer a high-interest balance, the Chase Slate® Credit Card has one of the better introductory balance transfer offers available. These two cards also carry the added advantage of having a $0 annual fee.
Chase Checking Accounts
Chase Bank’s checking and savings products are similar to what you’ll find at other national banks. Checking customers have three options to choose from, including two interest-bearing checking accounts.
There’s also a student checking account for eligible students who are making their first foray into banking.
Chase Savings Accounts
Savers can opt for a regular Chase Savings account, which is the most basic choice. Alternatively, they can open a Chase Premier Savings account, which offers relationship rates for Chase Bank checking customers.
You can use the Automatic Savings Plan feature to schedule automatic transfers between accounts and grow your savings faster. And of course, you can always save for both short- and long-term goals with a Chase Bank certificate of deposit.
In terms of the annual percentage yield offered on interest checking, savings, and CD accounts, Chase Bank’s rates are typical of many brick-and-mortar banks. Online banks, by comparison, tend to offer higher rates for deposit accounts.
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Chase Total Checking Account
A basic but popular checking account solution
- Minimum deposit to open: $25
- Monthly service fee: $12 (but can be waived via a $500 direct deposit or maintaining a $1500 minimum daily balance of being a college student (under 23 years) or keeping an average daily minimum balance of $5,000 in qualifying linked deposits or investments)
- Non-interest bearing account
- No fee at thousands of Chase Bank Branches and ATMs
- $2.50/transaction for all non-Chase banks within the U.S.
- 24/7 Customer service
- $5/transaction for all non-Chase Bank ATMs outside the U.S.
Chase Premier Checking Account
An interest-bearing checking solution with a raft of extra top-notch features.
- Minimum balance to open: $25 (plus) or $100.00 (Platinum account)
- Monthly maintenance account fees: $25.00(plus; can be waived by maintaining a $15,000 daily balance in your account including qualifying investments and IRA) or $35(platinum; can be waived by keeping a minimum daily balance of $75,000 in qualifying deposits/investments).
- No monthly fee on an additional 2 Chase Bank checking accounts and savings accounts linked to your primary Premier Checking account.
- Get more out of your everyday banking with an interest-bearing account and 4 free monthly withdrawals at non-Chase ATMs.
- Free small (3”x5”) safe deposit box and 20% discount on a larger box.
How Much Does Chase Overdraft Account Fees Cost?
Chase charges $34 each time your account is overdrawn in excess of $5.00. If your account stays this way for 5 business days in a row, a $15 “extended overdraft fee” will be charged to your account.
It’s also important to mention that when you overdraw your account, making additional purchases will result in more overdraft fees – $34 each time, no matter how small the transaction is. A maximum of 3 overdraft fees can be charged per day.
How Many Times Can a Chase Account be Overdrawn?
For Chase’s basic checking account, you can not have more than 3 insufficient funds and returned items PER DAY. For the Platinum account, they waive the fees for the first 4 times.
If you have a business account, you are in luck. They will actually wave 6 insufficient funds or returned item fees.
What is the Chase Overdraft Grace Period?
There is not a grace period. The money must be in your account by the time a check clears. At the time the check hits, if there’s not enough money in the account to cover it, your account is officially in overdraft status.
Otherwise, you will be assessed overdraft fees.
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