Chase Checking Account 2020 Update: Everything You Need to Know.
Chase Checking Account: While small banks and credit unions are a great option, don’t leave the big names off your list, either. Chase Bank is a big name in the industry, and they offer their customers quite a few benefits.
Right now, in fact, is a great time to sign up for a new account at Chase, as they’re currently offering some great bonuses for new checking and/or savings account holders. We’ll cover the bonuses in a moment. First, let’s talk about the basics.
Chase Bank is the U.S. commercial and consumer banking division of the multinational investment services giant JP Morgan Chase & Co, which formed in 2018.
As one of America’s largest banking institutions, Chase provides a wide range of financial services to nearly 50% of all U.S. households.
Chase Bank Highlights
1. Chase Bank offers a huge network of ATMs and branches, with 4,900 brick-and-mortar banks and 16,000 ATMs nationwide.
2. Chase offers an impressive selection of mobile banking tools, including mobile deposit and on-the-go account management.
3. Chase offers some of the best rewards credit cards on the market, which are easily integrated into their mobile app.
4. Chase Bank has received high marks for its solid, U.S.-based customer service.
Our Deep Dive
Branches: Chase has 4,900 branch locations around the country, making it one of the largest networks of any bank.
Average checking accounts: Chase offers three checking account options.
16,000 ATMs: Chase has the most ATMs of any national bank, so no matter where you live, you shouldn’t have to travel far to find one.
Credit cards for all lifestyles: Chase currently offers 21 credit cards tailored to a variety of customers. Frequent travelers can choose between several options that earn them travel rewards and have no foreign transaction fees. There are also cards designed for small businesses and, of course, your standard rewards cards.
On-the-go account management: Chase’s mobile apps for iOS and Android devices enable you to view your account balances, find the nearest ATM, pay your credit card bills, and transfer money. There’s also Chase QuickDeposit, which enables you to deposit checks simply by taking photos of them.
Low interest rates on savings accounts: With the Chase Savings℠ account, the standard interest rate is 0.01% APY (effective as of 12/20/19. Interest rates are variable and subject to change).
Offers all types of mortgages: Chase Bank offers 10-, 20- and 30-year fixed-rate mortgages, and 5/1 and 7/1 adjustable-rate mortgages. It also provides more specialized loans, including FHA, VA and Jumbo loans.
Broad range of investment products: Chase Financial Advisors can help set you up with the right investment strategy based on your goals and risk tolerance. The company offers managed accounts, college savings plans, and mutual funds. If you’re looking to save for retirement, you can also set up a traditional or Roth IRA.
Business banking: No matter the size of your organization, Chase offers checking accounts, credit cards, and lines of credit to suit your needs.
Pros and Cons
With more than 5,100 branches and 16,000 ATMs, Chase’s physical footprint is huge.
The bank’s website and mobile app are consistently rated highly by users.
While it has monthly service fees on most accounts, avoiding fees are relatively easy — especially with a direct deposit into its Chase Total Checking.
While some banks are condensing and consolidating, Chase has been expanding and adding branches.
Chase has been known to reward new customers with bonuses if they come bank at Chase.
Like at most big banks, rates on savings and CDs are very low.
High out-of-network ATM fees, with no real ways to sidestep them.
It might seem like Chase is everywhere, but it only has branches in 26 states.
At Chase, you’ll be crossing off lots of boxes. You’ll have access to more than 16,000 Chase ATMs. You’ll get access to a mobile app that greets you with a personalized photo based on your location. And you’ll have the ability to send money to anyone as well as pay your bills.
You can also speak with a Chase representative 24/7. And if you are a Finn by Chase customer, you will get access to budgeting features, including the ability to set up auto-savings rules. For instance, you can tell the app to automatically move money into your savings when you spend $4 on food and drink.
Strong sign-up bonuses for new customers
People with regular direct deposit
Existing Chase credit card customers
Earning interest on savings deposits and CDs
Premium and high-yield checking accounts
People located far from major cities
What Services Does Chase Bank Offer?
Some of Chase’s main areas of focus include:
Chase Checking Account
Chase offers all major banking services, including checking and savings accounts, credit cards, loans, and investments. Its mobile tools are the best of the national banks, and it has the second-largest network of branches in the country, behind Wells Fargo. It also has the most ATMs, with 16,000 around the nation. Customers have reported a high degree of satisfaction with Chase, with its easy accessibility being a key determiner.
The only thing customers seem mildly dissatisfied with was Chase’s rates and fee schedule. Its monthly maintenance fees are nothing special, though there is the opportunity to waive them if you meet certain criteria. Its interest rates, too, are disappointing. In most cases, you only earn 0.01% APY (effective as of 12/20/19. Interest rates are variable and subject to change). If you’re interested in higher interest rates, you may want to check out another company, like U.S. Bank, which offers up to 0.05% APY on certain accounts.
Easy Ways to Access and Manage Your Chase Accounts
Besides being able to access your account from thousands of different locations or ATMs, the Chase Total Checking account also comes with feature-packed online and mobile banking platforms that allow you to perform financial chores with ease.
These are some of the most notable ways:
Chase Quickpay with Zelle
Paying your friends and family cannot get any easier when you can simply send money to another person with just their email or phone number. Chase Quickpay with Zelle is accessible through online banking and Chase’s mobile banking apps and it is completely free. For Chase Total Checking Accounts and Chase Liquid cards, you can send Up to:
$2,000 in a single transaction
$2,000 per day, and
$16,000 in a calendar month
The great part is that the recipients get the money directly in their bank accounts (if the bank is also a participating financial institution in the Zelle network). This means that you don’t have to download and worry about other third-party mobile payments apps.
Time-Frame to Send/Receive Money Using Zelle for Chase Total Checking
As little as a few minutes or 1 business day at most
As little as a few minutes or 1 business day at most
Not a Chase Customer but bank participates in the Zelle network
As little as a few minutes or, 1 to 2 business days if their bank does not support real-time payments
As little as a few minutes or, 1 to 3 business days if bank does not support real-time payments
Not a Chase customer or a Zelle member
1 to 2 business days at most
1 to 2 business days for Chase to receive money and process it, and then 4 to 5 business days for you to receive money
Online bill pay
You can pay bills through your checking account and schedule them to be sent automatically on a recurring basis. It’s a free service that you can access through online banking and the Chase mobile apps.
You can deposit checks into your Chase Total Checking account through the mobile check deposit feature in Chase’s mobile apps. It’s free and convenient — saving you from a trip to the bank or ATM.
These are the mobile deposit limits:
Customers with accounts opened for fewer than 6 months: $500 per day and $1,500 per month
Customers with accounts opened for 6 months or longer: $1,000 per day and $3,000 per month
These mobile deposit limits may vary by account because your limits could be higher if you’ve had a long history, large balance, or good history with the bank.
Benefits for all Chase checking accounts
Free access to nearly 4,900 branches and 16,000 ATMs: This network reaches about 30 states and is one of the biggest in the U.S.
Chase online and mobile banking: Check balances and pay bills, and set up alerts via text and email. The app also has a mobile check deposit feature.
Chase QuickPay with Zelle: This person-to-person service lets you send money online to friends and family, even if they’re at other banks. It’s free, and money can arrive within minutes.
Chase debit card with EMV chip: This chip helps protect your card information from being skimmed, or copied, at ATMs or store checkouts.
Cardless ATM access: Chase lets you withdraw cash at its ATMs with just your smartphone. Open your mobile wallet app (e.g., Apple Pay), select your Chase debit card (or add it if you haven’t yet), tap the phone to the “cardless” symbol on the ATM and enter your PIN.
Long customer support hours: The phone line includes an automated menu, but it can be easy to navigate and you can talk to a real person between 7 a.m. and 12 a.m. ET daily.
Additional benefits for high-end Chase checking
Chase Premier Plus Checking℠ users get free personal checks, cashier’s checks and money orders and aren’t charged by Chase for using an out-of-network ATM four times per month. Chase Sapphire℠ Checking customers are reimbursed for all ATM fees worldwide.
Chase’s higher-end checking has much tougher requirements for waiving the monthly fee. If you can’t meet them, the additional benefits that come with those accounts might not be worth paying $25 a month, or $300 a year.
Are checking accounts from Chase Bank federally insured?
Yes, your Chase Bank checking accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #628). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What APY does Chase Bank offer?
Chase Bank Total Checking Account is not an interest-bearing account.
What are the account minimums for Chase Bank Total Checking Account?
Chase Bank Total Checking Account requires a minimum initial deposit of $25 to open an account.
What fees does Chase Bank Total Checking Account charge?
The good news is that this account does not charge a monthly maintenance fee.
What features and perks does Chase Bank Total Checking Account offer?
This account includes the following features:
Automatic savings – Set up an automatic transfer from your checking account to a savings account and you’ll never have to second-guess your saving decisions again.
Signup Bonus – Open an account and you will receive a signup bonus of up to $200 if you deposit a minimum of $.
Check images with statement – Reconciiling your accounts ank complying with document retention standards is easier when you have access to a copy of your checks.
Fraud monitoring – Chase Bank Total Checking Account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location or you make a sudden string of costly purchases.
Free Bill Pay – Bill Pay allows you to pay bills easily from your account.
Mobile Banking Services – Chase Bank Total Checking Account allows you to manage your money online. This includes depositing checks in your account with your smartphone.
Nationwide ATM network – Conveniently transact at a nearby ATM.
The Bottom Line
Chase makes it easy to access your money wherever you are, and customers have continually voiced their approval. Whether you’re planning for retirement, opening a new savings account, or taking out your first mortgage, Chase has options for you.
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