Pros and Cons of Chase Bank Review
Chase is the largest bank in the United States, with locations in most countries and a unique mobile experience. With a wide range of banking products, from personal and checking accounts to mortgages and credit cards, Chase is well worth considering if you want a full-service bank.
Positives
- banking platform
- Wide range of products
- Travel friendly
- Great credit card prize
- Tons of places
Negatives
- Excess billing fees
- Low interest rate
- Smaller personal support center
Chase Bank is the largest bank and financial.institution in the United States.
With over 4,700 branches and over 16,000 ATMs, Chase offers a wide range of products and services. Bank accounts, credit cards, retirement plans, and home and car loans are just a few of its offerings.
After merging with JP Morgan & Co. In 2000, Chase Bank became a subsidiary of the commercial and consumer bank of its new holding company, JPMorgan Chase & Co. The New York bank is very popular across the country and serves more than half of Americans.
Chase boasts a large presence as a traditional banking option. They have brick-and-mortar banks in most countries and have an impressive list of mobile banking options.
Chase Bank Current Accounts
Chase Total CheckingChase Total Checking is the main checking account and offers all the basics you can expect for an entrance exam - debit cards, physical checks and access to online banking. The bill comes with a $12 monthly maintenance fee,
which can be waived by linking a direct deposit or maintaining a certain daily balance between checks and other eligible bills.
Chase Safe Banking
Chase Secure Banking works much like Total Checking but does not allow you to overdraw from your account. Even if your card has an occasional overdraft (eg from a restaurant tip or recurring payment), you will not be charged an overdraft fee. This service comes with a flat, unavoidable monthly fee of $4.95.
Chase Premier Plus checks
For those looking for more specific options for daily monitoring, Chase Premier Plus Checking comes with some benefits.
The monthly service fee is higher, but you'll have more flexibility to use non-Chase ATMs and get a small interest rate on your deposits, despite the lower interest rates. You'll also be able to assign your monthly Chase Savings Account by linking it to Premier Checking.
Keep in mind that with these additional benefits, you have to skip some hurdles to get relief from the $25 monthly maintenance fee. To avoid fees, you need to maintain an average daily balance of $15,000 or set your accounts to pay automatically on your Chase mortgage. Not many people will be able to meet these conditions.
chase sapphire checks
Chase Sapphire Checking is an excellent account designed for high-income individuals. This account comes free for ATM withdrawals worldwide and you also have access to a dedicated 24/7 financial phone line.
Chase's private client checks
Chase Private Client Checking is a first class banking service for the company. This account includes lower fees, higher transaction limits, and access to a private banking advisor. You are also entitled to special offers on business loans and commercial banking services. However, the purchase amount is high. You need at least $150,000 in joint assets with Chase to become a sole proprietor.
Chase First Banking
Chase First Banking allows young people to open an account and start saving for the future. Children up to the age of six can be eligible and the parent or guardian must be the full legal owner of the account.
Chase High School Notes
Chase High School checking accounts are for high school students between the ages of 13 and 17. This account offers more flexibility than Chase First Banking, but the parent or guardian must sign and link their personal account.
Chase College Notes
As you might expect, Chase College Checking accounts are designed for college and university students. There is a low monthly fee, but you can get around it by proving that you are a student for up to 5 years after opening.
Certificate of Deposit (CD) account
CD accounts require a minimum deposit of $1000, and you can get a fixed APY by locking your money into the account for a specified period of time. At the time of writing, terms range from 1 month to 120 months and APY ranges from 0.02% to 0.05%. It all depends on how much money you want to invest and how long you feel comfortable not touching it.
Chase Bank Credit Card
Chase is well known for its credit cards and has over 29 different cards to choose from. There is a wide range of options here, from any annual fee cards to premium options.
We won't go over all of them in this post but here are some of the most popular Chase credit .cards
credit card award
Both the Chase Freedom Unlimited and Chase Freedom Flex cards are great free options that come with a $200 sign-up bonus and 5% cash back on groceries.
If you don't mind paying an annual fee, both Chase Sapphire Reserve and Chase Sapphire Preferred offer great rewards on refreshments and travel. They also have great sign-up bonuses if you spend a certain amount during the promotion period.
Travel Rewards credit card
Chase partners with many hotels and airlines to obtain their travel tickets. This means that if you tend to fly on a particular airline or stay at a particular hotel, they will likely have a card that increases your rewards while you do so. With 22 credit cards designed specifically for tourists, there is no shortage of options.
business credit card
Whether you're running a small business in your hometown or tend to work on the go, Chase has a credit card to help you do just that. Many of their business cards intersect with travel cards and can help you earn points while traveling for work. Cards in this category can give you up to 100,000 bonus points during the offer period and can offer discounts of up to 5% on business-related expenses.
Chase Bank Fee
As a major national bank, you can expect to incur some fees from Chase (and its competitors).
The key is to be aware of the fees you may be charged and know how to avoid them.
In addition to what we'll discuss here, keep in mind that large banks operate collectively, often waiving fees just to please customers (and keep them off the phone).
This may not be something you want to abuse, but if you're a generally good customer, it never hurts to ask.
Basic accounts make it relatively easy to avoid fees, provided you have the account you signed up with on purpose. With premium accounts and credit cards, it can be hard to avoid fees because you pay a premium for these enhanced benefits and services.
Here are some of the ways Chase charges and how to get around them
Monthly maintenance fee
In addition to children's and student accounts, a monthly fee is added to almost all Chase accounts.
The good news is that most of these fees can be waived by linking a direct deposit, maintaining a minimum or average daily balance, or linking to another Chase account.
Chase upfront about these fees, so make sure you understand how to avoid them before you sign up.
Fees without Chase ATM
Did you know the annoying fees charged by cash-strapped ATMs? Well, unfortunately, Chase does charge additional fees for ATMs, only for use outside the ATM network.
There is no way around this for basic checking accounts, so if you don't have a Chase ATM available in your area, it may be worth checking with another bank, especially if you want to have cash on hand.
Premium accounts offer more ways to avoid ATM fees, but there may be a limit to the number of ATM fees that can be waived each month.
Overdraft fees
Except for the Secure Banking feature, you can expect your cost if you withdraw from your account. The last thing you want when you're already in the red is to make the problem worse with overdrafts.
This may seem obvious, but a good general rule of thumb is not to spend more than you have.
If you usually have a low balance and lose the amount you owe, consider a Secure Banking account or set up an overdraft.
This will link your Chase savings account to your checking account and cover the overdraft amount by deducting it from your savings.
One thing to keep in mind here is that overdrafts are included in your maximum monthly savings, so if this happens often, you may end up paying a fee.
Withdrawal fee for savings account
Savings accounts are not meant to work like checking accounts. It is designed to get money in, not take it out. With this in mind, expenses will start to appear if you find yourself withdrawing money from your savings multiple times a month.
Any withdrawal can count toward the six you receive per month, so keep an eye on ATM withdrawals, transfers, and overdrafts. This fee will be waived if you have a $15,000 Premier Savings Account balance when you make a withdrawal.
If you have a CD account, you don't want to make withdrawals at all, or you'll see early withdrawal fees. Since the primary purpose of the CD is to hold the money, you will be penalized for all the interest earned on your deposit if you withdraw the funds early.
Annual credit card fee
As mentioned before, there are plenty of Chase credit card options. So if you don't want to pay the annual fee, just choose the option that is not included. However, this is one of the few cases where paying the fee actually pays off.
For example, the annual fee for the Chase Sapphire Reserve Card is $550 - sounds high, doesn't it?
Don't get us wrong, that's a lot, but when you start looking at the card benefits, it makes a lot more sense. This card in particular comes with one of the highest scoring bonuses available ($750 for travel, when you spend at least $4,000 in the first three months).
On top of that, you get an annual travel credit of $300 and can earn 3 times the points for dining, among other benefits.
When it comes to credit cards, it's all about matching the right card with your lifestyle. There's no need to pay for a Premium Travel Card if you're a local, but if you're constantly on the go, it can pay off a lot.
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