Chase Bank Review (2024)

Pros Explained

• Large footprint to service your banking needs: Chase Bank has more than 4,700 retail branch locations throughout the United States. Additionally, customers may access 16,000 Chase Bank ATMs at no additional charge. If a Chase Bank branch or ATM is not nearby, customers can access their accounts online or through its mobile app.
• Ability to waive checking monthly fees: Customers can waive the monthly maintenance fee for a checking account by either depositing $500 into the account that month, or, maintaining a $1,500 minimum balance, or, having a combined beginning average balance of $5,000 in all linked Chase accounts.
• Popular rewards credit cards with well-known brands: Chase offers a total of 35 rewards credit cards from which to choose—26 personal and nine for small businesses. There are credit card options to meet your goal of cash back, travel rewards, or balance transfers.

Cons Explained

• A limited number of branches in some states: Some states are underserved by Chase Bank. Mississippi has only four branches, Vermont and Wyoming have two each, while Alaska has none.
• Minimum daily balance to waive fees: This may be harder to maintain compared with an average daily balance. If your balance falls below this minimum amount for one day during the month, you may be charged the monthly fee.
• 5/24 Rule for credit cards: Chase Bank has an unwritten rule for credit card approvals that is one of the strictest in the industry. If you’ve opened more than five new credit cards at any bank in the past 24 months, you will not be approved for most of its credit cards.

Who Is Chase Bank Best for?

Chase Bank may be ideal for those who:

• Live in states where the bank has clusters of branches
• Want a variety of deposit, lending, and investment options from one financial services company
• Are able to maintain the minimum daily balance or complete qualifying activities to waive fees
• Want to earn valuable rewards or cash back from their credit card purchases
• Desire a bank relationship that can grow with them and offers premium features
• Want the security of a large financial institution that has many branches and ATMs across the U.S.

What Does Chase Offer?

As you might expect from a depository institution of its size, Chase Bank offers an extensive menu of accounts and services. Customers have access to multiple checking accounts, savings accounts, certificates of deposit (CDs), credit cards, and other lending products to meet their needs. The bank rewards customers who have multiple Chase products with better pricing and the ability to combine balances to waive fees.

Checking Accounts

Customers have several checking account options with Chase Bank. Each account has monthly maintenance fees unless you meet the criteria to waive them. The three most common accounts are Chase Total Checking, Chase Premier Plus Checking, and Chase Sapphire Banking.

The Premier Plus Checking account waives the non-Chase ATM fee charged by Chase up to four times each statement cycle. However, any fees charged by the ATM owner still apply. The Sapphire Banking account waives non-Chase ATM fees and reimburses the fees charged by other banks (with no frequency limit).

Chase also offers niche checking accounts that cater to specific audiences:

• The Chase Secure Banking checking account has no minimum deposit, no paper checks, and does not charge for money orders or cashier’s checks.
• College students can get a free account for up to five years while in school with the Chase College Checking account, and it is only $6 per month after that if you don’t waive the fee with qualifying activities.
• Active and veteran members of the military can open a Chase Premier Plus Checking account with no fees or minimum balance requirements.

Certain customers may be interested in Chase Private Client. To qualify, you’ll need an average daily balance of $150,000 combined among your qualifying personal and business deposits and investments. Benefits include no membership fees, monthly service charges, ATM fees, wire fees, and more. Additionally, you’ll receive higher limits on Chase QuickDeposit, Zelle payments, daily ATM withdrawals, and debit card purchases.

Checking Account Fee Waivers

Chase gives consumers a few ways to waive their monthly checking account fees.

• Chase Total Checking:Make a direct deposit of $500 or more each month, or keep a daily beginning balance of at least $1,500, or maintain an average beginning day balance of at least $5,000 in this account and eligible linked accounts.
• Chase Premier Plus Checking: Maintain an average beginning day balance of at least $15,000 in this account and eligible linked accounts or a qualifying linked Chase mortgage enrolled in automatic payments from this account.
• Chase College Checking: No fees for five years while in college, then make a direct deposit each month or have an average ending day balance of at least $5,000.
• Chase Secure Banking: Mandatory monthly fee.
• Chase Sapphire Banking: Maintain an average beginning day balance of at least $75,000 across this account and eligible linked accounts.
• Chase Private Client Checking: Maintain an average beginning day balance of at least $150,000 across this account and eligible linked accounts.

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