Home Finance Chase Bank Review

Chase Bank Review

Chase Bank is a full-service bank that has over 4,700 branches as well as 16,000 ATMs. The roots of the bank go back to 1799 in New York City when it was established to provide drinking water for the residents. A tiny provision in its charter permitted banks to operate that had surplus capital. after just five months the company was able to open an institution named it was known as the Bank of Manhattan Company.

Over the course of its time, over 1,200 institutions have joined to form the biggest bank within the U.S. with $2.6 trillion in assets across the globe. This comprehensive review of the internet-based banking giant will assist you in deciding whether deposit accounts offered by the bank are suitable for your needs.

Pros

  • Large footprint to meet your banking requirements
  • Possibility to defer fees associated with checking
  • Credit cards for rewards that are popular and have famous brands

Cons

  • A small number of branches in certain states.
  • Minimum daily balance required to eliminate charges
  • Chase 5/24 rule for credit card

Chase Bank

Pros Explained

  • The wide footprint that can serve your banking requirements: Chase Bank has more than 4,700 branches in retail locations all across the United States. In addition, customers can use more than 16,000 Chase Bank ATMs at no additional cost. If there is a Chase Bank branch or ATM that isn’t in the vicinity Customers can log into their accounts via the internet or the mobile app.
  • Ability to avoid the monthly fee for checking: Customers can waive the fee of maintenance per month for checking accounts by doing three things such as placing $500 into the account during the month, and maintaining an amount in the account of $1500 or combined with an average of $5,500 across all connected Chase accounts.
  • Credit cards for rewards that are popular from prominent names: The Chase rewards card offers 35 credit options you can choose from the personal ones, and nine for small-sized businesses. There are many credit card options based on the purpose of cash back, travel rewards, or transfer of balances.

Cons Explained

  • A few branches in certain States: Some states do not have enough support from Chase Bank. Iowa and Mississippi have only the equivalent of three branches. Vermont along with Wyoming has just two branches, whereas Alaska does not have any.
  • A minimum daily amount required to reduce charges: One option to avoid fees is to maintain an adequate daily balance in your bank account prior to the start of every day. This can be more difficult to achieve than the average amount of balance. If your balance is lower than this amount for a day within each month’s time, you could get charged the month-long charge.
  • 5/24 Credit card rules: Chase Bank has unwritten rules regarding credit card approvals which are among the strictest in the field. If you’ve had more than five credit cards with any bank within the last 24 months, you’ll not be approved for the majority of the credit cards it offers.

Who is Chase Bank Best for?

Chase Bank is best for customers who reside in states that have numerous branches. Chase Bank is ideal if the client:

  • You’re looking for a wide range of lending, deposit, and investment options? a single financial services firm
  • Are able to keep the minimum balance per day or perform the required activities in order to be exempt from fees
  • Are you looking to earn valuable rewards or cash back for your credit card purchases
  • You want a bank that will expand with them and provide high-end features as your partnership develops
  • Are you looking for the security of a huge bank with many branches and ATMs throughout the U.S?
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What Does Chase Offer?

As you would imagine from a bank with its scale, Chase Bank offers a vast array of services and accounts. Customers can access various savings accounts and checking accounts certificates of deposit (CDs) credit cards, as well as other lending options to meet their requirements. The bank offers customers several Chase products offering lower prices and the possibility of combining balances and waiving fees.

Checking Accounts

Customers can choose from a variety of checking account choices with Chase Bank. Each account comes with monthly maintenance charges until you satisfy the requirements to get them waived. The three most commonly used accounts are Chase Total Checking, Chase Premier Plus Checking along with Chase Sapphire Banking. This Premier Plus Checking account waives the ATM fee that is not charged by Chase up to four times during each statement cycle. However, any charges imposed by the ATM are still applicable. It is a Sapphire Banking account that is exempt from ATM charges and also reimburses charges that other banks charge in unlimited amounts.

Chase offers a range of other special checking accounts, which cater to specific segments of the population. For instance, the Chase Secure Banking checking account is free of deposit requirements and no paper checks and is not charged for cashiers or money order checks. Students in college can have an account free that can be used for up to 5 years in college with an account with the Chase College Checking account, and it’s only $6 per month thereafter if you don’t waive the charge by engaging in certain activities. Veteran and active soldiers are able to create an account with a Chase Premier Plus Checking account without fees and no minimum amounts to balance.

Customers with more relationships could be eligible to apply for Chase Private Client. To be eligible, you must have each day a minimum balance of at least $150,000 in your eligible personal and business accounts and investments. To help you qualify you will not be charged charges for membership or monthly service fees, ATM fees, wire fees, and so on. Furthermore, you’ll be able to enjoy more limits on your credit card purchases, Chase QuickDeposit, Zelle payments, daily ATM withdrawals, as well as the purchase of debit cards.

Chase offers consumers a number of ways to avoid their monthly fees for checking accounts.

  • Chase Total Checking You can make a single payment of $500 or more every month, and maintain the daily balance at a minimum of $1500 or an average starting balance of a minimum of $5,000. This account as well as other linked accounts that are eligible.
  • Chase Premier Plus Paying with: Have an average starting day balance of $15,000 on this account as well as other linked accounts that are eligible or a qualified linked Chase mortgage that is enrolled in automatic payments through this account.
  • Chase College Checking: Free for five years during college. Then, make a direct deposit every month, or maintain an average balance on the day of closing of at minimum $5,000.
  • Chase Secure Banking: Monthly fee for mandatory service.
  • Chase Sapphire Banking: You must have a minimum starting day balance of $75,000 for this account and any linked accounts that are eligible.
  • Chase Private Client Checking: Have an average starting day balance of $150,000 for this account and other linked accounts that are eligible.
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Chase Bank Checking Accounts
Account Name Min. Opening Deposit Monthly Fee Average Percentage Yield (APY)
Chase Total Checking $0 $12 None
Chase Premier Plus Checking $0 $25 0.01%
Chase College Checking $0 $6 None
Chase Secure Banking $0 $4.95 None
Chase Sapphire Banking $0 $25 0.01%
Chase Private Client Checking $0 $35 0.01%
on the 25th of July 2022. from the source: Chase Bank

Savings Accounts

Chase Bank offers two traditional savings accounts that you can select. Its Chase Savings account has only one interest rate per balance, whereas it is the Chase Premier Savings account that provides better rates of relationship for customers who have larger balances. Customers who meet the requirements to be eligible for Chase Private Client status have access to the Chase Private Client Savings account and also have variable interest rates, depending on the amount of the balance in the account.

Chase gives customers a couple of ways to avoid the monthly fees for savings accounts.

  • Chase Savings You must have a day-to-day beginning balance of no less than $300, and an autosave monthly of at a minimum of $25 from an eligible Chase check account. and have your account connected to Chase College Checking (for the protection against overdraft) and be linked to an approved Chase checking account or be 17 years old or younger.
  • Chase Premier Savings: You must have a daily starting account balance that is at a minimum of $15,000, or be connected to an account with a Chase Premier Plus or Sapphire checking account.
  • Chase Private Client Savings: No requirements to waive monthly charges as they are only accessible for Chase Private Client members who already meet the requirements of the bank accounts and Chase Private Client.
Chase Bank Savings Accounts
Account Name Min. Opening Deposit Monthly Fee Annual Percentage Yield (APY) Relationship Pricing APY
Chase Savings $0 $5 0.01% 0.01%
Chase Premier Savings $0 $25 0.01% 0.02%
Chase Private Client Savings $0 None 0.01% 0.02%

CDs

Chase Bank offers multiple CD terms, ranging from one day up to 10 years. If you have a larger deposit you could get better rates of interest for your CD. Customers can opt to have their interest on CDs paid quarterly, monthly, or semiannually, each year, or at the time of maturity.

To open the CD in conjunction with Chase Bank, a $1,000 minimum deposit is required. CDs can be opened online or at the branch. If you’d like to open a new CD with a balance of one million or greater, you need to go to a branch and talk with the banker.

If you decide to close your CD prior to the date of maturity you could incur penalties. For CDs less than six months old, the penalty for early withdrawal will be 90 days in interest. for CDs that are 6 months up to 24 months and less than 24 months, there is a penalty of 180 days of interest and for CDs that have periods that are longer than 24 months, the penalty is all 365 days of interest. In all cases, the penalty isn’t higher than the amount of interest earned during the term that is the term of the CD. A minimum amount of penalty will be seven days of interest.

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Chase Certificates Of Deposit
Term (Months) $1,000-$9,999 $10,000-$24,999 $25,000– $49,999 $50,000–$99,999 $100,000–$249,999 $250,000+
1-Month to 3-Month CDs 0.02% 0.02% 0.02% 0.02% 0.02% 0.02%
6-Month to 120-Month CDs 0.02% 0.05% 0.05% 0.05% 0.05% 0.05%
on the 25th of July, 2022.

Credit Cards

Chase Bank offers a wide variety of credit cards to meet the needs of customers. Options include cash-back and points-earning rewards credit cards for both small and personal business customers. Rewards credit cards come with many co-branded options that include hotels, airlines as well as other partners.

Furthermore, Chase offers its own exclusive rewards program called Chase Ultimate Rewards. These points can be used to purchase travel, redeem to earn money back, or transfer them to hotels and airlines, and other things.

Below are some rewards cards that can be purchased at Chase Bank:

General Travel Rewards Cards (Ultimate Rewards)

  • Chase Sapphire Preferred
  • Chase Sapphire Reserve

Co-Branded Rewards Credit Cards

  • Aer Lingus Visa Signature
  • Aeroplan(r) Card
  • Amazon Prime Rewards Visa Card
  • Amazon Rewards Visa Card
  • British Airways Visa Signature
  • Disney Premier Visa
  • Disney Visa Card
  • Iberia Visa Signature
  • IHG Rewards Premier
  • IHG Rewards Traveler
  • Instacart Mastercard
  • Marriott Bonvoy Bold
  • Marriott Bonvoy Boundless
  • Southwest Rapid Rewards Plus
  • Southwest Rapid Rewards Premier
  • Southwest Rapid Rewards Priority
  • Starbucks Rewards Visa
  • United Club Infinite
  • United Gateway
  • United Explorer
  • United Quest
  • World of Hyatt Credit Card

Cash-Back Credit Cards

  • Chase Freedom Student (must apply at the branch)
  • Chase Freedom Unlimited
  • Chase Freedom Flex

Business Credit Cards

  • IHG Rewards Premier Business
  • Ink Business Cash
  • Ink Business Preferred
  • Ink Business Unlimited
  • Southwest Rapid Rewards Performance Business
  • Southwest Rapid Rewards Premier Business
  • United Business
  • United Club Business
  • World of Hyatt Business Credit Card

Other Financial Products Offered by Chase Bank

In addition to the offerings that are listed in the above paragraphs, Chase Bank has a variety of other products to satisfy your requirements:

  • Car Loans
  • Purchase Mortgages
  • Refinance Mortgages
  • Home Equity Lines of Credit (HELOCs)
  • Individual Retirement Accounts (IRAs)
  • Self-Directed Trading
  • Managed Investment Portfolios
  • Private Banking
  • Financial Advisors
  • Business Loans

Chase Bank Customer Service

Customers are able to discuss their accounts in person with Chase Bankers at over 4700 branches. Branch hours can differ from state to state and you can find the closest branch to you via the bank’s branch search tool.

You can also access your account by phone, on the internet, or via the mobile application outside of regular business hours. Send secure messages to customer support at all hours of the day via the internet.

Support hours for phone calls vary based on the department you’re calling. For personal banking or credit card queries contact 1-800-935-935.

The Chase Bank mobile app provides an integrated view of your interactions with your bank. The benefits include face recognition as well as fingerprint login, as well as reviewing the activity of your account, and immediately blocking credit card transactions in the event that you’ve lost your card. You can also transfer and receive money via Zelle to pay bills, and even deposit checks.

How to Bank With Chase Bank

If you’re looking to open an account at Chase Bank account, you can do so on the internet or at any of its more than 4700 branch locations in the U.S. Customers who already have already a Chase existing account, you are able to create a new account using the mobile application.

VERDICT

Chase Bank offers a wide array of banking, lending, and investment options to its customers. It is the biggest institution of its kind in the U.S., which shows the ability of its staff to offer solutions to a wide range of customers. 1 Chase Bank can be used by the widest range of customers including students, veterans of the military, and all the way as well as private financial relationships.

While its presence might not be widespread in all states, its customers can open accounts and manage their accounts on the internet or via mobile applications. There are a variety of options for opening an account. There are monthly service charges, however, they are waived when you reach the minimum balance requirement or when you have completed certain tasks. Premium checking accounts also earn interest and eliminate certain bank fees.

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