Chase Bank
Many people use Chase credit cards without having other accounts with the financial giant. If you ever wondered how Chase checking accounts stack up, rest easy. Chase's checking accounts are exactly what one would expect. They cover the basics in standard checking account features.
With 19,500 ATMs and 5,600 branches nationwide, one must note - Chase is well connected.
In an effort to provide the most up-to-the-minute information, we have reviewed Chase's checking account options. Let's see how Chase's checking
accounts compare with one another, as well with the competition.
Chase Checking Accounts Comparison
Chase offers four different checking accounts, each with their own requirements and advantages. The chart and information below will give you more specific information along with our perspective.
|
TOTAL CHECKING | PREMIER PLUS | PREMIER PLATINUM | HS or COLLEGE |
|---|
| Minimum Deposit | $25 | $25 | $100 | $25 |
| Monthly Service Fee | $10 or $0* | $25 or $0* | $25 or $0* | $6 or $0* |
| Online Banking | X | X | X | X |
| Bill Pay | X | X | X | X |
| Mobile Banking | X | X | X | X |
| Debit Card | X | X | X | X |
| ATMs (19,500) | X | X | X | X |
| ATM fees at non-Chase ATMs | | 4x per statement | unlimited | |
| Interest-earning | | current rates | current rates | |
| Fee for checks, money orders | | Chase design | Personal design | |
| Link w/Chase Plus Savings | | X | X | |
| Overdraft Protection Transfer fee | | | | |
| Insufficient funds - no fee | | X** | X** | |
| Stop payment fee | | | | |
| 24/7 Exclusive Priority Service | | X | |
| Chase Exclusives | X | X | X | X |
* $0 fee only applies to accounts that meet specific requirements.
**No fee for insufficient funds for 4 or less occurrences in 12 months.
Chase Checking Accounts
The Total Checking account is the basic account that offers the fewest benefits. In fact, it is as bare bones as a checking account gets. The $0 service fee applies only to accounts that have met one of the following requirements: 1) a daily balance of $1,500, 2) direct deposits totaling $500 or more within a statement period, 3) average daily balance of $5,000 within specific linked accounts. Most likely, if you have a Total Checking account you expect your balance to be variable and you will end up paying the $10 monthly service charge.
The Premier Plus Checking account is one step up the ladder. You can always tell when the words "premier" and "plus" are used in the banking industry, there's going to be a "quid pro quo" offer. If you do something nice for them, they will, indubitably, do something nice for you. In other words, if you raise the stakes and maintain a higher balance, which helps stabilize their books, they will give you perks. In this case, the Premier Plus Checking requires an average daily balance of $15,000 or direct mortgage payments in exchange for the bonus of gaining a tiny interest rate, fewer fees and free checks.
Well, you probably already guessed - the Premier Platinum Checking account is the big Kahuna. When you have an account with the word "platinum" in it, you know you have reached the American dream. As you can see by the grid above, the Premier Platinum Checking account gets all the breaks. Not only do the users pay no fees, they are also the benefactors of free personal design checks and 24/7 priority service. If you are in a league to require banking assistance round-the-clock, this is the account for you. To keep the no fee status, however, the account holder must maintain a minimum daily balance of $75,000 in linked accounts.
The Chase Student Checking accounts are often opened by the parents of students, who want a more convenient way to fund their kids' lives. The wonderful bi-product is that kids are learning to deal with money on a more personal level by dealing with these mutual accounts. They have always been around, but now, banks are actually focusing on developing these earlier relationships with the intention of creating loyalty that will continue the relationship into their adult years.
There were no real surprises during the checking account comparison. The higher the daily balance, the better the benefits.
It's what we have grown to expect.
Features
The rates on the Premier and Platinum accounts are running the standard 0.01%, so keeping a high balance in a checking account
with this rate makes little sense unless using Chase for other reasons, such as needing linked accounts.
Chase has excellent customer service and the extras they call "Chase Exclusives" are interesting, if you're in the market for
credit cards, auto loans, mortgage loans, home equity lines, CDs or other investments, such as IRAs. A Chase checking account
helps open the door to creating relationship accounts that promise to increase the overall benefits and perks that are offered.
Chase Checking vs Bank of America and Citibank
Comparing Chase Checking to similar institutions, such as Bank of America and
Citibank, is tricky. What happens is no matter how it appears, the bottom line to the bank is generally about the same. In other words, if a savings rate is 0.002% higher they will make up the difference by requiring a service fee in another area. The attributes that will make the most difference to a customer's experience are: convenience, customer service, extra services and financial stability.
|
CHASE BASIC | B of A MyAccess | CITIBANK BASIC | WELLS FARGO Value* |
|---|
| Minimum Deposit | $25 | $25 | $0 | $50 |
| Monthly Service Fee | $10/0* | $12/0* | $25/0* | $7/9/0* |
| Online Banking | X | X | X | X |
| Bill Pay | X | X | X | NO |
| Mobile Banking | X | X | X | X |
| Text Banking | X | X | X | X |
| Debit Card | X | X | X | X |
| ATMs | 19,500 | 16,500 | 1,000 | 12,000 |
| ATM fees at non-Chase ATMs | Yes | Yes | Yesv Yes |
| Interest-earning | No | No | No | No |
| Free checks? | No | No | No | No |
| Link w/ Savings | X | X | X | X |
| Overdraft Protection Available | X | X | X | X |
| $0 Liability Guarantee | X | X | X | X |
*Fees based on balances.
As you can see, there are very few differences in the basic checking account services between Chase and its competitors. We're hearing a lot of advertising
hype about the Chase advantage. Yet, the reality is they are neck-in-neck with other financial institutions such as Bank of America, Citibank and
Wells Fargo that offer parity products and services, convenience and implied stability.
The younger and more aggressive institutions are the banks to follow for higher rates and advantages. They tend to think outside the box and
are the true mavericks that are creating new financial options for their clients. These smaller banks that have fewer ATMs and branches tend
to scare many customers, however, so it's a duel-edged sword.
Conclusion
So if you're looking for relationship banking, stability and a large quantity of branches and ATMs, Chase Bank will keep you as well connected
as the other mega-institutions their own size.
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