A checking account is usually the starting point for any banking relationship. This is the product that consumers go for most often, as it allows them to do their daily transactions with ease. Different banks offer different product ranges, and often the determining factor for the client is the pricing. Banks across the world now offer basic banking services such as online and mobile banking, SMS notifications, and more as part of the package. This review takes a closer look at Chase Checking Accounts to see how this product range compares to some of the best in the world.
A bank that offers a great range of current accounts, is BNP Paribas and we recently did a review.
About Chase Bank
A hand in the waterworks and a foot in other industry is the colorful history that is Chase Bank’s. With a start like this, it seems unlikely that one of the biggest banks in the world came out of this. Chase was known as JP Morgan & Chase for many years, and the shortened Chase comes after a much-needed period of rebranding. The bank has a healthy asset holding and commands quite a large market share.
Checking Account Hints and Tips
The checking account may seem like a straightforward product, however, it requires a bit of research and some comparison before consumers find the perfect fit. Not only are the fees important, but also the list of extras that make those fees worthwhile.
Find the One With the Best Offer
The best offer is not necessarily the account that provides its services for free but should include products and services that make banking simpler. For instance, those who perform a number of transactions will require access to unlimited transfers, etc. Many banks offer bundled options which could work out more cost-effective for those who don’t transact as much.
Compare the Terms and Conditions
There are few things as frustrating for customers as having access to what seems like the ideal account, but it turns out the terms and conditions cause the account to provide less than a satisfactory service. This could be due to transaction limits, penalty fees, restrictions, and more.
Does Relationship Matter?
Account holders want to know that they’re not merely just another number on the books and that they actually add value. This means that they have a relationship with the bank and the fact that they have a checking account should carry some weight. Many banks reward their checking account customers by giving them special rates or discounted offers on other products.
Do the Options Provide a Solution?
This is an important question any customer should ask themselves when looking through the various options offered by the banks. The different accounts should provide customers with various ways to meet their needs, and not just have a one-fits-all approach. This is because customers find themselves at various stages in life and may not require the same products and services as the next person.
Chase Checking Accounts Product Offerings
Chase Total Checking
Customers who require a checking account that provides them with all the essentials will find this product ideal. Furthermore, customers have access to 16,000 ATMs and 5,100 branches.
- The account provides access to online banking, bill pay, and mobile banking services.
- There are also numerous Chase DepositFriendly ATMs dotted across the country.
- Customers have access to a Chase debit card that features chip technology for added safety.
- Furthermore, there is a $12 monthly service fee which can be avoided with specific transactions. These transactions include direct deposits totaling $500 or more made to the account. They can also maintain a balance of $1,500 or more at the beginning of the month. The final way to avoid fees is to have a combined or average beginning day balance of $5,000 across a few accounts held at Chase combined.
- Other fees on the account may apply.
- Finally, there is a minimum opening deposit of $25.
Chase Premier Plus Checking
This account is the ideal option for those who wish to earn interest on their positive balances. Furthermore, the account provides customers with all the basic checking features such as online bill pay and mobile banking as well.
- Customers have the opportunity to save on ATM fees and other select fees.
- The account provides access to 16,000 ATMs and 5,100 branches.
- There are also numerous Chase DepositFriendly ATMs scattered across the country.
- Furthermore, customers enjoy access to a Chase debit card with chip technology.
- The account provides customers with 24/7 customer service.
- There is a $25 monthly service fee which can be avoided. This includes an average beginning day balance of $15,000 or more in this account and other qualifying accounts combined. They may also save this fee when a Chase mortgage is linked and payments are made from this account.
- Customers enjoy interest on their positive balances.
- There are no fees for Chase design checks when ordered through Chase.
- Also, customers are not charged Chase fees on the first four non-Chase ATM transactions.
- Customers may also rent a 3 x 5-inch safe deposit box without paying a rental fee. This is subject to availability and there is a 20% discount on larger boxes.
- The account allows customers to have up to two additional checking accounts without no monthly service fee. This does not include the Chase Premier Platinum Checking or Chase Private Client Checking.
- There is no fee for counter checks, money orders, and cashier’s checks.
- Other fees on the account may apply.
- Finally, this account requires a minimum deposit of $25 to open.
Chase Premier Platinum Checking
Customers who require a little more from their banking will find this account to go beyond the simple banking services. Furthermore, customers also earn interest on positive balances.
- This account provides customers with 24-hour priority telephone service.
- Customers also have access to basic account services such as online bill pay, Chase QuickPay with Zelle, paperless statements, account alerts, text banking, direct deposit, and Chase QuickDeposit.
Chase Student Checking
New Chase customers have the opportunity to earn $50 when they open a Chase College account and perform the qualifying transactions.
- The account provides customers with access to 16,000 ATMs and 5,100 branches.
- There is also access to Chase DepositFriendly ATMs.
- Furthermore, customers have access to a Chase debit card with chip technology, which adds an extra layer of security.
- Customers have access to 24/7 customer services.
- The account is suitable for those between the ages of 13 and 17. A parent or guardian assists them with the opening and need to have a qualifying Chase checking account.
- There is a $6 monthly service fee which can be avoided through certain transactions. These transactions include that the parent needs to have a linked qualifying account or a direct deposit must be made to this account. They may also have a $5,000 average ending day balance in the account.
- When the student reaches the age of 19, the account automatically converts to a Chase Total Checking account.
- Finally, the account requires a minimum opening balance of $25.
Chase also has a savings range which we recently did a review of.
What We Like About Chase Checking Accounts
These accounts cover a multitude of needs with only a few product offerings. This allows customers the freedom of choice, which is often a deciding factor for clients. The fact that there is an account for students already sets this product range a step higher than many of the bank’s other product ranges.
The monthly account fees can be waived and in some instances fairly easily. The opening account fees are also relatively low, which makes this an easily accessible selection. We also appreciate the fact that the bank highlight the fact that additional fees may be applicable with the link tied to that statement. That makes this range far more transparent than many of the bank’s other ranges.
Finally, the basic services provided on these accounts are far more than many customers need, which make them fairly comprehensive.
What We Don’t Like About Chase Checking Accounts
Customers who aren’t able to jump through the hoops may have to pay fairly expensive account fees. We also aren’t convinced that the information on the requirements of opening the accounts is very upfront. For instance, is the criteria to open the Chase Total Checking and the Chase Premier Platinum Checking the same? These are things that should be upfront and pretty obvious on the website.
The pricing on the accounts is pretty steep, which could make it difficult for entry-level customers to enjoy the full benefits of the account.
Read here to find out why Chase set a record with the auto loans options.
Critical Reviews Rating Chase Checking Accounts – 7 of 10
The bank may find it difficult to compete with some of the other financial institutions, especially those who are primarily online. This is because the accounts are quite pricey in comparison to these accounts and their offerings are slightly better. Apart from the pricing, the accounts don’t provide that much of a variety.
Finally, the bank also needs to state the different criteria for opening the accounts to ensure there is no disappointment down the line.
Compare this checking account range with that of rival bank, Bank of America.