Chase Banking Fees
According to some studies, people lose nearly $170 a year just in monthly bank fees. Others report that over the course of a decade you can lose out on at least a $1,000 in hidden fees and maintenance costs simply for having an open account with a bank.
At Earn Cheese, we’re dedicated to ensuring that our users pay $0 in monthly fees while enjoying other zero-fee perks such as no overdraft fees, no international wire fees, and no minimum balance fee. Larger international banks such as Chase aren’t usually able to offer the same level of fee-free assistance.
So, how much do you pay to open a bank account with Chase? What are the fees associated with a Chase checking account? And, what are your options with various different types of Chase Bank checking accounts? We’ve got the answers for you.
How Much Are Chase Banking Fees?
How Much Does it Cost to Open a Bank Account at Chase?
Some large, international banks require that you meet a minimum opening deposit requirement in order to open an account with them. Chase charges no minimum opening deposit for any of their three main Chase checking account options. However, they do each come with their own monthly fee and individual ways to waive the monthly Chase banking fee depending on the Chase account that you have. Technically, Chase does not have a free checking account.
What Are the Different Kinds of Chase Checking Accounts?
As mentioned, there is no deposit amount required to open any one of the three different kinds of checking accounts available at Chase. However, each Chase checking account does come with unique monthly fees and other charges that can make them more expensive than the others. The three Chase checking account options are:
- Chase Total Checking
- Chase Premier Plus Checking
- Chase Sapphire Checking
What’s the same across the board? All of the Chase accounts charge a $34 overdraft fee but the Chase Sapphire Checking account doesn’t charge for the first four overdrafts within 12 months. Also, with $4.95 monthly service fee, Chase Secure Banking account won't charge you overdraft fees either simply by allowing you to spend just what you have.
It’s important to note that Chase does also offer a Chase College Checking account and a Chase High School Checking account for students. While they’re not as widely used, the Chase college account comes with a $6 monthly service fee while the high school account must be linked to a parent or guardian’s account but comes with $0 in fees for students aged 13 to 17 years old.
Chase Total Checking
The monthly service fee for a Chase Total Checking account is $12 (which is a standard monthly maintenance fee across other banks such as Bank of America and Citibank). However, you can have that fee waived any one of three ways:
- Have $500 or more in direct deposits each month
- Maintain a $1,500 minimum daily balance
- Have at least $5,000 in total across all of your Chase bank accounts
Other perks of the account include that ability to access 6,000 ATMs and nearly 4,900 branches across the country along with the ability to use Chase’s online banking, bill pay and mobile banking services.
Other fees associated with Chase Total Checking is listed below. There is no interest accrued on your balance with this checking account and you will be charged $2.50 per withdrawal at any non-Chase ATM. On top of that, one of the main features that Chase users seem to enjoy is the Chase QuickPay features with Zelle (which we’ve reviewed here). It’s a money transfer service that lets you send money online to friends and family members.
Chase Premier Plus Checking
The monthly service fee for a Chase Premier Plus Checking account is $25, but you can have that fee waived either one of two ways:
- Have at least $15,000 or more in total across all of your Chase bank accounts
- Have a linked mortgage from Chase enrolled in automatic payments
While there are higher fees associated with this account, you do gain access to perks such as four free ATM withdrawals per statement period at non-Chase ATMs. And, you can earn interest on your money in a Chase Premier Plus Checking account. The current APY is .01%, so it’s pretty minimal, however.
Chase Sapphire Checking
The monthly service fee for a Chase Sapphire Checking account is $25 and it’s harder to waive than the other monthly Chase banking fees. To waive the fee you have to maintain a balance of at least $75,000 or more across all of your Chase accounts.
However, the account comes with a .01% APY and no ATM fees worldwide. And, you can enjoy other premium perks such as great rates on a linked Chase Premier SavingsSM account or even access to small business specialists.
How Much Does it Cost to Open a Savings Account at Chase?
To open a basic savings account with Chase it costs $5 a month unless you choose to tie the account to a Premier Plus or Sapphire Checking account. Other ways to waive the monthly banking fee?
- Have a minimum daily balance of $300 or more
- Set up an automatic transfer of $25 or more a month into the Chase savings account
- Be under 18 years old
The minimum deposit required to open a Chase Savings account is $25 and you’ll only earn .01% interest on your money, which makes upgrading to the Chase Premier Savings account a more ideal option for most savers.
The Chase Premier Savings account comes with:
- $20 monthly service fee
- Overdraft protection
- Potential sign-up bonuses
- Up to .08% interest rate
- The ability to waive the monthly fee as long as you have at least a $15,000 minimum daily balance in your account or link the account to a Chase Premier Plus Checking, Chase Premier Sapphire Checking, or Chase Private Client Checking account
What Are the Other Chase Monthly Banking Fees?
What about the other Chase banking fees? Well, we’ve mentioned that when it comes to overdraft fees, all of the checking accounts charge a $34 overdraft fee; you can have up to three of these overdraft fees charged to your account per day. However, the Chase Sapphire Checking account doesn’t charge for the first four overdrafts within 12 months.
It’s important to avoid maintaining insufficient funds in your Chase account as they will charge you $15 every five days that the account remains overdrawn.
Chase ATM fees are pretty similar to other banks in that you won’t be charged to use any one of the bank’s 16,000 network ATMs. This network extends across nearly 30 states. If you are travelling internationally, using an international ATM that’s not in the Chase network will come with a $5 withdrawal fee or a $2.50 balance inquiry fee.
Have the Chase Premier Plus checking account? You’ll get free personal checks, cashier’s checks and Chase bank money orders. On top of that, if you upgrade to a Chase Sapphire Checking account, you’ll be reimbursed for all ATM fees worldwide.
Want to learn how to avoid Chase monthly banking fees?
- Open the right checking or savings account for your lifestyle and income
- Maintain the right minimum balance
- Set up qualifying direct deposits
- Link your Chase accounts when available
- Don’t overspend to avoid insufficient funds and overdraft fees
What’s A Better Banking Option Than Chase?
While most people are able to waive the fees associated with a Chase checking or savings account, none of their accounts really offer you the chance to really rack up rewards in the form of cashback.
The Cheese Debit Card allows you to earn cashback on all spending. And, it does so while allowing you to enjoy zero fees. No banking fees, high cashback rates, and even the chance to earn multiple Cheese Rewards? It’s as good as it sounds. Sign up to join us today.
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