With Chase Checking Accounts, Options Abound

JPMorgan Chase gives customers what they want: options.

Customers can choose from three checking accounts. They have multiple ways to avoid the monthly service fee. And they can choose to bank online, on their smartphones or in person.

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That level of choice means Chase has something for just about everyone. Read on to find out if it has something for you.

A Chase checking account may be right for you if:

• You want a national bank with a large ATM network
• You prefer to keep your mortgage, investments and checking with one bank
• You want to be able to conduct most of your banking on the go

READ: NerdWallet’s Review of the Chase ATM Network

 

	Chase Total	Chase Premier Plus	Chase Premier Platinum
Minimum opening deposit	$25	$25	$100
Monthly fees	$12 Waived with monthly direct deposits of at least $500 or minimum daily balance of $1,500 Waived with an average daily balance of at least $5,000 across linked deposits and investments	$25 No fee for current or former service members with military ID Waived with average daily balance of at least $15,000 across linked deposits or investments Waived with automatic payments to linked Chase first mortgage	$25 $35 for customers in Connecticut, New York and New Jersey Waived with average daily balance of at least $75,000 across linked deposits or investments
Interest on balances	No	Yes Current rate: 0.01% APY	Yes Current rate: at least 0.01%APY
ATM fees (Does not include surcharges assessed by owners of non-Chase ATMs)	$2.50 per withdrawal, deposit or balance inquiry on non-Chase ATMs in the U.S.	No charge for first four transactions at non-Chase ATMs in the U.S. each month $2.50 per additional withdrawal, deposit or balance inquiry	No fee at non-Chase ATMs
Features	Full-service mobile banking app Free online banking, including bill pay Chase QuickPay available to easily send and receive money
Overdraft fees	$34 for each overdraft paid or returned, up to three charges per business day. No charge is assessed if your balance is overdrawn by less than $5 at the close of business * Premier Platinum account includes free overdraft protection and no fee for insufficient funds, up to four per year
Other notable fees	$15 for accounts overdrawn for five consecutive days $12 for returned checks, cashed or deposited $25 to request a stop payment online, $30 to do so at a branch Most fees waived for Premier Platinum account holders

*Overdraft fee structures are complicated. The fee cited here represents a typical overdraft scenario, but the charge may vary depending on the nature of the transaction, your account configuration or other factors.

MORE: NerdWallet Bank Reviews

Analysis

Something for (almost) everyone: JPMorgan Chase is the largest bank in the U.S., so a suite of checking options to suit a variety of customers is expected.

The opening deposit and monthly service fee on Chase Total Checking, the bank’s entry-level offering, are on par with national and regional competitors. But getting into an interest-bearing account, without a fee, may prove more difficult.

Chase’s mid-level account, Premier Plus, requires an average daily balance of $15,000 in linked deposit or investment accounts to skirt the $25 monthly fee. By comparison, Wells Fargo customers can earn interest — and avoid a monthly fee — by maintaining a $10,000 balance on combined accounts. The same is true for Citibank and Bank of America.

Chase will also waive the fee if you have a mortgage with the bank and make automatic payments from your checking account. Still, without a mortgage, $15,000 — or even $10,000 — can be a high bar to meet. Customers hoping to get a return on their deposits can likely find an interest checking account with fewer fees and better rates.

An online and mobile-savvy big bank. No need to go to a branch. Chase checking customers can do almost all their banking from their laptop or smartphone. In fact, Chase will charge you extra to conduct some functions, including stopping payment on a check and initiating a wire transfer, in person.

With the Chase mobile app, customers can pay bills, transfer or wire money, deposit checks and view account balances, among other tasks. You can do most of those things using Chase Online, as well.

An added bonus: Chase QuickPay. This free service lets you easily pay everyone from the babysitter to your best friend. Just register for QuickPay and send money using the recipient’s email or cellphone number. The person receiving the payment will get a message and can sign up or log in to get the funds. They do not have to bank with Chase.

SEE: NerdWallet’s Picks for Best Banks and Credit Unions for Mobile Banking

The bottom line

Chase is a solid checking option, especially if you prefer a big bank with a large network. Other banks and credit unions offer better interest rates, but their online and mobile banking options may not be as robust.

Kelsey Sheehy is a staff writer at NerdWallet, a personal finance website. Email:ksheehy@nerdwallet.com. Twitter: @KelseyLSheehy.

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from NerdWallet Credit Card Blog
http://www.nerdwallet.com/blog/banking/chase-checking-accounts-review/