Chase Bank Review: Chase Bank is currently Serving nearly half of America’s households. It presently has more than 5,000 branches and around 16,850 ATMs. Also, Chase Bank offers a broad range of financial services. Chase, has a huge physical footprint and is operated as a full-service bank.
The bank was founded in 1799 in New York City. It started by supplying drinking water to the city’s population.
A small division in its charter was dedicated to banking operations with surplus capital. Within five months, it opened a bank. It was formerly known as the Bank of Manhattan Company.
Currently, in its over 200 years of history, over 1,200 institutions, have come together, to form the largest financial institution in the U.S. It presently boasts over $2.6 trillion in assets globally.
Advantages of Banking with Chase Bank
- One of the advantages of banking with Chase Bank is that you get access to popular credit cards with well-known brands. Chase plays host to a total of 27 credit cards. They include 22 personal cards and five cards for small businesses. It also offers, a variety of credit card options, based on your goal of cashback, travel rewards, or balance transfer.
- As the largest financial institution, Chase has a large footprint, to service your banking needs. With thousands of retail branch locations throughout the United States, your banking will be accurately serviced. Customers can also access tons of Chase Bank ATMs at no additional charge. And, even if you can’t find a Chase Bank branch or ATM close by, you can access your Chase account online or via the mobile app.
- You can waive the monthly account fees. This you can do, by enabling direct deposit, carrying a minimum balance, or linking eligible accounts, depending on your account type.
- Chase Bank, has a limited number of branches in some states. Thus, some states are underserved. While some states have one branch each, some states have none at all.
- The minimum daily balance to waive fees. One option of waiving fees is to keep a minimum daily balance in your account at the beginning of each day. Now, this may be harder to achieve, as compared with an average daily balance. Thus, if your balance falls below this minimum amount for one day during the month, you may be charged the monthly fee.
- Chase Bank, has an unwritten rule for credit card approvals. It is known as the 5/24 Rule for credit cards and is one of the most strict in the industry. If you happened to have opened more than five new credit cards from any bank in the past 24 months, you will not be eligible for most Chase credit cards.
Who is Chase Bank Best For?
Chase Bank, is the ideal bank for clients who live in states where the bank has clusters of branches. The Chase Bank is best for those who:
- Want to earn valuable rewards as well as cashback from their credit card purchases.
- Want the security of a large financial institution that has many branches and ATMs across the U.S.
- Need a bank that can grow with them and offer premium features as their relationship grows.
- Seeking a variety of deposit, lending, and investment options from one financial services company.
- Ability to maintain the minimum daily balance or complete qualifying activities to waive fees.
Chase Bank Offerings
Chase Bank, offers an extensive range of accounts and services. With this, customers have access to multiple checking accounts, savings accounts, certificates of deposit (CDs), credit cards, as well as other lending products to meet their needs.
On the other hand, the bank rewards customers who have multiple Chase products with better pricing and the ability to combine balances to waive fees.
Let’s check out these offerings, one after the other:
Chase offers several checking account options which customers can choose from. Each account, comes with monthly maintenance fees, except you meet the criteria to waive them.
The three most popular accounts, includes Chase Total Checking, Chase Premier Plus Checking, and Chase Sapphire Checking. The Premier Plus Checking account on its end waives the $2.20 non-Chase ATM fee up to four times each statement cycle.
The Sapphire Checking account, on the other hand, waives ATM fees and reimburses fees that other banks charge an unlimited number of times.
Additionally, Chase offers niche checking accounts, which cater, to specific audiences. The Chase Secure Banking checking account is devoid of minimum deposit, no paper checks, and does not charge a fee for money orders or cashier’s checks.
College students have the opportunity of getting a free account for up to five years while in school with the Chase College Checking account. All that has to pay, is only $6 per month, thereafter, if you don’t waive the fee with qualifying activities.
Active and veteran members of the military are not left out, as they can open a Chase Premier Plus Checking account with no fees or minimum balance requirements.
Customers with larger relationships, on the other hand, may qualify for Chase Private Client. In order to qualify, you’ll need an average daily balance of $250,000, combined among your qualifying personal and business deposits and investments.
As part of the benefits offered, there are no membership fees, monthly service charges, ATM fees, wire fees, etc. More so, you’ll get higher limits on Chase QuickDeposit, Chase QuickPay, daily ATM withdrawals, and debit card purchases.
Chase Bank offers two traditional savings accounts, which customers can choose from. While the Chase Savings account has only one interest rate for all balances, the Chase Premier Savings account offers higher relationship rates for clients with larger balances.
Customers who qualify for Chase Private Client status, have access to the Chase Private Client Savings account, which also offers tiered interest rates which depend on how much you have in your account.
With Chase Bank, you have multiple CD terms ranging from one month to 10 years. With larger deposits, you stand a chance of benefiting from higher interest rates on your CD. Customers, can decide to have their CD interest paid either monthly, quarterly, semiannually, annually, or at maturity.
If you want to open a CD with Chase Bank, you’ll need a minimum deposit of $1,000. CDs may be opened online or in a branch. Be it as it may, if you’d like to open a CD with a balance of $1 million or more, you have to visit a branch and speak with a banker.
If you happen to close your CD before the maturity date, you may incur a penalty. For CDs that are less than six months, the early withdrawal penalty is 90 days of interest.
For CDs from six months to less than 24 months, the penalty is 180 days of interest and for CDs with terms of 24 months or more.
The penalty is 365 days of interest. For all terms, the penalty is not more than the interest earned during the current term of the CD – the minimum penalty, is seven days interest.
Chase Bank offers credit cards that customers can choose from to suit their goals. Credit Card offerings include cashback and rewards credit cards for personal and small business customers.
The rewards credit cards comprise numerous co-branded options with airlines, hotels, and other partners.
Also, Chase offers its own proprietary rewards program. Chase Ultimate Rewards. Points earned, can be used to book travel, redeem for cash back, transfer to airline and hotel partners, etc.
However, most credit cards from Chase, limit the ability to earn a bonus to once every 24 months from the date the bonus is received.
However, two exceptions are the Chase Sapphire Preferred and Reserve cards. These two, limit customers to one bonus once every 48 months.
Here is a list of the cards available from Chase Bank:
General Travel Rewards Cards (Ultimate Rewards)
- Chase Sapphire Preferred
- Chase Sapphire Reserve
Co-Branded Rewards Credit Cards
- Firstly, Aer Lingus Visa Signature
- British Airways Visa Signature
- Disney Premier Visa
- Disney Visa Card
- Iberia Visa Signature
- IHG Rewards Club Premier
- Also, IHG Rewards Club Traveler
- Marriott Bonvoy Bold
- Marriott Bonvoy Boundless
- Southwest Rapid Rewards Plus
- Southwest Rapid Rewards Premier
- Also, Southwest Rapid Rewards Priority
- Starbucks Rewards Visa
- United Club Infinite
- United Explorer
- Lastly, World of Hyatt Credit Card
Cash Back Credit Cards
- AARP Credit Card From Chase
- Amazon Prime Rewards Visa Signature Card
- Chase Freedom Student (must apply in-branch)
- Chase Freedom Unlimited
Business Credit Cards
- Ink Business Cash
- Also, Ink Business Preferred
- Ink Business Unlimited
- Southwest Rapid Rewards Performance Business
- United Business
Other Financial Products Offered by Chase Bank
- Firstly, Car Loans
- Purchase Mortgages
- Refinance Mortgages
- Home Equity Lines of Credit (HELOCs) (temporarily unavailable due to the Covid-19 pandemic)
- Laon, Individual Retirement Accounts (IRAs)
- Also, Self-Directed Trading
- Managed Investment Portfolios
- Private Banking
- Financial Advisors
- Lastly, Business Loans
Chase Bank Customer Service
Chase Bank, has a strong customer service base where customers can discuss their accounts with Chase bankers in person at almost over 5,000 branches.
However, branch hours may vary from state to state. Customers can locate the nearest branch to them via the bank’s online branch locator.
Also, customers can access their accounts over the phone, online, or via the mobile app outside normal working hours. Secure messages, on the other hand, can be sent to customer service 24/7 online or via the mobile app.
For telephone support hours, it is based on the department you are calling. For personal banking and credit card inquiries, you may call 1-800-935-9935, Monday to Friday from 8 a.m. to 12 midnight ET and Saturday and Sunday from 9 a.m. to 6 p.m. ET. . . . .
From the Chase Bank mobile app, you can get a consolidated view of your relationship with the bank.
Benefits you enjoy, include, facial recognition and fingerprint sign-in, account review activity, instantly blocking credit card transactions where you’ve misplaced your card.
You can also send and receive money via Zelle, pay bills, as well as deposit checks.
How to Bank With Chase Bank
If you have decided that Chase Bank, is the right bank for you, and you are ready to open an account. You can open an account online or in one of the branches across the U.S. For those who already have a Chase account, you can open another account via the bank’s mobile app.