An in depth review of JPMorgan Chase Bank
In this review of Chase Bank we will look at personal checking accounts, the best savings accounts offered, money market accounts, and Chase CD accounts. All these accounts are FDIC insured. We will briefly list other business and personal services and products offered by Chase Bank. We will also summarize our view of how Chase Bank compares to other online banks.
History of Chase Bank
JPMorgan Chase Bank, more commonly known as Chase Bank, has its corporate head quarters in New York City and its commercial headquarters located in Chicago. Five main mergers were key in Chase bank becoming what it is today. These mergers involved institutions such as J.P. Morgan, Chase Manhattan, Chemical Banking Corp, Manufacturers Hanover, Bank One, First Chicago, and the National Bank of Detroit. Chase Bank is publically traded under the New York Stock Exchange symbol of JPM. As you would expect from such a combination of banks, they have a very wide customer base numbering in the millions just in the United States alone. Chase Bank is also a component of the Dow Jones industrial average. You can access annual reports, quarterly earnings, and corporate responsibility reports through their main website www.chase.com if you click on the link, about us. In this review of Chase Bank, we will look at specific products and see how they compare to the offerings of other banks in the ever expanding area of online banking.
Personal products and services by Chase
Checking accounts at Chase Bank
Chase Bank offers a variety of checking accounts. Application for each of these accounts is available online and includes free online bill pay, e-mail alerts, online check images, and online statements. All Chase personal checking accounts come with a free debit card.
A regular Chase Checking account has no minimum initial deposit amount or balance requirement. If you have 5 or more debit card purchases during each statement period, or a direct deposit connected to your account, then you can also avoid the six dollar monthly service fee. This is your basic, starting, checking account with no fees and no interest earning options.
Chase Better Banking® Checking is the next step up but also earns no interest. In order to avoid the monthly service charge you can keep a minimum balance of $1,500 in your Chase checking account. The other option is to have a combined average daily balance of $5,000 in Chase deposit accounts, investments and outstanding balances in consumer loans, credit cards and mortgage accounts. If you do not qualify, then the monthly service fee is $12. The advantage of this checking account is that you do receive no-fee travelers’ checks, money orders, and official checks. You also will earn a higher rate on linked Chase Bank CDs and money market accounts.
If you are looking to earn interest on the funds in your chase checking account, then you can open a Chase premier checking account. The monthly fee for this account is $20. You can avoid this fee by having $15,000 or more in deposit accounts, investments, and outstanding balances in consumer loans, credit cards, and mortgage loans. This interest earning checking account has all the benefits of Chase Better Checking, plus no Chase fee for up to 4 (four) non-Chase ATM withdrawals per statement cycle, free small size safety deposit box, and the possibility of linking two additional Chase Premier checking accounts. Chase customers who open this interest bearing account
will also receive free premier checks. The problem with this account is that after you have jumped through all the hoops to qualify, the interest you earn is dismal. The APY rate also is not tiered, so it does not matter if you have an average daily balance of $10,000 or $100,000 you will still earn the one low APY rate offered.
The ultimate in Chase Bank personal checking account products is their Chase Premier Platinum Checking account. The monthly fee for this Chase checking account is $25. The terms are a little different with this account. To avoid the monthly fee, $75,000 is the required minimum combined balance. The big difference is that the combined balance must come from deposit accounts and investments only. The perks are the same as the other accounts with additional no fee for incoming wire transfers, overdraft transfers, and stop payments. Unfortunately, the added benefits of this Chase checking account do not extend to a higher APY rate. I cannot in good conscience call this account a high yield checking account. When you compare the rates other banks are offering, Chase is low on the totem pole for the best high yield checking account.
Chase Bank Savings and Money Market Accounts
Chase Bank has four personal savings and money market accounts. Some features hold true for all savings and money market accounts offered by Chase Bank. These items include free online statements, e-mail alerts, automatic savings programs, and of course access to all of Chase banks ATMs in the United States. All accounts can also be applied for with Chase Bank’s online banking services. If you are unsure about whether or not you need a money market account please see our discussion of pros and cons of money market accounts.
With the most basic of Chase Bank’s savings accounts, you need a minimum initial deposit of only $25. The transaction limits for this account are 4 pre- authorized withdrawals per statement cycle. The fee for excess withdrawals is $3 per withdrawal. This could really add up, so keep track. The monthly service fee for this Chase Bank savings account is $4, unless you maintain a minimum daily balance of $300. Interest is compounded and credited monthly so the yield will be lower than an account that compounds daily. A Chase Bank savings account has a low APY rate when compared to other online banks. All balances, regardless of how large or small, earn this amount.
The next deposit account is the Chase money market savings account. It includes all the freebies listed with the basic savings account, along with the chance to earn a slightly better rate. To qualify for the increase in return, you must have a Chase Better Banking checking account. The relationship rate is double the standard rate. The monthly service fee of $12 can be avoided by keeping a daily balance of $1,500 or by having a qualified Chase checking account. You are limited to the standard six pre-authorized withdrawals per statement cycle. If you go over the limit, you will be zinged a $12 fee and this is per transaction that is over the limit. Even with the slightly better “relationship” rate I cannot label this account one of the best money market accounts.
Chase plus savings does have some good features. The interest rate you earn is affected by the amount you have on deposit. When this is true, the account is said to have tiered interest rates. The standard rate attached to this online savings account has four tiers. The first tier is for deposited amounts up to $9,999. There is the possibility of qualifying for the preferred rate by having a qualified Chase checking account linked to the savings account. There is a significant increase associated with the “relationship” rate; however, it is still not in the running for best savings rate. In order to achieve the best savings rate possible at Chase bank, you either need a balance of a million dollars with the standard rate or a balance of $250,000 with the preferred rate. The minimum deposit to open a Chase plus savings account is $100 and the monthly service fee is $20. You will be charges the monthly service fee unless you have a qualified Chase checking account linked, or if you do not maintain a minimum balance of $15,000 in the Chase savings account.
The final deposit account we will look at, in this review of Chase bank, is a retirement money market account. You cannot apply for this account online. The minimum initial deposit is $100. The Chase retirement money market account is described as being tiered but if you look at the fine print all account balances earn the same rate. The APY rate offered by Chase Bank is not the best money market rate being offered.
Chase Bank CD accounts
If you are interested in opening a cd account with Chase Bank, the minimum deposit is $1,000, unless you would like to qualify for the special cd rate. The special certificate of deposit rate requires a minimum deposit of $10,000. Please note that special rates are only applied to the initial term. We have written a complete review that you can read about the Chase Cd account. When the cd renews it will be at either the standard rate or the “relationship” rate. All CDs automatically renew and you can have your monthly interest earnings automatically deposited into a linked Chase checking or savings account. Please remember that all APY rates quoted assume that you will leave your interest earned on deposit for the term of the cd account. Chase bank does offer a wide range of cd lengths. The shortest length is a one month cd and the longest term is 120 months or a 10 year cd. There are early withdrawal penalties for these CD accounts as with most others. The fee is a set $25 plus a percentage based on the length of the term and the amount withdrawn. You do have the standard ten day grace period at the maturity of your Chase cd account to withdraw funds. Chases Special Cd rates make them more comparable to some of the best cd rates as far as cd accounts are concerned, but the initial deposit is pretty high.
It is important to note that unless you are already a Chase customer, you cannot open cd accounts online.
Other Chase Banking Services
In the area of personal banking Chase Bank also offers credit cards, gift cards, auto loans, mortgage products, and even student loans. Chase bank alsohas available insurance, annuities, investment, and retirement planning services. If you are more interested in business banking, Chase Bank offers many of these as well. Chase Bank business checking account offers features like fraud protection, mobile services, wire services, invoicing, premium payroll, and ACH payments as well as ACH collections.
Summary of Chase Bank Review
No one can argue about the broad customer base and the huge asset amount of $2 trillion dollars that Chase Bank has under its management. It took the history and hard work of several institutions to create the large entity that is Chase Bank today. Chase does offer good starter accounts, in that the initial deposit requirements are not very high. They also offer a huge list of choices when it comes to certificate of deposit accounts. JPMorgan Chase could be your “one stop shop”, in that they offer almost any service you would generally look for in a bank.
That being said, the advent of online banking is really changing the amount of competition for your investment dollar and Chase Bank’s rates are not very competitive. There is a reason that none of their rates are touted on the initial screen of their website. Also, when it comes to fees and requirements, Chase bank (quite frankly) has a lot of them.
If you are looking for a bank to do a lot of business with please make that decision carefully by reading bank reviews. The most well known banks do not always offer you the best savings rate or the best money market account rate. By being an online customer, you are not limited to what banks are in your neighborhood. Do some research and find what bank offers you a cd rate that is truly a high yield cd rate if that is the type of account that meets your needs.
Customer service is always a touchy subject when it comes to banks, and customer reviews of Chase bank are mixed. Many Chase bank reviews by customers are positive, and of course they have negative reviews as well. They do offer a help chat on their website. Thankfully, if you select not interested in chatting, they actually do leave you alone rather than popping up every 20 seconds. The option to get help online is always available to you on the home page. Chase bank does offer a lot of online convenience but they are not competing very well when it comes to offering the best APY rates to their customers.
Chase Bank Review,
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November 19, 2011 at 12:41 pm
Wow, a lot of negative stuff in here about Chase… I for one, LOVE them. I started using Chase when I lived in Austin, TX. I have since moved to Sioux Falls, SD — Even though there is not as much as an ATM within 5 hours of where I live, I continue to use this bank. I heavily depend on their online banking, ability to use person 2 person quick pay which allows me to send money to people at other banks for FREE multiple times per month) cash checks by taking pictures on my phone (Deposits are VERY FAST doing this BTW) and I don’t get any fee’s from them what so ever. I do have another account with a bank here (US Bank), just in case I need to walk into a bank to do something, however everything I do with Chase would cost me heavily in fee’s every month if I actually switched all of my banking to them. Their apps for Android phones and online service portals are the best I have ever seen. I really wish Chase would expand to South Dakota, and I wait patiently for this to happen; however I have no intent to change banks in the mean time.
Thank you, Chase, for all you do for me.
October 2, 2011 at 3:27 pm
Worst bank I’ve ever had. They texted me to tell me I had 9,000,000 taken from my account which is impossible because I never had that much to start. They told me they sent that because they wanted me to call and confirm that I had money being transferred from another account. After settling this they had sent me a letter in the mail saying that my account will be closed and could possibly ruin my credit when i had a DEBIT CARD. Got it fixed again and now the bills I have going to this card are getting racked up with late fees because it won’t work again.
September 30, 2011 at 2:41 pm
i want to know what is my password from my bank account i tried get online but the password doesn’t work
September 9, 2011 at 1:41 pm
worst. nobody at customer “service” cares or even pretends to care. all odds are stocked against you if you have any kind of situation that requires a human solution, not a “system” respose. so much time wasted on pointless phone “veryfications” and “transfers” no amount of “bonuses” can compensate. NEVER. AGAIN.
August 26, 2011 at 10:05 am
8/26/2011
I have had problems with Chase in the past, however I have had problems with every Bank that I’ve banked with during my lifetime. We are all subject to human error.On almost every occasion, each problem was settled to my satisfaction. So far,Chase has been good to me. And that’s pretty much alls I have to say about that.
June 13, 2011 at 12:26 pm
I had such a bad experiance when I took a vacation to Washington DC. I vacationed there for 2 weeks and had a vacation within a vacation scheduled.
I left DC and was traveling thru Maryland when I got a text that my ATM card was turned off because they thought was "suspicious activity" I called and let Chase know I was traveling and everything was ok. Well that was not enough, I had to answer a series of questions to prove that it was me, but even that was not enough, and again they repeated there was suspicious activity on my card. I understood thier concern, but I was using my card in a differant state, which set off their red flags.
No money in my pocket and not knowing the area, I was told by Chase Fraud Control that I would have to go to a Chase and take out money. Well guess what, there was not a Chase, the closest Chase was in New Jersey (around 5-6 hours away) I asked what was my options, because I had only 40 bucks in my pocket, an ATM card that did not work if I needed to fuel up, in an area I was unsure of. They finally told me to to to a non-chase bank ATM and take money out, while they were monitoring the transaction. Well that worked, but I had to make several withdrawls that day for a total of $800.00 which I needed for my vacation. I was not sure if I would be able to take any money later. So I was put in a very compromising position, walking around with $800.00. Accrued fees, which they only credited the Chase fees, not the other bank fees which totaled $8.75.
When I got home I tried to settle the dispute and no one would listen, credit my account for the fees and not let me close my account.
Customer during a time like this is rude, unknowlegable, and repeats theirselves over and over again.
I changed banks and went to Wells Fargo, they are in al 50 states. That way if I travel I will not have the problems I had with Chase.
Please be careful when choosing Chase as a bank, be aware what you could be up against if you travel.
June 8, 2011 at 7:08 pm
I have been with Chase for 12 years, since they were WAMU. I would think that they would value my business but I guess not. After so many years now they are charging me a 10.00 service fee even though I have had the same account # and never changed anything! I was told I need to have direct deposit or 1500 min. daily balance. Well I explained to them I lost my job so both are impossible right now and they told me there is nothing they can do because that is their new rules. It’s sad that they are willing to lose a long time customer, especially when you think your account is grandfathered in and thats not something you would have to worry about. I WILL be closing out my accounts and credit cards with them and I will be taking my family and friends with me to another bank!
June 2, 2011 at 10:56 am
I have been a Chase account holder for three, almost four, years and am on the brink of closing my account. The customer care representatives are EXTREMELY rude, unfriendly, unhelpful. I just called for assistance when it came to a fee I was unknowingly charged. I called to see if they would waive the fee, but was told that I should have “been more careful” and read the policy agreement; and that it was not her problem that my bill was going to bounce the next day and treated me like I was a 5-year-old who did not understand English. I would NOT recommend ANYONE to join this bank because of their horrible customer care.
May 26, 2011 at 5:36 am
cant access my account on line
May 25, 2011 at 2:40 pm
I have been a customer at Chase Bank for seven years. I currently have two checking accounts and student loan accounts at Chase. Up until recently, I have been pleased with them. However, Chase has decided to up their criteria for account fee waiver on their Total Checking accounts. Now, you must have at least a $500 direct deposit in order to be waived (cannot combine smaller DD amounts), or $1,500 daily minimum balance (if you fall below one day out of the banking period, you are charged $12), or $5,000 in investments. Chase is trying to rid themselves of the little man. If you don’t have fat stacks and a big pocket book, then do not bank with Chase. PNC offers free checking account services right now that are no different than the Total accounts Chase offers. I would recommend taking your business there ( as I plan to do).
May 23, 2011 at 3:29 pm
Better off going to a Credit Union. DO NOT OPEN A ACCOUNT AT CHASE
May 20, 2011 at 12:29 pm
Very disappointing.
I have three accounts with Chase, Checking Account, Personal Credit Card, and Business Credit Line. I have always paid everything on time or two weeks early, always paying off the balance. I made a credit card payment late ONE time in 10 years and my rate went from 5% to 14.24%. I called to ask if there was any flexibility with the policy since I have been with the same bank since 1998. The customer service supervisor told me “NO”. I reminded him that I have been a loyal customer for 13 years and raising my rate would force me to close all my accounts and go to another bank. He said, “I wish I could tell you something different, so do what you need to do”. The truth is, if you are financially responsible, you have high credit scores and you always pay your bills on time the bank dosen’t make any money from you. CHASE BANK DOES NOT WANT FINANCIALLY SOUND INDIVIDUALS AS CUSTOMERS BECAUSE THEY CANT CHARGE YOU HIGH FEES. IF YOU FIT THIS DISCRIPTION THEY DON’T WANT YOU ANYWAY.
April 15, 2011 at 6:24 pm
Don’t open a checking account at Chase.
I opened a “Free” checking account at this bank as they were giving out $100 promotion for opening an account (which, of course comes under requirements). After setting up direct deposit, I thought I was set to enjoy this free checking account and the bonus they promised. Well, it’s been about 3 months now and I haven’t received the promotional offer. Instead, I did incur a $6 service fee each month that they said I should’ve received a notice for. I’m upset that this bank decides to charge its customers a service fee, and I’m disgusted to know how GREEDY this bank is for charging such a high fee. We don’t banks like this that helped cause the recession. Find another bank, especially if it’s just a checking/savings account. Don’t give these guys a chance to hold your money.
April 15, 2011 at 11:11 am
Chase bank is trying to change the good American ways!!!!! I am a contractor and have been for a long time… I pay for products out of my pocket in CASH, and ask my customers to pay me in cash so most of them write me a check to CASH and all other banks will cash it since they take a finger print and 2 forms of ID’s with all the info they need on the person cashing it!!!!! I had the most HORRIBLE experience today at the chase bank located in Lake worth on N. 10th Ave and Florida Mango dr. 2601 10th Ave N, Lake worth FL – ( Ellen Burnelle) the manager that could not tell me if the account holders are even aware of the fact that chase bank does not cash check made out to cash, even with all the identification and finger print!!! I am a contractor how am I to know which bank has which policy… I am working hard just to get paid on the job I did and all they say it “NO” I swear this is what one of the managers at the location told me… “I am saying NO” just like that…. when I ask is there any other bank that does this she says yes there are plenty … I ask name one…. she says nothing!!!!!!!! I ask if she can just this time call the account holder and make sure the check is in the right persons hand and she says NO!!!!!!!! What has America come to? How can they change the rules and ways we have been doing business for years in this country and also be so very mean about it!!!! I had my uniform on and was just coming back from a job and even dough she was not presentable with her hair flying everywhere and just the way she carried herself and talked with me was the rudest I have ever witnessed!!!! Of course if a guy like me loses his temper he is going to go to jail… But how can they make a hard working man feel like we are from a lower class, because they are the only ones trying to change the way all banks work!!!!!!!!!!!!
April 12, 2011 at 11:58 am
@missjomama– I absolutely do not beleive they would treat such a loyal and longtime customer that way. I have only had my account with Chase for 3 years and I was grandfathered in from Wamu. Today I looked at my online savings statement and saw 2 $12 charges for too many withdraws from my savings. I had no idea that I had a limit on transferring money from savings to checking. Times are really tight right now and I’m holding on to every penny, so when I saw those 2 $12 charges I immedietly called Chase customer service to find out what this mockery was all about. First person, they give you the same old speech. I asked to talk to someone who could get these charges reversed, I was transferred to a woman to said that the charges were valid and that there was “no way” they could be reversed. I told her that was ridiculous, and I told her that there is a Chase bank down the street and if I had to go into that branch and curse out every senior person there, I would do it. I told her to give me to someone above her and then I informed her that her customer service was really “shady”. The third person I got was really nice and understanding and listened to me when I said all I needed was for one of those previous two flunkies to explain to me how can I avoid this in the future and send me a copy of the disclosure. She was EXCELLENT and not only helped me, didn’t scold or look down on me. When I asked if one charge could be reversed (because I understood getting slapped on the wrist once) she said she would reverse both charges. I breathed a sigh of relief as I have absolutely no breating room in my budget this month and she is the only reason I didn’t start shopping around for a new bank.
April 11, 2011 at 7:34 pm
I don’t love the fact that Chase sends out all these $100 promotions and yet they keep their rates so low. They make up their $100 promotions in fees!
March 15, 2011 at 3:37 pm
Wow! @missjomama – That is an incredible experience you had with Chase. Sounds like they feel like they have so many customers that they they don’t need to provide any customer service to those existing customers.
March 15, 2011 at 2:36 pm
My husband & I each have individual accts with Chase. Together, we have a joint checking account & joint savings account with Chase. My 17 yr old daughter has an account with Chase (HS checking / tied to mine). I also have 2 credit cards with Chase. Historically, we have had checks for our individual accounts – but we recently decided to order only one set of checks off joint instead. Of course, the first check I wrote (through joint) I forgot (10 years of habit…) and I recorded it in my individual account. It cleared through joint (as it should have) and ODP’ed from joint savings. I caught my mistake the same day & realized what I had done. I transferred the $ from my individual account to joint – then called and explained my snafu to the customer rep & asked for a fee reversal – for the first time in 10 years. $12… no big deal but it’s the principle of it, right? They flat out refused. I asked to be escalated to a senior relationship something-or-other. They refused. They told me, “It’s a valid fee.”
I said, “So no amount of human interaction would escalate me to a person at a level that has the power to override this fee?”
“No ma’am. I’m sorry. Is there anything else I can help you with today?”
“As far as I can tell, you haven’t helped me at all yet – so no, doubt that you ‘help me with anything else’.”
Frustrated, I hung up & told my husband of my lack of success. He called & tried… same thing – regular customer service rep & senior relationship person both said, “Sorry… no can-do. It’s a valid fee.”
Make no mistake – We both realize it’s a valid fee… but review our accounts – ALL OF THEM – for the last 10 years & look at the amount of money we put through Chase without ever making a similar error in the past… EVER. Can you reverse it now? Nope.
Ok fine. Close our accounts. All of them… kinda crazy over a $12 charge, right? But again… it’s the principle… not the dollar amount.
Suddenly – the Senior Relationship So & So managed to find someone else who was able to authorize the fee reversal, though with a very look-down-your-nose-at-us attitude while doing so, explaining not once but TWICE that we will absolutely not be eligible for any type of fee reversal for exactly 12 months. (Ummm… 120+ months and this is the first time we’ve asked… I don’t think that will be a problem.)
Needless to say, we’re shopping for a new bank… We’ll probably transfer the bulk of our $ to our credit union while we shop around.
March 12, 2011 at 5:40 pm
Thanks for your review, this really helped me in choosing the bank and credit card company to trust and use more often. I learned a lot about Chase bank that I never knew before. This article helped me understand a lot.
March 12, 2011 at 1:17 pm
This review appears to be complete after a genuine observance and study. It informs the historic development of Chase bank, and ll its functions. The Youtube presentation and the Graphs do illustrate and convince better
March 12, 2011 at 12:25 pm
this seems like good bank.as got great features like online banking,good nos of atm’s,good services.and also the intrest rate is good.
February 27, 2011 at 2:07 pm
Chase is another ‘Big’ Bank that doesn’t have a clue how to deal with customers as individuals.
Used to have a good relationship with their staff but they turned them over and the current staff and management are not interested in customers or retaining their business. Going back on terms for accounts and charging fees they agreed not to.
Better off going to Harris!
Closing 5 accounts and 4 credit cards this week!
January 22, 2011 at 12:18 am
Thanks for your review on Chase bank
December 22, 2010 at 4:28 pm
Refinancing nightmare in Schaumburg, IL
My initial contact with the Assist. VP. – Mortgage Loan Officer, A.L., he reassure me that he would be attending the closing which was not the case. He was aware of the day and time but did not show because he had another customer appointment. He blamed the Loan Processor. Who am I? A customer of Chase for over 10 years and this is the way they treat their customers.? He informed me he was their number 1 in mortgage investments in the country. Well, I hate to see the worse if this it their best! I would not recommend them to anyone who wants to have a simple refinancing occur. HSBC was better and the rep showed up at our closing as promised.
The name of Chase is a great name. We had to “Chase” this same person down to return our calls and emails. He did not return our calls the last few days prior to closing. Too busy for us! It is people like us why he has a job.
I had a credit card with them as well and never activated the card. I got a call from Chase stating there was fraud on an non-active card. How can that be?
The list goes on….I cannot rate them because there isn’t any rating for a company that is careless and thoughtless of anyone else except themselves.
August 22, 2010 at 12:13 pm
We have our mortgage through Chase but we prefer Ally bank for savings and cd accounts. I haven’t been impressed with chase’s rates.