How to Avoid Chase Monthly Service Fee
Chase Bank's monthly service fees can really add up if you're not keeping track. Here's how you can avoid each fee.
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- What Is a Monthly Service Fee?
- Chase Checking Account Fees
- Chase Savings Account Fees
- How to Avoid Chase Monthly Service Fees
- Which Banks Don't Charge Monthly Fees
- Is Chase a Good Bank?
What Is a Monthly Service Fee?
Chase, and most banks, charge a monthly service fee to cover the cost of account maintenance and amenities provided to account holders. These amenities can include free ATM access, overdraft protection programs, and more.
However, many banks agree to waive their fee if you maintain a minimum balance or regular deposits.
This is because they collect interest based on how much is in your account. If you're able to maintain a minimum balance, they'll make more money charging interest on that balance than they would from a flat-rate service fee.
Chase Checking Account Fees
JPMorgan Chase & Co., one of the largest banks in the U.S, is among those that charge monthly fees on its checking accounts. The fees depend on the type of checking account.
- Chase Total Checking® ($12 per month)
- Chase Sapphire Checking ($25 per month)
- Chase Premier Plus Checking ($25 per month)
Chase Savings Account Fees
Chase Bank also charges a monthly fee for its savings accounts:
- Chase Savings: $5 per month
- Chase Premier Savings: $25 per month
The main difference between the two accounts is that Chase Premier Savings Account users can earn higher interest rates.
How to Avoid Chase Monthly Service Fees
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Chase Bank account holders have several ways to avoid Chase monthly services fees, depending on the type of account they have.
How to Waive Chase Checking Service Fees
Chase Total Checking account holders can have the $12 monthly service fee waived if they do one of the following:
- Have $500 or more in monthly direct deposits,
- Have at least a $1,500 balance at the beginning of each day, or
- Have an average of $5,000 in daily combined balances in qualifying Chase checking and savings accounts.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Chase Premier Plus Checking account holders can have the $25 monthly service fee waived if they either:
- Have an average of $15,000 in daily combined balances in qualifying Chase checking and savings accounts, or
- Link a Chase first mortgage to their account for automatic payments.
Chase Sapphire Checking account holders get the $25 monthly service fee waived if they:
- Have an average beginning day balance of at least $75,000 in any combination of this and other qualifying Chase checking and savings accounts.
How to Waive Chase Savings Service Fees
Chase Savings account holders can waive the $5 monthly fee if they meet the following criteria:
- Minimum daily balance of at least $300.
- $25 automatic monthly transfers from their Chase checking account.
- Link a savings account to a Chase Sapphire or Chase Premier Plus checking account, or another qualifying Chase account.
- Younger than 18 (Chase will automatically begin charging its monthly service fee when the account holder turns 18).
Chase Premier Savings account holders can waive the $25 monthly service fee if they meet either of the following:
- Maintain a $15,000 minimum balance, OR
- Link your savings account to a Chase Sapphire or Chase Premier Plus checking account.
How to Avoid Chase Overdraft Fees
Chase charges an insufficient funds fee and returned item fee of $34 per incident, with a maximum of three items per day, for a daily total maximum of $102.
Of course, the easiest way to avoid an overdraft fee is to make sure your account has enough funds in it to cover any purchases you make.
- Insufficient Funds Fee ($34): When Chase Bank pays for an item if your account does not have enough money to cover the cost.
- Returned Item Fee ($34): When Chase Bank returns an item presented for payment, but your account doesn't have enough funds to cover it.
Another way to avoid Chase overdraft fees is to enroll in overdraft protection. You can do this by linking your checking account to a Chase savings account for backup.
That way, the funds in your savings account can be transferred to your checking account to make up the difference and cover any transaction where additional money is needed.
However, if you don't have enough funds in your savings account to cover the cost, you'll be charged the overdraft fee.
Keep in mind that you're only allowed six withdrawals per month from your savings for overdraft protection. After that, you incur a $5 savings withdrawal limit fee, which can be waived if you have more than $15,000 in a Chase Premier Savings Account.
Plus, Chase Sapphire Checking customers who have less than four overdraft or returned item fees per year get those fees waived.
How to Avoid Chase ATM Fees
If you have a Chase Total Checking account, you'll be subject to ATM fees for non-Chase ATMs: $3.00 for inquiries, transfers and withdrawals while using a non Chase ATM in the US, Puerto Rico and US Virgin Islands. Fees from the ATM owner/network still apply. $5 per withdrawal and $3.00 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner/network still apply.
If you have a Chase Premier Plus Checking account, you get up to four non-Chase ATM fees waived per month. And Chase Sapphire Checking account holders enjoy no ATM fees worldwide.
Which Banks Don't Charge Monthly Fees
While Chase Bank is willing to waive its monthly service fee if certain conditions are met, some financial institutions don't charge monthly services fees at all.
Credit unions usually have lower or zero fees on their accounts and are viewed as more "consumer-friendly." That's because credit unions prioritize their members' best interests instead of shareholder profits.
If you're looking to stay with a typical bank and want to cut monthly service fees altogether, learn which banks offer free checking accounts to find the best option for you.
Is Chase a Good Bank?
Chase Bank can be a good bank for many people. However, whether it's "good" for you depends on your financial situation and financial habits. It's best to shop around and compare.
If you can meet Chase's criteria for waiving its monthly service fees, you can enjoy the benefits of banking with a larger institution, which can offer security and convenience.
Finally, factor in the benefits you can receive from Chase Bank, such as returns on interest and protections, and compare them to what you would receive from other banks.
Bottom Line
Like most banks, Chase charges a monthly service fee to cover the costs of various amenities and account maintenance. The monthly service can range from $5 to $25, depending on which type of account you open. However, there are multiple ways to waive these fees.
By maintaining a minimum balance, initiating a specific number of transfers or deposits, or meeting other criteria, you can waive Chase's monthly service fees and get the most out of your account.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
TD Beyond Checking - $300 Cash Bonus
- Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
- Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Overdraft Payback and more.
- Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
- TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- Get overdraft fees automatically reversed up to two times a year.
- Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
- TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
- Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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