Chase Bank Problems and Solutions
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Chase Bank may be a major player in the industry, but it surely isn't perfect. Many are frustrated with their low APY, for one.
What is it really like to bank with Chase?
Even with its large network of branches and ATMs, and top-notch online banking, customers might still find problems.
Read about what many consider their shortcomings and how you can get around them.
Savings APY Is Almost Non-Existent
One of the most common complaints of Chase customers is the bank's low APY on their savings accounts. Even if you are their Premier client or have a substantial amount in your account, the difference in rates is barely noticeable.
Potential solutions:
If getting high APY is your primary goal, online banks would have better options like high-yield savings accounts.
- Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - Discover® Online Savings:
$200 Cash Bonus - CIT Bank Platinum Savings:
4.35% APY - Mission Valley Bank:
High Yield Savings Account - 4.50% APY - DR Bank:
High-Yield Savings Account - 4.40% APY - Dayspring Bank:
High-Yield Savings Account - 4.30% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.29% APY - First Community Bank:
High-Yield Savings Account - 4.22% APY - The State Exchange Bank:
High Yield Savings Account - 4.20% APY - CFBank National Association:
High-Yield Savings Account - 4.20% APY
- Western Alliance Bank:
High-Yield CD Rates - Up to 4.50% APY - SkyOne Federal Credit Union:
12-Month No-Penalty CD - 4.25% APY - CIT Bank Term CDs:
Up to 3.50% APY - American First Credit Union:
12-Month High-Yield CD - 4.00% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - Freedom Bank:
12-Month No-Penalty CD - 3.75% APY - Blue Federal Credit Union:
15-Month High-Yield CD - 3.75% APY - Quontic:
CD Rates - Up to 4.25% APY - Discover Bank:
1 Year CD - 4.00% APY - Consumers Credit Union:
9-Month Super Jumbo CD - 4.50% APY
Overdraft Fee Is Too High
Overdraft fees are charged when the bank covers your transaction amount, allowing it to go through despite not having enough funds in your account.
Chase Bank charges $34 a pop, with a maximum of 3 overdraft fees per day. This adds up and can be a major pain point for most.[1]
Potential solutions:
Chase offers overdraft protection for most of its checking accounts.
- If you link a Chase savings account, Chase will automatically transfer money from your savings to cover any overdrafts. This service is free.
- The Chase Total Checking account comes with Overdraft AssistSM. You won't be charged for overdrafts worth $50 or less by the end of a business day, or if you fund your account to be under $50 overdraft by the next business day.
You can opt for account alerts as well. These remind you of a low account balance or an overdraft so you can take action before any charges occur.
You may also consider Chase Secure Banking with no overdraft fees. It will simply decline or return the transaction if you have insufficient funds.
Still, it's best to keep your account funded to avoid overdrafts as much as possible. Try to limit overdrawing for emergencies only.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- 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 fees 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*
Minimum Balance To Skip Monthly Fees
Chase Total Checking account has a monthly fee of $12, which can be waived. One of the ways you can do so is by maintaining a $1,500 balance at the beginning of each day.
If you think about it, it's quite steep, considering that it won't earn any interest in the account.
Potential solutions:
You can use alternative ways to waive your Total Checking monthly fees, such as by having recurring direct deposits of at least $500.
Or if you can't meet the requirements for Total Checking, you might want to switch to Chase Secure Banking. It has a lower monthly fee of $4.95 and has zero overdraft charge. You can avoid the Chase Secure Banking monthly service fee when you have electronic deposits made into the account totaling $250 or more during each monthly statement period.
- Bank of America Advantage Banking:
$300 Bonus Offer - BMO Smart Advantage Checking Account and BMO Smart Money Checking Account:
Earn $300 Cash Bonus* - U.S. Bank Smartly® Checking:
Up to $450 Bonus - HSBC Premier:
Earn Up to $2,500 - First Tech Rewards Checking®:
Up to $300 Bonus - Discover® Cashback Checking:
Up to $30/Month Cashback - Axos Bank:
Rewards Checking - Up to 3.30% APY - Quontic:
High Interest Checking - Up to 1.10% APY - KeyBank:
Key Smart Checking® - $300 Bonus - Upgrade:
OneCard with Rewards Checking - $200 Bonus
No Out-Of-Network Atm Fee Reimbursements
Chase has over 15,000 domestic ATMs you can use for free, which is pretty decent enough.
But unless you are a Premier or Private client, they don't provide rebates for out-of-network ATM fees. It can cost you $3 fee per withdrawal at a non-Chase ATM in the U.S. and the U.S. territories. $5 fee per withdrawal at a non-Chase ATM outside of the U.S. and the U.S. territories. Surcharge Fees from the ATM owner/network still apply. U.S. territories include American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands.[2]
Potential solutions:
Try to use your Chase debit card instead to pay for purchases as long as it is within your daily spending limit.
You could also stick to Chase ATMs when withdrawing cash or making inquiries. Reserve the out-of-network ATM option for emergencies and no Chase ATM is available.
If you are making payments to an individual, you can issue that person a check or send them a Zelle transfer at no extra cost.
Chase Private Client Checking℠ - Up to $3,000 Bonus
- You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
- Speak with a Private Client Banker to open your Chase Private Client Checking℠ account today. Schedule your meeting at your nearest branch to get started.
- Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker and 24/7 access to a U.S. based banking service line.
Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000. - No fees at Chase and non-Chase ATMs worldwide.
- No Chase fee on incoming or outgoing wire transfers.
- Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle® and Chase QuickDeposit℠ limits.
- Preferred rates and perks which may make you eligible for a 0.25% auto rate discount and invitation-only events.
- Enhance your Chase relationship with access to a dedicated J.P. Morgan Private Client Advisor who can help create a personalized investment strategy.
- Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.
J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.
INVESTMENT AND INSURANCE PRODUCTS: •
Holds Your Check Hostage For Too Long
Although Chase and other banks generally clear checks within 2 business days, delays can still happen. Some customers claim that Chase held their check for 10 days.[3]
It can be frustrating and inconvenient, specifically if you urgently need the money.
Potential solutions:
Be mindful of when you deposit checks. Doing it on a business day before Chase's cutoff time (typically at 11 p.m. ET[4]) might process your check faster.[5]
Use other payment methods, if possible, like electronic transfers to get quicker access to your funds.
It also might help to maintain an emergency fund in your savings account to cover expenses while waiting for checks to clear.
Low Mobile Check Deposit Limits
If you are a freelancer who gets paid in checks, note that Chase's mobile check deposit feature might not accommodate a lot.
Typically, it has a limit of $2,000 a day or $5,000 a month, which may not be enough for some individuals, particularly if your check amounts are above the limits.[6]
Potential solutions:
If you've hit the limit of your Chase mobile check deposit, you can deposit other checks via a Chase ATM or the branch teller. Unfortunately, it may not be as convenient as doing it online.
You can also request your payors to send an ACH transfer instead of checks, as there are typically no limits on incoming transfers.
Bottom Line
Chase has always been considered one of the top national banks with its accessibility both online and offline. But it may not be the perfect bank for you.
Although Chase presents its own problems, there can be other means to tackle them to lessen their impact. Knowing these issues exist can help you decide to bank with them or otherwise.
References
- ^ Chase. Chase Overdraft Services, Retrieved 9/26/2023
- ^ Chase. ATM Fees, Retrieved 10/10/23
- ^ Reddit. What's up with these ridiculous 10 day hold times for checks?, Retrieved 10/14/23
- ^ Chase. When is a deposit finalized?, Retrieved 10/10/23
- ^ Chase. How long does it take for a check to clear?, Retrieved 10/10/23
- ^ Chase. Chase and J.P. Morgan QuickDeposit Agreement for Mobile, Retrieved 9/26/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- 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 fees 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*
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% 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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