Chase is a large national bank with low fees and strong fraud protection, but high minimum balances and limited branch access in some regions

Chase is the largest bank in the United States by assets. It offers checking and savings accounts, credit cards, loans, and investment services through branches in most states and a mobile app. Whether it is a good choice for you depends on where you live, how much money you keep in the account, and what services you actually use.

The main advantage is that Chase has no monthly maintenance fees on most checking accounts if you meet one simple condition: either deposit at least $500 per month or keep a $1,500 minimum balance. If you do neither, you pay $12 per month. Overdraft fees are $35 per transaction, which is standard across large banks. Chase also reimburses ATM fees charged by other banks if you use their ATM network, which matters if you travel or live far from a branch.

The main disadvantage is that Chase has fewer branches than it once did in some parts of the country, and the app has a reputation for being slower and less intuitive than competitors like Ally or Charles Schwab. If you need to deposit cash or speak to someone in person regularly, check whether there is a Chase branch near you before opening an account.

Key Takeaways

  • Chase waives monthly fees on checking accounts if you deposit $500 per month or maintain a $1,500 balance; otherwise you pay $12 monthly.
  • Chase reimburses ATM fees from other banks, which saves money if you do not live near a Chase branch.
  • Overdraft fees are $35 per transaction, the same as most other large banks, but Chase allows you to turn off overdraft protection to avoid them.
  • Chase has strong fraud protection and will reverse unauthorized transactions, but the mobile app is slower than some competitors and branch availability varies by region.
  • Chase credit cards offer rewards and fraud protection, but the bank's savings account interest rate is lower than online-only banks like Marcus or Ally.

Monthly fees and minimum balance requirements

Chase Total Checking costs $12 per month unless you meet one of two conditions: deposit at least $500 in a single month, or keep a $1,500 minimum balance at all times. Most people who use direct deposit from an employer hit the $500 threshold automatically and pay nothing. If you do not have direct deposit, you need to keep $1,500 in the account to avoid the fee.

Chase Sapphire Checking has a higher minimum: $2,500 to avoid the $25 monthly fee. This account is meant for people who want premium features like higher ATM reimbursement limits and priority customer service. For most people, Total Checking is the right choice.

If you fall below the minimum and do not make a deposit that month, Chase charges the fee automatically. You can call to have one fee reversed if you are a new customer, but after that you will need to either meet the requirement or switch banks.

Overdraft protection and fees

Chase charges $35 for each overdraft transaction — that is, each time you spend money you do not have. If you overdraw your account by $5 and make three separate purchases before you notice, you pay $105 in fees. This is the same fee most large banks charge, but it is higher than some online banks and credit unions.

You can turn off overdraft protection in the Chase mobile app or by calling customer service. Once it is off, transactions that would overdraw your account are simply declined at the point of sale. You will not be able to spend money you do not have, and you will not pay a fee. This is the safest option if you are worried about overdrafts.

Chase also offers overdraft protection linked to a savings account or credit card, which means overdrafts are covered by a transfer from that account instead of a fee. This costs nothing if you have the money available, but it only works if you set it up in advance.

ATM access and branch locations

Chase has about 4,700 branches and 15,000 ATMs in the United States. That sounds like a lot, but the network is not evenly distributed — Chase has strong presence in the Northeast, Midwest, and California, but fewer branches in rural areas and some Southern states. Before opening an account, search for Chase branches and ATMs near your home, work, and anywhere else you spend time regularly.

Chase reimburses ATM fees charged by other banks, which means you can use any ATM without paying a surcharge. The reimbursement shows up in your account within one to three business days. This is a real advantage if you travel or live in an area with few Chase branches, because you can use a local bank's ATM and get your money back.

If you need to deposit cash, you will need access to a Chase branch or ATM that accepts deposits. Not all Chase ATMs take cash deposits — only the ones labeled as "deposit-enabled". If you deposit checks or cash frequently, confirm that a deposit-enabled ATM or branch is near you.

Fraud protection and dispute resolution

Chase covers unauthorized transactions under the Electronic Funds Transfer Act, which means if someone uses your debit card or account number without permission, Chase will reverse the charge and return your money. The timeline depends on how quickly you report it: if you report fraud within two business days, Chase covers the full amount. If you wait longer, your liability can be up to $500, though Chase often covers more as a courtesy.

To report fraud, call the number on the back of your debit card or log into the app and report it through the fraud center. Chase will send you a new card within five to seven business days. If you need cash before the new card arrives, you can withdraw it from a Chase branch or ATM using your account number.

For credit card fraud, your liability is capped at $50 by federal law, and Chase typically covers it entirely. Disputes on credit cards take longer to resolve — usually 30 to 60 days — but Chase will credit your account temporarily while they investigate.

Interest rates on savings and money market accounts

Chase savings accounts earn very little interest. As of the most recent update, Chase savings accounts earn around 0.01% annual percentage yield (APY), which means $10,000 in savings earns about $1 per year. This is far below what online-only banks like Marcus, Ally, or American Express offer — those banks typically pay 4% to 5% APY on savings accounts.

If you keep a large emergency fund or are saving for a goal, you will earn significantly more money by opening a savings account at an online bank and keeping your checking account at Chase. There is no penalty for having accounts at multiple banks, and many people do this to get the best rates on savings while keeping the convenience of Chase checking.

Chase money market accounts have slightly higher rates than savings accounts, but still lag behind online competitors. If you are comparing Chase to other banks primarily for savings interest, Chase is not the best choice.

Credit cards and rewards programs

Chase offers a wide range of credit cards with different rewards structures. The Chase Freedom Unlimited card gives 1.5% cash back on all purchases. The Chase Sapphire Preferred card gives points that can be transferred to travel partners or redeemed for travel purchases at a higher value. Chase also offers co-branded cards with airlines and hotels.

All Chase credit cards include fraud protection — unauthorized charges are reversed, and your liability is capped at $50. Chase also offers purchase protection, which covers items you buy if they are damaged or stolen within 120 days. These protections are standard across major card issuers.

If you use a Chase credit card and have a Chase checking account, you can see all your accounts in one place in the mobile app. This makes it easier to track spending and payments, but it is not a reason to choose Chase if another bank offers better rates or features.

Mobile app and online banking

The Chase mobile app lets you check balances, transfer money, pay bills, deposit checks by taking a photo, and report fraud. It works on iPhone and Android. The app is functional and secure, but users often report that it is slower than competitors like Ally or Charles Schwab, and the interface can be confusing if you are looking for a specific feature.

Online banking through Chase.com works the same way as the app. You can set up bill pay, which sends a check or electronic payment to any business or person. Bill pay is free and usually arrives within three to five business days for electronic payments, or five to seven for checks. You can schedule payments in advance, which is useful if you want to automate your bills.

Chase does not offer the same level of customization as some online banks — you cannot set spending alerts or create sub-accounts for savings goals as easily. If you want a highly customizable banking experience, look at Ally or Chime.

Frequently Asked Questions

Does Chase charge for wire transfers?

Chase charges $15 for outgoing domestic wire transfers and $45 for international wire transfers. Incoming wire transfers are free. Some online banks offer free wire transfers, so if you send wires regularly, compare costs before opening an account.

Can I get a Chase account if I have been denied before?

Chase uses ChexSystems, a banking history database, to screen new customers. If you have unpaid overdrafts, closed accounts with negative balances, or fraud on your record, Chase may deny you. You can request your ChexSystems report for free and dispute errors. Some credit unions and online banks have less strict screening.

What happens if I do not meet the minimum balance?

Chase charges the monthly maintenance fee ($12 for Total Checking) automatically. You can call to request a one-time reversal if you are new, but repeated fees will not be waived. Your best option is to either deposit $500 that month or switch to a bank with no minimum balance requirement.

Does Chase offer joint accounts?

Yes. You can open a joint checking or savings account with another person, and both of you can access the account and make transactions. Both account holders are responsible for overdrafts and fees. If the relationship ends, you will need to close the account or convert it to a single-name account.

Is my money safe at Chase?

Yes. Chase is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are insured by the federal government. If Chase fails, the FDIC will return your money. This protection applies to checking, savings, and money market accounts separately.