Chase checking accounts work well if you use their ATM network or keep a high balance, but monthly fees and minimum balance requirements make them expensive for some people
Chase offers several checking account types, each with different costs and features. The most common is the Chase Total Checking account, which charges a $12 monthly fee unless you meet one of several ways to waive it: maintain a $500 minimum daily balance, set up direct deposit, or link a Chase savings account with $500 in it. If you do none of those things, you pay $12 every month.
The second option is Chase Secure Checking, designed for people with limited or poor credit history. It has no monthly fee but requires a $25 deposit held in a linked savings account, and you cannot write checks or use a debit card for the first 30 days. After that period, it works like a regular checking account.
Chase also offers Chase College Checking for students under 24, which has no monthly fee and no minimum balance requirement, but the fee waiver expires when you turn 24 or graduate, whichever comes first.
Key Takeaways
- Chase Total Checking costs $12 per month unless you maintain a $500 daily balance, set up direct deposit, or link a savings account with $500 in it.
- Chase has over 4,700 ATMs and 4,700 branches nationwide, so access is easy if you live or work near one, but out-of-network ATM fees cost $3 per withdrawal.
- Overdraft fees are $35 per transaction, and Chase allows multiple overdrafts per day, so one mistake can cost $70 or more.
- Chase Secure Checking has no monthly fee and no credit check, making it an option if you have been denied elsewhere, but it locks your debit card for 30 days.
- Whether Chase is "good" depends on whether you can hit the fee waiver requirements and whether you have other banks nearby with lower costs.
How to avoid the $12 monthly fee
The easiest path is direct deposit. If your employer or a government program (Social Security, unemployment, tax refund) deposits money into your Chase account, the $12 fee disappears. You do not need a large deposit—even $1 counts. Set it up through your employer's payroll system or by giving them your Chase routing number and account number.
If direct deposit is not an option, maintain a $500 minimum daily balance. This means the account cannot drop below $500 on any day of the month. If you use the account for regular spending, this is hard to do unless you keep extra money sitting there. That money earns no interest in a Chase checking account, so you are essentially paying $12 a year to avoid paying $12 a month—a bad trade.
The third option is to link a Chase savings account with $500 in it. The savings account itself may charge a fee (Chase savings accounts have no monthly fee but earn minimal interest), so this works only if you were planning to open a savings account anyway.
ATM access and out-of-network fees
Chase has one of the largest ATM networks in the United States: over 4,700 ATMs and 4,700 branches. If you live in a city or suburb where Chase has a presence, you can withdraw cash for free at any Chase ATM. If you use an ATM that does not belong to Chase, you pay $3 per withdrawal, plus whatever fee the other bank charges (often another $1 to $3).
This matters if you travel, live in a rural area, or prefer a bank that is not in your region. If you withdraw cash twice a week from an out-of-network ATM, that is $312 per year in fees. Some banks (like Ally or Charles Schwab) reimburse out-of-network ATM fees, so compare before you commit.
Overdraft fees and how they add up
If you spend more than you have in your account, Chase charges $35 per overdraft transaction. The key word is "transaction"—if you make five purchases that overdraft your account on the same day, Chase charges $35 for each one, totaling $175. Chase does not charge more than four overdraft fees per day, but that is still $140 in a single day if you are not careful.
Chase also offers Overdraft Protection, which links your checking account to a savings account or credit card. If you overdraft, Chase transfers money from the linked account instead of charging a fee. This costs nothing to set up and can save you hundreds if you tend to overspend. You can turn it on through the Chase app or website.
Interest rates and savings features
Chase checking accounts earn no interest on your balance. If you keep $5,000 in your account, it sits there earning $0 per year. This is standard for most big banks, but online banks like Ally, Marcus, and Discover offer checking or savings accounts that earn 4% to 5% annually on the same money.
If you keep a large balance in checking (say, $10,000 or more), the difference between 0% and 4% is $400 per year. Over five years, that is $2,000 you could have earned elsewhere. Chase makes sense for checking if you need the ATM network and branch access, but not for storing money long-term.
Who Chase checking works well for
Chase is a good fit if you live or work near a Chase branch or ATM, use direct deposit, and do not mind paying $12 a month if you fall short on the waiver requirements. It is also reasonable if you need a physical branch to deposit checks or cash, since Chase has thousands of them.
Chase is less attractive if you rarely use branches, live far from a Chase ATM, or keep a small balance. In those cases, online banks or regional banks with lower fees make more sense. If you have poor credit and have been denied elsewhere, Chase Secure Checking is worth considering, since it has no monthly fee and does not require a credit check.
Comparing Chase to other banks
Most online banks (Ally, Charles Schwab, Discover) have no monthly fee, no minimum balance, and reimburse out-of-network ATM fees. The trade-off is that they have no physical branches, so you cannot deposit cash in person. If you rarely deposit cash, an online bank is cheaper.
Regional banks vary widely. Some credit unions offer free checking with no minimums and lower overdraft fees ($25 instead of $35). The downside is that credit unions have fewer ATMs and branches, usually limited to one region. Check what banks operate in your area before you decide.
| Account Type | Monthly Fee | Minimum Balance | Fee Waivers |
|---|---|---|---|
| Chase Total Checking | $12 | None required | Direct deposit, $500 daily balance, or linked savings with $500 |
| Chase Secure Checking | None | $25 (held in savings) | Not applicable |
| Chase College Checking | None (until age 24) | None | Student status |
| Online bank (example: Ally) | None | None | Not applicable |
Frequently Asked Questions
Does Chase charge a fee to open a checking account?
No. Chase does not charge an opening fee. You can open an account online, by phone, or at a branch with no upfront cost. The $12 monthly fee starts after your first month if you do not meet a waiver requirement.
Can I get the monthly fee waived if I have a Chase credit card?
No. Chase does not waive the checking account fee based on credit card ownership. The only waivers are direct deposit, a $500 daily balance, or a linked savings account with $500 in it.
What happens if I overdraft my account multiple times in one day?
Chase charges $35 per overdraft transaction, up to four times per day. If you make five purchases that overdraft your account on the same day, you pay $140 ($35 × 4). Set up Overdraft Protection to avoid this by linking a savings account or credit card.
Can I switch from Chase Total Checking to Chase Secure Checking later?
Yes. You can downgrade to Secure Checking at any time through the Chase app or by visiting a branch. There is no fee to switch. This makes sense if you are paying the $12 monthly fee and cannot meet any waiver requirement.
Does Chase offer any rewards or cash back on checking?
Chase Total Checking does not earn cash back or rewards. Some Chase credit cards earn rewards, but the checking account itself offers no bonus for spending or maintaining a balance.