Last Updated on Friday, April 17, 2020 by ProsCons
Chase Bank is one of the nation’s commercial bank which is known for providing a broad range of financial services to almost half of America’s households. Chase Bank can be a best option for customers to open a checking and savings account to take advantage of some of the bank’s offerings. If you are thinking of opening a Chase bank account, then first consider the pros and cons of Chase bank.
Pros of Chase Bank
- Can open an account with less amount
To open a Chase account, you don’t need much money. You can easily open a Chase account in just $25.
- Great Technology
The developers have invested a lot of time and money in the Chase Bank with great technology facilities for their customers. The process to access the account online is quite easy and also it is compatible with mobile devices. You can easily deposits of up to $2,000 per day, which is an advantage if you are not near a branch or ATMs. Moreover, the customers can easily transfer money between accounts, wire money to a friend or family member, or pay bills all from your mobile.
- Good Offers
Many banks these days gives rewards and bonus to their new customers. For a new customer of Chase Bank, you get bonuses and offer which also includes a $250 bonus. Additional to that, offers bonuses for many of its credit card accounts for checking and savings accounts.
- Account for high school and college students
Chase offers four different accounts which include student account too. A student monthly fee for this account goes up to $6 per month. But you can avoid the fees by linking their account with a parent or guardian’s Chase checking account.
Also Read: Online Banking Pros and Cons
Cons of Chase Bank
- Lower Interest Rates
Chase Bank offers comparatively offers lower interest rate than other online-only banks which offers higher interest rates.
There may not be availability of Chase banks and ATMs though it is technically a national chain. So, it is better to check that available Banks and ATMs near the place where you are travelling before you open an account.
- Account Fees
According to terms and conditions of Chase bank, you can avoid account fees with its checking and savings accounts till you meet all the parameters. Whereas, other banks offer free checking and savings accounts without any parameters required
- Mobile Deposit Limits
In case of Chase Bank, the mobile check deposit limit is just $2,000, and the monthly limit is just $5,000 which is quite low than other banks. You need to think for more than one time before choosing the Chase Bank if you are a business owner who get payments in the form of check.
Hence, these are few of the pros and cons of Chase Bank. There are many other banks in America that you can choose from. There may be banks that provide better facility and service as well. It is up to you to make a choice. But the fact that chase bank provides service to almost half of American household cannot be neglected. Take a look at the Chase bank pros and cons and decide for yourself if the bank is suitable for you.