Chase online Bank is the consumer online banking division of JPMorgan Chase, one of the largest banks in the United States. Chase provides a full range of banking services, including checking, savings, CDs, and money market accounts. The bank, which dates back to 1799, has grown through several landmark mergers over the years, including one with Bank One Corp. in 2004 and its acquisition in 2008 of the deposits and assets of the bankrupt Washington Mutual.
Chase is aggressively expanding its presence in retail banking. Chase opened its first retail branch in the Greater Boston area in December 2018. Its first branch in Greater Washington, D.C. opened a month prior.
In this article, we will highlight the pros, cons, how it works, and the different account options available in Chase online banking.
What are the pros and cons of Chase online banking?
Advantages
Chase Bank has nearly 4,900 retail branches across the United States to meet your banking needs. Customers can also use any of Chase Bank’s 100,000 ATMs free of charge. Customers can access their accounts online or through the Chase Bank mobile app if a Chase Bank branch or ATM is not nearby.
Verification Fee Waiver – Depending on the account type, customers can waive monthly account fees by activating direct deposit, maintaining a minimum balance, or linking eligible accounts.
Popular credit cards with well-known brands – Chase offers a total of 30 credit cards, 24 for individuals and six for small businesses. There are a variety of credit card options, depending on your goal for cash back, travel rewards, or balance transfer.
Disadvantages
A small number of branches in some states – Chase Bank is underserved in some states. Arkansas, Iowa, Maine, Mississippi, Montana, North Dakota, South Dakota, Vermont, and Wyoming, for example, each has a branch, while Alaska and New Mexico have none.
Minimum daily balance required to avoid fees – One way to avoid fees is to maintain a minimum daily balance in your account at the start of each day. This may be more difficult to achieve than an average daily balance. You may be charged a monthly fee if your balance falls below this minimum amount for any day during the month.
Chase Bank has an unwritten rule for credit card approvals that is one of the strictest in the industry. Most of their credit cards won’t be approved if you’ve opened more than five new credit cards with a bank in the last 24 months.