$4.95 Monthly Fee, No Overdrafts

Chase Checking Review 2x1

Chase Secure Banking is one of several checking accounts from Chase.

Chase; Alyssa Powell/Business Insider


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Chase Secure Banking℠ is a checking account that doesn’t charge fees for overdrafts, cashier’s checks, or money orders. However, the account comes with a $4.95 monthly service fee, with no way to waive it. You may prefer a different Chase account or one with another bank if you want to avoid a monthly fee.

Annual Percentage Yield (APY)

None

  • Pros & Cons
  • Details

  • Pros
    • No minimum opening deposit
    • No overdraft fees
    • Free money orders and cashier’s checks
    • Receive a $100 sign-up bonus when you open an account online or at a branch with your coupon and make 60 qualifying transactions within the first 60 days
    Cons
    • $4.95 monthly service fee, no option to waive
    • Does not include paper checks
    • No wire transfers to or from this account
    • New Chase checking customers enjoy $100 when you open a Chase Secure Banking℠ account with qualifying activities.
    • No minimum deposit to open, no fees for Chase Online℠ Bill Pay, money orders, cashier’s checks or to send money
    • No paper checks to track
    • Just a simple $4.95 monthly service fee
    • Use the Chase debit card to help you spend only the money you have available, without worrying about overdraft fees.
    • Bank with the Chase Mobile® app and Chase Online℠
    • Get helpful account alerts so you can monitor your balance and more.
    • No need to worry about unauthorized card transactions when reported promptly with Zero Liability Protection.

    How Chase Secure Banking works

    Chase has around 4,700 branches in 32 US states and Washington, DC. There are also 16,000 free ATMs nationwide.

    Chase Secure Banking℠ charges a $4.95 monthly service fee, and there is no way to waive it.

    If you’re a new Chase checking customer, you’ll receive a $100 sign-up bonus when you open a Chase Secure Banking℠ account and make 10 qualifying transactions in the first 60 days. You can open an account online, or request for Chase to email you a coupon to show when you open one at a branch.

    Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

    Is Chase trustworthy?

    JPMorgan Chase & Co. is Chase’s parent company. The Better Business Bureau gives JPMorgan Chase & Co. an  A+ in trustworthiness. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.

    Although its BBB rating is pretty good, JPMorgan Chase & Co. has dealt with a few scandals in the past few years. Here are some recent conflicts:

    If Chase’s history worries you, you may decide to bank elsewhere. But keep in mind that similar banks, such as Wells Fargo and Bank of America, have their own history of public controversies.

    How Chase Secure Banking compares to similar checking accounts

    We’ve compared Chase Secure Banking to two similar

    checking accounts
    at other big banks. If none of these accounts are what you’re looking for, you may decide to open a different Chase checking account.

    Chase Secure Banking vs. Bank of America Advantage SafeBalance

    You may prefer Bank of America Advantage SafeBalance if you are a student under age 24 or can keep $20,000 in a combination of bank and investment accounts to qualify for the Preferred Rewards program. If you meet either of these criteria, you’ll waive the $5 monthly service fee. With Chase Secure Banking, you can’t waive the monthly fee.

    Neither account allows overdrafts or paper checks, but you can send and get wire transfers with Bank of America.

    Chase Secure Banking vs. Wells Fargo Clear Access Banking

    Wells Fargo Clear Access Banking could be a good choice if you’re age 24 or younger, because then you don’t have to pay the $5 monthly service fee. 

    Neither account allows overdrafts or paper checks, but Wells Fargo does give you the ability to send and receive wire transfers. The Clear Access Banking account doesn’t pay a sign-up bonus, but you can get a bonus with the Wells Fargo Everyday Checking Account.

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