Ways to Avoid the Chase Checking Account Fees

Due to tighter financial laws in the aftermath of the Great Recession, Chase tightened its checking account products to the point that some consumers may find it impossible to waive their monthly checking account charges. As a result, clients with Chase checking accounts must pay closer attention to their accounts in order to avoid monthly checking account penalties. Who knew free checking accounts required so much upkeep?

Customers have developed methods to bypass bank regulations and limits in the same manner that banks have found ways to adapt to financial laws and legislation.

Chase Checking Accounts Fees

Those who already satisfy these standards do not need to do anything further.

How To Avoid The Monthly Chase Checking Fees

Check out My Bank Tracker's top selections for free checking accounts. For those who are trying to keep your checking account "free," here are two common approaches to fulfil the Chase checking account fee-waiver requirements:

Take Advantage of ACH Credit Transfers

Chase's computer system now treats direct deposits as ACH credits. As an ACH credit, a transfer from your online savings account or PayPal account meets the direct deposit criteria. You must set up a $500 monthly ACH deposit into your bank account. After that, you may return the money to its proper location. This means you'll have to maintain $500 on hand every month. To avoid having to do this on a regular basis, employ monthly scheduled transfers to automate the procedure.

Disclaimer: Chase has the right to modify system protocols and render this approach obsolete at any moment. Existing "Chase Checking" account customers report that an ACH transfer of $500 or more is confirmed to elicit a direct deposit alert and that the monthly fee is not collected.

Convert To Chase Checking and Make 5 Debit Card Purchases

Customers with Chase Basic Checking, Chase Free Extra, and Chase Free Classic checking accounts may have asked that their accounts be changed to Chase Checking – or they could have canceled their accounts and opened a Chase Checking account.

The grandfathered Chase Checking account would allow you to use your debit card to avoid paying the monthly charge. It is critical to note that you must use the debit card to make "credit" transactions. There is no requirement to spend a certain amount on each purchase. As a result, you can avoid monthly checking account fees by making five minor debit card purchases every month.

Tip: Quick excursions to the convenience shop, pharmacy, or dollar store for cheap products like candy can readily satisfy the demand. If you like, you may even charge your debit card five times in a single trip. Remember to choose "credit" at the checkout desk.

How Much to Keep to Avoid Fees

It's better to close the chase bank account or you can retain a minimal amount in an account to avoid the monthly cost. You do not need to execute specific transactions every month in order to avoid the cost. Generally, the bigger the sum required to achieve the fee waiver conditions, the better the checking account.

Furthermore, when you go to higher-tiered checking accounts, these minimum balances may include deposits from several Chase accounts under your names, such as savings, CDs, and investment accounts. The following are the minimum balances required for Chase checking accounts in order to avoid the monthly fee:

Total Checking from Chase: Chase Premier Plus accounts with a balance of $1,500 or more Checking:

Chase Platinum checking: $15,000 or more in this account and associated eligible deposits/investments . This account must have a balance of $75,000 or more, as well as qualifying deposits/investments. For these standards, Chase considers the average initial daily balance.

Why Does Chase Charge a Monthly Fee?

Chase, like most banks, is a company that must produce profits in order to please shareholders. More crucially, in order to provide banking services to consumers, it must cover the costs of conducting its operations.

Chase, being a significant national bank with a huge branch and ATM network, must pay for the expenditures associated with these physical sites, such as real estate, utilities, and personnel compensation. This influences how Chase charges its goods, which includes monthly fees and other service expenses.

Banks That Don't Charge Monthly Fees

Many banking institutions around the country do not impose monthly fees for checking accounts. These frequently include internet banks as well as local community banks.

These banks are able to provide accounts (typically with cheaper service fees and greater interest rates) because they do not have to pay the significant costs of maintaining a large branch or ATM network. Savings on operational costs equate to a better bank account for prospective consumers.

Those that Offer Free Checking Accounts

If you believe it is too difficult for you to avoid a monthly charge on an account, it is a hint that the account is not a good fit for you. Online banks are a good place to look for free checking accounts. In reality, several of the best online banks provide no-cost checking accounts, limitless ATM charge reimbursements, and interest earnings on balances.

Our customised questionnaire might help you determine if there is a better checking account for you. Top Online Banks with the Best Savings Account Rates and Checking Accounts with No Fees: