If you have an account with Chase, you may have encountered a monthly service fee. This fee can add up over time, eating into your savings or checking account balance. In this article, we will explain the Chase monthly service fee, how to avoid it, and what to do if you are already being charged the fee.
Chase offers various checking and savings accounts, each with its own set of terms and conditions. Some accounts, such as the Chase Total Checking® Account, have a monthly service fee that is waived if you meet certain requirements. For example, you may be able to avoid the fee by maintaining a minimum balance in your account or by setting up direct deposit.
Now that you understand the Chase monthly service fee, here are some tips on how to avoid it:
Chase monthly service fee
Can add up over time.
- Avoidable with certain requirements.
- Varies by account type.
- May be waived with minimum balance.
- Can be waived with direct deposit.
- Ask about fee-free options.
- Consider switching banks.
- Negotiate with Chase.
Understanding the Chase monthly service fee and taking steps to avoid it can save you money.
Avoidable with certain requirements.
The Chase monthly service fee is avoidable if you meet certain requirements. These requirements vary depending on the type of account you have, but some common ways to avoid the fee include:
- Maintain a minimum balance: Many Chase checking and savings accounts have a monthly service fee that is waived if you maintain a certain minimum balance in your account. For example, the Chase Total Checking® Account has a $12 monthly service fee that is waived if you maintain a minimum balance of $1,500.
- Set up direct deposit: Another way to avoid the Chase monthly service fee is to set up direct deposit for your paycheck or other regular income. For example, the Chase Premier Plus Checking® Account has a $25 monthly service fee that is waived if you set up direct deposit for a total of $500 or more each month.
- Use Chase ATMs: Some Chase accounts, such as the Chase Secure Banking℠ Checking Account, have a monthly service fee that is waived if you use Chase ATMs exclusively. For example, the Chase Secure Banking℠ Checking Account has a $4.95 monthly service fee that is waived if you use Chase ATMs for all of your ATM transactions.
- Qualify for a fee-free account: Chase offers some fee-free checking and savings accounts to customers who meet certain requirements. For example, the Chase College Checking℠ Account is a fee-free checking account for students and recent graduates.
If you do not meet the requirements to avoid the Chase monthly service fee, you may be able to negotiate with Chase to have the fee waived or reduced.
Varies by account type.
The Chase monthly service fee varies depending on the type of account you have. Some Chase checking accounts have a monthly service fee that ranges from $0 to $25, while some Chase savings accounts have a monthly service fee that ranges from $0 to $12.
- Chase Total Checking®: $12 monthly service fee, waived with a minimum balance of $1,500 or direct deposit of $500.
- Chase Premier Plus Checking®: $25 monthly service fee, waived with direct deposit of $500 or more.
- Chase Sapphire Checking®: $0 monthly service fee.
- Chase Secure Banking℠ Checking: $4.95 monthly service fee, waived with Chase ATM usage.
- Chase Savings℠: $5 monthly service fee, waived with a minimum balance of $300.
- Chase Premier Savings®: $0 monthly service fee.
When choosing a Chase checking or savings account, be sure to compare the monthly service fees and the requirements to avoid the fees. You can also consider other factors, such as interest rates, ATM fees, and online banking features.
May be waived with minimum balance.
Many Chase checking and savings accounts have a monthly service fee that can be waived by maintaining a certain minimum balance in the account. This minimum balance varies depending on the account type, but it is typically around $1,500 for checking accounts and $300 for savings accounts.
For example, the Chase Total Checking® Account has a $12 monthly service fee that is waived if you maintain a minimum balance of $1,500. This means that if you keep at least $1,500 in your Chase Total Checking® Account each month, you will not be charged the monthly service fee.
Maintaining a minimum balance to avoid the Chase monthly service fee can be a good option if you are able to keep a certain amount of money in your account each month. However, if you are not able to maintain the minimum balance, you may want to consider a different Chase account with a lower monthly service fee or no monthly service fee at all.
To find out the minimum balance requirement for your Chase account, you can check your account statement or contact Chase customer service.
Here are some tips for maintaining a minimum balance in your Chase account:
- Set up direct deposit for your paycheck or other regular income.
- Transfer money from other accounts to your Chase account when needed.
- Use Chase ATMs to avoid ATM fees and maintain your minimum balance.
- Consider opening a Chase savings account to keep your extra money and maintain your minimum balance.
Can be waived with direct deposit.
Another way to avoid the Chase monthly service fee is to set up direct deposit for your paycheck or other regular income. Many Chase checking accounts have a monthly service fee that is waived if you set up direct deposit for a certain amount of money each month. This amount varies depending on the account type, but it is typically around $500.
- Chase Total Checking®: $12 monthly service fee, waived with direct deposit of $500.
- Chase Premier Plus Checking®: $25 monthly service fee, waived with direct deposit of $500 or more.
- Chase Sapphire Checking®: $0 monthly service fee, waived with direct deposit of any amount.
- Chase Secure Banking℠ Checking: $4.95 monthly service fee, waived with direct deposit of any amount.
Setting up direct deposit to avoid the Chase monthly service fee is a good option if you receive a regular paycheck or other income. It is also a convenient way to ensure that your bills are paid on time.
Ask about fee-free options.
If you are not able to meet the requirements to avoid the Chase monthly service fee, you may want to consider asking Chase about fee-free options. Chase offers a few checking and savings accounts that have no monthly service fee, even if you do not meet the requirements for their other fee-free accounts.
- Chase College Checking℠ Account: This account is free for students and recent graduates. It has no monthly service fee and no minimum balance requirement.
- Chase High School Checking℠ Account: This account is free for high school students. It has no monthly service fee and no minimum balance requirement.
- Chase Basic Banking℠ Account: This account is designed for customers who need a simple, no-frills checking account. It has no monthly service fee and no minimum balance requirement.
If you are not eligible for one of Chase's fee-free checking or savings accounts, you may still be able to get the monthly service fee waived by negotiating with Chase. You can call Chase customer service or visit a Chase branch to discuss your options.
Consider switching banks.
If you are unhappy with the Chase monthly service fee and you are unable to avoid it or get it waived, you may want to consider switching banks. There are many other banks that offer checking and savings accounts with no monthly service fee or lower monthly service fees than Chase.
Before you switch banks, be sure to compare the monthly service fees, interest rates, ATM fees, and online banking features of different banks. You should also consider the convenience of the bank's locations and hours of operation.
Here are some banks that offer checking and savings accounts with no monthly service fee:
- Ally Bank
- Capital One 360
- Charles Schwab Bank
- Discover Bank
- Fidelity Investments
- Marcus by Goldman Sachs
Switching banks can be a hassle, but it may be worth it if you can save money on monthly service fees and other банковские сборы. Be sure to do your research and compare banks before you make a decision.
Here are some tips for switching banks:
- Open an account at your new bank before you close your Chase account.
- Transfer your money from your Chase account to your new account.
- Update your direct deposit information and any automatic payments.
- Close your Chase account.
Negotiate with Chase.
If you are unable to avoid the Chase monthly service fee or get it waived, you may be able to negotiate with Chase to have the fee reduced or eliminated. This is especially true if you have been a Chase customer for a long time or if you have a large amount of money deposited with Chase.
- Be polite and respectful: When you call Chase customer service to negotiate the monthly service fee, be polite and respectful to the customer service representative. This will increase your chances of getting the fee waived or reduced.
- Explain your financial situation: If you are struggling to pay the Chase monthly service fee, explain your financial situation to the customer service representative. They may be more willing to waive or reduce the fee if they understand your situation.
- Ask for a lower fee: If you are unable to get the Chase monthly service fee waived, you may be able to negotiate a lower fee. Be prepared to compromise and accept a fee that is lower than the standard monthly service fee.
- Threaten to switch banks: If Chase is unwilling to waive or reduce the monthly service fee, you can threaten to switch banks. This may motivate Chase to offer you a better deal.
There is no guarantee that you will be successful in negotiating with Chase to waive or reduce the monthly service fee. However, it is worth trying if you are unable to avoid the fee in other ways.
FAQ
Here are some frequently asked questions (FAQs) about the Chase monthly service fee:
Question 1: What is the Chase monthly service fee?
Answer: The Chase monthly service fee is a fee that is charged to some Chase checking and savings accounts. The fee varies depending on the account type, but it is typically around $12 per month.
Question 2: How can I avoid the Chase monthly service fee?
Answer: There are a few ways to avoid the Chase monthly service fee. You can maintain a minimum balance in your account, set up direct deposit, use Chase ATMs, or qualify for a fee-free account.
Question 3: What if I can't meet the requirements to avoid the Chase monthly service fee?
Answer: If you are unable to meet the requirements to avoid the Chase monthly service fee, you can try negotiating with Chase to have the fee waived or reduced. You can also consider switching banks to a bank that offers checking and savings accounts with no monthly service fee.
Question 4: How do I negotiate with Chase to waive or reduce the monthly service fee?
Answer: When you call Chase customer service to negotiate the monthly service fee, be polite and respectful. Explain your financial situation and ask for a lower fee. You can also threaten to switch banks if Chase is unwilling to waive or reduce the fee.
Question 5: What banks offer checking and savings accounts with no monthly service fee?
Answer: Some banks that offer checking and savings accounts with no monthly service fee include Ally Bank, Capital One 360, Charles Schwab Bank, Discover Bank, Fidelity Investments, and Marcus by Goldman Sachs.
Question 6: Is it worth switching banks to avoid the Chase monthly service fee?
Answer: Whether or not it is worth switching banks to avoid the Chase monthly service fee depends on your individual circumstances. If you are paying a high monthly service fee and you are unable to avoid it or get it waived, then it may be worth considering switching banks.
Question 7: What should I do if I'm being charged a Chase monthly service fee that I shouldn't be?
Answer: If you believe that you are being charged a Chase monthly service fee that you shouldn't be, you should contact Chase customer service immediately. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB).
Now that you know more about the Chase monthly service fee, here are some tips for avoiding it:
Tips
Here are some tips for avoiding the Chase monthly service fee:
Tip 1: Maintain a minimum balance. Many Chase checking and savings accounts have a monthly service fee that can be waived by maintaining a certain minimum balance in the account. For example, the Chase Total Checking® Account has a $12 monthly service fee that is waived if you maintain a minimum balance of $1,500.
Tip 2: Set up direct deposit. Another way to avoid the Chase monthly service fee is to set up direct deposit for your paycheck or other regular income. Many Chase checking accounts have a monthly service fee that is waived if you set up direct deposit for a certain amount of money each month. For example, the Chase Sapphire Checking® Account has a $0 monthly service fee, but you must set up direct deposit for any amount to avoid the fee.
Tip 3: Use Chase ATMs. Some Chase checking accounts have a monthly service fee that can be waived by using Chase ATMs exclusively. For example, the Chase Secure Banking℠ Checking Account has a $4.95 monthly service fee that is waived if you use Chase ATMs for all of your ATM transactions.
Tip 4: Consider a fee-free account. Chase offers a few checking and savings accounts that have no monthly service fee, even if you do not meet the requirements for their other fee-free accounts. For example, the Chase College Checking℠ Account is free for students and recent graduates. It has no monthly service fee and no minimum balance requirement.
Tip 5: Negotiate with Chase. If you are unable to meet the requirements to avoid the Chase monthly service fee or get it waived, you can try negotiating with Chase to have the fee reduced or eliminated. This is especially true if you have been a Chase customer for a long time or if you have a large amount of money deposited with Chase.
By following these tips, you can avoid the Chase monthly service fee and save money on your banking fees.
Conclusion
The Chase monthly service fee can be a nuisance, but there are a number of ways to avoid it. By maintaining a minimum balance, setting up direct deposit, using Chase ATMs, or considering a fee-free account, you can keep your money in your pocket instead of paying it to Chase.
If you are unable to avoid the Chase monthly service fee, you can try negotiating with Chase to have the fee waived or reduced. You can also consider switching banks to a bank that offers checking and savings accounts with no monthly service fee.
The best way to avoid the Chase monthly service fee is to be proactive. Review your account statements regularly and make sure that you are meeting the requirements to avoid the fee. If you are not meeting the requirements, contact Chase customer service and see if there is anything you can do to avoid the fee.