March 20, 2020

How to Avoid Chase Monthly Service Fee

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Chase Bank's monthly service fees can really add up if you're not keeping track. Here's how you can avoid each fee.

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What Is a Monthly Service Fee?

Chase, and most banks, charge a monthly service fee to cover the cost of account maintenance and amenities provided to account holders. These amenities can include free ATM access, overdraft protection programs, and more.

However, many banks agree to waive their fee if you maintain a minimum balance or regular deposits.

This is because they collect interest based on how much is in your account. If you're able to maintain a minimum balance, they'll make more money charging interest on that balance than they would from a flat-rate service fee.

Monthly service fees vary from bank to bank, as do the requirements that allow account holders to avoid the fees. If you're looking to open a checking or savings account, consider how much you'll be charged in monthly fees and weigh that against the benefits you'll receive.

Chase Checking Account Fees

JPMorgan Chase & Co., one of the largest banks in the U.S, is among those that charge monthly fees on its checking accounts. The fees depend on the type of checking account.

Chase Savings Account Fees

Chase Bank also charges a monthly fee for its savings accounts:

The main difference between the two accounts is that Chase Premier Savings Account users can earn higher interest rates.

How to Avoid Chase Monthly Service Fees

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Chase Bank account holders have several ways to avoid Chase monthly services fees, depending on the type of account they have.

How to Waive Chase Checking Service Fees

Chase Total Checking account holders can have the $12 monthly service fee waived if they do one of the following:

  • Have $500 or more in monthly direct deposits,

  • Have at least a $1,500 balance at the beginning of each day, or

  • Have an average of $5,000 in daily combined balances in qualifying Chase checking and savings accounts.

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Chase Premier Plus Checking account holders can have the $25 monthly service fee waived if they either:

  • Have an average of $15,000 in daily combined balances in qualifying Chase checking and savings accounts, or

  • Link a Chase first mortgage to their account for automatic payments.

Chase Sapphire Checking account holders get the $25 monthly service fee waived if they:

  • Have an average beginning day balance of at least $75,000 in any combination of this and other qualifying Chase checking and savings accounts.

How to Waive Chase Savings Service Fees

Chase Savings account holders can waive the $5 monthly fee if they meet the following criteria:

  • Minimum daily balance of at least $300.

  • $25 automatic monthly transfers from their Chase checking account.

  • Link a savings account to a Chase Sapphire or Chase Premier Plus checking account, or another qualifying Chase account.

  • Younger than 18 (Chase will automatically begin charging its monthly service fee when the account holder turns 18).

Chase Premier Savings account holders can waive the $25 monthly service fee if they meet either of the following:

  • Maintain a $15,000 minimum balance, OR

  • Link your savings account to a Chase Sapphire or Chase Premier Plus checking account.

How to Avoid Chase Overdraft Fees

Chase charges an insufficient funds fee and returned item fee of $34 per incident, with a maximum of three items per day, for a daily total maximum of $102.

Of course, the easiest way to avoid an overdraft fee is to make sure your account has enough funds in it to cover any purchases you make.

Chase Bank has two forms of overdraft fees:

  • Insufficient Funds Fee ($34): When Chase Bank pays for an item if your account does not have enough money to cover the cost.
  • Returned Item Fee ($34): When Chase Bank returns an item presented for payment, but your account doesn't have enough funds to cover it.

Another way to avoid Chase overdraft fees is to enroll in overdraft protection. You can do this by linking your checking account to a Chase savings account for backup.

That way, the funds in your savings account can be transferred to your checking account to make up the difference and cover any transaction where additional money is needed.

However, if you don't have enough funds in your savings account to cover the cost, you'll be charged the overdraft fee.

Keep in mind that you're only allowed six withdrawals per month from your savings for overdraft protection. After that, you incur a $5 savings withdrawal limit fee, which can be waived if you have more than $15,000 in a Chase Premier Savings Account.

Plus, Chase Sapphire Checking customers who have less than four overdraft or returned item fees per year get those fees waived.

How to Avoid Chase ATM Fees

If you have a Chase Premier Plus Checking account, you get up to four non-Chase ATM fees waived per month. And Chase Sapphire Checking account holders enjoy no ATM fees worldwide.

Which Banks Don't Charge Monthly Fees

While Chase Bank is willing to waive its monthly service fee if certain conditions are met, some financial institutions don't charge monthly services fees at all.

Credit unions usually have lower or zero fees on their accounts and are viewed as more "consumer-friendly." That's because credit unions prioritize their members' best interests instead of shareholder profits.

If you're looking to stay with a typical bank and want to cut monthly service fees altogether, learn which banks offer free checking accounts to find the best option for you.

Is there a fee for closing a Chase bank account? Chase Bank usually does not charge a fee for closing its accounts, according to its terms of service.

Is Chase a Good Bank?

Chase Bank can be a good bank for many people. However, whether it's "good" for you depends on your financial situation and financial habits. It's best to shop around and compare.

If you can meet Chase's criteria for waiving its monthly service fees, you can enjoy the benefits of banking with a larger institution, which can offer security and convenience.

Finally, factor in the benefits you can receive from Chase Bank, such as returns on interest and protections, and compare them to what you would receive from other banks.

Bottom Line

Like most banks, Chase charges a monthly service fee to cover the costs of various amenities and account maintenance. The monthly service can range from $5 to $25, depending on which type of account you open. However, there are multiple ways to waive these fees.

By maintaining a minimum balance, initiating a specific number of transfers or deposits, or meeting other criteria, you can waive Chase's monthly service fees and get the most out of your account.

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