Updated October 14, 2023

Chase Bank Problems and Solutions

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Chase Bank may be a major player in the industry, but it surely isn't perfect. Many are frustrated with their low APY, for one.

What is it really like to bank with Chase?

Even with its large network of branches and ATMs, and top-notch online banking, customers might still find problems.

Read about what many consider their shortcomings and how you can get around them.

Savings APY Is Almost Non-Existent

One of the most common complaints of Chase customers is the bank's low APY on their savings accounts. Even if you are their Premier client or have a substantial amount in your account, the difference in rates is barely noticeable.

Potential solutions:
If getting high APY is your primary goal, online banks would have better options like high-yield savings accounts.

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Overdraft Fee Is Too High

Overdraft fees are charged when the bank covers your transaction amount, allowing it to go through despite not having enough funds in your account.

Chase Bank charges $34 a pop, with a maximum of 3 overdraft fees per day. This adds up and can be a major pain point for most.[1]

Potential solutions:
Chase offers overdraft protection for most of its checking accounts.

  • If you link a Chase savings account, Chase will automatically transfer money from your savings to cover any overdrafts. This service is free.

  • The Chase Total Checking account comes with Overdraft AssistSM. You won't be charged for overdrafts worth $50 or less by the end of a business day, or if you fund your account to be under $50 overdraft by the next business day.

You can opt for account alerts as well. These remind you of a low account balance or an overdraft so you can take action before any charges occur.

You may also consider Chase Secure Banking with no overdraft fees. It will simply decline or return the transaction if you have insufficient funds.

Still, it's best to keep your account funded to avoid overdrafts as much as possible. Try to limit overdrawing for emergencies only.

Minimum Balance To Skip Monthly Fees

Chase Total Checking account has a monthly fee of $12, which can be waived. One of the ways you can do so is by maintaining a $1,500 balance at the beginning of each day.

If you think about it, it's quite steep, considering that it won't earn any interest in the account.

Potential solutions:
You can use alternative ways to waive your Total Checking monthly fees, such as by having recurring direct deposits of at least $500.

Or if you can't meet the requirements for Total Checking, you might want to switch to Chase Secure Banking. It has a lower monthly fee of $4.95 and has zero overdraft charge. You can avoid the Chase Secure Banking monthly service fee when you have electronic deposits made into the account totaling $250 or more during each monthly statement period.

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No Out-Of-Network Atm Fee Reimbursements

Chase has over 15,000 domestic ATMs you can use for free, which is pretty decent enough.

But unless you are a Premier or Private client, they don't provide rebates for out-of-network ATM fees. It can cost you $3 to withdraw from non-Chase ATMs locally, and more if outside the US.[2]

Potential solutions:
Try to use your Chase debit card instead to pay for purchases as long as it is within your daily spending limit.

You could also stick to Chase ATMs when withdrawing cash or making inquiries. Reserve the out-of-network ATM option for emergencies and no Chase ATM is available.

If you are making payments to an individual, you can issue that person a check or send them a Zelle transfer at no extra cost.

Holds Your Check Hostage For Too Long

Although Chase and other banks generally clear checks within 2 business days, delays can still happen. Some customers claim that Chase held their check for 10 days.[3]

It can be frustrating and inconvenient, specifically if you urgently need the money.

Potential solutions:
Be mindful of when you deposit checks. Doing it on a business day before Chase's cutoff time (typically at 11 p.m. ET[4]) might process your check faster.[5]

Use other payment methods, if possible, like electronic transfers to get quicker access to your funds.

It also might help to maintain an emergency fund in your savings account to cover expenses while waiting for checks to clear.

Low Mobile Check Deposit Limits

If you are a freelancer who gets paid in checks, note that Chase's mobile check deposit feature might not accommodate a lot.

Typically, it has a limit of $2,000 a day or $5,000 a month, which may not be enough for some individuals, particularly if your check amounts are above the limits.[6]

Potential solutions:
If you've hit the limit of your Chase mobile check deposit, you can deposit other checks via a Chase ATM or the branch teller. Unfortunately, it may not be as convenient as doing it online.

You can also request your payors to send an ACH transfer instead of checks, as there are typically no limits on incoming transfers.

Bottom Line

Chase has always been considered one of the top national banks with its accessibility both online and offline. But it may not be the perfect bank for you.

Although Chase presents its own problems, there can be other means to tackle them to lessen their impact. Knowing these issues exist can help you decide to bank with them or otherwise.

References

  1. ^ Chase. Chase Overdraft Services, Retrieved 9/26/2023
  2. ^ Chase. ATM Fees, Retrieved 10/10/23
  3. ^ Reddit. What's up with these ridiculous 10 day hold times for checks?, Retrieved 10/14/23
  4. ^ Chase. When is a deposit finalized?, Retrieved 10/10/23
  5. ^ Chase. How long does it take for a check to clear?, Retrieved 10/10/23
  6. ^ Chase. Chase and J.P. Morgan QuickDeposit Agreement for Mobile, Retrieved 9/26/2023
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 5/31/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 5/31/2024.
  • To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
  • Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
Bluevine

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

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