Chase College Checking Review

Chase College Checking account has no monthly service fee for students. But is there a catch? Read on to learn the details and see if it's right for you.

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Member FDIC

Chase College Checking℠ - $100 Bonus

Click Here to Get $100 Coupon

Expires 1/24/2024

• Enjoy $100 as a new Chase checking customer when you open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment.
• No Monthly Service Fee while in school up to the graduation date provided at account opening (five years maximum) for students 17-24 years old.
• Students ages 18-24 with a Social Security Number can open an account online or at a Chase branch. Students with no Social Security number or who are 17-year-olds can only open an account at a branch.
• Keep track of your money in the Chase Mobile^® app. The app helps you manage your money.
• Zelle^® is available in more than 1,000 banking apps in the U.S. So you can send and receive money from almost anyone you know and trust who has a bank account in the U.S.
• Access to more than 15,000 Chase ATMs and more than 4,700 branches.
• JPMorgan Chase Bank, N.A. Member FDIC
• Chase Overdraft Assist℠ - no overdraft fee 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*

Chase College Checking Pros & Cons

Chase is one of the biggest banks in the U.S. with a wide range of financial products and services.

First, let's quickly review the pros and cons of banking with Chase for college students.

Pros:

• Access to more than 15,000 Chase ATMs and more than 4,700 branches
  
• No Monthly Service Fee while in school up to the graduation date provided at account opening (five years maximum) for students 17-24 years old.
  
• Online and mobile banking from anywhere
  
• Free online bill pay, mobile deposits, and text banking
  
• Free savings account if linked for overdraft protection
  
• 24/7 customer service with real reps
  
• Highly rated Chase mobile app
  
• Establish relationship history with Chase
  
• FDIC insured up to $250,000

Cons

• No interest rate
  
• No ATM fees reimbursement
  
• No free checks

Read on for the full Chase College Checking review.

New Customer Promotions

Member FDIC

Chase College Checking℠ - $100 Bonus

Click Here to Get $100 Coupon

Expires 1/24/2024

• Enjoy $100 as a new Chase checking customer when you open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment.
• No Monthly Service Fee while in school up to the graduation date provided at account opening (five years maximum) for students 17-24 years old.
• Students ages 18-24 with a Social Security Number can open an account online or at a Chase branch. Students with no Social Security number or who are 17-year-olds can only open an account at a branch.
• Keep track of your money in the Chase Mobile^® app. The app helps you manage your money.
• Zelle^® is available in more than 1,000 banking apps in the U.S. So you can send and receive money from almost anyone you know and trust who has a bank account in the U.S.
• Access to more than 15,000 Chase ATMs and more than 4,700 branches.
• JPMorgan Chase Bank, N.A. Member FDIC
• Chase Overdraft Assist℠ - no overdraft fee 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*

Monthly Service Fees

There are NO monthly fees for college students age 17–24 from time of account opening until expected graduation date. You can qualify for up to 5 years.

After the expected graduation date, the monthly maintenance fee is $6 and can be waived with ONE of the following actions:^[1]

1. Make a direct deposit every monthly statement period.

2. Maintain an average ending day balance of $5,000 or more.

This monthly fee is pretty easy to get waived, even after graduation. As long as you are employed and have one direct deposit per month, you can continue to use the checking account without a service fee.

Account Minimums

There are no minimum balance requirements for the Chase College Checking account during the time you're in school.

Account Features

Chase College Checking offers these account features and services:

• Free Debit Card
  You get a free Visa debit card for purchases.

• Direct Deposit
  Directly send paychecks into your account.

• Chase QuickDeposit^SM
  Deposit checks anywhere with the app by taking a photo with your phone.

• Online Bill Pay
  Pay bills online or on the mobile app to thousands of billers.

• QuickPay with Zelle®
  Easily transfer money to family and friends with just their email or phone number. The other person doesn't need to use Chase, just as long as they sign up for Zelle through their own banks.

• Text Banking
  Check balances and transaction history by simply texting.

• Free Savings Account
  Chase offers a Chase Savings Account for no monthly fee when you link this account for Overdraft Protection.

• Overdraft Protection
  This is available if you have a linked Chase Savings Account. Chase will transfer funds from your savings to help cover overdrafts. There is no fee for an Overdraft Protection transfer.

• Paperless Statements
  See up to 7 years of statements online.

• Account Alerts
  Set up alerts for account activity, such as for low balance, large transactions, and more.

• Zero Liability Protection
  Chase will reimburse unauthorized purchases made with your card when you report them promptly.

Is Chase College Checking Good?

There's no downside to opening a College Checking account with Chase, since there's no monthly service fee or minimum balance requirements for students 17–24.

There are lots of physical branches and ATMs, so it's easy to access your money. It's especially convenient if you're going to school away from your hometown and need a bank with a wider presence.

College students can start managing their own day-to-day finances. This account will allow them to make purchases, get paychecks, and pay bills. The risk of getting into debt is low since you can only use funds you actually have in your account. Just be careful of overdrafts since the fees are high.

One of the biggest advantages of choosing Chase is that you can start building a relationship with Chase early. Chase is known for their extremely popular cash-back and travel reward credit cards, but approval may be a bit more stringent.

With a college bank account, by the time you graduate and are ready for a better credit card, you'll already have a few years of history with Chase. This may give you some extra points when determining approval.

Eligibility and How to Open an Account

Students age 17–24 can open a Chase College Checking account. You can apply before you officially start college as long as you have proof of student status.

You can apply for the Chase college checking account either in person at a branch or online.

After filling in the application, just make your first deposit and that's it. You must be a U.S. citizen or resident alien to open an account online.

Remember that you can also open a Chase Savings account at the same time. It'll have no maintenance fees as long as you link the College Checking account for overdraft protection.

How to Deposit or Withdraw Money

Chase makes depositing and withdrawing funds easy, so you can easily access your money when you need it. For checking accounts, you get unlimited transactions as long as you have the funds.

There are a number of online and in-person ways:

Depositing Money:

• Direct deposits of paychecks.

• Mobile deposit by taking photo of your check.

• In person at a branch.

• Deposit cash or checks at an ATM.

• Electronic transfers from other bank accounts.

• Receive money through QuickPay with Zelle®.

Withdrawing Money:

• Electronic transfer into another bank account.

• In person at a branch.

• At an ATM with your Chase debit card.

• At an ATM by tapping your phone (at ATMs with cardless symbols).

• Send money through QuickPay with Zelle®.

Other Fees

Here are some other common bank fees you may encounter, including:^[2]

• $3.00 for inquiries, transfers or withdrawals while using a non-Chase ATM in the US, Puerto Rico and US Virgin Islands. Fees from the ATM owner/network still apply. $5 per withdrawal and $3.00 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner/network still apply.

• $34 for insufficient funds and returned items (max 3 per day).

• $30 per stop request.

• $5 for debit card replacement.

• 3% foreign transaction fee.

• $6 for paper statements.

Bottom Line

Chase College Checking is a great product for college students. There is no maintenance fee for students 17–24, so you don't have anything to lose. It's great for those looking for a bank with a wider presence, lots of features, and easy on-the-go mobile banking.

Checking accounts help make managing your day to day spending a lot easier. And it's also helpful to establish a relationship with Chase early, so you are open to more possibilities later after graduation (such as better credit cards and loan rates).

References