June 12, 2019

Chase College Checking Review

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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.

    Chase

    Chase College Checking℠

    • Get $100 as a new Chase checking customer when you open a Chase College Checking℠ account, enroll in paperless statements and complete 10 qualifying transactions within 60 days of account opening.
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • No Monthly Service Fee for up to 5 years if you're a student between the ages of 17-24.
    • Deposit checks from virtually anywhere, anytime, just by taking a photo with the Chase Mobile® app.
    • Send and receive money in moments using Chase QuickPay® with Zelle®

Chase College Checking Pros & Cons

Chase is one of the biggest banks in the U.S. First, let's take a quick look at the pros and cons of banking with Chase for college students.

Pros

  • Accessibility: 16,000 Chase ATMs and nearly 5,000 branches
  • $0 monthly service fee for up to 5 years if you're a student between the ages of 17-24.
  • Online and mobile banking from anywhere
  • Free online bill pay, mobile deposits, and text banking
  • 24/7 customer service with real reps
  • Highly rated mobile app
  • Establish relationship history with Chase
  • FDIC insured up to $250,000

Cons

  • Not located in all states
  • No interest rate
  • No ATM fee reimbursement
  • No free checks

Chase is located in these states:

  • Arizona
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kentucky
  • Louisiana
  • Massachusetts
  • Michigan
  • Nevada
  • New Jersey
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Texas
  • Utah
  • Washington
  • West Virginia
  • Wisconsin

New Customer Promotions

    Chase

    Chase College Checking℠

    • Get $100 as a new Chase checking customer when you open a Chase College Checking℠ account, enroll in paperless statements and complete 10 qualifying transactions within 60 days of account opening.
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • No Monthly Service Fee for up to 5 years if you're a student between the ages of 17-24.
    • Deposit checks from virtually anywhere, anytime, just by taking a photo with the Chase Mobile® app.
    • Send and receive money in moments using Chase QuickPay® with Zelle®

Monthly Service Fee

There is NO monthly service fee 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 service fee is $6 and can be waived with ONE of the following actions:

  1. Make a direct deposit every monthly statement period.

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

This monthly service fee is pretty easy to waive, 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.

After graduation, you can convert your College Checking account into a Chase Total Checking account. There is a higher monthly service fee, but you can waive it with either a $500 direct deposit every month OR by maintaining a $1,500 balance (which is actually less than the balance requirement for the College Checking).

Account Minimums

You just need a minimum of $25 to open the Chase College Checking account.

Once opened, there is no minimum balance requirement for students 17–24. Your account balance can go below $25 and you won't be charged a fee (just don't go below $0!).

Account Features

Chase College Checking offers these account features and tools:

  • Direct Deposit
    Directly send paychecks into your account.

  • Chase QuickDeposit
    Deposit checks from anywhere by taking a photo with your phone.

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

  • QuickPay with Zelle
    Easily send money to another person with just their email or phone number.

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

  • 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.

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 great if you're going to college away from your hometown and need a bank with a wider presence.

It's smart for college students to have a checking account to simplify money matters and learn how to manage finances. 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 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 open a Chase savings account either in person at a branch or online.

Information Required:

  • Social Security number.
  • Driver's license or state ID.
  • Name and address.
  • Date of birth.
  • Phone number and email.
  • Valid student ID or proof of enrollment/acceptance.
  • College state and expected graduation date.

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.

If you are 17, you will need to open the account as a joint account with an adult.

How to Deposit or Withdraw Money

Chase makes depositing and withdrawing funds easy, so your money is easily accessible 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 fees you may encounter.

  • $2.50 for non-Chase ATM withdrawals in the U.S. and major territories.

  • $5.00 for international ATM withdrawals.

  • $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 a great product for college students. There is no monthly service 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 and easy on-the-go mobile banking.

A checking account will 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.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on June 12, 2019. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

More from CreditDonkey:


Chase Bank Review


Checking Account Promotions


Checking vs Savings Account

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