Chase Bank Problems and Solutions

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.

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 Assist^SM. 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.

Member FDIC

Chase Total Checking® - $300 Bonus

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Expires 1/22/2025

• New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking^® account with qualifying activities
• With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
• 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*

Member FDIC

Chase Secure Banking℠ - $100 Bonus

Click Here to Get $100 Coupon

Expires 1/22/2025

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.

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 fee per withdrawal at a non-Chase ATM in the U.S. and the U.S. territories. $5 fee per withdrawal at a non-Chase ATM outside of the U.S. and the U.S. territories. Surcharge Fees from the ATM owner/network still apply. U.S. territories include American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands.^[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.

Chase Private Client Checking℠ - Up to $3,000 Bonus

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Expires 1/22/2025

• You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
• Speak with a Private Client Banker to open your Chase Private Client Checking℠ account today. Schedule your meeting at your nearest branch to get started.
• Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker and 24/7 access to a U.S. based banking service line.
• Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000.
• No fees at Chase and non-Chase ATMs worldwide.
• No Chase fee on incoming or outgoing wire transfers.
• Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle^® and Chase QuickDeposit℠ limits.
• Preferred rates and perks which may make you eligible for a 0.25% auto rate discount and invitation-only events.
• Enhance your Chase relationship with access to a dedicated J.P. Morgan Private Client Advisor who can help create a personalized investment strategy.
• Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

INVESTMENT AND INSURANCE PRODUCTS: • NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE

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