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JPMorgan Chase Review: How America’s Largest Bank Really Builds Up

JPMorgan Chase Review: How America’s Largest Bank Really Builds Up

In addition to being one of the “Big Four” banks in America, JPMorgan Chase is also rated as one by S&P Global the largest bank in the United States.

Chase received bad press in 2014 after a security breach exposed 89 million customers. But these days almost every bank has a few black spots on their résumé. So you need to ask yourself: are the products and services worth the risk?

We’re here to give you an honest look at Chase Bank’s verification and savings features for individuals and small businesses, as well as the general convenience and mobile banking features of this JPMorgan Chase Bank.

JPMorgan Chase Bank Review: Pros and Cons

What we like:

Chase is pretty much everywhere, making it easy to find a branch or ATM.
No overdraft fees for less than $ 5 in the red on your account.
Low deposit requirements for most accounts.
What we don’t like:

The interest rates for simple checking accounts and savings accounts are a trifle.
You published 89 million customer information a few years ago.
$ 2.50 fee for using non-chase ATMs.
Verification

Grade B-

Chase’s most popular checking account, Chase Total Checking, is a non-interest bearing account that does not require a minimum deposit.

There is a $ 12 monthly service charge for the account. However, you can waive this fee by setting one of the following fees for each billing cycle:

Direct deposit total of $ 500 or more.
Maintain a balance of $ 1,500 or more at the start of each day.
Maintain an average starting day balance of $ 5,000 or more on any combination of this account and related Qualifying Deposits.
While you won’t earn interest on your money on the Chase Total Checking account, you can opt for Chase Premier Plus or Chase Sapphire checking accounts, which accrue interest. Both offer only 0.01% APY. There is also a monthly fee of $ 25 for each fee, unless you maintain an opening balance of $ 15,000 or $ 75,000 each day.

The Chase Total Checking account has an overdraft fine of $ 34. There are a maximum of three per day. On the plus side, you won’t be billed for the overdraft penalty for transactions that overdraw your account by $ 5 or less. There is no transaction fee when you set up overdraft protection. That’s kind of nice.

If you use ATMs frequently, be careful. Chase Total Checking brings you $ 2.50 for every US transaction you make at a non-Chase ATM. The good news is that there are 16,000 Chase ATMs. So you should be able to find one when you need it.

Read how Chase compared on our list of the best checking accounts. Chase also frequently offers bonuses when you open a new account.

savings

Chris Zuppa / The Penny HoarderGrade: C +

All you need is $ 25 for your opening deposit to get a Chase savings account, the bank’s simplest and most popular savings account.

The Chase Savings Account has a $ 5 monthly service charge that is waived if:

You have $ 300 or more in credit in this account at the start of each day.
You will have a total of at least $ 25 in autosave or other repetitive automatic transfers from your personal Chase checking account or Chase Liquid Card (only available through Chase.com or Chase Mobile).
You have a Chase College Checking account linked to that account for overdraft protection.
The account holder is under 18 years of age.
You link the savings account to one of several other authorized accounts.
The Chase Savings Accounts have an auto-save option which is pretty cool. The mobile app allows you to set your account to transfer a specific amount of money every time you get paid, or a set amount of money at any set time and amount you want. You save autopilot.

The Chase savings account is a place to keep money for a rainy day. However, if you want to make interest on your money, look elsewhere. The basic savings account only earns 0.01% APY, which is well below the national average.

Get better interest rates with the Chase Premier savings account. You will earn between 0.04% and 0.09% linking your account to another selected Chase account, depending on how much money you have saved. The more you have there, the better your interest rate. However, you will be charged a monthly service fee of $ 25 unless you can meet a minimum balance of $ 15,000 or you link to another Chase account.

If you’re looking for a CD, Chase can buy it for a month or up to 10 years. You are tied to an interest rate based on the length of your term and the amount of your CD.

Longer is not always better: Chase’s six-month CD is the best price at 1.5% for $ 10,000 or more.

Small business banking

Grade: C +

The Chase Total Business Checking account has no minimum deposit. So that’s nice. There’s a $ 15 monthly maintenance fee that is reduced to $ 12 if you use paperless statements and which you can forgo altogether if you keep a minimum balance of $ 1,500 or a link to another Create a Chase account.

The business checking account offers 100 free transactions and $ 5,000 in free cash deposits per month.

Chase has two business savings accounts: Business Total Savings and Business Premier Savings. The Business Total Savings Account is charged a monthly fee of USD 10, unless you have a monthly balance of USD 1,000 or link other accounts. The Business Premier fee is $ 25 unless you can keep $ 25,000 in the account or link it to other accounts.

Expect 0.01% to 0.04% on your corporate savings account. When you get the relationship rates for linking accounts, you can earn up to 0.11%. However, this is only possible if you save $ 250,000 or more.

While this review doesn’t consider credit cards, it’s important to note that it is based on their credit card offerings that Chase created our list of the best banks for small business.

Convenience

Note: A.

As you’d expect from a Big Four bank, Chase is pretty high up on the convenience meter. With 16,000 ATMs and 4,900 branches, they’re virtually anywhere.

They also have a dedicated 24/7 customer service line, but you must be in one of the parent accounts to gain access to this benefit.

You will find they have online banking, a mobile app, and many options for financial products like mortgages, car loans, and credit cards.

Mobile banking

Getty ImagesClass: A

The Chase Mobile app is rated 4.8 out of 5 stars by iPhone users and 4.4 out of 5 stars in the Google Play Store.

People comment on the ease of use of the app as well as some additional features like daily snapshots of your expenses that make it easy to monitor your accounts.

Some nice security features of the app include fingerprint and face recognition, as well as the ability to lock and unlock your cards right from your phone. You can also monitor your credit score right from their app.

Pro tip
Check out our current list of bank promotions to receive a cash bonus when you sign up for a new bank account.

Our bank verification method

Penny Hoarder’s editorial team takes into account 25+ factors when verifying their bank account, including fees, minimum daily balance requirements, APYs, overdraft fees, ATM access, number of physical locations, customer service access and mobile features.

To see how we weigh each factor, The Penny Hoarder surveyed 1,500 people to find out which banking functions are most important to you.

For example, we give top marks to banks with low fees because our survey found this to be the number 1 you look for in a bank. Since more than 70% of you stated that you had visited a physical bank branch in the past year, we take into account the number of stationary locations. More than a third of you use mobile apps for more than 75% of your banking business. Therefore, digital functions are also carefully checked.

Banks are divided into the following categories:

Personal checking accounts
Personal savings accounts
Small business banking
Convenience
Mobile banking
Credit card and credit products are currently not included.

Tyler Omoth is a freelance writer covering topics like personal finance, career advice, and even lawn care. His work has been featured on TopResume.com, Writersweekly.com, and others. He is also the author of over 70 textbooks for children and the proud parent of twin toddlers.


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