Banking has always been considered a safe option to put all your savings into.
People entrust banks with their life savings because they trust that their money will remain safe there. People also do this with the intent earning a handsome interest over a period of time.
What started with a simple idea has evolved massively, with hundreds of features and plans to safeguard the wealth of consumers.
A major factor that determines a bank’s worth is the time frame for which it has been in operation. Banks that have been in business for many decades are very credible.
Today we will be reviewing one of the oldest banks in America, Chase Bank.
Types of Services Offered
Savings Accounts
A savings account helps you to save a part of your earnings so that you can use the funds at a later date.
Chase offers a few value-adding savings account plans that provide you with the convenience of monitoring your funds.
Such plans consist of things that allow you to access your account via mobile phones, receive account alerts for any transactions that take place, and an alert when a transaction in your account with Chase’s ATMs takes place.
Chase Savings
You need to have a minimum deposit amount of $25 to open this account.
A $5 monthly service fee is charged to your account. In order to avoid this charge, you must either have a daily beginning balance of $300 in your account or at least one repeating automatic transfer of $25 or more from your Chase checking account.
Furthermore, you can also avail a free monthly service if the account holder is less than 18 years of age or if your account is linked to Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account.
[sa_captivate]Chase Premier Savings
You may opt for this account if you wish to earn a greater interest rate on higher balances. You can also receive other benefits such as online and mobile banking, along with a 24-hour customer support benefit.
A minimum amount of $100 is required to open the account and has monthly service fee of $25.
You can get yourself exempted from this service charge if you have a daily opening balance of $15,000 or when your account is linked to Chase Premier Plus Checking or Chase Premier Platinum Checking.
Checking Accounts
Chase offers a good variety of checking accounts to meet the needs of consumers. These accounts come with some great benefits These benefits consist of online and mobile banking, debit cards, and access to Chase’s 16,000 ATMs.
Chase Total Checking Account
A consumer can open an account easily by providing some information. This usually includes their social security number, contact info, and a driver’s license or a state-issued id.
You can add money to your new account from a debit card or transfer money from your Chase account if you already have one.
A minimum balance of $25 is required to open this account.
A $12 monthly service fee is levied on your account unless you have direct deposits of $500 or more made to your account or a balance of $1,500 or more at the beginning of each day.
You are also entitled to $0 fee if you manage to have an average balance of $5,000 or more daily in a combination with your account and any linked qualifying deposits or investments.
Chase Premier Plus Checking
The best part about opting for the Premier Plus Checking account is that you can save money on ATM fees and other select fees in addition to earning an interest on your deposits.
You need to deposit a minimum of $25 to open your account.
A $25 service fee is levied every month with the exception of when you have an average beginning daily balance of $15,000 or more with the combination of your account and any linked deposits or investments.
Or, for Chase mortgages enrolled in automatic payments.
Chase Premier Platinum Checking
A minimum amount of $100 is required to be deposited in order to open a Premier Platinum Checking account.
As a platinum checking user, you will be entitled to earn an interest on your deposit as well as save on incoming wires and ATM fees. You will also have access to a 24-hour priority telephone helpline.
If you wish to have $0 monthly charges, then you are required to maintain a $75,000 daily opening balance or more along with a combination of linked deposits and investments.
If not, then you can simply pay a $25 fee to the bank every month.
Chase Car Buying Service
The first step to this is determining the type of car that you wish to buy and check what others in your area paid for it. Then, get a competitive price for your desired model with certified dealers throughout the nation.
Once this is accomplished you can obtain your savings certificate and present it to your dealer to complete your purchase.
It also provides additional features such as auto loans and auto refinancing.
Chase Home Lending
This option helps in dispensing loans for buying a new house, refinancing your mortgage, using home equity to finance, and managing your existing home lending accounts.
Business Banking Products
Chase provides banking solutions to meet your business requirements. These services include chip-based cards, business credit/debit cards, payroll solutions, and merchant services.
Commercial Banking
Organizations with annual revenues ranging from $20 million to $2 billion or more are provided with a range of financing options.
These options can also be availed by real estate investors and owners.
History of Chase Bank
Chase bank is headquartered in Manhattan, New York and provides banking solutions to consumers and commercial users.
Chase commenced its operations in 1799 and was called “The Bank of The Manhattan Company”. In 1955, it merged with the Chase National Bank and came to be known as The Chase Manhattan Bank.
In July 1996, The Chase Manhattan Bank was purchased by Chemical Bank of New York. Chase retained its name due to its popularity among the masses.
In December 2000, Chase was successful in acquiring J.P. Morgan & Co. Which became one of the largest banking mergers to date.
The new company was named JPMorgan Chase. It acquired Bank One in 2004 and became the largest credit card issuer in the United States of America.
Today, Chase Bank ranks third behind Wells Fargo and Bank of America with over 5,410 branches and 16,000 ATMs in 23 states.
In 2016, Chase Bank had 250,355 employees and assets worth US$ 2.49 trillion. It is seen as one of the Big Four Banks of the United States.
Chase Bank Alternatives
While Chase is one of the best banks in the United States today, it faces stiff competition from it banking rivals. Some of the top Chase Bank competitors are:
- CitBank – Always competitive on interest rates for deposit accounts, CitBank is a top online banking option.
- American Express Bank – Mostly known for credit cards, Amex bank has very competitive interest rates on its savings and CD accounts.
- CapitalOne 360 – Formerly ING Direct, CapitalOne 360 is the now fully online bank for Capital One.
Pros
- It offers many financial solutions to suit the needs of consumers.
- Their range of savings and checking options help in earning a substantial interest rate on deposits.
- It provides flexible home buying and mortgage solutions to consumers.
- Commercial and business banking options are great for budding entrepreneurs as well as well-established businessmen.
- The car buying service offers a range of services connected with owning a car.
- It provides modern banking solutions like re-loadable cards and flexible investment options.
- It provides modern facilities like internet and mobile banking, along with an around-the-clock customer care department.
- It has branches all over the United States with close to 16,000 ATMs that help to provide easy cash withdrawals.
Cons
- Monthly service charges are levied on various accounts.
- Businesses need to have an annual turnover of at least $20 million to avail commercial loans.
- Not the best interest rates on savings accounts
Chase Bank Review Bottom Line
While banking has reached new levels today, it is essential for a company to be transparent while providing financial solutions. Chase Bank has established a credible reputation that consumers depend on.
The company offers various types of accounts for people to utilize, making it easy for consumers to choose the best option for them.
Chase Bank has affordable banking solutions so that clients can be sure about their dealings without having to worry. If you’re looking for a useful bank, Chase is a good option.
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