Chase Bank Review
With multiple credit card options, member benefits and industry-leading security, Chase is a great option for many.
No doubt you're familiar with Chase Bank, especially if you live in any one of the 24 states where Chase operates. Their signature blue octagon logo has part of the bank's branding since 1961, and Chase Bank is the result of a number of mergers and acquisitions amongst some of our country's top banks.
Chase Bank appeals to those who find value in its financial planning services, investment opportunities, and top-tier rewards credit cards, as well as those who rely on its low-cost banking, accessible branches and ATMs, digital and online banking options, and a vast range of services, including investment advice, mortgages, credit cards, and more.
"One of the best parts about banking with Chase is they offer literally everything," asserts Abby Hayes, a writer at DoughRoller. This makes everything from paying bills to investing convenient.
Or as the reviewer, "cueballelf" says, "If you have Chase checking and want to pay your Chase credit card bill, the transaction is one of the fastest I've seen."
Similarly, Chase's online banking, mobile app, and high-tech ATMs offer industry-leading technology.
Plus, you can develop a relationship with your local banker and know they can serve your mortgage needs, investment needs, and more.
Of course, this also means you may not necessarily get the best products in each category if you are set on keeping all your finances in one place. User reviews at ConsumerAffairs, for instance, give Chase one star for its credit card offerings, with complaints about customer service, product returns, trying to report fraud, and cashing in on rewards.
Many felt like Nic of Oakland Park, CA, who wrote: "The benefits ARE NOT worth the headache customer service will be at some point cause you."
However, if you want to manage all your money in one place and are seeking a high-tech bank with the latest security and online banking features, plus plenty of access to ATMs and branches, Chase may be worth considering.
This in-depth review will highlight:
- The many products and services offered by Chase Bank
- What consumers say about these products and services
- The bank's state-of-the-art security features
- How to start working with Chase Bank
- How to cancel your accounts at Chase
Interested in Chase Bank?
Jump to a section that interests you, or just read on.
About Chase Bank
Chase Bank's legacy began in 1799 when banking titan and railroad tycoon James Pierpont Morgan founded the J.P. Morgan financial institution. But it wasn't until 2000 when the JP Morgan & Co. name became associated with Chase.
Today, under the corporate leadership of CEO Jamie Dimon, JP Morgan Chase & Company operates more than 5,200 branches across the country, with assets totaling $2.42 trillion, making it the biggest bank in the US, according to BankRate.
Choose Chase checking if convenience outweighs cost
Chase touts its Total Checking program as the most popular. You can qualify for free checking if:
- You make monthly direct deposits totaling $500 or more
- Hold a $1,500 minimum daily balance
- Have an average daily balance of $5,000 or more in any combination of qualifying linked deposits or investments, which means your balance across all accounts—including a mortgage—must average more than $5,000 in any given month.
But what if you don't qualify for free checking? Take a look at how Chase Total Checking fees stack up against other national banks:
- Wells Fargo (Everyday Checking) - $10
- Citibank (Access Account) - $10
- Bank of America (Core Checking) - $12
- Chase (Total Checking) - $12
As you can see, most checking fees charged by the nation's top banks are comparable (give or take $2), including a $2.50 fee across-the-board to use an ATM that is not part of that bank.
With the difference costing less than a cup of gourmet coffee, it doesn't pay to judge a bank by fees alone. What does Chase offer for that money?
Through July 17, 2017, Chase has a deal for new customers who immediately establish direct deposit: You'll earn an instant $200 deposited into your account. If you also maintain a balance of $10,000+ for 90 days, you'll get an extra $150.
But choosing a bank is a long-term commitment. Don't be lured in by the bonuses. Read the rest of this review first to see what else Chase can offer customers.
Chase Total Checking
Chase Total Checking gives customers an FDIC-insured (up to $250,000) place to safely store their money and complete certain transactions. Users receive:
- A debit card to use online, in retail transactions, and without any fees at Chase ATMs
- Real-time fraud monitoring for debit card transactions
- Access to Chase online banking
- Access to the Chase mobile app, which lets you transfer money, pay bills online, and deposit checks from your smartphone
- An option to receive paperless statements
- Access to Chase QuickPay to send and receive money (without fees)
- Financial guidance from Chase bankers
- The convenience of banking at more than 5,100 Chase branches in 24 states
Other Chase checking options
If you want a little more from your Chase checking, consider these choices:
Chase Premier Plus Checking – All the features of Total Checking, plus 0.01% APY interest on your deposits.
Chase Premier Platinum Checking – All the features of Premier Plus, and get many common fees waived, including fees to stop payment on a check, get counter checks, money orders, or cashier checks, or to use non-Chase ATMs (except fees charged by the other bank). Additionally, you can receive a 3" x 5" safe deposit box free of charge. Chase will also waive overdraft or returned check fees four times within any 12-month period. Plus, get access to a 24/7 customer service hotline. You can also link other Chase checking accounts to your Premier Platinum Checking to enjoy no monthly service fee on those accounts.
The Premier Platinum Checking package costs $35 per month, but that fee is waived if you maintain an average beginning day balance of $75,000 in this account or linked qualifying deposit accounts.
Chase Student Checking – Provides many of the same benefits as a Total Checking account, with a $6 monthly service fee if you don't have direct deposit or maintain a $5,000 average daily balance. Available only to high school and college students age 17 to 24.
Setting up a Chase checking account
Setting up a Chase checking account isn't hard. You just need to show up at a branch with the minimum deposit of $25 in cash and proof-of-address.Several Quora users had some challenges finding a suitable proof of address. A driver's license or state ID should suffice, as would a utility bill, pay stub, or tax return.
Keep in mind, your banker wants to earn your business and receive credit for (and commission on!) your sale. If one branch gives you a hard time, simply go to another in the area where the staff is more accommodating.
What consumers say about Chase checking
In spite of positive reviews on personal finance sites, with websites like Reviews.com choosing it as a top pick for a bank, customer reviews of the checking accounts were dismal, with customers like Uoming of Fresh Meadows, NY, saying money did not clear fast enough: "I deposited a check on Sat. night, they told me will be complete by Monday, which I believed. Now is Tuesday morning, I called again. They tell me it will be process by Tuesday night before 7 P.M."
Other consumers feel like "jsgrigsby," who observed on CreditKarma.com: "I have yet to understand why people provide low ratings/reviews because Chase charged them an overdraft fee. This is the norm for ALL banks in the US."
Indeed, reports Kailey Fralick for The Simple Dollar, "the only thing customers seem mildly dissatisfied with was Chase's rates and fee schedule. Its monthly maintenance fees are nothing special, though there is the opportunity to waive them if you meet certain criteria."
Some of the widely recognized benefits of banking with Chase receive similar reviews, as jsgrigsby's rating continues: "They have a functional mobile app, online banking, mobile deposits, and deposit-friendly ATMs. Most importantly, Chase is found in most parts of the US, so there's not a problem when I'm traveling and need a fee-free Chase ATM."
Chase savings can help you save
If you're looking for the highest interest rates in a savings account, you won't find them from any of the big banks. Online saving accounts or other options, such as money markets and CDs, offer higher yields. If you want fast access to your money and the interest is just a small bonus, a checking account fits the bill. Otherwise, money market accounts pay out about 1 % in interest, while CDs may pay out 2% or more but keep the money tied up for up to five years. Chase's offerings are no different in this regard.
Depending on your balance, you may not even make up your monthly service fees with a conventional savings account. Chase and the other "big three" banks all offer 0.01 % interest right now. You can waive Chase's $5 monthly fee by setting up at least one monthly automatic transfer of $25 or more into your savings account from your Chase checking.
But be careful: If you make more than six withdrawals from your savings account in any one month, you'll be charged a $5 fee. However, this is a better deal than BoA or Wells Fargo, which charge $3 after the first 3 or $15 after the first 6, respectively.
Keep an eye on your accounts, because Chase will automatically convert your Chase Savings into a Total Checking after your first six withdrawals, and it's perfectly legal. You'll stop collecting interest, and you'll be charged the same fees as any Total Checking account unless you meet the requirements for free checking.
Chase credit cards offer top-ranked rewards
Chase Bank offers a number of credit cards for users with good to excellent credit ratings, including 16 travel rewards cards and a total of 22 offerings. Here is a general overview of the top cards.
If you are the type of shopper who uses your credit cards on everyday purchases, such as gas, groceries, and department store spending, Chase Freedom's rotating categories of added bonuses may work for you. You'll get 5 percent cash back on up to $1,500 in any of the purchase categories for that quarter, and 1 percent cash back on all other purchases.
Credit card sites peg this card as a good fit for those getting started with a rewards card and for experienced cashback experts.
As Erin El Issa, a credit card and banking studies writer reports for NerdWallet: "It offers 5% cash back on rotating quarterly bonus categories and 1% elsewhere, and you can even qualify with less-than-excellent credit."
- No annual fee
- 0 percent APR for 15 months
- 15.49%–24.24% variable APR
- 5% cash back on rotating quarterly bonus categories
- 1% cash back on all other purchases
- Fair-to-good credit needed to qualify
Chase Freedom Unlimited
This Visa card is available to users with a good credit rating who want a flexible rewards card that lets them earn cashback or trade in cash for discounted gift cards and merchandise through the Chase store. Enjoy 1.5 percent cash back on all purchases, any time. But this is not the card for balance transfers, as you'll see a 5 percent fee.
Users at CreditKarma found the card surprisingly easy to obtain. Reviewer asphyx9 writes: "I got approved for a $2,000 credit limit with CreditKarma approval odds of 'Fair,' an Equifax and Transunion Vantage score of 640, and Experian/FICO 8 score of 645."
"FanOfCredit1," also on Credit Karma, called the card "perfect for anyone like me, trying to re-establish their credit."
- No annual fee
- 0 percent APR for 15 months
- 15.49%–24.24% variable APR
If you have a balance you'd like to transfer to Chase, either for a lower interest rate or the convenience of having your checking and credit card accounts all in one place, look into Chase Slate. You'll get no balance transfer fee and 0 percent interest for the first 15 months on any balances transferred within 60 days of opening your account.
- No annual fee
- 0 percent APR for 15 months
- 15.49%–24.24% variable APR
Amazon Rewards Visa Signature Card
Not to be confused with an Amazon credit card, this card can be used to make purchases and earn rewards anywhere Visa is accepted. But Amazon shoppers amp up the rewards with 3 percent cash back.
If you travel a lot and want to earn extra rewards, this card is for you, as you'll get 2 percent back at restaurants, gas stations, and drugstores, and 1 percent on anything else.Reviewer Mavis points out: "I'm a die-hard Amazon shopper, so I thought with 3 points for Amazon.com purchases, this is the card for me."
Just be certain the items you're purchasing through the website are from Amazon, not third-party sellers," Mathis warns, if you want to get the bonus points.
- No annual fee
- 0 percent APR for 15 months
- 14.74%–22.74% variable APR
Chase Sapphire Preferred
If you're a big spender who likes to travel, consider the rewards on this Visa card. New members earn 50,000 bonus points, which could translate into $625 in travel through Chase Ultimate Rewards, Chase's online spending portal for cardholders. You have to spend $4,000 in purchases within the first three months to earn this hefty bonus. This card does have an annual fee of $95 after the first year, but the substantial rewards could make it worth it.
"If you are a foodie and traveler looking to get free trips faster, this card is a great tool to earn free travel fast," writes Nick Clements, a veteran of the consumer banking industry and the co-founder of MagnifyMoney.
Writer David R at CreditDonkey calls it the site's favorite travel credit card "because of its bonus point offers and premium travel benefits."
Likewise, CreditKarma reader GiveAShot writes: "The rewards on this card by far seem to be the best out there right now."
- Earn 2X points on dining and travel
- 16.49%–23.49% variable APR
Chase Sapphire Reserve
The Chase Sapphire Reserve Visa card is designed for big spenders who love to travel and want to be richly rewarded for their globe-trotting. A step up from the Sapphire Preferred, this card carries a hefty $450 annual fee, with an additional $75 for cards for authorized users. However, card holders can earn most of that back in a statement credit toward travel and generous travel rewards ($300 as of press time, 4/8/17).
Additionally, new cardholders earn 50,000 bonus points, worth $750 in travel if redeemed through Chase Ultimate Rewards, after spending $4,000 on purchases in any category in the first three months.
Sapphire Reserve cardholders also enjoy Elite travel benefits, such as a $100 application fee credit for Global Entry or TSA pre-check, to get you through airport security lines faster, and access to 900+ airport lounges worldwide. Plus, there are no foreign transaction fees on the card, which can save you a bundle.
Finally, because Chase Sapphire Preferred is part of the Visa Infinite network, you'll gain 24/7 access to a concierge that can help you make dinner reservations or acquire tickets to the hottest shows and sporting events in town—any town.
The Points Guy calls the card "a tremendous value," noting that you'd need to spend just $218.95 per month in travel and dining to earn money with the card. "
- Earn 3X points on dining and travel
- Earn 1 point on all other purchases
- Get 50% more in travel redemption value when you purchase through Chase Ultimate Rewards
- 16.49%to 23.49% variable APR
Other travel rewards cards
Whether you frequent Marriott hotels, Disney resorts, or other popular travel locations, Chase may have a travel rewards card that fits your tastes and budget. Annual fees after the first year (which is free) range from zero to $450, and interest rates hover between 16.49 and 23.49 variable APR.
What consumers say about Chase credit cards
Consumer complaints about Chase cards fall into three buckets:
- Failure to honor rewards
- Failure to resolve disagreements or pay insurance claims
- Challenges claiming fraudulent charges
For instance, many reviewers have had a trip canceled and tried to use the travel insurance included with most of the travel cards. For various reasons, the bank did not honor the claim.
Brad in Los Angeles wrote: "I disputed a charge on my British Airways Chase credit card for a hotel in which I did not stay. The hotel was not satisfactory upon arrival and in a different town than advertised. They had a one-night stay cancellation policy and after we canceled and left the property the hotel charged me for the two nights stay. The hotel did not have a signature on the receipt they sent to Chase, yet Chase has contacted Equifax, Experian, and Transunion Corp damaging my excellent credit and threatened to damage it further if I do not pay this disputed amount."
Dipty of Frostburg, Maryland had problems making a claim for fraudulent purchases on his card, citing a long wait on hold with customer service. "Even if they confirm the charges are fraudulent, they might ask you to still call again (if any of the charges are pending)."
In spite of these types of customer service complaints, Chase cards frequently rank on top ten lists for financial websites. Credit Karma readers gave Chase Freedom Unlimited 4.6 out of 5 stars. Many users in the midst of "rebuilding" their credit were approved for the card with a credit limit of just $500, and happy to be approved.
Those with excellent credit scores above 700, like cardholder Zk94, got substantially higher limits. He wrote: "Awesome perks, was instantly approved with a 730 credit score. People complaining about limits… that's because your credit is not high enough. My starting limit was $4,000. This card has a nice and simple reward program. Highly recommend."
Chase brings banking into the future
Of all the benefits of banking with Chase, the best might be its digital services. From an app that lets you do virtually anything you can do in a branch or on your computer to its disruptive "QuickPay" service that puts money into your account instantly, Chase puts industry-leading technology at the core of its services— and it shows.
Some of Chase Bank's digital features include:
- Online bill pay
- Smartphone deposits
- The ability to manage your accounts online or through an app, with an easy-to-use interface
- EMF chip technology for enhanced fraud protection
- QuickPay to immediately send funds to others, even non-Chase account holders
First, let's take a look at the depth and breadth of the online services.
Chase online checking
The online checking is easy to navigate. But there's plenty to do on the site before you even sign in. From the home page, you can:
- Click to update your contact information
- Learn more about signing up for the mobile app
- Sign up to receive paperless statements
Scroll down, and you'll find Chase Bank's popular News & Stories section, which offers reported pieces that cover personal finance and travel tips, resourceful lifestyle articles, and business success stories.
But if you want to get right to banking, Chase makes it easy: Just log in from the top right corner. Hit enter and you'll immediately be looking at your account summary: How much money you have in each of your deposit accounts, plus:
- Credit card balances
- Due dates
- Minimum payments due
- Last statement balances
- Available credit
- Credit limits
From that screen, you can choose to:
- Send payments (which includes Chase QuickPay and online bill pay)
- Manage ACH transactions
- Manage transfers
- View investment possibilities
- Reach out to customer service
Chase offers a number of ways to quickly transfer money between accounts. Transfers between Chase accounts typically clear for debit transactions and ATM withdrawals immediately, no matter the time of day. Chase users can stand in line at the grocery store and transfer money from savings to checking or between checking accounts to cover a transaction, swipe (or insert) their debit card, and use those freshly transferred funds immediately.
You can also schedule recurring transfers, which is great to make savings a true no-brainer.
Chase also permits you to transfer funds online between non-Chase accounts, as long as you add the account to your Chase online banking profile.
Multiple options to pay bills online
Pay credit cards with a few clicks. Paying Chase credit cards or other loans online is easy. Schedule a Chase credit card payment to be withdrawn immediately from your Chase account or schedule it in advance.
Schedule other bill payments. To pay other bills, you'll need the name and address of the payee, as well as your account number. If you're the type of person who pays all your bills at one time, you can schedule all payees and then click "submit," to process all the payments.
Be aware: Some payments clear immediately while others can take up to five days (although the money will not be available in your account). Make sure to give those payments enough time to process so you don't pay them late. Chase tells you the day your payment will arrive. Add excerpt of this downfall with URL
Chase QuickPay is an easy way to send money to certain people using just their cell phone number or email address.
- Account holders who bank at members of the clearXchange (CXC) network can receive notifications about receiving money through QuickPay from their financial institution
- Anyone with a Chase Liquid card or a Chase Checking account can send or receive QuickPay funds
- Funds typically clear in 1 to 5 days for clearXchange customers
- Deposits typically clear within 24 hours for Chase customers
- No fees to send or receive money
While QuickPay seems easy— and not having to pay any fees to transfer money is a huge benefit— sender beware.
Others simply found the service slow, contrary to its name: "I created an online Chase QuickPay account, and there is nothing quick about it. They told me each time I send money that I would have to wait 3 to 4 business days for the money to transfer accounts. I only created the Quickpay because it says it's quick but there is nothing quick about it. I'm cancelling the service and wouldn't recommend it to anyone," writes Royal of Orlando, FL, on the Consumer Affairs website.
"Even if transfers go through without a hitch, you might have to wait at least 24 hours to get your hands on the money," agrees Natalie Campisi, a Los Angeles-based journalist with more than 17 years writing experience, at GoBankingRates.com.
However, used carefully, and only with other Chase customers, QuickPay is almost as seamless as exchanging cash, but with a digital receipt of the transfer.
The skeptical reviewers might say Chase Bank is always ready to take your money, but you can't argue that the bank makes it easy to make deposits. You can easily make deposits at branches, at ATMs, and even on your phone.
The newest ATMs, which have replaced all but one or two tellers in some of Chase's more high-profile, high-tech branches, share a digital copy of your check on screen and on the receipt.
These ATMs have a number of convenient features:
- Take out money in almost any paper denomination
- Withdraw as much as $3,000 in one transaction
- Deposit checks without writing out a deposit slip
- The machine "reads" the amount on the checks to you, shows you the total of all checks deposited
- Receipts feature a digital copy of the check
Mobile banking made easy
We could go into an in-depth review of the Chase mobile app, but the responsive navigation mirrors the online site almost exactly, putting the most-used features right at your fingertips. View accounts, transfer money, pay bills, use QuickPay, or make a wire transfer from the top navigation menu.
The most common user complaint? The app is only available for Android or iOS, not Blackberry or Windows phones.
The app has one desirable feature not found online: Deposit checks.
- Choose the account to deposit money
- Take a photo of your check, front and back
- Deposit the funds
- Checks deposited by 11 PM ET on a business day may be available the next business day
- Checks deposited after 11 PM or on a non-business day will clear in two business days
The Chase mobile app now includes the option to set up TouchID for added security.
Out of all Chase services, the app was the most positively reviewed, garnering 4.6 stars in the Google Play store and 5 stars for the latest version on iTunes.
Android user Derka Derk summed up its ease of use and comprehensive services: "I have used this app for a couple years now, and love it. I do nearly all my banking on my phone now. No need to call in, visit physical location, or get on my computer ever."
CrimsonKnightDX, who uses the app daily on his iPhone, writes: "I've used the Chase app since I've had an account with them since 2009, and have had no issues. I check my accounts daily using the app. The Touch ID is nice and Convenient. The layout is very organized and easy to read."
EMV chip technology provides the latest security
Chase was one of the first banks to adopt EMV chip technology for more secure credit and debit card transactions. EMV stands for EuroPay, Mastercard, Visa, and is a technology designed to make it more difficult for hackers to counterfeit cards. In fact, if you use your EMV card at a merchant without an EMV card reader (that is, you have to swipe it) then the merchant—not the bank—could be held liable for subsequent fraud charges.
In spite of a rocky start to consumers' learning how to use the new cards, the technology is catching on and Chase customers— , soas early adopters—won't be left behind. "People are starting to realize it's safer and more secure," says Target Farmingdale Guest Services Team Lead Anabela Lynch in an article on the Chase website that profiles the early trial and tribulations of EMV chip card users.
"There are still some complaints about it taking more time, and people don't always know if they should be swiping or dipping, but they are getting it."
Chase CDs offer certainty and savings
CDs may be an old-school method of saving money, but if you're looking for a sure-thing in this economy, investing your money in a large and reputable bank in a CD can yield fair interest rates compared to a conventional savings account and no monthly fees.
- Require $1,000 minimum deposit
- Typically earn between .02 and 0.3 percent, but can go as high as .90 percent
- The longer you save and/or the bigger your savings, the more you can earn
- Early withdrawal penalties apply
Chase CD rates are comparable to the other big banks, but interest rates fluctuate so it pays to shop around before making your decision. However, if you already have a Chase savings account with more than $1,000 you can convert it to a CD online and increase your interest earnings easily. Once again, the convenience of Chase may win out over rates or service.
Chase protects its customers with security and fraud alert
Chase Bank protects its customers—and, of course, its own liability in the event of fraud. From small steps to large, Chase offers many features to help its customers prevent fraud.
- EMV chip cards, designed to be more secure than cards using a magnetic strip
- Touch ID for the Chase mobile app
- Customer fraud alerts (Chase can send an email or text if it detects any transaction over a specific amount you pre-set)
Many customer reviews address Chase shutting down their accounts while they were on vacation because the bank thought it detected fraud. "I am in France and cannot access my money. Since I'm traveling, Chase has decided to freeze my account. I have to wait eight hours on the cold, rainy streets of France until Chase is finished upgrading their system to even help me," writes Jennifer in New York, NY, on the Consumer Affairs website.
These situations can usually be cleared up with a simple phone call. Even better: Call the bank before you go away to inform the fraud department of your travel plans so that charges won't seem unusual.
Filing a claim
If you think you've been a victim of fraud, whether your Chase banking account or credit card, you can call a customer service rep 24/7 to file a claim. These are the same numbers listed on the back of your credit or debit cards. You can also send a message online through the secure message center, although the website says the bank will probably need to call you to obtain additional information.
Chase is one of the companies that advertises $0 fraud liability policy. That means customers aren't liable for any unauthorized charges on their credit cards or debit cards, or unauthorized withdrawals from debit accounts.
However, this doesn't always mean the charges will be judged to be fraudulent. To protect yourself:
- Report the fraud by phone as soon as you find out
- File a police report
While we couldn't find positive or negative reviews on consumers who had reported a legitimate fraud situation for unauthorized charges, one reviewer found an exception to Chase's "$0 fraud liability" claim with this situation: "I got scammed by a company, selling me the fraudulent product. I contacted the Chase business department to dispute the charge. All she told me was that they could not help me because I authorized the charge."
Other credit card customers, too, had issues with charges that were disputed. "I have all the documentation to prove my dispute and they could not help me get back the money," writesSteve of San Jose, CA at the Consumer Affairs website.
Chase provides services for every stage of life
Chase offers all the services any bank would, along with an added suite of services that include mortgages, home loans, business banking, planning and investments, and more. While the bank may not offer the lowest rates or most streamlined processing, there is the advantage of having all your accounts under one umbrella. Also, you can qualify for free checking through Chase if the bank holds your mortgage.
- 30-year fixed rate mortgage
- 15-year fixed rate mortgage
- 7/1 ARM (adjustable rate mortgage)
- 5/1 ARM
- Home equity lines of credit
- Mortgage refinancing
Consumer reviewers at CreditKarma.com gave the application process only 1.5 stars, and 2.7 stars overall. Many noted delays in closing. Some five-star reviewers cited the technology as being one of the benefits.
One anonymous reviewer, whose mortgage was sold to Chase, wrote: "Chase already has my checking and two credit card accounts. Payments post really fast, and it's been easy to make extra principal payments."
Another said, "I have them as my mortgage company and applied for a line of credit also with them and it was easily approved due to my mortgage loan thru the VA, very pleases with them."
Many of the complaints involved customers who requested help paying their mortgages, had missed payments, or experienced long wait times on the phone with customer service, which seems to be a common problem with Chase.
Chase auto loans get you moving
Many people don't realize you can obtain an auto loan through your bank, but you can. You can also refinance your car loan immediately after your purchase to get a lower rate. This puts you in the desirable situation of negotiating on the purchase price of the vehicle, rather than monthly payments, and ultimately, enjoying lower monthly payments after you refinance — with the added convenience of paying your auto loan through your bank.
Consumer complaints about Chase Auto typically involve billing errors. Brandt of Phoenix, AZ, had this issue: "Chase Auto took $871.97 for my first payment. Trouble is, my car payment was only $571.97. They were able to take the money in 10 seconds, but returning it is something that they refuse to do."
Many of the complaints at Consumer Affairs, however, relate to people asking for loan assistance, or who have already missed payments.
On the positive side, customers say it was easy to get an auto loan through Chase. Oneanonymous reviewer at the website SuperMoney writes: "Chase Auto is a great option if you have filed bankruptcy in the past, or if you have bad credit. They got me a car loan with only 6% interest! I am so happy to actually be able to have a car of my own after I went through all these financial troubles and had to file bankruptcy."
Another adds: "After 10 years with my bank, they turned me down for a car loan. I contacted Chase and they approved me. Their customer service is fantastic. I am planning on switching over my checking account to Chase because I want to be a customer of a bank that appreciates their customers."
But easy approval isn't the only benefit reviewers cited. Miron Lulic, a customer reviewer at SuperMoney, notes: "Management of the loan is pretty seamless as Chase integrates its auto-loan products nicely with the rest of its online banking experience."
Chase business banking supports big and small enterprises
Chase is known to support small businesses through its Mission Main Street Grants program and a number of business banking products. In addition to business checking accounts and credit cards, the company offers merchant processing services.
Roy Lee D. of Greenwood, Indiana, reports having a very positive experience with Chase business banking. "I have been in business (own pizza shop) for 20 yrs. I have used every bank in town....and I have NEVER been treated so well … Chase is excellent. I have personal, business and credit card processing, and I had a mortgage with them once."
Chase Private Client for high-net-worth customers
Chase is touted as a great starter bank, with low requirements for checking account balances and a small monthly fee to retain an account. But the Chase Private Client service offers concierge banking for individuals who maintain an average daily balance of $250,000 or more in linked Chase accounts. Those who qualify, receive the benefit of a team of specialists to assist with banking and financial planning, plus private service in branches and on the phone, waived fees, and a host of other benefits.
Users seemhappy with the service. "I'm considering moving both my personal and business banking from a small internet-based bank to Chase, in part due to the numerous fee waivers that I now qualify for," writes The Points Guy in a review.
How to cancel your Chase services
Closing a checking, savings or credit card account with Chase is easy. It's important to make sure you have no outstanding debits or charges on your accounts and no checks that haven't cleared (either incoming or outgoing). When you're ready to cancel, you can:
- Send an email through the online Secure Message Center
- Call 800-432-3117 for your personal account, or call 800-269-8690 for a business account
If you close a credit card, make sure to follow up with the credit reporting agencies to ensure it was closed and, when it's paid off, make sure Chase reported it as "paid in full" and "closed." This process could take up to a month.
If you're closing out a CD or IRA account, be sure to read the fine print so you know what fees to expect. In some cases, the fees could actually exceed the interest earned. But the penalty could be worth it if you need access to cash fast. Otherwise, plan ahead and let your money work for you, avoid early withdrawal fees, and wait until the CD matures to cash it out.
The Strengths: Chase's convenient locations and many services make it a top pick
In spite of the complaints of poor customer service, Chase bank has a number of strengths as a prestigious and long-standing financial institution.
- Thousands of branches and tens of thousands of ATMS across 26 states
- Technology that makes banking easy, including banking kiosks in branches, easy online banking, and a convenient mobile app
- Virtually any financial product and service, all under one umbrella
- Friendly, personalized service in the branches
From personal bankers who hand out lollipops (to the adults) in long lines, to cookies and coffee in the branches and friendly personnel, Chase does try to make its branch customers feel welcome. The difference between Chase phone service and the service received within many branches couldn't have been more different in reviews.
In an era where online banking reigns, it's good to know consumers can get personalized service in branches.
Randy H. wrote: "I've never been so pleased with a bank branch like this one in my life. All personnel are a pleasure to do business with."
Phemie of Huntington, NY, agreed: "I want to say… that the employees in my Chase Branch are wonderful people. They are very friendly and so nice, and do everything they can to help."
The Weaknesses: Long customer service wait times lead smart customers to branches
The most common complaints about Chase bank all point back to the phone-based customer service. Long wait times, conflicting stories from different phone reps, and overall lack of satisfaction seem to make it worth the trip to a branch if you have a problem.
"If you enjoy getting the runaround on the phone and being sent to every department and having to retell your woes to every single one of them then this is the bank for you…I just got disconnected again after being on hold/passed around for another 40 minutes," advises CBSmith8 at MyBankTracker.com.
Chase phone representatives seem unwilling to make any exceptions to rules, waive fees, or accommodate customers.
Customers who reported fraud also had challenges, like JColeman, who writes, "I've had my account for 5 years with Chase, never had any problems until now. I filed a fraud against my account on my debit card for transactions I did not do. Part of the claim was approved, part was declined... Someone had my card and made $480 in transactions now that I'm responsible for."
RonJohn, on the other hand, had a positive experience with the technology and fraud department. "Direct Deposits are always cleared within one business day, EFTs within two days, the on-line system is intuitive and useful, and Customer Service always prompt and helpful. The CC Fraud department is on the ball about notifying us regarding suspicious charges. We're on our 5th CC: every time there's a suspicious charge, they close the account and send us a new one. That's NOT a bad thing."
Chase Bank's bounty of branches and ATMs
Chase has, hands-down, the most ATMs in the U.S, according to Bankrate. This is a great convenience if you travel but, of course, you'll want to make sure there are plenty of ATMs in your area, too.
Here's a breakdown of the major banks and their ATMs.
- Citi – 3,200
- Wells Fargo: 12,800
- Bank of America: 16,062
- Chase Bank: 18,623
Meanwhile, Wells Fargo leads the pack in branches with 6,300 to Chase's 5,200. But Chase's online banking and an app that allows you to do virtually everything you can in a branch, online (including deposit checks) may just allow Chase to tip the scales for convenience.
Chase is only available in 26 states, while Bank of America serves 34. Also, keep in mind that some services, like Chase Private Client, may not be available in all branches.
Internet users had many questions about Chase bank, including how it stacks up against other banks. Users touted the online banking interface as a benefit to Chase and said it stacks up "about the same" as other big banks, namely Wells Fargo and Bank of America.
"No difference whatsoever," writes Quora user Serge Milman. "The interest rate on the money [in a savings account] is likely to be very close zero at virtually any large bank. The only advantage you might find is the convenience factor of having a savings account in the same bank as your checking account, which enables you to link the accounts (for ease of transferring money and overdraft protection).
Which is better, Chase or Bank of America?
Quora user Andrew Targowski writes: "JPMorgan-Chase is the largest American bank with roots to Alexander Hamilton and the Rockefellers. BoA is the second largest bank in the US. In fact, both banks have almost same size of assets. Both are too big to fail."
Eric Rodriquez answers on Quora: "Well mainly Chase tops BoA on customer service hands down. You notice this by dealing with the teller over the window and also when you call the 1800 number on the phone if you have an issue or want to do something… I personally do have accounts at both banks; had them for decades now. They both perform all basic bank functions."
How do I transfer money from another bank to Chase or vice versa?
"You can call the bank and have them do a wire transfer (the old fashioned way), or you can have them do an ACH transfer, either online, on the phone or in person. Easy!" – Quora User Carl Heintz, entrepreneur
You can also use Chase QuickPay or write a check to yourself from one bank account to another. Linking an external account to your Chase online banking allows you to make ACH transfers with a few clicks.
How do I set up direct deposit with Chase?
Setting up direct deposit, where your paychecks are deposited directly into your Chase checking account, could make you eligible for additional rewards, such as cash back bonuses. BankCheckingSavings.com shares how to do it in three easy steps:
- Go to Chase Checking Account Services
- Print out a Direct Deposit Form
- Fill out the information as needed
- Attach a voided check to the application and take it to your employer's payroll department. If you're eligible to participate, that's it—your employer does the rest!
What to do when you're ready to join Chase Bank
Becoming a Chase customer can be accomplished by visiting a branch with a check for $25 or $25 cash in hand. You'll also need a photo ID, such as a military ID, state-issued ID card, or valid driver's license.
Research your account options online beforehand, and take note of any special offers. If you open a checking account that promises rewards after a month, check your account to ensure the bonus money was deposited. Take a screenshot capture on your phone, or make a printout of the special offer, so you have proof.
The verdict? Chase Bank is too big to ignore
If you're looking for convenience, high-tech digital banking services, a variety of financial products all under one roof, and a prestigious name in banking, Chase is one of a handful of banks that fit the bill.
Chase isn't going anywhere soon and only promises to expand its accessibility and continue to increase its services and offerings as it grows. From rewards credit cards to convenient everyday banking, Chase remains a viable option as a:
- First bank for students and young adults
- One-stop shop for adults who need credit cards, mortgage, and bank accounts and want the convenience of having it all in one place
- Trusted financial advisor and more for high-net-worth individuals.
In short, Chase offers services and financial products for everyone, in every walk of life, and is worth considering if you'd like the security and longevity of a big bank.