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- Chase College Checking℠ Review
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The Chase College CheckingSM account is designed for undergraduate students who are money conscious, have simple financial needs, and prefer to do their banking online. With its ease of use, you can turn your attention to more important matters, like acing a final, claiming an Employee of the Month bonus, and looking good for a hot Tinder date.
Interested? Here’s all you need to know about this account’s features, the good, the bad, and our overall impression.
Current Chase College CheckingSM Promotions?
While a $50 bonus isn’t much, Chase is one of the few banks to offer a bonus opportunity for student Checking accounts. You’ll need to enter your email address on the offer page to receive a personalized $50 coupon. You won’t be able to take advantage of the offer directly online.
*See all the current Chase student Checking promotions here and non-student Chase offers here.
This $50 bonus offer expires on 08/13/2018.
- Get $50 as a new Chase checking customer when you open a Chase College CheckingSM account, enroll in paperless statements and complete 10 qualifying transactions.
- Access to over 16,000 Chase ATMs and 5,100 branches
- There is no Monthly Service Fee from the time of account opening until after the student’s expected graduation date up to 5 years.
- Deposit checks from virtually anywhere, anytime, just by taking a photo with the Chase Mobile® app.
- Pricing:
- APY: N/A
- Minimum Balance to Open: $25
- Monthly Service Fee: $6
- NSF(Non-Sufficient Funds) Fee: $34
- ATM Surcharge: $2.50 (in US), $5 (outside US)
The Features
Eligibility
First thing’s first. You can open a Chase College Checking℠ account if you’re between the ages of 17 and 24, and if you provide proof of your college student status.
If one of the above does not apply to you, then move along. This account is not for you.
Minimum Deposit Requirements
You have to be the proud owner of $25 and deposit said amount into your brand spankin’ new bank account. Sorry, $24.99 is not gonna cut it.
Transaction Limits
You’re free to spend or save as much as you want. There are no transaction limits or other restrictions on your account (as long as your balance remains positive and you abide by the terms and restrictions, of course).
Online Billpay
This billpay feature is built into Chase’s mobile app (mentioned above), so you can pay bills once, or on a recurring basis, at any time, from anywhere.
Chase QuickPay with Zelle
This free P2P payment service is Chase’s answer to Venmo and Square Cash. Pay friends and people you know without having to write a check or making a trip to the ATM. It’s great for when you owe cash to someone who paid for a taxi ride or concert tickets.
Mobile Check Deposit
Chase makes it easy with its state-of-the art mobile app. All you have to do is take a photo of the front and back of the endorsed check and follow the user-friendly prompts to deposit it without hitting up an ATM or walking into a branch.
Text Banking
Use simple text commands 24/7 to complete a variety of banking tasks, like balancing checks.
Customer Support
If you have any questions, it’s easy to reach Chase. You can hit them up online, or via phone, 24/7.
The Fees
- The Monthly Maintenance Fee of $6 is waived:
- for up to 5 years until you graduate.
- when your account receives a direct deposit at least once in a monthly billing cycle
- if you maintain a $5,000 ending day balance in your account
- There is a $2.50 fee per withdrawal for non-Chase ATM withdrawals in the U.S., Puerto Rico, and the U.S. Virgin Islands. The fee is doubled per withdrawal outside the U.S. and major territories.
- For NSF (Non-Sufficient Funds) transactions that put you in the red of $5 or more, the fee is $34 per item, with a daily limit of three items. If your account is overdrawn for more than five days in a row, then Chase will smack you with a $15 per day extended overdraft fee (even if it’s under the $5 negative balance threshold). Ouch! For these NSF transactions to go through, you have to sign up with Chase Debit Card Coverage.
- If you lose your card, there’s a replacement fee of $5.
- If transactions are not in U.S. dollar, you can be charged with a 3% currency adjustment fee. This fee might go on top of any other international ATM fees and surcharges levied by Chase, local banks, and ATM operators.
The Good
Low Minimum Deposit Required
- To open, you just need $25!
- After your account is open, you’re welcome to spend some of that deposit.
Easy-to-Waive Monthly Maintenance Fee (see above)
Easy-to-Use & Convenient Chase Mobile App & Quickpay with Zelle, featuring…
- Check deposit
- Online billpay
- P2P transactions
Also Easy-to-Use & Convenient Text Banking
- Ability to balance checks, transfer funds, etc.
- No need to log onto a public WiFi or LTE or getting yourself to an ATM or branch.
No Fee to Access 16,000 Chase ATMs & 5,100 Chase Branches
The Bad
Availability of ATMs
You might want to check if there’s good Chase ATM coverage in your area. Otherwise, getting cash out of your account might get expensive with a $2.50 fee per withdrawal.
Checks are Not Free
Instead, pay what you have to online via the Chase Mobile App or Chase QuickPay with Zelle.
International ATM Fee
Planning on studying abroad? Or traveling on a cultural exchange program? With the Chase College Checking℠ account, you’ll be stuck with a $5 fee for each withdrawal from a non-Chase ATM internationally. This does not include ATM operators’ fees.
No Yield on Deposits
Unfortunately, the Chase College Checking℠ is a non-interest bearing account. If you’re looking to make a bit of money while saving money, we suggest you look elsewhere.
Bottom Line
The Chase College Checking℠ account is a great first step to a fiscally responsible path. It’s a low-cost, low-hassle checking account option for US college students who enjoy the convenience of remote banking. If you’re not going abroad and you’re not looking to make interest on your deposit, then the Chase College Checking℠ is a great choice.
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*These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.