Chase's Monthly Fees Depend on the Account Type

Chase does charge monthly fees on some accounts, but not all. Whether you pay depends on which account you open and whether you meet certain requirements to waive the fee. Most Chase checking and savings accounts have a monthly maintenance fee, but you can avoid it by keeping a minimum balance, setting up direct deposit, or meeting other conditions specific to that account.

The fee amount and the ways to waive it vary by account. Chase's most popular checking account for everyday customers has a $12 monthly fee, but it disappears if you maintain a $1,500 minimum daily balance or have a may have access to direct deposit. Other accounts have different thresholds or different fee structures altogether.

Key Takeaways

  • Most Chase checking and savings accounts charge a monthly maintenance fee, typically $12 for checking accounts, but the fee can be waived by meeting balance or direct deposit requirements.
  • Chase offers some accounts with no monthly fee at all, including Chase Virtual Wallet with SafeBalance Banking and certain student or teen accounts.
  • The specific fee amount and waiver methods differ by account type, so you need to check the terms for the exact account you are considering.
  • If you do not meet the waiver requirements, you will be charged the monthly fee unless you close the account or switch to a different one.

Common Chase Checking Accounts and Their Fees

Chase Total Checking is Chase's standard checking account for most adults. It carries a $12 monthly maintenance fee. You can waive this fee by maintaining a $1,500 minimum daily balance, setting up a may have access to direct deposit of any amount, or maintaining a $5,000 minimum balance in a linked Chase savings account.

Chase Premier Plus Checking is designed for customers with higher balances. It charges a $25 monthly maintenance fee and requires either a $25,000 minimum daily balance or a $5,000 minimum daily balance plus a may have access to direct deposit to waive the fee.

Chase Virtual Wallet with SafeBalance Banking has no monthly maintenance fee. This account is available to customers who have had a prior banking relationship with Chase or who meet certain other criteria. It includes spending and savings sub-accounts within one login and is designed for customers who want to organize their money into separate categories.

Chase Savings Accounts and Monthly Fees

Chase savings accounts also carry monthly fees that can be waived. Chase Savings charges a $5 monthly maintenance fee, which you can waive by maintaining a $300 minimum daily balance or by linking it to a Chase checking account that has no monthly fee.

Chase High Yield Savings Account charges a $5 monthly maintenance fee as well. The waiver requirement is the same: maintain a $300 minimum daily balance. This account offers a higher interest rate than regular savings, so some customers find the fee worth paying if they cannot meet the balance requirement, since the interest earned may offset it.

Chase also offers money market accounts with similar fee structures. The monthly fee is typically $25, and it can be waived by maintaining a higher minimum balance, usually $2,500 or more depending on the specific account.

How to Avoid Monthly Fees at Chase

The most straightforward way to avoid fees is to maintain the minimum daily balance required for your account type. For Chase Total Checking, that is $1,500. For savings accounts, it is usually $300. If you keep that amount in the account at all times, no monthly fee will be charged.

Setting up a may have access to direct deposit is another common waiver method. A may have access to direct deposit is typically any recurring deposit from an employer, government agency, or other income source. Chase does not require a minimum amount — even a small direct deposit counts. This option works well if you receive a paycheck, Social Security, or pension payments regularly.

Linking accounts can also help. If you have a Chase checking account with no monthly fee, you can link your savings account to it and the savings account fee may be waived. Some customers open a no-fee account specifically to use this linking benefit on other accounts.

Student and Teen Accounts at Chase

Chase First Banking is designed for customers under 18 and has no monthly maintenance fee. It includes parental controls and is meant to teach young people about banking. Once the account holder turns 18, the account typically converts to a standard Chase checking account, which would then be subject to the monthly fee unless waiver requirements are met.

Chase College Checking is available to full-time college students and has no monthly maintenance fee for up to five years while you are in school. After graduation or if you stop meeting the student status requirement, the account converts to a standard checking account with the associated monthly fee.

What Happens If You Do Not Meet Fee Waiver Requirements

If you open a Chase account with a monthly fee and do not maintain the minimum balance or set up a may have access to direct deposit, Chase will charge the fee each month. The fee is deducted directly from your account balance. If your account balance falls below zero because of the fee, you may also be charged an overdraft fee.

You have options if the fee becomes a problem. You can deposit money to meet the minimum balance requirement, set up a direct deposit if you have one available, or switch to a different Chase account with lower or no fees. You can also close the account and move your money elsewhere, though closing an account may affect your credit history if the account was in good standing.

Comparing Chase Fees to Other Banks

Chase is not the only bank that charges monthly maintenance fees. Many large national banks charge similar amounts for checking and savings accounts. Some online banks and credit unions offer checking and savings accounts with no monthly fees and no minimum balance requirements, though they may offer fewer in-person services or branch locations.

The value of a Chase account depends on what you use it for. If you have a may have access to direct deposit or can maintain the minimum balance easily, the monthly fee may not matter to you. If you prefer having access to Chase's extensive branch and ATM network, you might find the fee worth paying. If you want to avoid fees entirely, comparing Chase's no-fee accounts to options at other banks can help you decide.

Frequently Asked Questions

Can I switch to a different Chase account to avoid the monthly fee?

Yes. If you are being charged a monthly fee on your current account and cannot meet the waiver requirements, you can open a different Chase account with lower or no fees. Chase Virtual Wallet with SafeBalance Banking and Chase First Banking (if you may have access to) have no monthly fees. You can close your old account once your new one is set up.

Does Chase charge fees for using ATMs or making transfers?

Chase does not charge fees for using its own ATMs or for transfers between your own Chase accounts. You may be charged a fee if you use an out-of-network ATM repeatedly, depending on your account type. Transfers to accounts at other banks are typically free, but wire transfers may have a fee.

What counts as a may have access to direct deposit for fee waiver?

A may have access to direct deposit is usually any recurring electronic deposit from an employer, government agency, or other income source. Chase does not publish a minimum amount, so even a small regular deposit may count. Contact Chase directly to confirm whether a specific deposit qualifies for your account.

If I close my Chase account, will it hurt my credit?

Closing a checking or savings account does not directly affect your credit score. Your credit report tracks credit accounts like loans and credit cards, not deposit accounts. However, if you close an account with a negative balance or outstanding fees, it could lead to collection activity that might affect your credit.

Are there any Chase accounts with no fees and no minimum balance?

Chase Virtual Wallet with SafeBalance Banking has no monthly maintenance fee and no minimum balance requirement, though you may need to have had a prior relationship with Chase to open it. Chase First Banking for minors and Chase College Checking for full-time students also have no fees during their may be able to access periods.