Students who want to build credit can open a Chase College Checking℠ account, and for the first 60 days, earn a $100 bonus for every 10 qualifying transactions (limited offer). The program is available to college students between 17 and 24 and is limited in duration. A valid ID and proof of student status are required when applying.
What is Chase College Checking℠ Account
Despite being an exciting time, college can also be stressful. As a student, you not only have to focus on your studies, you have to think about your finances. Whether you’re in college or are helping a loved one prepare for the transition into a new season of school, setting up a new checking account makes managing those finances easier.
The Chase College Checking℠ account is a bank account available for college students ages 17-24. It’s a perfect account for those who need a versatile checking account that offers a variety of features.
The PROS and CONS of Chase College Checking℠
Are you thinking about opening a College Checking Account (CBA)? You’re not alone! There are many questions about the benefits and drawbacks associated with opening a checking account at your new university. Here, we explore some of those questions and answer some of yours.
Features
Chase College Checking℠ account offers special promotions throughout the year that make it attractive and beneficial to young adults and college students. Below are the features of the account:
- ATM availability. Account-holders can rest easy and have a sense of security knowing there’s always a branch nearby. Over 4,700 Chase bank branches are located across the country, and 16,000 ATMs are available through the network.
- Save money on monthly fees. You can focus on school instead of worrying about finances. Students between the ages of 17 and 24 are entitled to up to five years with a $0 monthly service fee for Chase College Checking℠ Accounts.
- Convenience. Experience the convenience of banking from your phone. With the Chase mobile app, account holders can deposit checks, receive account alerts about account activity, and track debit card purchases, check account balance from wherever you are.
- Overdraft protection. Opening a linked Chase savings account protects you from overdraft fees while allowing for savings.
- Round-the-clock customer service. You don’t have to wait on hold for hours to get assistance, you can contact their customer service anytime. Several methods of communication are available to customers via emails, over the phone, and via live chat, 24 hours a day, 7 days a week.
- Free text banking. Be in control of your finances from anywhere with text banking for free. Text banking is a fast and simple way to pay your bills online, check balances, and review recent transactions.
- Sign-up bonus. New customers of Chase bank may qualify for a $100 sign-up bonus when opening Chase College Checking℠ accounts.
Downsides
While a Chase College Checking℠ is a great way to get some extra benefits for you as a college student, there are also some downsides that you should consider:
- Branches only in select states. There are thousands of Chase bank locations across the country but the bank does not have a branch in every state. Chase bank has branches throughout Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Texas, Utah, Washington, West Virginia, and Wisconsin.
- Extra costs for checkbook transactions. If you want to make a transaction with the checkbook available through your account, it will cost extra.
- No interest benefits. If you’re looking to earn interest on your money, Chase College Checking℠ might not be the right fit for you. There are no interest benefits associated with a Chase College Checking℠ account.
- Charges at non-Chase ATMs. It’s important to note that if you use your debit card at a non-Chase ATM, you will be charged ATM fees and Chase does not reimburse them.
How can holders use Chase College Checking℠ Account for payments?
1) Deposit Checks with Chase QuickDeposit
Account-holders of Chase College Checking℠ can deposit into an account through a picture on your smartphone or computer by using the free mobile app or online service.
Activate it, snap a picture of your check, and follow the prompts that appear on the screen. Do this from virtually anywhere! After a deposit, funds will be available within seconds and will reflect in your account balance for immediate access.
2) Chase Online Bill Pay with Chase Mobile App
Chase offers free, secure online bill payment services so you can save time and postage. You can pay bills of any sort using the Chase Mobile App or online through your account. By setting up automatic payments, you will always remember to pay those pesky monthly bills on time! Simply set up regularly scheduled payments for tuition fees, car payments, utilities, and much more!
3) Chase QuickPay with Zelle
The Chase QuickPay with Zelle feature of the Chase College Checking℠ account allows a Chase customer to send and receive money fast. It allows you to avoid checks or trips to an ATM when paying a friend back for a meal, books, or even a taxi ride.
The feature is compatible across many banks enabling them easy transactions and through a secure platform. Transactions are always up-to-date which provides extra convenience and peace of mind knowing that your payments will arrive on time.
We’ve gathered some of the top financial institutions that support Chase through Zelle:
- Bank of America
- Capital One
- TD Bank
- US Bank
- Wells Fargo
Zelle works with a variety of regional banks as well as many major banks. Whatever bank is popular near your college or university will likely be compatible with Zelle since there are more than 85 million people who have already signed up with the service.
Chase College Checking℠ Service Fees and Minimum Balances
College Checking Monthly Service Fee
Account and service charges are fees charged to your bank account to cover the costs of the bank’s services. These fees are associated with using an ATM, transferring money, or account opening. In some instances, several other banks charge monthly service fees, otherwise known as maintenance fees. There are conditions under which these fees may be waived.
While there are no monthly fees while you are in school, after graduation, your Chase College Checking℠ account converts into the Chase Total Checking account and incurs a maintenance fee of $6 per month. These fees can, however, be waived for as long as the following conditions are met each month:
- A direct deposit is made at least once per month.
- You maintain an average daily balance of $5,000.
Account-holders with student status do not have to pay a monthly maintenance fee for a Chase account, but they may be charged for other services, such as withdrawing at non-Chase ATMs, or with money orders or cashier’s checks.
Overdrawing your account will trigger an Insufficient Funds Fee of $34 unless you have linked a Chase Savings account to overdraft protection.
Chase College Checking℠ Minimum Balances
Some banks insist on customers maintaining a certain minimum balance in their checking accounts to avoid additional fees; these policies may arise for many reasons.
For instance, requiring accounts to maintain a minimum balance means that the bank will have enough cash on hand to meet its financial obligations, such as funding withdrawals, lending money, and meeting certain regulations.
Investing the money could also boost the bank’s profit margins. Alternatively, banks could also charge fees when no minimum balance is maintained which would boost profits even more, without having to keep too much physical currency in reserve.
Fortunately, Chase College Checking℠ is an excellent choice for students with modest financial means attending school as it does not require a minimum balance.
Eligibility and Requirements
Chase College Checking℠ is designed to help students aged 17 to 24 understand and practice their financial obligations. If you’re still in high school, Chase High School checking may be a better option until you enter university and can open up your own College Checking account with this bank.
If you fit these criteria you may be eligible for a Chase College Checking℠ account:
- For an online account opening, you need to provide your Social Security Number, a driver’s license or state-issued identification, and contact details.
- Two forms of identification are required for opening a new account at a Chase branch. These include a Social Security card with a photo, a taxpayer identification number (TIN), or a driver’s license with a photo.
- Additionally, you will need proof of your current status as a student at a college or university, as well as your expected graduation date. It is helpful to have a transcript or an acceptance letter.
- Those who do not currently reside in the United States can still open a Chase College Checking℠ account at any Chase branch. To make sure that you are eligible, you will need the Student INS I-20 or ICE I-20 form or the DS-2019 form. A non-U.S. citizen Students still need to give proof of student status and their residential address (domestic or foreign).
IMPORTANT:
When in doubt about the validity of your documents as identification, you may contact the Chase branch nearest you for clarification.
Regardless of your credit score, you can still qualify for credit.
A bank will issue you a debit card with your account number, a PIN, and a Visa debit card once you’ve opened your account.
Is Chase Right for College Students?
After comparing checking accounts, many college students choose Chase College Checking℠ because it is an easy and accessible option, making them a well-known and trusted banking institution for many.
It also has no monthly fees or minimum balance requirements. However, before making any decisions about your bank accounts take time comparing different ones so that you can make an informed decision.
Bottomline
Many college students have chosen to be Chase customers, but it’s important to properly weigh the pros and cons before making a decision.
Consider the following:
- The account is good for students who want to have better control of their finances, from debit card purchases to bills, and more.
- Keep in mind that a negative balance will incur a $15 fee every 15 days.
- Unlike its peers, a Chase debit card does not come with monthly fees for up to five years, and a single direct deposit can get the fee waived after the free period.
- New customers are entitled to a $100 signing bonus.
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