Are you considering opening a Chase bank account and wondering about the costs involved? You've come to the right place! While opening an account at Chase typically doesn't require an initial deposit, understanding potential monthly service fees, transaction fees, and how to avoid them is crucial for managing your finances effectively. Let's break down everything you need to know, step by step.
Understanding the "Cost" of a Chase Bank Account
When we talk about the cost of opening a Chase bank account, it's not usually about an upfront fee to establish the account itself. Instead, it's primarily about the monthly service fees that can be charged and various transaction-related fees that may apply depending on how you use your account. The good news is that Chase offers several ways to waive these monthly fees, making it possible to bank for free if you meet certain criteria.
Step 1: Discovering Your Banking Needs – Personal or Business?
Before diving into the specifics of fees, let's start with a fundamental question: What kind of account are you looking for? Chase offers different account types tailored for individuals and businesses, and the fee structures for each are distinct.
Are you opening an account for your personal finances, like managing your everyday spending, savings, or investments? If so, you'll be looking at Chase's personal checking and savings accounts.
Are you opening an account for your business, whether it's a small startup or a large corporation? Then Chase's business checking and savings accounts will be your focus.
Understanding this distinction is the first and most crucial step in determining your potential costs.
Step 2: Exploring Personal Banking Account Options and Their Fees
Chase offers a range of personal checking and savings accounts, each with its own features and associated fees. The most common personal checking accounts include:
Sub-heading: Chase Total Checking®
This is one of Chase's most popular checking accounts, offering essential banking features.
Monthly Service Fee: $12 (effective August 24, 2025, this will increase to $15).
Minimum Opening Deposit: $0 (meaning you don't need to deposit money to open the account, though you'll need to fund it shortly after).
How to Avoid the Monthly Fee: You can easily avoid this fee by meeting one of the following conditions each monthly statement period:
Have electronic deposits (like direct deposits from payroll or government benefits) totaling $500 or more.
Maintain a beginning daily balance of $1,500 or more in this account.
Maintain an average beginning day balance of $5,000 or more across this account and linked qualifying Chase checking, savings, and other balances.
Sub-heading: Chase Secure Banking℠
A simpler checking account designed to help you avoid overdraft fees.
Monthly Service Fee: $4.95.
Minimum Opening Deposit: $0.
How to Avoid the Monthly Fee: You can waive this fee by making electronic deposits into the account totaling $250 or more each month.
No Overdraft Fees: This account is designed to prevent overdrafts, so you won't incur those charges.
Sub-heading: Chase Premier Plus Checking℠
This account offers more benefits than Total Checking, including some waived ATM fees.
Monthly Service Fee: $25.
Minimum Opening Deposit: $0.
How to Avoid the Monthly Fee: Waive the fee by meeting one of these conditions:
Maintain a beginning daily balance of $15,000 or more across linked Chase accounts.
Enroll the account for automatic payments to a linked qualifying Chase first mortgage.
Be a current U.S. Armed Forces member or veteran.
Sub-heading: Chase Sapphire℠ Checking and Chase Private Client Checking℠
These are premium accounts offering extensive benefits for clients with higher balances.
Chase Sapphire℠ Checking: $25 monthly fee, waived with a $75,000 or more average beginning day balance across linked Chase accounts.
Chase Private Client Checking℠: $35 monthly fee, waived with a $150,000 or more average beginning day balance across linked Chase accounts, or by linking a Chase Platinum Business Checking℠ account. These accounts also offer perks like waived ATM fees worldwide and dedicated customer support.
Sub-heading: Chase Savings℠
A standard savings account to help you grow your money.
Monthly Service Fee: $5.
Minimum Opening Deposit: $0.
How to Avoid the Monthly Fee: The fee can be waived by meeting one of the following:
Maintain a beginning daily balance of $300 or more in this account.
Have $25 or more in total Autosave or other repeating automatic transfers from your personal Chase checking account.
Have an account owner who is an individual younger than 18.
Have a linked Chase College Checking℠ account for Overdraft Protection.
Have a linked Chase Premier Plus Checking℠, Chase Sapphire® Checking, or Chase Private Client Checking℠ account.
Step 3: Understanding Business Banking Account Options and Their Fees
Chase also provides various business banking solutions. Here's a look at their primary business checking accounts:
Sub-heading: Chase Business Complete Banking℠
Ideal for small businesses.
Monthly Service Fee: $15.
Minimum Opening Deposit: $0.
How to Avoid the Monthly Fee: Waive the fee by meeting one of these conditions:
Maintain a minimum daily balance of $2,000.
Have deposits from Chase QuickAccept® (their payment processing solution).
Have at least $2,000 in purchases on a linked Chase Ink Business Card in the most recent billing cycle.
Sub-heading: Chase Performance Business Checking®
Suitable for medium-sized businesses with higher transaction volumes.
Monthly Service Fee: $30.
Minimum Opening Deposit: $25.
How to Avoid the Monthly Fee: Waive the fee by maintaining a $35,000 combined average beginning day balance across all your qualifying business deposit accounts.
Includes: 250 transactions per month, unlimited electronic deposits, and two free outgoing domestic wire transfers per month.
Sub-heading: Chase Platinum Business Checking℠
Designed for larger businesses with significant transaction activity.
Monthly Service Fee: $95.
Minimum Opening Deposit: $25.
How to Avoid the Monthly Fee: Waive the fee by maintaining a $100,000 combined average beginning day balance across all qualified business deposit or investment balances.
Includes: 500 transactions per month, $25,000 in cash deposits per month, and no fees for incoming wire transfers or four highest outgoing wire transfers each month.
Step 4: Beyond Monthly Fees – Other Potential Costs
While monthly service fees are a primary concern, it's important to be aware of other potential fees associated with using your Chase account:
Sub-heading: ATM Fees
Chase ATMs: Generally, no fees for withdrawals, deposits, or balance inquiries at Chase-branded ATMs.
Non-Chase ATMs (within the U.S. and its territories): $3 fee per withdrawal, plus any fees charged by the ATM owner.
Non-Chase ATMs (outside the U.S. and its territories): $5 per withdrawal, plus any fees charged by the ATM owner. (Chase Sapphire and Private Client accounts often have waived or refunded non-Chase ATM fees.)
Sub-heading: Overdraft Fees
Standard Overdraft Fee: $34 per item, with a maximum of 3 overdraft fees per business day ($102 total).
Chase Overdraft Assist℠: This feature helps you avoid overdraft fees if your account is overdrawn by $50 or less at the end of the business day. If you're overdrawn by more than $50, you have until the end of the next business day (11 PM ET / 8 PM PT) to deposit funds to bring your overdrawn balance to $50 or less and avoid the fee.
Transactions of $5 or less: No overdraft fee will be charged for transactions of $5 or less.
Note: Chase Secure Banking accounts have no overdraft fees. You can also link a Chase savings account for Overdraft Protection, which transfers funds from savings to cover an overdraft, often without a fee.
Sub-heading: Wire Transfer Fees
Incoming Domestic/International Wire Transfer: $15 (or $0 if sent from a Chase account).
Outgoing Domestic Wire Transfer (with banker assistance): $35.
Outgoing Domestic Wire Transfer (online/app): $25.
Outgoing International Wire Transfer (with banker assistance, any currency): $50.
Outgoing International Wire Transfer (online/app, USD): $40.
Outgoing International Wire Transfer (online/app, foreign currency): $0 if $5,000+, $5 if less than $5,000.
Note: Chase Private Client Checking accounts often have waived fees for wire transfers.
Sub-heading: Foreign Transaction Fees (for Debit Card use)
The standard Chase debit card foreign transaction fee is 3% of the transaction amount. This applies when you make purchases in a foreign currency or if the transaction is processed outside the U.S., even if billed in USD.
Step 5: How to Open a Chase Bank Account
Opening a Chase bank account is a straightforward process, whether you do it online or in person.
Sub-heading: What You'll Need
Before you start, gather the following information and documents:
Personal Information: Full legal name, date of birth, Social Security Number (SSN), U.S. residential address, phone number, and email address.
Identification: A valid government-issued ID (e.g., driver's license, state ID, passport).
Employer Information: Employer's name and phone number (if applicable).
Funding Information (Optional for opening, but needed to activate): Bank account and routing number from another bank (if funding electronically) or initial deposit amount if you plan to deposit cash or a check.
Sub-heading: Opening Online
Visit the Chase Website: Go to the official Chase personal or business banking website.
Choose Your Account: Browse the available checking and savings accounts and select the one that best fits your needs.
Click "Open Account": Follow the prompts to begin the online application.
Provide Information: Fill out the application form with your personal and financial details.
Review and Submit: Carefully review all the information you've provided before submitting your application.
Fund Your Account: Once approved, you'll be prompted to fund your account, often with a transfer from another bank or by mailing a check.
Sub-heading: Opening In-Person at a Branch
Find a Branch: Use the Chase branch locator on their website to find the nearest branch.
Schedule an Appointment (Optional but Recommended): While walk-ins are welcome, scheduling an appointment can save you time.
Bring Your Documents: Take all the necessary personal information and identification documents with you.
Meet with a Banker: A Chase representative will guide you through the application process, answer any questions, and help you choose the right account.
Fund Your Account: You can typically make an initial deposit with cash or a check right at the branch.
Step 6: Managing Your Account and Avoiding Fees
Now that your account is open, the key is to manage it smartly to minimize or completely avoid fees.
Sub-heading: Track Your Balance
Regularly check your account balance to ensure you meet the minimum balance requirements for fee waivers. Utilize the Chase Mobile App or online banking for easy access.
Sub-heading: Set Up Direct Deposit
If direct deposit is an option for waiving fees, ensure your payroll or government benefits are routed to your Chase account.
Sub-heading: Link Accounts
If you have multiple Chase accounts (checking, savings, investments), linking them can help you meet combined balance requirements for fee waivers.
Sub-heading: Be Mindful of ATM Usage
Prioritize using Chase ATMs to avoid withdrawal fees. If you need cash from a non-Chase ATM, consider getting cash back during a purchase at a retail store, which is often free.
Sub-heading: Monitor for Overdrafts
Enroll in Overdraft Protection by linking a savings account. Also, keep an eye on your balance to avoid overspending and utilizing Chase Overdraft Assist℠ effectively if needed.
10 Related FAQ Questions
Here are 10 frequently asked questions about opening and maintaining a Chase bank account, with quick answers:
How to open a Chase bank account online?
You can open a Chase bank account online by visiting the Chase website, selecting your desired account type, and following the step-by-step application process, providing your personal information and ID details.
How to avoid the monthly service fee on a Chase Total Checking account?
You can avoid the $12 (soon to be $15) monthly fee on a Chase Total Checking account by having electronic deposits totaling $500 or more, maintaining a daily balance of $1,500+, or having a $5,000+ average balance across linked Chase accounts.
How to check my Chase account balance?
You can check your Chase account balance through the Chase Mobile app, online banking (chase.com), at any Chase ATM, or by calling Chase customer service.
How to deposit cash into my Chase account?
You can deposit cash into your Chase account at any Chase ATM, inside a Chase branch with a teller, or by setting up a cash deposit at a participating retail location (if offered by Chase).
How to transfer money from my Chase account to another bank?
You can transfer money from your Chase account to another bank via online banking or the Chase Mobile app using Zelle (for quick, person-to-person transfers), or by setting up an external account transfer using the other bank's routing and account number.
How to set up direct deposit with Chase?
To set up direct deposit with Chase, provide your employer or benefit provider with your Chase account number and routing number. You can usually find these details on a voided check or within your Chase online banking portal.
How to link a Chase savings account for overdraft protection?
You can link a Chase savings account for overdraft protection by contacting Chase customer service, visiting a branch, or sometimes through your online banking settings, designating the savings account as a backup for your checking.
How to find a Chase ATM near me?
You can find a Chase ATM near you by using the "Locations" or "ATM & Branch Locator" feature on the Chase website or within the Chase Mobile app.
How to dispute a charge on my Chase account?
To dispute a charge on your Chase account, log in to your online banking, navigate to the transaction history, select the disputed charge, and follow the prompts to initiate a dispute, or contact Chase customer service directly.
How to close a Chase bank account?
You can close a Chase bank account by visiting a Chase branch, sending a written request, or by calling Chase customer service, ensuring your balance is zero or positive before closing.