Should You Open a Student Account at Chase?

student account chase

Did you know college students are using credit cards less to cover expenses?

Students now prefer mobile payments over debit cards as their preferred payment method for college. Sallie Mae discovered this in January 2019. As of 2019, 86 percent of students used mobile payment methods, compared with 77% two years earlier.

So, deciding on which college student bank account to open is a difficult one to make. Yet, your research may lead you to want to open a student account with Chase banking institution. If so, you may find this to be a great decision.

Below you will learn some information that will help you decide if opening a chase college checking account is right for you.

Why Do You Need a Bank Account for College Students?

Financial responsibility becomes increasingly important as students transition from high school to college. However, before you move to college, you can make things a little easier by opening a checking account. It is essential to budget for college expenses such as tuition, living expenses, and books.

While in school, you may want to open a checking account if you plan to work part-time. How else will you be able to set up direct deposit to receive your paychecks? You can also set up your bank account for monthly bills if you struggle to do things on time.

College is often the time when people learn how to do more with less money. For example, a person who manages a bank account well with limited funds is more likely to manage their money well after graduation. With only a small balance and a few bills, this is an ideal opportunity to learn how to create a budget and reconcile your account.

What Are the Requirements for Opening a Chase College Account?

If you want to open a chase college checking account, students will have to be between 17 and 24 years old. Below are some of the other requirements to opening a chase college bank account:

  • When opening an account online, students need to show proof of identity
    • This includes social security number, driver’s license or state-issued ID, and contact information
  • If you are opening a student account at a branch, you will need two forms of identification,
    • such as a Social Security card, a driver’s license, or a student ID with a picture
  • It is necessary for you to provide proof of your college student status and expected graduation date. Examples include transcripts and acceptance letters
  • For international students, you’ll need to bring a passport with your photo and the Student INS I-20 or DS-2019 form
  • Non-U.S. residents must provide their residential address (either in the United States or abroad) and proof of student status

Please ask your local Chase branch for clarification if you’re unsure whether the documents you have are acceptable to use to prove your identity or student status. There is no credit score requirement. Instead, you’ll receive a PIN, a visa debit card, and account information if you open an account.

What’s the Minimum Balance Requirement With Chase College Checking

If you want to keep your checking account and avoid additional fees, some banks require you to maintain a minimum balance. Banks impose minimum balance requirements for different reasons.

Minimum balance requirements ensure a bank has a certain amount of cash at its disposal to fund withdrawals, make loans, and comply with regulations. They can also invest the money to boost their profits. Banks can also take advantage of the fees charged if minimum balances are not maintained.

You don’t need to maintain a minimum balance on Chase College Checking accounts. Therefore, they are perfect for students with limited financial resources during their academic careers.

What Should You Know About the Chase College Checking Account Fees?

Chase’s student account does not charge monthly fees to those who remain in college for five years. Following graduation, your checking account will convert to a regular Chase checking account. The monthly maintenance fee will apply after this. You can waive this fee if you meet the following conditions each month:

  • At least one direct deposit is made each month
  • At least $5,000 is your average daily balance

You won’t have to pay monthly service fees when you are in college, but there may be fees for ATMs outside of Chase or for money orders and cashier’s checks. Also, there’s an insufficient funds fee if you overdraw your account balance. The only way to avoid the inadequate fee is by setting up overdraft protection.

What Are the Benefits of a Chase Account?

The pros and cons of each banking option may vary depending on your situation and needs. For example, when you use a non-Chase ATM, there might be fees associated with that, such as overdraft charges, ATM fees, and a minimum deposit requirement. Below you’ll discover the benefits of opening a student account with Chase:

A Chase College Checking Account Has No Fees

Yes, there is a service fee of $6 monthly for the chase student check account. Although the bank does provide three ways for students to avoid paying the regular monthly service fee:

  • For the first five years of your college career or until you’re 24 years old
  • Payroll, pension, government benefits, or ACH credit are the primary sources of your monthly direct deposit
  • The average balance of your account at the end of each day is $5,000 or more

As long as you are between 17 and 24 and enrolled in college, you can easily meet the requirement. The second option can be easy to manage as long as you gain employment after college.

It Allows Easy Account Management

You can choose from a variety of check designs when using Chase Student Checking. The cost depends on which check design you select.

However, you can access your Chase Student Checking account through more than just checks and your debit card. Among the other services you have access to are:

  • Chase QuickDeposit
  • Direct deposit
  • Chase QuickPay with Zelle
  • Online bill pay

The Chase QuickDeposit allows you to use your smartphone to deposit checks anywhere at any time. Deposits made before 11:00 PM Eastern time on a business day will usually be available the following day.

The direct deposit allows instant access to regular payments such as payroll checks or government benefits. In addition, you’re able to access your money immediately after it’s deposited, and you won’t need to go to a branch to do anything.

You can schedule payments in the Chase Mobile App and add payees at any time. Automated payments are even available to make sure you’ll never be late. You can use online bill pay for any expense, including rent, credit cards, and auto payments. This service is free of charge.

The Zelle app enables you to send and receive money in just a few minutes. The Chase Mobile app allows you to send and receive money, even among non-Chase customers. A valid email address or phone number is all you need.

The total amount you can receive is unlimited, but the maximum amount you can send is $2000 per day. The service is also free of charge.

Overdraft Protection on a Debit Transaction

A student account with Chase does offer some overdraft protection. Chase Student Checking will waive overdraft fees if you create an overdraft protection plan that includes debit card transactions by the following cutoff times:

  • Before the closing of a Chase branch.
  • Using the Transfer Money option before 11:00 PM Eastern time
  • Receiving funds with Chase QuickPay with Zelle before 10:00 PM Eastern time

You must keep in mind that Your account cannot carry a negative balance over time. You will have some breathing room to deposit if there isn’t enough money in your account to pay your bill or purchase. If you make a check deposit, the funds may not be available until the next business day or longer.

A Wide Range of ATM Locations

Students with Chase Student Checking can access more than 16,000 Chase ATMs and 5,100 Chase bank branches with their Chase debit card. In addition, a Chase debit card can be used at any bank branch or any ATM for no fee.

There is, however, a fee ($2.50) for making withdrawals at non-Chase ATMs, and the ATM owner may also levy an additional cost. Therefore, it is strongly recommended to restrict card use to Chase ATMs only.

What Other Fees Should You Know About a Chase College Bank Account?

The Chase College Checking account does charge fees similar to other major banks. For instance, if you overdraft, you will be charged an insufficient funds fee for every transfer, up to a maximum of three charges per day.

In any case, the fee will not be charged if your account is no more than $5 overdrawn at the end of a business day or if you charge no more than $5. A deposit made before the end of the business day can completely avoid the overdraft fee. Below are the common fees associated with a student account with Chase:

  • Monthly Maintenance Fee: $6
  • Overdraft Fee: $34
  • Returned Item: $34
  • Stop Payment: $30
  • Deposited Item Returend: $12
  • Domestic Wire Transfer (incoming): $15
  • International Wire Transfer (incoming): $15
  • Cashiers Check: $8

It is also essential to be aware that Chase charges fees if you use your Chase Debit Card to withdraw cash from a bank or ATM not associated with Chase. However, when you withdraw money from a Chase bank branch, the fee is waived.

Are There Any Cons to a Student Account With Chase?

Everything that sounds too good to be true there has to be a negative to it. Of course, when it comes to a banking institution, you should expect some cons to come along with it. Below are some of the negative aspects of opening a student account with Chase:

  • Chase does have thousands of locations across the country, but there’s not one in every state
  • These are the states where there’s no Chase bank location: Tennessee, Washington D.C., New Mexico, Pennsivialia, Maine, Montana, South Dakota, North Dakota, North Carolina, South Carolina, Virginia, Mississippi, Kansas, Iowa, Maryland, New Hampshire, Wyoming, and Alaska
  • If you want a checkbook to write checks, you’ll have to pay an additional fee
  • There is no interest paid on Chase College Checking accounts 
  • The bank will charge you ATM fees if the ATM is not a Chase ATM, and it does not offer ATM fee reimbursement.

Some students may only see these as minor cons when it comes to opening a chase college bank account. If checkbooks and paid interest matter to you, consider finding a banking institution that will offer these to you.

What Should You Know About Chase College Checking Signup Bonuses?

You might be eligible for a $100 signup bonus when opening a Chase College Checking account. It’s free money you’re not responsible for repaying. However, there are some conditions. 

You must complete ten qualifying transactions within 60 days of opening your new account to qualify for the bonus. The following transactions allow:

  • Purchases made using a Chase debit card
  • Paying your bills online
  • Using a check to pay
  • Making a deposit with Chase QuickDeposit
  • Sending or transferring money with Zelle
  • ACH credit payments

You must know that the sign-on bonus is only valid through 01/19/2021. So, if you’re reading this, make sure to check the Chase College Checking website to see any updates on the sign-on bonus. 

Should I Open a Student Account With Chase?

Take some time to compare the different college checking accounts before deciding whether to become a Chase customer. Chase is a well-known, and trusted institution, so many people choose to open an account with them. However, you can only decide if you should open a student account with Chase, although you might find another banking institution better for you.

Did you enjoy our review of opening a student account with Chase? If so, consider reading our other blog posts on college life.

Leave a Reply