What to Know About a Chase Student Account

chase student account

As of 2021, students in the US had a total of $1.73 trillion in student debt.

While some students offset these costs with scholarships and parental help, most students expect to pay at least a part of their post-secondary costs themselves. 

And one of the best ways to start is to make sure you sign up for the right bank account.

Thankfully, banks like Chase have special accounts for students with perks that can help you out. 

If you want to sign up for a Chase student account, keep reading. Our guide has everything you need to know so you can decide whether a Chase student account is right for you.

About Chase

Given that it’s one of the biggest banks in the US, you’ve likely seen a Chase branch on your travels or in your home state.

According to Chase, they serve half of America’s households. Chase Bank has over 4,700 branches and 16,000 ATMs nationwide.

Aside from their bank accounts, Chase offers credit cards, mortgages, car financing, investment advice, and financing for your small business. 

This means that whatever career path you choose after college, Chase should be able to help you with your future financial needs, such as your first mortgage or first car.

Chase also has many ways that you can contact them for help. This includes a virtual support desk with popular questions, how-to videos, a customer service phone line, and help over Twitter and Facebook.

Chase College Account

If you’re looking to get a student account Chase, you first want to check if you’re eligible.

The eligibility criteria for a Chase College Checking account include:

  • 17-24 years old
  • Proof of student status
  • Additional documents if not a US student

Students who are between 18 and 24 years old can open their Chase account at a Chase branch or online.

To open your Chase student account online, you’ll need your Social Security Number, your driver’s license or state-issued ID, and all your contact information.

If you’re 17, keep in mind that you can’t register online and will need to go to a Chase branch.

If you’re opening your bank account at a Chase branch, you’ll need to bring a few documents with you. These include two pieces of ID, proof of your student status, and your expected date of graduation.

ID options include your driver’s license, student photo ID, taxpayer identification number, and your Social Security Card.

For non-US students, make sure to bring your passport and your student form (Student INS I-20, ICE I-20 form, or DS-2019). You will also need to show your address and your proof of student status.

Pros

Now that we’ve looked at the eligibility criteria, let’s take a look at some of the many pros that a student bank account with Chase can offer.

Keep in mind that Chase currently has options for both a Chase Student Checking account and a student savings account. You can sign up for both of these if you wish.

Also, Chase is currently offering a bonus of $100 for new Chase checking customers

Lots of ATMs

One of the most important considerations for student banking is whether you have your bank’s ATM near you. Not only is this important if you need some quick cash, but you don’t want to have to travel for hours just to withdraw your money.

For example, you may need some extra cash to pay for a textbook or lunch on campus. Or, you may be going out with friends on Saturday night and will need to get some cash for the cab ride home.

Since Chase has thousands of branches and ATMs nationwide, it’s likely that you’ll be able to find a Chase ATM on or near your campus.

Like many banks, Chase does not charge for using a Chase debit card at a Chase ATM or Chase branch.

Online and Mobile Banking

One of the biggest benefits of using Chase bank as a student is that they offer both online and mobile banking.

Given how busy your class and study schedule will be, you may not have time to go to a Chase branch to get everything done. And with the Chase Mobile App, you don’t even need your laptop to do your banking.

The Chase Mobile App lets you use facial recognition and sign in with your fingerprint as you would on your phone for added security. Plus, you can instantly block purchases and lock your cards if you lose your card or suspect fraud.

To help you keep track of your finances, the Chase App lets you see up to 24 months of your transactions. You can also access seven years of bank and credit card statements.

You can also deposit checks using the mobile app, which means you can do your banking from anywhere. 

24-Hour Customer Service

We’ve all had a meltdown or two when we’ve had problems with our bank account, whether that’s being unable to log in or the dreaded scenario where we lose our credit card.

While many banks only have customer service available from 9-5 on business days, Chase has 24-hour customer service.

This is helpful if you have an emergency or you can’t figure something out even after looking at the FAQ on the Chase website.

Plus, you may have classes during business hours, so having the ability to call customer service whenever you need is a huge plus for students.

Banking History

You may need to apply for loans through your bank, whether that’s for school-related expenses, getting a car, or doing some renovations on your first apartment.

This is why it pays to have a good history with your bank. Rather than applying to a new bank after graduation, you’ll already have a banking history with Chase. 

And hopefully, you’ll have built up solid financial habits so you can show the bank that it’s safe to give you a loan.

You can also sign up for a Chase Student Credit card, which also helps you establish a positive banking history with Chase.

No Service Fee Option

The best banks for students are ones that don’t have service fees. Since you’re making so many purchases as a student, from textbooks to course fees to bill payments, you can imagine how service fees would pile up.

Thankfully, Chase’s College Checking account waives the service fees.

To waive the fees, you need to be a student between 17 and 24 years old. Keep in mind that the $0 monthly service fee lasts up to five years. 

Linked Chase Savings Account

One of the best ways to save money is to add any surplus to a savings account.

This is a great option if you have any leftovers from college grants or scholarships. 

With a Chase Student Checking account, you can link a student savings account for free. This will make it easier for you to transfer money and save as much as you can to pay off your student loans or save for post-graduation expenses.

Overdraft Protection

When you have a student bank account, you also want to watch for any surprise fees.

For example, let’s say you forgot that your work-study payments come in on Mondays, not Fridays. But your recent rent bill took more than what you had in your checking account.

Normally, Chase would charge you $34 for an Insufficient Funds Fee. But thankfully, you can set up overdraft protection if you have a linked Chase savings account.

Chase will also waive the overdraft fee if you sign up for overdraft protection and make a deposit to your checking account by the end of the day. 

If you make a deposit through ATM or by transferring money on chase.com, you have to do it by 11 p.m. Eastern time on the day your account had insufficient funds. You can also make the deposit at a Chase branch before it closes on that same day.

No Minimum Balance

You’ll know that some banks want you to have a certain amount of money in your bank account. Otherwise, they’ll charge you fees and may not let you keep the account.

The good news for students is that Chase doesn’t make you have a minimum balance in your account.

This makes it easier for you to pay your bills and not worry about having a certain amount in the bank every month. This is useful especially if you have unforeseen expenses such as extra textbooks or medical bills that insurance wouldn’t cover.

Now in Every State

Although Chase has a huge presence across the US, the bank hasn’t historically been present in every state.

But as of August 4, 2021, the bank announced that it was the first bank to have branches in all of the contiguous United States. This means that Chase has locations in all the lower 48 states.

Chase Bank is also halfway through its plan to open 400 more branches by the end of 2022. They want to open 30% of these branches in low- to middle-income areas as well. 

With this recent expansion, you’ll be more likely to have a Chase bank branch near your campus or neighborhood. 

Cons

While Chase Bank is a great option for students, you still need to be aware of potential cons before making your decision.

Keep in mind that every con may not apply to you or affect you as much. Regardless, you should still keep these cons in mind and compare them to the cons of any other bank accounts you’re considering.

Transaction Fee for Non-Chase ATMs

As with many banks, Chase charges a fee if you use a non-Chase ATM to withdraw money.

Although Chase is increasing the number of branches it has across all the states, you may still not be able to find a Chase ATM on your campus.

So before you sign up for a Chase student account, make sure to check where the Chase ATMs are located near your campus.

Since Chase doesn’t offer reimbursement of ATM fees, you need to make sure that you’d only be using Chase ATMs to withdraw money.

Chase also has service fees that are higher than average, so the bank itself recommends that you only use Chase ATMs.

No Interest

Since it’s a checking account, you need to keep in mind that your Chase Student Account won’t be accumulating interest. 

So when you’re figuring out how to pay for college and are saving money, make sure to put this in your connected Chase savings account or in an account that will give you interest.

Checkbook Fee

If you’re a fan of using checks to pay your bills, keep in mind that Chase does charge a fee to give you a checkbook. 

Of course, you do get around 100 checks in your box, so the fee isn’t that bad if you don’t need to use that many checks. 

The price of your checks will also vary depending on what design you choose. To order checks, you’ll want to log in to your Chase account and decide on the design you want.

Then, Chase will tell you the price and any discounts you might have before you submit the order.

Chase High School Account

If you’re still a high school student, don’t worry, because you can still open a student bank account.

One of the things that makes Chase one of the best banks for students is that your Chase High School bank account can be converted into a Chase College Checking account once you graduate from high school.

Take Control of Your Finances With a Chase Student Account

Given its wide national presence and many perks for students, a Chase student account could be a great option for you.

As with any financial decision, make sure you not only research the pros and cons of this type of account but see how they apply to your situation.

For more helpful answers to your college budget and admission questions, be sure to bookmark us and take a look at the rest of our blog.

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