Chase checking accounts have no opening fee
Chase does not charge you to open a checking account. There is no application fee, no account setup fee, and no fee to get your free guide. You can open an account online, by phone, or in a branch, and the cost to open is zero.
What matters instead is what happens after you open it. Chase charges monthly maintenance fees on most checking accounts unless you meet certain conditions. Those conditions vary by account type, and that is where your actual costs begin.
Key Takeaways
- Opening a Chase checking account costs nothing, but most accounts charge a monthly fee unless you meet a minimum balance or set up direct deposit.
- Chase Total Checking charges $12 per month unless you maintain $500 in the account or receive direct deposits of $500 or more per month.
- Chase Premier Plus Checking charges $25 per month unless you maintain $10,000 or receive $5,000 in monthly direct deposits.
- You can avoid monthly fees by meeting the balance or direct deposit requirement for your account type.
- Overdraft fees, ATM fees outside the Chase network, and other service charges are separate from the monthly maintenance fee.
Monthly maintenance fees by account type
Chase offers several checking account types, and each has different fee structures. The two most common are Total Checking and Premier Plus Checking.
Chase Total Checking charges $12 per month. You can waive this fee if you maintain an average daily balance of $500 or more, or if you receive at least $500 in direct deposits during the month. If you do neither, you pay the $12 fee.
Chase Premier Plus Checking charges $25 per month. This fee is waived if you keep an average daily balance of $10,000 or more, or if you receive $5,000 or more in direct deposits per month. This account is designed for customers with higher balances or income.
Chase also offers Chase Student Checking, which has no monthly maintenance fee for customers under 25 years old. Once you turn 25, it converts to Total Checking and the $12 monthly fee applies unless you meet the waiver conditions.
Other costs that appear after you open
The monthly fee is not the only charge you may face. Chase charges for specific actions or situations, and these costs add up separately from the maintenance fee.
Overdraft fees occur when you spend more than your balance. Chase charges $35 per overdraft transaction if your account goes negative. You can link a savings account to cover overdrafts automatically, which avoids the fee.
Out-of-network ATM fees are charged when you withdraw cash from an ATM that is not a Chase ATM. Chase charges $3 per out-of-network withdrawal. The other bank's ATM may charge an additional fee on top of that.
Wire transfer fees apply when you send money outside the Chase system. Domestic wire transfers cost $15, and international wire transfers cost $45. Receiving a wire transfer is free.
Expedited delivery fees apply if you request a debit card or checks to be rushed to you. Standard delivery is free; expedited options cost extra.
How to avoid the monthly maintenance fee
The easiest way to avoid paying the $12 monthly fee on Total Checking is to set up direct deposit. If your employer or a government program (like Social Security or unemployment) deposits money directly into your Chase account, and that deposit is $500 or more per month, the fee is waived automatically.
If direct deposit is not available to you, you can maintain a $500 average daily balance instead. This means the money needs to stay in the account throughout the month; a single deposit that you then spend does not count. If your balance dips below $500 on any day, the fee applies for that month.
For Premier Plus Checking, the thresholds are higher: $10,000 in average daily balance or $5,000 in monthly direct deposits. If neither is realistic for you, Premier Plus Checking will cost you $25 per month, and Total Checking is the better choice.
What you need to bring or provide to open an account
You do not need to pay anything to open, but you do need to provide information. Chase requires a government-issued ID, your Social Security number, and your contact information. If you open online or by phone, you can do this without visiting a branch.
You will also need to choose how much to deposit initially. There is no minimum opening deposit required, so you can open with $1 if you want. However, if you are trying to avoid the monthly fee by maintaining a $500 balance, you will need to deposit at least that much and keep it there.
If you open in a branch, a banker can walk you through the process and answer questions about which account type fits your situation. If you open online, the process takes about 10 minutes and you can start using the account immediately.
Comparing Chase to other banks
Chase is not the only bank that charges monthly fees, but some banks do not. Many online banks and credit unions offer checking accounts with no monthly maintenance fee and no minimum balance requirement. However, those banks may have fewer physical branches and ATMs, which matters if you prefer in-person banking or frequent cash withdrawals.
If you value Chase's branch network and ATM access, the $12 monthly fee is the trade-off unless you meet the direct deposit or balance requirement. If you rarely visit branches and do not need a large ATM network, a bank without monthly fees may save you money over time.
Frequently Asked Questions
Can I open a Chase checking account with no money?
Yes. Chase has no minimum opening deposit. You can open an account with $1 or even $0, though you will need to fund it eventually to use it. If you open with less than $500, you will pay the $12 monthly fee unless you set up direct deposit.
What happens if I do not meet the $500 direct deposit requirement?
You pay the $12 monthly maintenance fee. The fee is charged automatically at the end of each month if you did not receive $500 in direct deposits or maintain a $500 average daily balance during that month. You can dispute the fee by calling Chase, but it will not be waived unless you meet one of the conditions.
Does Chase charge to close a checking account?
No. Closing a Chase checking account is free. There is no early closure fee or penalty. You can close the account online, by phone, or in a branch at any time.
Can I have multiple Chase checking accounts?
Yes, but each account is subject to its own monthly fee unless you meet the waiver conditions for that account. Having two Total Checking accounts means you could pay $24 per month if neither meets the requirements. Some customers open multiple accounts for different purposes, but the fees add up.
What if I go negative on my account?
Chase charges $35 per overdraft transaction. If you spend more than your balance, the transaction may still go through, and you will owe the overdraft fee plus the negative balance. You can link a savings account to cover overdrafts automatically, which prevents the fee. You can also call Chase to request a one-time fee reversal if this is your first overdraft.