Chase checking accounts are some essential products you can get from the bank. The account allows you to deposit money that you may access at any time you need to spend. The funds are therefore available for use 24/7. That is contrary to savings accounts that allow you to withdraw finances only for limited times. Everyone needs a checking account to store their money safely. I will later discuss the Chase College Checking Account.
College students require checking accounts to keep the funds required for school activities. That ensures that their finances are safe. Keeping money in your room is risky because you can lose funds to thugs, fire, and rodents. Furthermore, money becomes convenient since you can pay for goods online and in physical stores. Again, you can withdraw the money at your bank or an ATM when necessary.
Usually, checking accounts come with debit cards that you can use to make payments online. To pay with a debit card online, you should present the card number, the expiry date, and the CVV when checking out. However, you only need to tap or swipe the card reader machine at the register to pay. Also, checking accounts allow you to write checks. You may need to write checks to make your school fee payments as a student.
Eligibility Requirements for Chase College Checking Accounts
If you are 18-24 years old, you may open a Chase College Checking account online. You need a driver’s license or state-issued ID, Social Security number, and contact info. You must also provide your college or university name and expected graduation date. If you are a 17-year-old student, you must open an account at a branch.
To open a Chase checking account in a branch, you should bring two forms of identification. These include Taxpayer Identification Number (TIN), Social Security Card, driver’s license, and student ID with photo. You also require proof of college/university student status and graduation date. An acceptance letter or transcript may do. You can contact the branch for more information if you cannot get those details.
Non-U.S. students using a Green Card may open a Chase College Checking account at a branch. You should carry one primary ID, one secondary ID, and proof of college student status with your graduation date.
Documents that are needed to open a student chase checking account online or in a branch
As you have seen above, there are various things you must have to open a checking account for your student activities.
- Driver’s license/state-issued ID
- Social Security number
- Taxpayer Identification Number (TIN)
- Student ID with photo
- Acceptance letter or transcript for proof of college or university student status
Chase College Checking Service Fees
Most checking accounts come with fees you must pay to enjoy the account services. However, the Chase College checking account charges fewer fees. There is no Monthly fee for up to five years for students 17-24 years old. There are no overdraft fees if you meet the requirements.
The monthly Service Fee after the expected graduation date is $6. You can make it $0 when you do at least one of the things below each statement period:
- Have an electronic deposit into your account, such as from payroll providers or government benefit providers via the ACH network, Real-Time Payment network, or third-party services that carry out payments to your debit card using Mastercard or Visa network.
- Keep an average daily balance of $5,000 or more in your account.
Chase College Checking Minimum Balances
There is no minimum balance requirement when you open your College Checking Account. However, to enjoy various perks, you must maintain specific balances in your account. For example, you must keep an average daily balance of $5,000 or more in your account to enjoy zero monthly fees after graduation.
Advantages of Chase College Checking Accounts
Various advantages come with the College Checking Account. They include the following.
- Bonus when you open a new Chase checking account. You get a free $100 in your account if you open a new Chase checking. The offer expires on 01/25/23. You must complete 10 eligible transactions within 60 days of coupon enrollment to get the bonus. Once you accomplish that, you will receive your $100 bonus within 15 days of finishing the qualifying transactions and spend the bonus on whatever you like.
- $0 monthly fee for up to five years for college students 17-24 years old.
- Zero minimum deposit when opening your account.
- Zero liability protection. If you lose your debit card, you will not be liable for any unlawful transaction. However, you should report your card loss immediately.
- Thousands of ATMs and branches. The bank has more than 16,000 ATMs that you can use to withdraw finances from your account. Also, there are more than 4,700 branches.
- The bank supports Zelle, allowing you to send and receive funds quickly.
- No overdraft fees if you are overdrawn by $50 or below at the end of the business day.
Disadvantages of Chase College Checking Accounts
Various disadvantages are associated with the Chase College Checking Account. They include the following.
- You must complete 10 eligible transactions within 60 days to get the bonus.
- Numerous requirements to open an account.
- Zero monthly fees are limited to five years.
Is Chase College Checking Right for You
The Chase Checking Account is a suitable account based on the various advantages that it comes with. You will enjoy zero monthly fees for five years, thus saving a lot of money. Furthermore, you will get a debit card to access your funds with ease at ATMs. Additionally, you will get a bonus of up to $100 when you open your account. All these perks make the account suitable for you, thus making your college life smooth.
A Chase checking account allows you to keep your finances for your daily usage. You can keep your funds for your daily usage, such as buying food, transport, and medical expenses, among other usages. Chase Student account helps learners to have an easy financial time in school. You can get a bonus when you open an account online or at a branch.