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Bank Of America Review: What You Need To Know Before Opening An Account

Finding a perfect bank partner is not easy. That is why we are giving you this Bank of America review not just to know more about this popular financial institution, but for you to find out if it’s indeed the right one for you or not.

Bank of America Review

It’s already given — Bank of America is one of the country’s most sought after financial institutions. Not surprising at all as the size of the bank in itself is hard to underestimate.

Guess what? According to the Federal Deposit Insurance Corporation (FDIC), Bank of America holds about $1 out of every $10 deposit in the United States.

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Do you see that? If you are looking for a credible and strong banking institution, definitely, Bank of America is one of the best choices.

But there’s more to know about this famous financial institution, and that is what we are going to talk about today.

In particular, we are going to tackle the following:

  • Who is Bank of America?
  • Who is Bank of America best for?
  • What does Bank of America offer?
  • What are the fees that Bank of America charges?
  • How to do banking with Bank of America?
  • How is Bank of America’s customer service?
  • What are the highs and lows of Bank of America?

WHO IS BANK OF AMERICA?

According to Statista, the history of Bank of America can be traced back to 1904. Yes, that’s how long Bank of America has been around. Formerly known as Bank of Italy, what made it stand out then from other American banks was that it “offered financial services to immigrants arriving in the United States and not only wealthiest American citizens.”

The bank was only named Bank of America in 1998 after it was acquisitioned by Nations bank, which is the largest bank acquisition in history during that time.

After the acquisition, through the subsequent aggressive campaign, it has transformed Bank of America from being a regional player to a national giant — which is what it is today.

From its inception until today, Bank of America continues to grow. Currently, it boasts over 4,200 branches all over the United States, which makes it convenient for customers.

Furthermore, the bank is considered one of the “most valuable banking brands globally and one of the leading banks in terms of assets or market capitalization” according to Statista report.

In 2018, Bank of America is ranked fourth among the largest employers in the banking sector. The bank employs more than 136 thousand people.

Speaking of assets, Bank of America’s total asset as of 2018 was estimated at 2.35 trillion U.S. dollars. During the same year, the bank reported a net income of $28.15 billion, which was more than 80% of the bank revenue in the country at that time.

Although the bank is all over the place, it’s headquarter is situated in Charlotte, North Carolina.

Before moving on, sharing with you this informative review on Bank of America by Toply. This would definitely help as you decipher whether the bank is right for you or not.

WHO IS BANK OF AMERICA BEST FOR?

The very reason why we are making this Bank of America review is to help individuals discern if the bank is the right one for them.

If you are someone who is looking for a bank that is conveniently located wherever you are within the country, then Bank of America is perfect for you. With so many branches across the country, you will surely find one anywhere.

Furthermore, Bank of America is also suitable for those who:

  • Want to do banking with a well-known, large financial institution
  • Do not mind navigating a multifaceted system of rules
  • Want a bank that has a wide variety of financial products to choose from
  • Are not that concerned about earning a competitive rate on your savings account
  • Are aware of the many fees and how to get out of them

If you see yourself in any of the above-mentioned, then Bank of America may be your perfect match.

WHAT DOES BANK OF AMERICA OFFER?

Just like in our other bank reviews, in this Bank of America review, we are going to share with you the different products and services that Bank of America offers. This way you get to have an idea not just about what they have, but also, to gauge any of these products and services fits your needs and preferences when it comes to banks.

Since Bank of America is a large bank, it is already given that they offer a wide range of products and services. With Bank of America, you can basically find anything you need to manage your money.

Here are the major products that Bank of America offer:

  • Checking accounts
  • Savings accounts
  • Certificates of deposit
  • Money market and CD IRAs
  • Credit cards

When it comes to services, Bank of America offers online, mobile, and in-person banking, as well as customer service.

Now, let’s proceed to look through each of the major products of the bank.

CHECKING ACCOUNTS

Bank of America offers three different checking accounts to choose from. These are:

  • Advantage SafeBalance Checking Account
  • Advantage Plus Checking Account
  • Advantage Relationship Checking Account

Advantage SafeBalance Checking Account

At first sight, this looks like a good checking account. It charges neither overdraft fees nor non-sufficient funds (NSF) fees. In addition to that, if you meet certain requirements, monthly fees are waived.

Sounds really good, right?

But as the saying goes, nothing is perfect. The problem comes in when you start looking into what under this checking account.

Now, to be able to qualify for the monthly fee waiver, you need to enroll in the Preferred Rewards program of the bank, which requires a three-month combined average balance of at least — guess how much? At least $20,000 across all your Bank of America and/or Merrill investment accounts.

Failure to meet such requirements means you will have to pay the $4.95 monthly maintenance fee for this particular account.

This checking account, just like most checking accounts out there pays zero interest. It does not come with checks as well. You can move money in and out still but only by using direct deposit, in-person deposit, and withdrawal, as well as through ATM, your debit card, and bank-to-bank transfers.

We know what you’re thinking. It’s kind of odd not having checks for a “checking” account.

Advantage Plus Checking Account

Unlike the SafeBalance, Bank of America’s Advantage Plus Checking Account is most likely what a lot of people will be interested in.

With this account, a minimum of $100 is required to open one. The Advantage Plus Checking Account also comes with the option to purchase paper checks.

Another thing to like about this account is that it is easier to meet the monthly requirements in order to have the $12 monthly fee waived. All you need to do is to:

  • Keep an average of at least $1,500 daily balance
  • Have an eligible direct deposit of at least $250
  • Enroll in the Preferred Rewards program (with a minimum of $20,000 barrier to entry)

Just like any other checking accounts, it does not pay any interest as well. In addition, you can potentially be charged for an overdraft as well as NSF fees with this account if you overdraw it.

An overdraft fee costs $35 for every overdraft that is more than $1. However, the bank provides you an option to get into overdraft protection from your Bank of America savings account, but you will still be charged $12 for every transfer to cover the overdraft.

Advantage Relationship Checking Account

The Advantage Relationship Checking Account is ideal for people who tend to keep large amounts of money in their accounts. If you keep at least $10,000 into your linked Bank of America accounts every statement cycle, the $25 monthly fee will be automatically waived.

Furthermore, a waiver is also available if you sign up for the bank’s Preferred Rewards program.

Unlike the other two checking account options, the Advantage Relationship Checking Account pays you a bit of interest. A bit because it’s only 0.01%.

In addition, with Advantage Relationship Checking Account, you can also get to enjoy a few perks, which include free wire transfers, free checks, free overdraft protection transfers, as well as waived monthly fees on certain other bank accounts if you link them to this.

SAVINGS ACCOUNTS

Just like its checking accounts, Bank of America also offers three different savings accounts, namely:

  • Advantage Savings Account
  • Minor Savings Account
  • Custodial UTMA Savings Account

Let’s discuss each of them —

Advantage Savings Account

Unlike in other banks, Bank of America offers just one saving account for adults. Unfortunately, there’s not much to like about this particular account.

For one, the Advantage Savings Account only offers about 0.03% annual percentage yield (APY), and the rate varies by location. If you come to think of it, it’s too low that it’s negligible.

Two, sadly, the account comes with an $8 monthly fee. To be honest, we find it too much given the fact that to offset the monthly fee, you will need to keep several hundred thousand dollars in your account to earn interest.

Although the monthly fee can be waived provided you have an average of at least $500 daily balance in your account.

Minor Savings Account

As the account name suggests, Bank of America’s Minor Savings Account is intended for customers who are 18 years old and below.

The account requires a minimum deposit of $25 to open one and does not charge any monthly fees.

While it charges $1 if your child does go over six withdrawals in a statement cycle, the said fee can be waived as long as the account maintains a minimum balance of $300 at all times.

When it comes to the interest rate, it’s basically the same as the Advantage Savings, which means it does not earn so much as well.

Automatically, once the account holder turns 18 years old, the account will be switched over to the full Advantage Savings account — including all the fees that the account charges.

Custodial UTMA Savings Account

The Custodial UTMA Savings Account is similar to Minor Savings. What makes the difference is that instead of opening it jointly with your kid, you (parent or guardian) remain in full control over the account until your child reaches 18 years of age.

Only then will the account be completely theirs, and they will be allowed to do anything and everything they want with the money they saved.

Unlike Minor Savings though, the Custodial UTMA Savings Account requires a higher deposit to open. It requires $100 to open an account, and it also comes with an $8 monthly fee if you do not keep at least $500 in the account at all times.

CERTIFICATES OF DEPOSIT

Bank of America offers two options for regular, non-IRA CDs. These are Featured CDs and Standard Term CDs.

Standard Term CDs is ideal for those with a limited amount of money. With this option, you can start with as little as $1,000.

For Standard Term CDs, Bank of America offers a broad range of term lengths which start from 28 days up to 10 years!

Sadly, though, these CDs so not pay much interest, too — at least as of May 2020.

Now, if you have a bit more cash, specifically $10,000 or higher, then Featured CDs are ideal for you.

The thing about Featured CDs is that they offer better rates — at least as of May 2020. However, they are still a far cry from the best CD rates available from competing banks and credit unions.

Also, unlike other CDs, Featured CDs of Bank of America does not come in as many term lengths. They only have 7, 10, 13, 25, and 37 months.

MONEY MARKET AND CD IRAs

Monet Market IRA

There are many banks and credit unions that offer a money market account, which when compared to checking and savings accounts, are considered a hybrid.

Bank of America offers just one money market account, which they call Money Market IRA. With this account, you can save for your retirement within an FDIC-insured account.

You can start saving for as low as $100. This account can be opened within a traditional IRAor a Roth IRA.

Unlike when saving to an IRA CD, saving through a Money Market IRA allows you to withdraw money whenever you need it. However, for savers below 59 1/2, withdrawals may not be a good idea as the IRS will heavily penalize you for early IRA withdrawals.

To put it simply, withdrawals only makes sense if you are on your retirement age already.

IRA Certificate of Deposit

Bank of America offers you Standard Term IRA CDs and Featured IRA CDs when it comes to IRA CDs. While both are essentially the same thing, what makes the difference is that Featured IRA CD requires a slightly higher minimum deposit as compared to Standard Term IRA CD. It’s $2,000 versus $1,000.

But apart from the two, Bank of America offers one more option under IRA CDs. It’s the Variable IDA CD, which comes with an interest rate that changes over the CD’s term. The term ranges between 18 and 23 months. Also, this particular IRA CD requires a much smaller deposit, which amounts to $100. It’s also available as a traditional or Roth IRA.

CREDIT CARDS

As expected, Bank of America also offers a variety of credit card options. They offer 23 different cards to be exact. More so, the bank partners with many third-party companies to offer branded cards with corresponding perks.

Here’s what Bank of America offers:

Cash-Back Credit Cards

  • Bank of America Cash Rewards
  • Susan G. Komen Cash Rewards Visa Credit Card from Bank of America
  • MLB Credit Cards
  • World Wildlife Fund Credit Card
  • U.S. Pride Credit Card

Travel Rewards Credit Cards

  • Bank of America Travel Rewards
  • Bank of America Premium Rewards
  • Alaska Airlines Visa Credit Card
  • Norwegian Cruise Line World Mastercard
  • Spirit Airlines World Mastercard
  • Allegiant World Mastercard
  • Amtrak Guest Rewards World Mastercard
  • Air France KLM World Elite Mastercard
  • Sonesta World Mastercard
  • Royal Caribbean Visa Signature Credit Card
  • Virgin Atlantic World Elite Mastercard
  • Asiana Visa Signature Credit Card
  • Celebrity Cruises Visa Signature Credit Card

Balance Transfer Credit Cards

  • BankAmericard

Secured Credit Cards

  • BankAmericard Secured Credit Card

Student Credit Cards

  • Bank of America Cash Rewards for Students
  • BankAmericard Travel Rewards for Students
  • BankAmericard for Students

OTHER FINANCIAL PRODUCTS

Apart from the major products we discussed, Bank of America also offers the following:

  • Auto loans
  • Auto loan refinance
  • Business banking services
  • Financial advisors
  • Home equity lines of credit (HELOCs)
  • Investments through Merrill Edge and Merrill Lynch
  • Mortgages
  • Refinance mortgages
  • Self-directed portfolios
  • Managed portfolios
  • Private banking

WHAT ARE THE FEES THAT BANK OF AMERICA CHARGES?

Of course, our Bank of America review will not be complete without us looking into the fees the bank charges.

As mentioned earlier while discussing each product of the bank, Bank of America charges a certain monthly fee. The amount varies depending on the type of account you have.

Meanwhile, when it comes to overdraft fees, they charge $35 as often as four times per day. So yeah, it’s quite expensive especially if you have a hard time keeping enough money in your account or accounts.

For negative balance, the bank does not charge anything for it, which is good news.

By the way, you can opt for overdraft protection, but it will cost you $12 per day that a transfer happens from a linked Bank of America savings or secondary checking account.

HOW TO DO BANKING WITH BANK OF AMERICA?

To apply for a bank account with Bank of America, you can either go online or visit a local branch near you.

In particular, it is recommended that you head to a branch if you have any of the following:

  • Limited credit history
  • Depositing more than $100,000

To open an account, you will need to provide personal information as required by federal law.

HOW IS BANK OF AMERICA’S CUSTOMER SERVICE?

Bank of America ranks below many other big banks when it comes to banking satisfaction.

Based on the 2019 U.S. Retail Banking Satisfaction Study from J.D. Power, there are a few more banks that ranked even lower than Bank of America across different regions and states when it comes to customer service.

Bank of America offers basically offers most of what you’d expect from a bank as big as it is — mobile app, online banking, and of course, FDIC insurance.

The downside though is that it may be a little tricky getting ahold of someone from the bank as it does not offer 24/7 call-in support. However, it does offer chat support real best.

WHAT ARE THE HIGHS AND LOWS OF BANK OR AMERICA?

Our Bank of America review will not be complete without us summarizing the bank’s highs and lows – basically what we like and what we do not like about it.

Here it goes —

HIGHS: WHAT WE LIKE

  • Bank of America is easily accessible across the country with about 4,200 branches and more than 16,000 ATMs.
  • It provides an award-winning mobile banking app, and have really invested in digital technology.
  • It provides a wide range of financial products and services to choose from.
  • It offers useful perks such as a round-up savings feature and a cash-back program.

LOWS: WHAT WE DO NOT LIKE

  • Both savings and CDs APY is low as compared to other banks.
  • It comes with high monthly fees, which are avoidable but customers need to meet certain requirements.
  • It has poor customer service ratings.

FINAL THOUGHTS ON BANK OF AMERICA REVIEW

Bank of America is no-doubt a well-trusted and credible bank. With years in the banking industry, they surely know what they are doing.

Unfortunately though, as compared to other banks it is not as competitive when it comes to APY – most of its products.

So, do you think Bank of America is the right one for you?

To end, based on what we have tacked in this Bank of America review, choosing Bank of America over other banks in the country depends on what you exactly need. It’s a person-to-person basis. What works for one, after all, may not always mean it’ll work for all.

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Investment Apps and Websites

Chase Bank Review: Is It The Right Bank For You?

This Chase Bank review will tell you more about what Chase is, its products and services, and more. We will also provide you information on the things that we like and we do not like about the bank.

Chase Bank Review

Chase Bank is one of the most popular names in the banking industry. It offers all major banking services, which include checking and savings accounts, loans, investments, as well as credit cards.

Chase’s mobile tools are also considered to be the best among national banks. Needless to say, the bank has the second-largest network of branches in the United States.

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Furthermore, Chase Bank has the most ATMs with 16,000 of them around the country.

When it comes to customer satisfaction, Chase was reported to have a high degree of satisfaction with its easy accessibility being the primary determiner.

You see, there is so much to love about Chase Bank. But, as a customer, a potential client, it is important to look through all the details to ensure that this is indeed the right bank for you.

Having said that, in this Chase Bank review, we are going to talk about the following:

  • Who is Chase Bank?
  • Who is Chase Bank best for?
  • What does Chase bank offer?
  • How to do banking with Chase Bank?
  • What are Chase Bank’s fees and charges?
  • How is Chase Bank’s customer service?
  • What are the highs and lows of Chase Bank?

WHO IS CHASE BANK?

As stated on their website, Chase Bank is “proud to serve nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and payment processing.

Chase is also known as a global banking powerhouse. It’s a division of the famous JPMorgan Chase & Co., which owns more than $2.6 trillion in assets.

Chase Bank, as we have mentioned earlier has the second-largest network of branches in the United States with nearly 4,900 of them, next to Wells Fargo. But apart from that, Chase also offers the best online banking experience, which means you can definitely work with the bank entirely online.

Furthermore, banking with Chase is made more accessible and easier having 16,000 ATMs across the country. With that, you can make deposits and get cash anywhere and anytime.

With everything said, no doubt Chase Bank is not just a big name in the banking industry, but that it also is one of the most trusted banks in the country and even outside the U.S.

If you are interested to know more about Chase, here’s a very informative review by Carter Farr. We actually thought he said all the right words about Chase. Click the play button below to watch the video:

By the way, apart from catering to millions of clients across the country, JP Morgan Chase where Chase Bank is a division of (as mentioned earlier) is home to over 250,000 employees as of 2019 according to MacroTrends.

Chase Bank is headquartered in Manhattan, New York City.

WHO IS CHASE BANK BEST FOR?

Now that you already know who Chase Bank is, as part of our Chase Bank review, we’re also going to share with you who the bank is ideal for, and see for yourself if you are a part of it.

Given the background, and the products and services that Chase Bank offer, it may be ideal for people who prefer dealing with the resources of big banks or a megabank.

In particular, Chase Bank’s products and services may appeal to those who want to:

  • Lessen bank relationships by opening checking accounts as well as credit cards at the same financial institution
  • Use a free checking account (this applies to those qualified for a waiver) with a debit card, online bill pay, as well as paper checks
  • Earn rewards for using a credit card
  • Bank in person or do banking traditionally
  • Use ATMs often

If you see yourself in any of the above-mentioned, then, let’s proceed to the next agenda.

WHAT DOES CHASE BANK OFFER?

Our Chase Bank review will focus on this as we believe this is the most crucial part when deciding whether or not a bank is for you.

Given how large the Chase Bank is, it’s not surprising that they provide a broad offering of both products and services for individual and business customers.

However, in this review, we are going to particularly focus on the following:

  • Savings Accounts
  • Checking Accounts
  • Certificates of Deposit
  • Credit Cards

SAVINGS ACCOUNTS

To set your expectations right, like most traditional banks, Chase Savings Account pays a small amount of interest as well. The annual percentage yield or APY, however, is not that impressive.

As of February 2020, Chase Bank’s APY is 0.01%. The best high-yield savings accounts in other banks, meanwhile, pay more than 2.00%.

Chase Bank, however, does have a top-yielding savings account called Chase Premier Savings, wherein you can earn a few basis points more as compared to the national average APY. The catch though is that you must have at least $15,000 in the account to earn the said rate. In addition, you need to link it to a Chase Premier Plus Checking or Chase Sapphire Checking account as well and make at least five customer-initiated transactions in a monthly statement period with that particular linked account.

The Chase Savings Account comes with a $5 monthly fee. But, this can be waived provided you meet any of the following criteria:

  • Keep a minimum balance of $300 at the beginning of each day
  • Link a Chase College Checking account, while using the savings account for overdraft protection
  • You are below 18 years old
  • Save a minimum of $25 every month from a personal Chase checking account or Chase Liquid card
  • Link the account to a particular premium Chase checking accounts

It is also important to note that Chase Savings Accounts only allow six withdrawals per month regardless of the type of withdrawal you make. Once you have used up the limit, you will be charged $5 for every subsequent withdrawal in the month.

The withdrawal limit of Chase Bank is more stringent than what is required by Regulation D limits, which is under federal law.

CHECKING ACCOUNTS

Chase has a lot of checking account options to choose from. There’s Chase Total Checking, Chase Premier Plus Checking, Chase Sapphire Checking, Chase Secure Checking, Chase College Checking, and Chase High School Checking.

Now, let’s take a look at each of these:

Chase Total Checking

According to Chase, the Chase Total Checking is the bank’s most popular checking account. This easily satisfies the clients’ day-to-day checking needs to give the fact that it has online bill pay and is accessible through a mobile app.

Some of the key features of Chase Total Checking include ATM check deposit, mobile check deposit, paper checks, as well as Zelle transfer to family and friends.

The Chase Total Checking account charges a $12 monthly fee. However, you may qualify for a waiver if you meet any of the following:

  • Must have at least $1,500 in your account
  • Must have at least $5,000 combined Total Checking and eligible accounts
  • Receive a minimum of $500 direct deposit every month into your account

Chase Premier Plus Checking

Unlike other checking accounts, the Chase Premier Plus Checking account pays a small amount of interest (which is quite negligible at 0.01%), as well as provide a few freebies every month.

This particular type of checking account from Chase Bank is ideal for those who have a substantial relationship with the bank.

It comes with $25 monthly fee, but this fee can be waived provided you meet any of the following requirements:

  • Must keep a $15,000 or higher daily balance in qualified Chase Bank accounts
  • Must have a qualifying Chase mortgage that you are paying using your Chase account

Apart from the features of Total Checking that comes with it, the Chase Premier Plus Checking account also includes the following perks:

  • Free basic personal, counter, cashier’s checks, and money orders
  • Four foreign ATM withdrawal fees waived in a month (Note: The ATM owner may charge fees, and Chase may also charge extra if you are using a different currency apart from U.S. dollars.)
  • Free or discounted safe deposit boxes
  • Potential monthly fee waivers on additional savings and checking accounts

Chase Sapphire Checking

The Chase Sapphire Checking comes with additional benefits. However, the hurdle for banking fee-free is higher.

Apart from the 24/7 customer support, as well as higher ATM and debit card limits, this particular checking account also includes the following features:

  • No ATM fees globally
  • Interest on the account holder’s balance
  • Four free overdrafts annually
  • No wire transfer or stop payment fees
  • Other perks and discounts on other Chase services

Meanwhile, to qualify for a waiver, which amounts to $25 a month, you have to keep an average balance of $75,000 in eligible accounts or investments with the bank.

Chase Secure Checking

If you are just starting with your financial journey, then this product is ideal for you. The Chase Secure Checking account is a no-frills account. It does not include paper checks with discounts. However, it allows you to pay bills online or with the use of your debit card.

Furthermore, it also includes the following features:

  • No overdraft fees
  • No minimum deposit required
  • $4.95 monthly fee (definitely cheaper as compared to the previous checking account types)

Chase College Checking

Obviously, this account type is ideal for college students. The Chase College Checking account is specifically designed for customers aged 17 to 24 years old.

While it comes with a $6 monthly fee, this can be waived if you:

  • Are enrolled in college (up to five years)
  • Keep an average of $5,000 daily balance
  • Have a monthly direct deposit into the account

This particular account may be ideal for college students who have more time studying as compared to earning an income.

Chase High School Checking

The last on Chase Bank’s checking accounts list is the Chase High School Checking. This particular account is available for kids aged between 13 and 17 years old. It also comes with NO monthly fee.

However, the bank requires that the account holder’s parent or guardian must own an eligible Chase Bank checking account. The parent or guardian must also be a co-owner of the Chase High School Checking account.

What’s nice about this account is that it converts to a Total Checking account once the child reached the age of 19.

CERTIFICATES OF DEPOSIT

Just like any other bank, Chase Bank also offers Certificates of Deposit.

If you are interested to open one with Chase, the bank requires $1,000 to begin with. The bank offers different terms to choose from, which include:

  • 1-2- or 3-month
  • 6-month
  • 9-month
  • 12-month
  • 15-month
  • 18-month
  • 21- to 120-month

Since Chase Bank is a brick-and-mortar bank or a traditional bank, it is not surprising that the rates are quite low.

So, to maximize your rate, make sure to qualify for a “relationship rate” with a linked checking account, and then, purchase of at least $10,000.

CREDIT CARDS

Chase Bank also offers a variety of credit cards. They do have a rich lineup of credit cards to choose from depending on the customer’s needs and preferences.

For your reference, here is Chase’s list of credit cards:

Balance Transfer Credit Cards

  • Chase Slate

Business Credit Cards

  • Ink Business Preferred Credit Card
  • Ink Business Cash Credit Card
  • Ink Business Unlimited Credit Card

Cash-Back Credit Cards

  • Chase Freedom
  • Chase Freedom Unlimited
  • Chase Freedom Student

Travel Rewards Cards

  • Chase Sapphire Preferred Card
  • Chase Sapphire Reserve
  • United Explorer

OTHER FINANCIAL PRODUCTS

Apart from savings and checking accounts, CDs, and credit cards, Chase Bank also offers other financial products, which include the following:

  • Auto loans
  • Business loans
  • Business checking accounts
  • Financial advisers
  • Home equity loans
  • Home equity lines of credit (HELOCs)
  • IRAs
  • Managed investment portfolios
  • Private banking
  • Purchase mortgages
  • Refinance mortgages
  • Self-directed trading

HOW TO DO BANKING WITH CHASE BANK?

As part of our Chase Bank review, we are also going to share with you information on how to do banking with Chase.

To open an account with Chase Bank, all you need to do is visit Chase.com or you may pay a visit to one of their branches near you. You may also call 1-800-935-9935 if you have queries or you need clarifications on certain products and services prior to opening an account.

Just like in any other bank, and as required by law, Chase Bank will ask you to provide personal information such as your name, address, contact details, Social Security number, and more.

WHAT ARE CHASE BANK’S FEES AND CHARGES?

Our Chase Bank review will not be complete without us looking into the fees that the bank charges.

Earlier, we already mentioned that each of the Chase Bank accounts does have their respective monthly fees. But apart from the monthly fees, the bank also charges an overdraft fee. Chase Bank charges a $34 nonsufficient funds fee for up to three times per day.

The fee can be avoided though if a customer links their savings account as a backup.

HOW IS CHASE BANK’S CUSTOMER SERVICE?

As we have mentioned earlier, the bank has earned high marks in terms of customer satisfaction. One of the reasons behind this is the bank’s amazing customer service.

According to the J.D. Power 2019 U.S. National Banking Satisfaction Study, Chase Bank ranks first.

With such a position, it makes sense that the bank invests in technology, as well as in training, and staff to ensure clients are satisfied and would keep their assets with Chase for a long time.

WHAT ARE THE HIGHS AND LOWS OF CHASE BANK?

Our Chase Bank review will not be complete without us sharing with you what we like and what we do not like about Chase Bank.

Hopefully, this section helps you decide whether Chase Bank is the right financial institution for you or not.

HIGHS: WHAT WE LIKE

  • Chase has almost 4,900 branches plus 16,000 ATMs across the country. It makes them easily accessible.
  • There’s free checking available from megabank that comes with fee waivers.
  • Chase offers a wide selection of bank accounts and credit cards to choose from depending on the client’s needs and preferences.

LOWS: WHAT WE DO NOT LIKE

  • The probability of getting charged for a monthly fee if you do not qualify a waiver.
  • The bank has an unimpressive interest rate for both savings accounts and CDs as compared to other banks.
  • They have limited branch presence outside metropolitan areas.

FINAL THOUGHTS ON CHASE BANK REVIEW

No doubt, Chase Bank is one of America’s biggest banks, needless to say, most-trusted financial institutions. It provides a variety of products and services to choose from – too many in fact that the bank almost has a certain product or service for every type of customer.

While the banks have a lot of highs, we cannot deny the fact that just like any other banks out there, it’s not perfect. Thus, it also comes with lows.

To be honest, when it comes to interest rates, it is not as competitive, especially when compared to online banks. Customers may find way better interest rates on both savings accounts and CDs elsewhere. The only consolation you have though is that Chase is a credible and well-established bank. The probability of risk is low.

So, would we recommend Chase Bank?

Of course! As we have said in this Chase Bank review, there’s so much to love about Chase. But then, at the end of the day, the decision is all yours. After all, you know what you need exactly in a bank, right?