As the number one bank in the U.S. and the world’s largest bank based on its market cap, JPMorgan Chase Bank offers a wide range of financial products for businesses and individuals at every income level.
Chase Secure Banking is the bank’s introductory checking account offer, designed to attract the unbanked or underbanked population. Although there is a modest monthly fee, no minimum deposit is required, which means you can open your account at any time.
One study from the U.S. Federal Reserve found that 16% of adults are underbanked, which means they have a bank account but also use an alternative financial service product, such as money orders, while 6% are unbanked. That means they have no traditional checking account, savings or money market through a traditional bank. Opening a bank account with low monthly fees, no overdraft fees, and a host of other features and benefits offers a solution for many people.
What is Chase Secure Banking?
A Chase Secure Banking checking account is ideal for the unbanked or underbanked. It provides a straightforward deposit account with no minimum opening deposit requirement. It is designed to discourage overspending by automatically declining debit card purchases and other transactions if you don’t have enough money to cover the charge.
In addition, Chase Secure Banking customers gain access to the robust Chase Mobile App for banking on the go, a network of 16,000 ATMs, and personal banking at more than 4,700 branches.
Best of all, you can start to build a traditional banking relationship with the personal bankers at a Chase branch near you. This can help you build a stronger financial future as you gain access to loans, investment products, a Chase credit card, and more through a nationwide bank.
Is Chase FDIC insured?
Like other banks in the U.S., Chase is FDIC-insured up to $250,000 per account holder, and $500,000 for joint accounts. After the financial crisis of 2008, the federal government declared JPMorgan Chase Bank and a handful of others as “too big to fail.”
The bank, along with others in the same category, recently bailed out the smaller First Republic bank to the tune of $30 billion. Following the collapse of Silicon Valley Bank, more people are beginning to trust larger banks to hold their hard-earned money.
Chase Secure Banking customers are unlikely to hold $250,000 in deposits before upgrading to Chase Total Checking or even a Chase Private Client account. But it’s good to know that the money you deposit in Chase Bank is, more than likely, safe.
Chase Secure Banking Details, Benefits, and Fees
Chase Secure Banking could be considered the entry-level Chase checking account. With a Chase Secure Checking Account, you can accept direct deposit or ACH payments from your job or side hustle, cash checks beyond check-cashing services, and make online bill payments.
Account Benefits
Your Chase Secure Banking account is a simple, straightforward, low cost checking account that allows:
- Direct deposits
- Online bill pay
- A debit card with fee-free access to 16,000 Chase ATMs
- Zero overdraft fees
- Zero liability protection against fraud
A Chase Secure Banking account has a low monthly fee of $4.95 that cannot be waived. There are no fees to send or receive money through Zelle, no fees to deposit checks, and no fees for online bill payments, either.
Chase Secure Banking Fees
There are some fees you should be aware of with Secure Banking, beyond the monthly fee. These include:
- $3 non-Chase ATM fee
- 3% or $5 (whichever is greater) to withdraw funds from a non-Chase branch
- $5 per debit card rush replacement
Distinguishing Features
While most of the features Chase Secure Banking offers are also available with other bank accounts, Chase Secure Banking has a few notable features you won’t find everywhere else.
Sign-up Bonus
You can earn money when you sign up for a Chase checking account (and make 10 eligible transactions) and if you refer friends.
New Chase checking customers who open a new Chase Secure Banking account can earn a $100 bonus once you complete 10 qualifying transactions within 60 days.
Qualifying transactions include:
- Debit card purchases
- Zelle
- ACH credits
- Chase QuickDeposit
- Online bill payments
You can also earn a $50 referral bonus when you use your unique referrer link and a friend, who is a new Chase checking customer, opens an eligible checking account. You can earn up to $500 per year.
Get Paid Up to Two Business Days Early
When you sign up for direct deposit with your Chase Secure Banking account, you may be able to get paid up to two business days early. Banks, especially, online banks, are increasingly offering this feature for ACH deposits, but it’s rare enough that it can still be considered a stand-out feature of Chase Secure Banking.
Access on the Go – Chase Mobile App
New Chase checking customers gain access to the top-rated Chase Mobile app, which offers easy online check deposits and a convenient way to manage your money. You can even turn off access to a debit card that may be lost or stolen through the app. You can also request a new card, transfer funds between various Chase accounts, receive account alerts, check balances, and more.
Chase Secure Banking Review
Overall, new Chase Secure Banking customers have said they’ve saved an average of $50 per month in fees after opening their account. That’s because the account does not charge overdraft fees and will decline most transactions instead of letting an account carry a negative balance. On the downside, however, you don’t have overdraft protection that allows your account to go negative.
Features like free cashier’s checks, free money orders, direct deposit up to two business days early also help the savings add up. These features more than offset the $4.95 monthly service fee. Plus, no minimum opening deposit makes it easy to open an account.
There are a few drawbacks to a Chase Secure Banking account. For instance, there is no savings account option with Chase Secure. You also can’t make or receive wire transfers and there are no paper checks available, either. Fortunately, there are other ways to send money, such as using Zelle.
Chase Secure Pros
- Fee-Free money orders and cashier’s checks
- No fees at Chase ATMs
- Designed to discourage overspending
- No minimum opening deposit requirements
- Direct deposit up to two business days early
- Online bill pay
- Zelle
- Chase mobile app for on the go access
- $100 sign-up bonus
Chase Secure Cons
- No overdraft protection
- No paper checks
- $4.95 monthly service fee
- Not an interest bearing account
- No savings account option
- Non-Chase ATM fees of $3 per transaction
Who is Chase Secure Banking best for?
Chase Secure Banking is best for individuals who are just getting started building a personal banking relationship. Chase Secure Banking is good for customers who want an account with no minimum deposit. A Chase Secure checking account could also be the best choice if you are looking for a new checking account with a nice sign-up bonus when you make 10 qualifying transactions within 60 days of account opening.
If you don’t mind the $4.95 monthly fee, the account offers plenty of perks and benefits, including the ability to get paid through direct deposit ACH credits up to two business days early. You’ll also gain access to the Chase mobile app, capabilities to pay bills online, and a Chase debit card that you can use for free at Chase ATMs. Plus, you can get cashier’s checks and money orders for free.
If you are looking for an account with the ability to receive or send money through wire transfers, or an account with paper checks, you may consider other checking accounts from Chase or through another bank or financial institution.
How to Open a New Secure Banking Chase Checking Account
You can open a Secure Banking Chase account online or in any branch. To unlock your $100 sign-up bonus, you should first visit the Chase website. You will have two options:
- Open your account online
- Enter your email address for a coupon code
If you decide to open your account at a branch, bring the coupon code with you to claim your $100 bonus once you complete the qualifying transactions. You can also apply online and the coupon code will automatically populate in your application if you are a new Chase customer with no other Chase savings or checking accounts.
To open your account in a branch or online, you will need your:
- Social Security number
- Mailing address
- Driver’s license or state ID
There is no minimum deposit to open a Chase Secure Banking account, but you will want to fund the account to begin using it and to cover your first monthly fee of $4.95.
You can deposit checks or cash at a branch or through an ATM, or through the mobile app. You can also transfer money from an online bank account, PayPal, Cash App, or Venmo by linking your Chase debit card or Secure checking account to one of these platforms.
Once you’ve funded the account you are ready to start taking advantage of all the features, including checking with no overdraft fee.
Compare Chase with Other Checking Accounts
How does Secure Banking compare to other checking accounts? For many people, the monthly fee could be a deal-breaker, especially since you can find online banks with no monthly fees, linked savings accounts, and the ability to send and receive wire transfers.
Plus, some online accounts offer interest with an annual percentage yield as high as 4.0%.
Let’s compare Chase to two popular accounts, both with no monthly fee, no overdraft fees, and capabilities to pay bills online. How does Chase stack up against SoFi online banking or Capital One 360 Checking?
Chase Secure Banking vs. SoFi
SoFi is an online bank with a combined savings and checking account that offers a 4.0% annual percentage yield on your money. SoFi is unique because it offers combined savings and checking accounts. This can make it easier to manage your money since it’s all in one place.
Like Chase, SoFi delivers funds up to two days early with direct deposit and has no overdraft fees, no minimum deposit requirements, and no minimum deposit to open an account. Unlike Chase, SoFi has no monthly service fee. The account also provides overdraft coverage, which means you may be able to pay bills with a negative account balance.
Another key benefit? A generous sign-up bonus of up to $300 when you open an account and set up direct deposit. Depending on the amount of that deposit, you will earn between $50 and $300.
Chase Secure Banking vs. Capital One 360 Checking
Capital One is a traditional bank with a strong online presence. You must go online to open your 360 Checking account, but you’ll gain access to personalized service at any Capital One branch or Capital One Cafe. This extended access to personal banking through Capital One Cafes in underbanked regions could make Capital One 360 a solid choice for those unbanked and underbanked customers considering an account with Chase.
Plus, unlike SoFi and Chase Secure, Capital One offers a linked 360 Performance Savings account. Customers will enjoy an APY as high as 3.4% with no fees, and no minimum deposit or minimum balance requirements.
Capital One 360 Checking has no monthly fee, a network of 70,000 fee-free ATMs, and overdraft options. You can choose to have Capital One:
- Decline any transactions that would put your account in the negative
- Transfer funds for free from any linked savings or money market account to cover the transaction
- Use no-fee overdraft to approve certain transactions that would put your balance in the negative
Frequently Asked Questions
Here’s what people are asking about Chase Bank.
Are checking accounts from Chase Bank federally insured?
Chase checking accounts and savings accounts, including Chase Secure Banking, are insured by the FDIC for up to $250,000 per customer, or up to $500,000 for joint deposit accounts.
What is the customer support email for Chase Secure Banking?
Chase offers numerous ways to reach customer support. There is no email address, but you can sign in to the Chase mobile app or login to your Chase account online and send a message through the secure message center.
Alternatively, you can visit a Chase branch and speak directly to a personal banker. You can also call Chase Personal Banking Customer Service at 1-800-935-9935. Chase’s customer service tends to be helpful and responsive.
For general questions or customer feedback, you can also reach Chase through social media at @ChaseSupport on Twitter or sending a message on Facebook or Instagram. The website reminds customers not to share account numbers or any personal information, such as your Social Security number, through these channels.
How do people rate the customer service and user experience of Chase Secure Banking?
Top personal finance websites give Chase Secure Banking ratings that range from 3 up to 4.4 stars. The account is better than average but has some drawbacks and fees, including the $4.95 monthly service fee, that keeps it from being recognized as a top-rated bank account.
How much does it cost to open a Chase Secure Banking account?
It is free to open a Chase Secure Banking account and there is no minimum deposit requirement and no minimum monthly balance requirements, either. Chase Secure Banking has a $4.95 monthly service fee that cannot be waived.
What features and perks does Chase Secure Banking offer?
For the $4.95 monthly service fee, Chase Secure Checking offers customers many features and perks that can make banking easier, even if you tend to carry a low balance or are living paycheck to paycheck.
First, you can avoid overdraft fees and manage your money better because Chase will not process most transactions that would put your account into a negative balance.
The best perk of Chase Secure Banking is the $100 sign-up bonus you’ll receive once you complete 10 qualifying transactions within 60 days of opening your account. Qualifying transactions include direct deposits, online bill pay, and debit card purchases. Plus, you can receive ACH credits for direct deposits up to two business days early with your Chase Secure Banking account.
Does Chase Secure Banking charge overdraft fees?
Chase Secure Banking does not charge overdraft fees. But your Chase secure account typically will not allow you to carry a negative balance. It will automatically decline those transactions. There are a few exceptions, such as a debit card purchase that is approved and then costs more than the approved amount, such as leaving a tip on your card in a restaurant.
What other checking options does Chase offer?
Chase offers numerous checking account options. The Chase Total Checking account is the bank’s most popular option. Chase Total Checking delivers all the essentials with a monthly service fee of $12. Chase Total Checking will waive that monthly fee if you maintain a minimum daily balance in the account or other linked accounts or with ACH credits of $500 or more per month.
Chase Premier Plus Checking is an interest bearing checking account with no fees on a variety of transactions, including counter checks, money orders and cashier’s checks. It offers an annual percentage yield of 0.01%.
Chase Premier customers pay a $25 monthly service fee, which is waived if you have an average beginning day balance of $15,000 or more in any combination of Chase deposit or investment accounts. That includes the Chase Premier checking account plus savings, money market accounts, CDs, or investments. Chase will also waive the monthly service fee if you have a linked qualifying Chase first mortgage enrolled in automatic payments from your Premier Chase checking account.
Chase also has business checking options, plus Chase Sapphire Banking Checking, Chase Private Client for high-net-worth Chase customers, and accounts for college students, children, and teens.
