Students need bank accounts, and Chase bank has every feature and service needed. Everything became simple, from withdrawing money to taking loans when a student has a student account at Chase Bank. This article covers the question, “Is Chase A Good Bank For Students.”
For the students, the best service Chase Bank provide is the Chase Bank student checking account. Through the account, the students can save their money for educational purposes, .and even if they move out to some new place, the bank account will also help them there.
According to customers’ reviews, they find the Chase Bank account for students quite helpful, but to understand if it’s good for you, you must go through the article about Chase Bank for students.
In the present world, from teenagers to adults, everyone knows that saving money is very important, and for students, the best option for their further studies, investment, and spending is to store their money in a bank they can trust.
But it’s difficult to find a trustworthy bank with proper facilities and services for students. So to make things easier, chase Bank has many services for students, and many high school and college students prefer and use Chase Bank daily. So for the students, as every penny is great, finding a good bank is very important to avoid any bad incident.
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What features and benefits does Chase Bank offer to Students?
Chase bank is one of the great banks for students, and to make things easier and accessible for them, it has many features and benefits.
Explanation of the features and benefits for students
Well, Chase bank has services like checking accounts, ATM cards, debit cards, etc., for students.
So when any college student by the age of 17 to 24 is interested in making a Bank account at Chase, they are eligible for a Chase College Checking Account, which is part of a student checking account.
You can take advantage of any ATM worldwide through this account, pay for items, do Online Banking, etc.
Then if you are under the age of 13 to 17, you can apply for Chase High School Checking, but it is required to link with your parent’s bank account. Using this checking account, you can easily save and purchase needed items.
Read– Chase Bank For Business
Comparison with other banks for students
Chase Bank is one of the bases for students, but many other banks currently provide student banking services. So it’s important to know what services other banks are giving.
Bank Of America
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Then Capital One is also one of the top banks in the USA that also has bank account services for teens, which also works for students. In the Capital one teen checking account, students from 8 to 18 can easily create a bank account.
There the bank services provided 0.10% APY interest. Also, there is no monthly service fee. If the account is getting overdraft, then the payment transfer automatically gets declined, or the payment is withdrawn from another linked account, so there is no overdraft fee.
And when the student reaches the age of 18, the Capital One Teen checking account changes to the capital one 360 checking account.
Compared with Chase bank, they may have fees, but Chase Bank student checking account has specific services for students such as international payments and many others.
And in the Teen checking account, you can only accept international payments. So, the Capital one teen checking account is great for teens but not that much for students.
What are the benefits of using a student-specific bank account?
For those students who are willing to make a student-specific bank account for them, there are many benefits,
● The student-specific bank accounts have very low monthly service fees.
● The overdraft fee is very less than regular checking or savings accounts.
● Many banks offer free international transactions.
● Students can keep their personal and educational savings separate.
● Can take Interest-free student loans from the banks that offer this feature
● Extra rewards
● Can save money from a very young age
These are a few examples of using student-specific bank accounts.
Read– Can Chase Bank Notarize Documents?
Fees and Charges
When a Student has a student-specific bank account where the fees and much different than normal savings are checking accounts, it’s important to know what to expect in advance.
Chase Bank’s student accounts fees & charges
There are a few nominal fees for students with Chase Bank accounts. So to open the Chase Bank student checking account, the minimum deposit required is $0.
Then the monthly service fee is also $0 for the first five years or until the student graduates. After that, they have to pay a $6 monthly service fee to Chase Bank, but the amount can get waived if the account holder maintains a Daily balance of $5000 or through Direct deposit.
Then there is no overdraft or insufficient fund fee if the transaction is $5 or less. Still, if the transaction amount is more than $5 game as an overdraft fee, the person would be charged $34 per overdraft transaction and $102 as an overdraft fee for more transactions in a day.
And last but not least, if the account holder of the student checking account withdraws any money from non-Chase ATMs, they have to pay $3 extra as an ATM fee.
Comparison of Chase Bank’s fees with other banks’ fees for students
These bank accounts are specifically made for students, so they don’t have to pay much of a fee for anything.
But in the case of Bank of America, it might not need any monthly service fee, but the Bank of America ATM card can only be used at BofA ATMs and financial centers.
That’s why if you end up using the ATM card for any other ATM, it may cost you $2.50 to $9 extra per Non-BofA ATM transaction.
Also, if your Bank of America student checking account gets overdrafted, the Bank of America will charge $35 and $100 for several overdrafts.
The Capital One Teen checking account is a great account for teens. There it doesn’t require any extra fee for monthly services or overdraft fee; you only have to pay a $35 overdraft fee if only the amount is withdrawn from the line of credit.
And for the non Capital, One ATM, there is mostly no extra fee needed, but it depends on the owner of the specific franchise.
In PNC Virtual Wallet Student Account, there are also fees that the students or the account holders have to pay. Account holders must pay $25 as a minimum amount while opening the account offline, but the minimum required balance is zero in an online PNC virtual wallet student account.
Then for every overdraft, they have to pay $36 each time and $3 per Non-PNC ATM transaction.
While in Chase student checking accounts, the service and overdraft charge is reasonable, which is $6 after graduation and $34 for overdrafts.
And Chase bank gives you the service of using an ATM card anywhere in the world, and in non-Chase ATMs, it only charges $3 for each transaction.
Explain in a few words how to minimize the fees.
The ways to minimize the student bank account fees and by following a few steps, you can reduce or waive the fees.
First, to avoid the monthly service fee, you can choose the bank that provides free monthly services or can easily get waived by having a minimum balance in your student account.
Then to avoid paying an overdraft fee, you should check your daily withdrawal limit and maintain or monitor your everyday spending.
And make sure that your bank account doesn’t have a low balance; in this way, you will know if your next transaction can cause you to overdraft.
In our routine, if we need money difficult to find the specific ATM of the Bank. Now to avoid paying ATM fees, try to keep extra money to yourself, or when you are going somewhere and spot an ATM belonging to your bank, withdraw some money from there.
Apart from that, if there is any other fee available in your student bank account, then talk to the staff from your bank and discuss the issues.
Read– Chase Debit Card Coverage Limit
What are the Customer service and support options available for Students?
Banks’ customer service and support options totally depend on that specific bank. In the Chase Bank account, they treat all the customers equally, and if you need help, you can visit your Chase Bank branch in person.
Then also you can contact Chase Bank’s customer service number, 1-800-432-3117; also, you can describe your issue through email, etc.
What mobile and online banking options are available for Students?
There are many virtual student accounts available for students, but for Chase Bank, the student and any account above 18 years have a Chase Bank app, and for 18 years and below, the student accounts can be monitored by the parents through the App.
Students have been using Chase Bank student checking accounts for many years regularly. And the review of students of different age groups has been quite positive.
Chase Bank has always offered secure, fast, digital, and low-fee services for account holders. So as a student or as a parent, if you are looking for a perfect Bank for student accounts, then Chase Bank is one of the best bank options.
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