Chase Secure Banking

What it is

Chase's checkless, low-cost account: $4.95 a month (waived with $250 in electronic deposits or an owner aged 17-24), no minimum to open and no overdraft fees. Cashier's checks and money orders are free, which helps since you can't write paper checks. Chase doesn't market it specifically to people with past account problems.^1,3

Does Chase use ChexSystems?

Chase doesn't say whether it checks ChexSystems for this account. The product page doesn't mention ChexSystems or account screening. In the parts of the Deposit Account Agreement we could read, Chase only says it may report you to consumer reporting agencies over unpaid overdrafts, which could affect your ability to open accounts later. ChexSystems isn't named in those sections.¹

We couldn't find where Chase says what it checks for this account. If you've been denied elsewhere, ask the bank before you apply whether a ChexSystems or Early Warning report affects this account.

Fees and overdraft

Monthly fee

$4.95 a month. Waived for a statement period with $250 or more in qualifying electronic deposits (payroll, government benefits or tax refunds by ACH, RTP, FedNow or certain card-network payments; Zelle, cash, checks, wires and interest don't count), or when an account owner is 17 to 24. New and converted accounts aren't charged for at least the first two statement periods. Chase's fee schedule also lists linking the account to a qualifying Chase checking account as a way to avoid the fee; the product page doesn't mention that option.^1,3,4

Minimum to open

$0

Overdraft

Chase overdraft services aren't available on this account. Transactions are declined or returned when funds are short and no overdraft fee is charged; the balance can still go negative in limited cases (such as a tip added after authorization), still with no overdraft fee.

ATMs

No Chase fee at Chase ATMs; $3 per withdrawal at non-Chase ATMs in the U.S. and territories ($5 outside them), plus any ATM owner or network surcharge.

Early direct deposit

Yes

Who can open it

Can be opened online through Chase's application or in a branch; 17-year-olds must open in a branch. Accounts are subject to approval. The product page doesn't say which states are eligible for online opening.

Deposit insurance: JPMorgan Chase Bank, N.A., Member FDIC

If you've been denied before

• If a bank or credit union turns you down because of a checking account report, it must send you an "adverse action" notice with the name and contact information of the reporting company it used.^5,6
• By law, you can get a free copy of your checking account report once every 12 months, and you are also entitled to a free copy if a bank turns you down because of it.^7,8
• If your checking account report has an error, you have the right to dispute it with the reporting company and with the bank or credit union that supplied the information. Under the FCRA, companies must investigate disputes free of charge.^7,8,9
• The Office of the Comptroller of the Currency (OCC) says negative information generally stays on ChexSystems and Early Warning Services reports for five years.¹⁰

ChexSystems, explained