Chase Secure Banking Review (2024)

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The bottom line: Chaseis one of the best banks out there. It has several types of checking accounts, but Chase Secure Banking℠ is the only one that offers early direct deposit so you can receive paychecks up to two days early. But if early direct deposit doesn't matter to you, you may be more interested in another Chase checking account — one that lets you enroll in overdraft protection.

Chase Secure Banking: Pros and Cons

Chase Secure Banking℠ Review

Chase Secure Banking is a good option if you want to receive your direct deposits up to two days early. You can also earn a bonus of $100 when you open a Chase Secure Banking account as a new Chase checking customer with qualifying transactions (offer expires 10/16/2024).

But you'll want to keep an eye on fees. You'll pay a $4.95 monthly service fee, unless you qualify to waive it, and $3 if you use an out-of-network ATM. And although the account doesn't charge overdraft fees, it also doesn't offer any sort of overdraft protection. So if a transaction would put your balance in the negative, the bank will simply deny your purchase.

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Is Chase Secure Banking Trustworthy?

Chase is a Member FDIC Bank, so your Chase Secure Banking account is FDIC-insured for up to $250,000, or $500,000 for joint accounts. This means that if Chase shuts down, your insured funds are still safe. Your money would be moved to another federally insured institution, or you would receive a check in the mail.

The Better Business Bureau gives Chase an A+ rating. A strong BBB grade indicates that a company responds effectively to customer complaints, is transparent about business practices, and advertises honestly.

A good BBB score doesn't guarantee you'll have a perfect relationship with a bank, though. Read online customer reviews or speak with friends and family who use Chase to help determine if it will be a good fit.

Chase has been involved in a couple of recent public controversies. In 2020, JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that claimed the bank was involved in wrongful trading. In the same year, the US Department of Labor required Chase to pay $800,000 in back wages in a settlementthat accused the bank of underpaying women.

Chase Secure Banking FAQs

Methodology: How We Reviewed Chase Secure Banking

At Personal Finance Insider, we rate products using our bank account ratings methodology. We rate each account from zero to five.

We look at ethics, customer service, and the bank's mobile app when we rate all types of accounts. For checking accounts specifically, we also evaluate minimum opening deposits, monthly fees, overdraft fees/protection, and ATM access/fees.

How Chase Secure Banking Compares

Chase Secure Banking vs. Chase Total Checking

Chase Total Checking® is the bank's most basic checking account. It has a leg up over Secure Banking because it offers a larger bonus of $300. It also has Overdraft Assist — this gives you more options if you overdraw, including free overdraft protection that transfers money from your Chase Savings℠ account.

Total Checking doesn't offer early direct deposit, though, and you'll pay for cashier's checks and money orders. You should also note that if you don't qualify to waive the Total Checking monthly fee, you'll probably prefer Secure Banking. Total Checking has a $12 monthly service fee, as opposed to Secure Banking's $4.95 monthly service fee charge, which also has options to waive.

Chase Secure Banking vs. Chase Premier Plus Checking

The Chase Premier Plus Checking℠ account charges a $25 monthly service fee. It could be the better choice if you're eligible to waive the fee, but otherwise, you'll pay a lot more than you would with Chase Secure Banking. It also doesn't offer a cash bonus.

Otherwise, Premier Plus Checking is the better option when it comes to fees. It offers Overdraft Assist, a great option if you enroll in free overdraft protection. It also reimburses up to four out-of-network ATM fees per statement period, which is convenient if you travel frequently.

Chase Premier Plus Checking doesn't offer early direct deposit, though. If receiving your paycheck early is important to you, Chase Secure Banking is the way to go.