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Why should I not close Chase Checking Account?

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Established Member

Why should I not close Chase Checking Account?

Hi, so I got my first checking account in US with Chase bank in-person at branch. Just regular version. I gave its details to my employer for direct deposit. For some reason, it was very dificult to convince my employer & for them to actually start paying my salary through Direct Deposit to this account (no issue from Chase, just a lot of in-house & between friction). I paid $12 every month as fees as it would be waved only if $500 or more has been Direct Deposit in a month.

 

In the meantime I got a Discover checking Account & Capital 1 360 Checking Account (along with Discover IT card & Capital Plat Card).  After that a Chase Freedom Card too, my Daily Driver.

 

No, for unrelated reasons, I have oppurtunity to switch the Account Details with my Employer again. (I know, common at regular companies).

 

The question is: why should I not close this Chase Checking account?

 

Reasons for keeping:

  • Chase Card can be paid from this Chase Checking.
  • Chase have physical branches in my state California & in my city.
  • Chase has ATMs. Cheque deposits are availabe next day.

Reasons for closing:

  • $12 monthly fees (Direct deposit is not always processed, sometimes its paid by old school cheque).
  • 6 month period has been completed & now I can keep my earned reward of $200 from Chase.
  • All card payments, everything is connected to Capital One 360 Checking account, Chase is being used just as incoming point for all of my money. Chase card can also pull money from here.
  • I have withdrawed Cash only once in these last 6 months, so no ATMs are not a big thing.
  • Cheque deposit can be done via app, so yes, 6 more days waiting but can be managed.

Please let me know what I am missing.


Thin File | |
12-Jun-2019
Message 1 of 5
4 REPLIES 4
Regular Contributor

Re: Why should I not close Chase Checking Account?


@davchana wrote:

Hi, so I got my first checking account in US with Chase bank in-person at branch. Just regular version. I gave its details to my employer for direct deposit. For some reason, it was very dificult to convince my employer & for them to actually start paying my salary through Direct Deposit to this account (no issue from Chase, just a lot of in-house & between friction). I paid $12 every month as fees as it would be waved only if $500 or more has been Direct Deposit in a month.

 

In the meantime I got a Discover checking Account & Capital 1 360 Checking Account (along with Discover IT card & Capital Plat Card).  After that a Chase Freedom Card too, my Daily Driver.

 

No, for unrelated reasons, I have oppurtunity to switch the Account Details with my Employer again. (I know, common at regular companies).

 

The question is: why should I not close this Chase Checking account?

 

Reasons for keeping:

  • Chase Card can be paid from this Chase Checking.
  • Chase have physical branches in my state California & in my city.
  • Chase has ATMs. Cheque deposits are availabe next day.

Reasons for closing:

  • $12 monthly fees (Direct deposit is not always processed, sometimes its paid by old school cheque).
  • 6 month period has been completed & now I can keep my earned reward of $200 from Chase.
  • All card payments, everything is connected to Capital One 360 Checking account, Chase is being used just as incoming point for all of my money. Chase card can also pull money from here.
  • I have withdrawed Cash only once in these last 6 months, so no ATMs are not a big thing.
  • Cheque deposit can be done via app, so yes, 6 more days waiting but can be managed.

Please let me know what I am missing.


You can pay your Chase cards from other checking accounts - that isn't an "advantage" to keeping the Chase account open. 

 

Chase has real time ACH to some banks, contactless cards, and better fraud protection. Discover and Capital One have none of that (with weaker fraud protections, such as the lack of next day reimbursement). 

 

Message 2 of 5
Valued Contributor

Re: Why should I not close Chase Checking Account?

It's a decision only you can make.  I would not base my decision about a bank based on my employer's incompetence though.  Seems like payroll/HR at your employer need to get their act together.  

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Message 3 of 5
Frequent Contributor

Re: Why should I not close Chase Checking Account?

you could also split your pay and continue to use both for their respective reasons.  

 

My company has the option for % based or fixed amount to go to multiple accounts.  This is how I put a fixed amount into a Joint acct for rent payments.  

July 31/2019. EX-712. EQ-704. TU-726
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Message 4 of 5
Established Member

Re: Why should I not close Chase Checking Account?

You should close it. 

Message 5 of 5
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