Chase is the consumer banking division of JPMorgan Chase, the largest bank in the United States by assets

When you open a checking account, savings account, or credit card with Chase, you are dealing with JPMorgan Chase & Co., a financial company that operates thousands of branches across the country. Chase handles everyday banking for individuals and families — the accounts you use to deposit paychecks, pay bills, and borrow money. The parent company, JPMorgan Chase, also runs investment banking and wealth management divisions, but those serve large businesses and wealthy clients. For most people, "Chase" means the retail bank you can walk into or access online.

Chase operates roughly 4,700 branches in the United States, making it one of the easiest banks to find in person. You can also bank entirely online through Chase's website and mobile app. The bank offers the standard products most people need: checking accounts (accounts for everyday spending), savings accounts (accounts that earn interest on money you set aside), money market accounts, certificates of deposit (CDs), mortgages, auto loans, and credit cards.

Key Takeaways

  • Chase is a retail bank owned by JPMorgan Chase & Co., the largest bank in the United States, and operates thousands of branches nationwide.
  • You can bank with Chase in person at a branch, by phone, or entirely online through their website and mobile app.
  • Chase offers checking accounts, savings accounts, loans, mortgages, and credit cards, along with investment and wealth services for larger customers.
  • Your deposits at Chase are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type, protecting your money if the bank fails.
  • Chase charges monthly maintenance fees on many accounts, though fees can be waived if you meet balance or direct deposit requirements.

How Chase makes money and what that means for your account

Chase makes money in three main ways: by charging you fees, by lending out deposits at higher interest rates than they pay you, and by earning fees from credit card transactions. When you keep money in a Chase savings account, the bank pays you a small amount of interest — currently a fraction of a percent — but then lends that money to other customers at much higher rates. The difference is the bank's profit.

Most Chase checking accounts charge a monthly maintenance fee, usually between $12 and $15. You can avoid this fee by meeting one of several conditions: keeping a minimum balance (often $1,500 to $2,500), setting up direct deposit of your paycheck, or maintaining a certain number of debit card transactions per month. If you do not meet any of these conditions, the fee comes out of your account automatically each month.

Chase also makes money when you use a credit card. Every time you swipe a Chase credit card at a store, the store pays Chase a small percentage of the purchase — usually 2 to 3 percent. This is why Chase offers rewards on credit cards: they earn enough from merchant fees to afford giving you cash back or points.

What FDIC insurance means for your money

The Federal Deposit Insurance Corporation (FDIC) is a government agency that insures deposits at banks like Chase. If Chase were to fail — which is extremely rare — the FDIC would reimburse you up to $250,000 per account type. This means if you have $50,000 in a Chase checking account and $100,000 in a Chase savings account, both are fully covered because they are different account types.

The $250,000 limit applies per account type at each bank. If you have two checking accounts at Chase under your own name, the FDIC combines them and covers only $250,000 total across both. However, if you have a joint checking account with a spouse, that account is insured separately, and each spouse's individual account is also insured separately. This structure allows married couples to insure up to $500,000 in checking accounts at the same bank.

FDIC insurance does not cover investment products like stocks or mutual funds, even if you buy them through Chase. It also does not cover safe deposit boxes or items stored in them. The insurance covers only deposit accounts — checking, savings, money market, and CDs.

Chase's online and mobile banking tools

Chase offers a mobile app and website where you can check your balance, transfer money between accounts, pay bills, deposit checks by taking a photo, and set up alerts for unusual activity. The app is available on iPhone and Android. You can also call Chase customer service at the number on the back of your debit card or checkbook to speak with someone about your account.

Chase also offers Zelle, a service that lets you send money when ready to another person's bank account using only their email address or phone number. Zelle is free and works between most major banks, so you can send money to someone with a Bank of America account, Wells Fargo account, or most other banks without paying a fee.

Types of Chase accounts and what they are for

Chase offers several account types, each designed for a different purpose. A checking account is for money you use regularly — paychecks go in, bills and groceries come out. You get a debit card and checks to access the money. A savings account is for money you want to set aside and grow slowly through interest. Savings accounts have limits on how many times per month you can withdraw money (though this rule is less strictly enforced than it once was).

A money market account is a hybrid: it works like a savings account but usually pays slightly higher interest if you keep a larger balance. A certificate of deposit (CD) is an account where you agree to leave money untouched for a set period — three months, one year, five years — in exchange for a higher interest rate. If you withdraw the money early, you pay a penalty.

Chase also offers credit cards, which are not deposit accounts but borrowing products. When you use a Chase credit card, you are borrowing money from Chase and agreeing to pay it back, usually with interest if you do not pay the full balance by the due date.

How to open an account with Chase

You can open a Chase account online, by phone, or in person at a branch. To open an account, you will need a government-issued photo ID (a driver's license or passport), your Social Security number, and an initial deposit. The initial deposit can be as small as $25 for some accounts, though Chase may require more for certain products.

If you open online, the process takes about 10 minutes. You provide your personal information, choose which account type you want, and link a bank account to transfer your initial deposit. Chase will verify your identity and may ask follow-up questions about the source of your funds if you are depositing a large amount.

If you open in person at a branch, a banker will walk you through the process and answer questions. You can also call Chase at 1-800-935-9935 to open an account by phone, though you will still need to verify your identity and provide an initial deposit.

Chase's history and size in the banking industry

Chase traces its roots to 1799, when the Manhattan Company was founded in New York. The bank merged with other institutions over two centuries and eventually became part of JPMorgan Chase & Co. in 2000. Today, JPMorgan Chase is the largest bank in the United States by total assets, meaning it holds more money and property than any other bank.

This size means Chase has resources that smaller banks do not — more branches, more advanced technology, and more stability. It also means Chase is heavily regulated by federal agencies including the Federal Reserve, the Office of the Comptroller of the Currency, and the FDIC. These agencies set rules about how much capital Chase must hold, what kinds of loans it can make, and how it must protect customer information.

Frequently Asked Questions

Is my money safe at Chase?

Yes. Your deposits are insured by the FDIC up to $250,000 per account type, and Chase is the largest and most stable bank in the United States. The bank is also heavily regulated by federal agencies that monitor its financial health and lending practices.

What happens if I do not meet the requirements to waive the monthly fee?

The monthly maintenance fee will be charged to your account automatically. You can contact Chase to ask about fee waivers or to switch to an account type with lower or no fees. Some Chase accounts, like the Chase Total Checking, have no monthly fee if you meet one of several straightforward requirements.

Can I use Chase ATMs for free?

Yes, you can withdraw money from any Chase ATM for free if you have a Chase deposit account. If you use an ATM from another bank, that bank may charge you a fee, and Chase may also charge you a fee for using an out-of-network ATM. The amount varies but is typically $2 to $3 per transaction.

What is the difference between a debit card and a credit card from Chase?

A debit card takes money directly from your checking account when you use it — you are spending money you already have. A credit card borrows money from Chase, and you pay it back later, usually with interest if you do not pay the full balance by the due date. Credit cards build your credit history; debit cards do not.

Can I have multiple accounts at Chase?

Yes. You can have multiple checking accounts, savings accounts, and credit cards at Chase. Each account is separate, and FDIC insurance covers each account type up to $250,000. Having multiple accounts can help you organize money for different purposes, though it also means paying multiple monthly fees unless you meet the waiver requirements for each account.