Chase Bank Review 2023

With a massive branch network and breadth of product offerings, Chase is often viewed as the country's signature banking institution. Customers can choose from a full range of banking services, including checking and savings accounts as well as CDs. But if you’re looking for a bank that pays competitive rates, you’ll want to look elsewhere.

Customer support

Physical presence: Chase offers access to more than 4,900 branches and 16,000 Chase ATMs and has a banking presence in nearly every state. 

Customer service: In addition to receiving support over the phone, Chase customers can also send a message in the Secure Message Center when logged onto the website or app. The Chase Digital Assistant, available in the app, is a bot that can answer common questions.

High customer satisfaction: Chase bank consistently received high customer satisfaction scores in J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. Of note, Chase received the highest satisfaction score in Florida, the Upper Midwest (for a third consecutive year) and the Mid-Atlantic.

Digital experience

Highly rated mobile app: Chase’s mobile app, which has been rated by more than six million users, receives very high scores on the Apple App and Google Play stores. The mobile app allows you to send money to anyone, pay your bills and create a budget. And because Chase offers credit cards, too, you’ll be able to find all of your banking products in one place through the app if you have a Chase credit card in addition to other deposit products, such as a checking or savings account.

Complaints

CFPB enforcement action: In 2017, the Consumer Financial Protection Bureau (CFPB) fined Chase Bank $4.6 million for failing to implement the legally required processes for reporting information about consumers’ checking account behavior. 

SEC fine: Most recently, in June 2023, the Securities and Exchange Commision (SEC) fined JPMorgan Chase $4 million for deleting 47 million emails from employees within the banking division of the company.

Chase Bank is the consumer banking arm of JPMorgan Chase, one of the largest banking companies in the U.S. Chase offers banking services that include checking and savings accounts, as well as CDs. The bank, which can trace its roots to 1799, has grown through several signature mergers over the years, including one with Bank One Corp. in 2004 and its 2008 acquisition of the deposits and most of the assets of the failed Washington Mutual.

Chase maintains more than 4,900 branches in 49 states. In May 2023, Chase acquired most of First Republic Bank’s operations after the beleaguered regional bank was seized by federal regulators. First Republic’s 84 branches were subsequently converted to Chase branches, with Chase later announcing plans to shutter 21 of those converted branches by the end of 2023.

If you like having quick access to branches and ATMs — and you live where the bank operates — Chase is an obvious choice. If you’re hunting for high rates or want to be able to use the first ATM you see without paying a high out-of-network fee, look elsewhere.

As two of the largest U.S. banks, Chase and Wells Fargo are convenient options for consumers who prefer in-person banking. Both operate thousands of branches and tens of thousands of ATMs across the nation.

Both banks offer checking and savings accounts with monthly service fees that are relatively easy to waive when requirements are met. However, the interest rates offered on both of the banks’ deposit accounts are generally much lower than those that can be found at places like online banks.

When it comes to CDs, Chase offers a broader range of terms than Wells Fargo, and Chase requires a minimum deposit that’s less than half the amount required by Wells Fargo. Neither of the banks offers a personal money market account.