Chase offers parents two different products for them to help their teenagers learn financial responsibility. They are the Chase High School Checking Account and the Chase College Checking Account. Both of these accounts are very similar to a standard Chase Checking account, and they come with a Chase debit card linked to the account.
With these cards, your teenager or college student will have access to over 15,000 ATMs and 5000 Chase banks across the nation. Both types of debit cards have chip technology which makes them top-of-the-line in account security. Teenagers have access to online banking, so they can learn how to manage a bank account effectively. The Chase student account may also be accessed via the Chase mobile banking app which provides account alerts for your teenager.
The parent must be the one who sets the account up for their teen (both college and high school checking accounts). The High School Checking Account is meant for teenagers ages thirteen to seventeen while the College Checking Account applies to students ages seventeen to twenty-four. A deposit of $25 is required to open a student account.
A monthly service fee of $6 is charged for both the High School and College Checking Accounts. This fee can be avoided easily; in fact, there are three ways to avoid it. When the Chase student checking account is linked to your parental account, the monthly service fee is charged. If a direct deposit is made to the High School or College Checking Account, then the service fee is waived for that month. If the student account has an average daily balance of $5000 in the account, then the monthly service fee is waived.
There are plenty of other fees to worry about, but many of these are easily avoidable.
The most common fee is the ATM withdrawal fee. First off, there is no fee for withdrawing from a Chase ATM. A fee of $2.50 is applied when using other ATMs; this is in addition to the ATM-owner fee. This fee is doubled when outside of the United States.
There are a couple of different overdraft fee stipulations. For both Student Checking Accounts, Chase generally charges $34 for over-drafting an account. If the overdraft balance is less than $5 or the item costs less than $5, then the overdraft fee is waived. An additional $15 is charged for every five days the balance is negative. If the account is enrolled in overdraft protection, a fee of $10 is charged by Chase for transferring funds to cover the expense.
There is only one difference between the College and High School Checking Accounts in terms of overdraft fees. The College Checking Account can opt out of the overdraft protection policy. By opting out of the policy, the College Student debit card will be declined if there are insufficient funds.
Overall, both Chase Student Checking Accounts are simple and easy to use. These student accounts function similarly to a normal checking account, but they offer a degree of parental oversight. Fees do not pose a problem with this card, another positive aspect from a parental perspective. You can rest easy that your teenager will be able to learn how to bank responsibly without excessive risk. You might also want to consider the student banking products offered by PayPal and TD Bank.
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