Chase bank is one of the big banks in the US, with over 4,700 branches and 16,000 ATMs. The bank proudly serves nearly half of America’s households with various financial products, including credit cards, personal banking, auto financing, mortgages, business accounts and loans, investment advice, and payment processing.
Beyond the large banking footprint, the bank offers innovative services for its customers. Clients can waive monthly account fees by carrying a minimum balance, enabling direct deposit, or linking eligible accounts. The bank further offers various types of credit cards with varying benefits, including travel rewards, cashback, and balance transfer.
If you are a Chase bank customer or looking to join the bank, you may be wondering how can I transfer money from Chase bank to another bank. This article looks at the popular Chase products and different ways you can send money to another bank.
Who Should Join Chase Bank
Chase bank is best if you live in a state with many ATMs and branches. Availability is essential when choosing a bank as you do not need to travel all day to get bank services. Furthermore, Chase bank is good for individuals looking for various lending, deposit, and investment options from a single financial provider.
Chase bank is appropriate for people looking to earn exceptional rewards and benefits. It is also ideal for individuals looking for a bank that can grow with them and offer premium products. However, you need to make sure you can complete qualifying activities or maintain the minimum daily balance.
As one of the big banks in the US, Chase bank provides extensive financial products. Customers can have a host of financial solutions, including savings accounts, checking accounts, mortgages, auto financing, credit cards, and certificates of deposit (CDs). Some of the popular Chase bank financial products include:
Chase bank has several checking account options designed to meet the financial needs of different customers. All checking accounts charge a monthly maintenance fee of between $4 and $35. Nonetheless, customers can avoid paying the monthly fees by meeting the criteria set by the bank, like maintaining a minimum deposit, depending on the account type. The preferred Chase bank checking accounts include:
- Chase Total Checking: The account does not have a minimum opening deposit. However, it does not have an average percentage yield (APY) and attracts a $12 monthly fee. You can waive your Chase total checking account maintenance fee by making a monthly direct deposit of at least $500 or maintain a minimum average beginning day balance of $1,500 or an average daily balance of $5,000 or more in linked accounts.
- Chase Premier Plus Checking: The premier plus account does not require a minimum opening deposit, but it has a monthly fee of $25. You can avoid the monthly fee by maintaining a daily beginning balance of at least $15,000 in linked accounts. The account has an average percentage yield (APY) of 0.01 percent and waives $2.50 non-Chase ATM fees up to four times in a statement cycle.
The bank offers three saving accounts that include:
- Chase Savings: The account has one interest rate for all balances. It does not require an opening deposit, but it attracts a $5 monthly fee. You can waive the maintenance fee by linking the account to a checking account with overdraft protection, an eligible $25 monthly autosave, maintaining at least a $300 daily begging balance, or being 17 or younger.
- Chase Premier Savings: You need a $0 minimum opening deposit to open the account, but you will pay a $25 monthly maintenance fee. The account attracts 0.01 percent APY and 0.02 percent relationship APY for clients with higher balances.
- Chase Private Client Savings: The account is for clients who qualify for Chase Private Client Status. It does not attract a monthly fee and offers tiered interest rates, depending on the amount in your account.
Certificates of Deposit
Chase bank certificates of deposits range from one month to 10 years, with the larger deposits attracting higher interest rates. The bank allows investors to choose their preferred payment from monthly to quarterly, semiannually, annually, and maturity. You need a minimum of $1,000 to open a CD account. Closing your account before maturity can attract a penalty of at least seven days’ interest, depending on the term of your investment. The penalty cannot be higher than the interest earned.
The bank has a wide selection of credit cards to suit the needs of different customers. The cards have various benefits, including bonuses, rewards, and cashback offers, targeting personal and business uses. The bank further offers co-branded cards with hotels, airlines, and other businesses. Depending on your preferred card, you can use the card’s reward system to book travel, airline travel, hotel booking, and redeem cashback, among other options. Some of the popular Chase bank credit cards include:
- Chase Sapphire Preferred
- Chase Sapphire Reserve
- Chase Freedom Unlimited
- Ink Business Cash
How Can I Transfer Money from Chase Bank To Another Bank
Every bank account holder needs to transfer money to an account in another bank on some occasions. It could be to pay an auto loan, mortgage, pay for products and services, or send cash to friends and relatives. All banks, including Chase Bank, allow customers to send money to other bank accounts, but the options and terms vary from one bank to another. We will give you an answer and the options on how can I transfer money from Chase bank to another bank and the procedure you should follow.
Chase bank offers several ways you can use to transfer money to another bank. Some of the best ways you can use to send money to another bank from Chase bank include:
Zelle is a free and fast payment app that supports secure transactions. It integrates many banking apps, making it easy to transfer and receive payments from the different supported banks. It is easier to send money with the Zelle app as you do not need to know the recipient’s bank details. You only need the recipient’s phone number or email to send or request money.
You can download and use Zelle at no cost, making the app one of the most economical ways to send money from Chase bank to another bank. Nonetheless, while the app does not charge users, you may need to check with your bank for service fees. The app does not keep your personal details, making it a secure processing app. However, you will not cancel the transaction in case of the wrong information. Zelle does not have receiving limits, but the amounts you can transfer vary from one bank to another.
How You Can Use Zelle to Send Money From Chase Bank to Another Bank
You can access the Zelle app from the mobile bank app. You do not need to download the Zelle app if you are already using the Chase Mobile app. You only need to sync your phone contacts to send money to relatives and friends easily. You may split the cost and set up recurrent payments easily from the app.
As a Chase customer with a checking account, you can set up Zelle by login into Chase.com with your username and password. Go to the “Pay” menu and select Zelle. Accept the terms and conditions and verify your account. The bank will send you a one-time code that you can use to verify your details. Choose the checking account you want to use and start sending money from Chase banks to other banks with Zelle.
Chase bank does not have limits on the amounts you can receive with Zelle, but there are maximum amounts you can transfer, depending on your type of account. The amounts increase to a maximum of $5,000 daily and $40,000 monthly from business checking accounts and private client accounts. You can transfer up to $2,000 in a day and $16,000 in a month from personal checking accounts.
Chase Global Transfer
The service is a bank-to-bank wire transfer that lets you transfer money from Chase bank to other banks globally. The fees you will pay to use wire transfers vary among banks and amounts you want to send but are usually between $5 and $50. Furthermore, international wire transfers take longer to complete than domestic transfers.
To use the Chase Global Transfer service, you should log into your online account and select the “Transfer Money” option from the “Pay and Transfer navigation menu”. Fill out the wire transfer form with the recipient’s details and correct currency. Once you confirm the details are correct, you should finalize the transfer and pay the applicable service fees.
Save the confirmation receipt as it contains crucial reference details.
Direct Bank To Bank Transfers
Chase bank allows customers to directly link and transfer money to another bank account. The process is easy and takes a few steps. You need to sign in to your Chase account and choose the “External accounts” option from the “Pay and transfer” tab. To link an account, choose “Add external account” and fill in the recipient’s account and routing number. Confirm the recipient’s details and approve the transaction.
Chase bank offers multiple ways you can use to transfer money from Chase bank to another bank. You can use Zelle through Chase Mobile to send money to friends and relatives at no cost. It is quick and straightforward as you need the recipient’s phone or email. You may also opt for direct transfer to a bank account by linking the external account to your Chase bank account. Linking an account is ideal when you need to make recurrent payments. You may further use wire transfer to send money. Wire transfer is good for international transfers.