Question

What three ways can you avoid the monthly service fee for Chase Total Checking?

1) Maintain a minimum daily balance of $1,500 or more
2) Have monthly direct deposits totaling $500 or more
3) Keep an average daily balance of $5,000 or more in any combination of qualifying Chase checking, savings, and other balances

Answer 1

To avoid the monthly service fee for Chase Total Checking, customers can maintain a $1,500 minimum daily balance, have monthly direct deposits of at least $500, or keep an average daily balance of $5,000 across qualifying accounts. Balancing a checkbook is key for financial management, and accounts are FDIC insured for added security.

Step-by-step explanation:

To avoid the monthly service fee for Chase Total Checking, one can use these three strategies:

1. Maintain a minimum daily balance of $1,500 or more.
2. Have monthly direct deposits totaling $500 or more.
3. Keep an average daily balance of $5,000 or more in any combination of qualifying Chase checking, savings, and other balances.

Checking and savings accounts serve different financial needs. While a checking account provides easy access to funds and is ideal for daily transactions, a savings account is designed to accumulate interest on saved funds, but may require a trip to the bank or an ATM for withdrawals.

Furthermore, balancing your checkbook is crucial for managing money effectively and avoiding fees associated with insufficient funds. It is also important to note that banks, including Chase, are required to insure deposits up to $250,000 through the Federal Deposit Insurance Corporation (FDIC), providing additional security for your bank deposits in case of bankruptcy.