Question

What are considered qualifying deposits for Chase Premier Checking?

1) Direct deposits totaling $500 or more
2) Average daily balance of $1,500 or more
3) Keep a minimum daily balance of $5,000 or more
4) Link to a Chase Premier Savings account

Answer 1

Qualifying deposits for Chase Premier Checking typically include 1) direct deposits of $500 or more, or maintaining a certain average daily balance. The FDIC insures these deposits up to $250,000. Reserve requirements set by the Federal Reserve have been eliminated as of March 2020.

Step-by-step explanation:

The question pertains to the qualifying deposits for Chase Premier Checking. Among the options provided, the correct ways to avoid monthly service fees for Chase Premier Checking are continuous 1) direct deposits totaling $500 or more or maintaining an average daily balance of $15,000 or more across your qualifying Chase accounts.

Linking to a Chase Premier Savings account can also help avoid the fees if it contributes to maintaining the required average balance. It's important to remember that banking regulations do change.

For instance, the Federal Reserve has recently eliminated reserve requirements which were formerly set at percentages for different tiers of deposits.

Furthermore, the Federal Deposit Insurance Corporation (FDIC) ensures that deposits are insured up to $250,000.