Question

How can you avoid the monthly service fee for Chase Sapphire Checking?

1) Maintain a minimum daily balance of $75,000
2) Make at least five debit card purchases per month
3) Set up direct deposit of at least $500 per month
4) All of the above

Answer 1

To avoid the monthly service fee for the Chase Sapphire Checking account, you need to maintain a minimum daily balance of $75,000 across qualifying linked deposits and investments. Making debit card purchases or setting up a direct deposit does not waive the fee for this account.

Step-by-step explanation:

How to Avoid Monthly Service Fee for Chase Sapphire Checking

To avoid the monthly service fee for the Chase Sapphire Checking account, you must maintain a minimum daily balance of $75,000. This balance can be across qualifying linked deposits and investments. Unfortunately, making debit card purchases or setting up a direct deposit of a certain amount will not waive the service fee for this particular account. It’s essential to understand the specific terms and conditions of your bank account to avoid unnecessary fees and manage your finances effectively. Checking accounts like Chase Sapphire Checking facilitate convenient transactions, such as using a debit card for purchases, which are immediately deducted from your account. While checking accounts generally offer minimal interest, maintaining a minimum balance might earn interest similar to a savings account in some cases.

Apart from maintaining a minimum balance, managing your money carefully, keeping track of your cash flow, and avoiding overspending are crucial to steer clear of overdraft fees and maintain a healthy financial status with your bank.