Question

How can you avoid the monthly service fee for Chase Premier Checking (3)?

1) Maintain a minimum daily balance of $15,000
2) Make direct deposits totaling $500 or more
3) Keep an average daily balance of $1,500 or more
4) Enroll in paperless statements

Answer 1

To avoid Chase Premier Checking's monthly fee, maintain a $15,000 minimum daily balance, have direct deposits of $500+, or a $1,500 average balance. Enrolling in paperless statements does not waive the fee. Reserve requirements, once a tool to ensure liquidity, were dropped to 0% by the Federal Reserve in response to the pandemic.

Step-by-step explanation:

To avoid the monthly service fee for Chase Premier Checking, you must either maintain a minimum daily balance of $15,000, or make direct deposits totaling $500 or more, or keep an average daily balance of $1,500 or more. Enrolling in paperless statements typically does not waive the monthly service fee for this type of account. Balancing your checkbook and understanding the requirements for your account can help you manage your money effectively, keeping track of your cash flow, and circumvent overdraft or insufficient funds fees.

Furthermore, understanding the Federal Reserve's requirements for banks to hold reserves can give insight into how banks operate. For instance, before March 2020, banks were required to hold a certain percentage of reserves based on the amount of deposits. These requirements were set to ensure banks could meet the demand for withdrawals, but as of March 2020, the Federal Reserve has reduced these requirements to 0%, eliminating the reserve requirement for all depository institutions due to the pandemic-induced recession.

Answer 2

If you want to avoid the monthly service fee for Chase Premier Checking, you can follow these steps:`` Maintain a minimum daily balance of $15,000, Make direct deposits totaling $500 or more, Keep an average daily balance of $1,500 or more and Enroll in paperless statements``

The answer is option ⇒1,2,3 and 4

Step-by-step explanation:

To avoid the monthly service fee for Chase Premier Checking, you can follow these steps:

• 1) Maintain a minimum daily balance of $15,000: To avoid the monthly service fee, you need to ensure that your Chase Premier Checking account maintains a minimum daily balance of $15,000. This means that your account balance should not dip below this threshold at any point during the day.

• 2) Make direct deposits totaling $500 or more: Another way to avoid the monthly service fee is by having direct deposits totaling $500 or more made into your Chase Premier Checking account. Direct deposits are electronic transfers of funds, such as your paycheck or other regular income, directly into your account.

• 3) Keep an average daily balance of $1,500 or more: You can also avoid the monthly service fee by maintaining an average daily balance of $1,500 or more in your Chase Premier Checking account. This means that when you calculate the average balance over a statement cycle, it should be equal to or higher than the specified amount.

• 4) Enroll in paperless statements: Finally, to avoid the monthly service fee, you can enroll in paperless statements. This means that instead of receiving physical paper statements in the mail, you will receive electronic statements through Chase's online banking platform or via email. Enrolling in paperless statements is often a requirement to avoid the monthly fee.

It's important to note that these specific requirements are subject to change, so it's always a good idea to check with Chase directly or refer to your account agreement for the most accurate and up-to-date information on how to avoid the monthly service fee for Chase Premier Checking.

The answer is option ⇒1,2,3 and 4