Chase First Banking was designed as an account for kids to help them learn the value of money. The program is powered in partnership with Greenlight, a popular debit card for kids. There are many of the features in top children’s banking products, along with a few management options for parents. Keep reading for everything you need to know about Chase First Banking?.
|Minimum Deposit to Open||$0|
|ATM Network||16,000 ATMs nationwide|
|Out-of-Network ATM Fee||$2.50|
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Chase First BankingSM
Open a new Chase First Banking account. It’s a debit card for kids ages 6-17 with no monthly service fee. Exclusively for Chase checking customers.
- Account Type: Chase First BankingSM
- Availability: Nationwide, Online (Bank Locator)
- Credit Inquiry: Soft Pull, which does not affect your credit
- Opening Deposit: $0
- Direct Deposit Requirement: No
- Monthly Service Fee: None
(Visit Chase Bank to learn more)
- Open a new Chase First BankingSM account. It’s a debit card for kids ages 6-17 with $0 monthly service fee.
- You must be an existing Chase checking customer to open a Chase First Banking account.
- Chase First Banking helps parents teach teens and kids about money by giving parents the control they want and kids the freedom they need to learn.
- Teach your kids to spend, save and earn — all from the Chase Mobile® app.
- For parents/guardians interested in teaching their child how to manage money using a debit card with the child’s name on it.
- The parent/guardian is the owner of this account and must have an online profile and one of these other checking accounts at account opening: a Chase Secure CheckingSM, Chase Total Checking®, Chase Premier Plus CheckingSM, Chase SapphireSM Checking, Chase Better Banking® Checking, Chase Premier CheckingSM, Chase CheckingSM or a Chase Private Client CheckingSM account.
- Benefits offered to these checking accounts do not apply to Chase First Checking accounts.
- Only the parent/guardian who opened the account can fund, view or manage this account.
- You can open a Chase First Checking account for your child who is 6-17 years old.
Chase First Banking Features
Chase First Banking services are available in the existing Chase Mobile banking app. Once you open a First Banking? account, parents can control their children’s financial habits via the app. Examples of the platform’s features include assigning chores, paying allowances and setting spending limits. You can even restrict where your child spends, at specific merchants or merchant categories.
Kids are able to access their account through the Chase Mobile app, so they can decide which chores to complete, track their spending and see when they’re getting their allowance. Additionally, children with an account will receive their own debit card.
Other First Banking features include:
- No monthly fee: In comparison, Greenlight costs $4.99 a month.
- Savings goals: Kids can put money aside for specific goals.
- Notifications: Parents get real-time alerts when your child makes a purchase.
- Real-time requests: If your kid is out and short on cash, they can send you a request for more funds. Once approved, the funds will instantly transfer for free.
Chase First Banking Fees
There is no membership charge for Chase First Banking, neither to open or keep their account. It gives your child free access to Chase bank ATMs nationwide. However, it should be noted that there is a charge of $2.50 per transaction when withdrawing money from a domestic non-network ATM. Besides this, you won’t incur any service fees, nor will you get penalized for low balances.
Chase First Banking Limitations
The biggest drawback for Chase First Banking? is that parents must first have one of the following Chase checking accounts:
|Chase Secure Checking||Fixed $4.95 fee, declines any purchases that will bring your balance below|
|Chase Total Checking||Waivable $12 monthly fee, no-frills checking account.|
|Chase Premier Plus Checking||Waivable $25 monthly fee, more feature-rich checking.|
|Chase Sapphire Checking||Waivable $25 monthly fee, $0 ATM fees worldwide, 0% foreign transaction fees & $0 outgoing wire transfer fees.|
|Chase Private Client||No monthly fees, but only open to those who keep at least $250,000 in their Chase accounts.|
There are two other eligibility requirements: The child must be at least six years old, and the adult and child must have the same residential address.
Chase First Banking? can only be managed by one parent, unless you’re willing to share your login information with your partner. The account has no check-writing capabilities and does not support digital wallets, direct deposits or check deposits at this time.
Chase First Banking is designed for kids and powered by Greenlight. First Banking? gives families a way to manage chores, track allowances, set savings goals and more. This platform is simple to use and provides flexible control options to parents when it comes to managing their child’s finances. It should be noted that the parent must have an existing Chase checking account in order to get stated.
Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain.