Chase First Banking℠ is designed as an account for kids to help them learn the value of money. Launched in partnership with Greenlight, a popular debit card for kids, you’ll see many of the features in top children’s banking products, along with a few managements options as well. Read below for more information on what they have to offer.
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| Monthly Fee | $0 |
| Minimum Deposit to Open | $0 |
| ATM Network | 16,000 ATMs nationwide |
| Non-Chase ATM Fee | $3.00 for inquiries, transfers and withdrawals while using a non Chase ATM in the US, Puerto Rico and US Virgin Islands. Fees from the ATM owner/network still apply. $5 per withdrawal and $3.00 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner/network still apply. |
Chase First BankingSM
- What you’ll get: N/A
- Eligible account: Chase First BankingSM
- Credit inquiry: Soft pull, which does not affect your credit
- Where it’s available: Nationwide, Online (Bank Locator)
- Monthly fee: There are no monthly services
- $0 Monthly Service Fee
- 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 can be found in the existing Chase Mobile banking app. After you open a First Banking account for their kids, parents can control their children’s financial habits via the app. For example, assigning chores, paying allowances and setting spending limits. Additionally, you can even restrict where your kids spending, at specific merchants or merchant categories.
Kids can 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. Kids with a First Banking account, also get their own personal debit card.
Other First Banking features will be:
- No monthly fee. In comparison, Greenlight costs $4.99 a month.
- Savings goals. Kids can put money aside for specific goals they have in mind.
- 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 money. After it’s been approved, the funds will instantly transfer for free.
Chase First Banking℠ Limitations
The biggest downside to 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 $0. |
| 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. |
First Banking has two other eligibility requirements: The child must be at least 6 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.
Conclusion
Chase First Banking℠ is an account made for kids and powered by Greenlight. It gives families a way to manage chores, track allowances, set savings goals, and more. First Banking is easy to use and provides parents with flexible control. To start, a parent must have an existing Chase checking account.
Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain.
