Chase Bank, one of the most powerful banks in the United States, has just taken a step that's made thousands of Americans very excited. It's the launch of Chase First Banking, a revolutionary proposal that allows opening the perfect account for a specific type of client.
It's an account designed for minors between 6 and 17 years old (especially between 6 and 12). Children can get a debit card with their name, and parents and guardians manage everything from the Chase app. They can schedule allowances, assign tasks, set spending limits, and supervise every transaction.
Chase First Banking: Conditions to open Chase Bank's ideal account
To have one, parents must meet several conditions. They must be Chase clients with a valid checking account (such as Total Checking®, Sapphire Checking®, among others) and have a primary checking account.
Funds are only transferred from the parent or guardian's account, with a daily ATM withdrawal limit of $100 and a personal purchase limit of $400. The account doesn't charge monthly fees or overdraft fees. It also doesn't allow direct deposit or check deposits; all management is done through the app.
Advantages that win over Chase Bank clients
Family satisfaction is remarkable; among the main advantages are total parental control over where and how much the child can spend and the automatic creation of recurring allowances. There's also the educational system of saving, spending, and earning with tasks. It has no monthly fees, and you learn real finance in a safe environment.
These advantages have caused a truly positive buzz among clients. Some media highlight that "families and children can now manage allowances, monitor expenses, save for a goal, and even invoice digital tasks." The bank receives widespread applause.
For this reason, thousands of Americans are amazed
This launch has astonished thousands in the United States; the key is combining practicality and education. Parents appreciate the ability to guide their children without losing sight of the money. Children enjoy the independence of their own card, learning in a simple way.
The app shows three sections: Earn, Spend, Save, and it's now common to see parents sharing photos of their children's savings goals on social media. Also, as it's owned by the giant Chase Bank, in the U.S. it has solid backing, access to a network of more than 15,000 ATMs and 4,700 branches.
Chase Bank has shown that their commitment goes beyond money: they want to be a partner in the financial education of new generations. In collaboration with Greenlight, an expert in children's banking, Chase shows a clear strategy: to bet on innovation, security, and education. The goal is for users to say, without hesitation, that they've found the perfect account for children.