Personal Finance (Not Investing) • Chase vs Capital One checking?

Chase checking has been working fine for me. Mobile deposits become immediately available. ACH transfers are fast. A transfer from Chase Checking to Capital One Savings was instant. If you decide to open a Chase account, make sure to take advantage of the $900 bonus currently being offered on Checking and Savings. This forum has a thread about it.

Wow, that must be real time payments since CAP1 does not have FEDNow, so I found this https://www.chase.com/digital/transfer which says EFT limit is $25k per day, and I read elsewhere mobile check deposit is only $5k, all this seems low.

Limits of Chase basic checking are relatively low. For higher limits consider Chase Sapphire checking:
- ACH: $100,000 (next business day)
- Mobile deposit: $100,000
- Zelle: $7,500.
- Wire: free (recurring)
- Customer support: 24/7 line, US based

Chase supports RTP. Transfers from Capital One and Wise to Chase are instant.

I wanted to like Chase checking but after a few months switched back to Fidelity.

Why did you think FIDO CMA is better than Sapphire checking?

For the last five years I used Fidelity brokerage as my main spending account. For me Fidelity has a number of advantages:
- Robustness: everything works, in five years of extensive use I didn't not have a single problem
- Security: Fidelity has better 2FA option (Symantec VIP/TOTP app)
- Dividends: Fidelity pay dividends on your deposits (5% over last year)
- Features: zero balance, feature rich, zero fees, high limits (eg $250K for mobile deposits)
- Privacy: less transfers between institutions, Fidelity shares less info with Early Warnings Systems
- Simplicity: no need to maintain a separate brokerage account with JPM/Chase for Sapphire/CPC status, I already have 10+ accounts with Fidelity.
- Customer support: 24/7, fast, high quality, US based, personal advisor (PCG benefit)
- Fidelity is a brokerage: I don't need to worry about limitation of typical banks accounts (low interest, low limits, limit on number of withdrawals from saving accounts, nonsufficient funds fee, etc)
- No advertisement online or in mobile app (all banks show irritating offers for fast food, drug stores, etc)

For B&M I have a BofA account (Preferred Rewards) that provides Zelle, cash deposit, and wireless ATM access. I barely use it.

Statistics: Posted by VictorStarr — Tue Aug 06, 2024 4:59 pm — Replies 16 — Views 1149

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