15 Mistakes Chase Bank Account Holders Make That Cost Them Money

Avoid these 15 costly blunders that could be eating away at your Chase Bank savings.
Updated April 9, 2024
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Chase Bank offers a wide range of financial services and products that can be incredibly valuable to its customers.

However, there are a few common mistakes that account holders often make, which are unknowingly costing themselves money.

We'll explore these pitfalls and show you how to avoid them, ensuring you're making the most of your Chase banking experience to grow your wealth.

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Not using the Chase Ultimate Rewards Portal for travel

Goffkein/Adobe man using card for booking flight

Chase's Ultimate Rewards Portal offers deals and discounts when booking flights, hotels, and rental cars. By bypassing this resource, you're missing out on substantial savings and the ability to maximize your reward points.

Always leverage Chase's Travel Rewards Portal for your travel arrangements to save money and earn more rewards. It's a straightforward way to make your money work smarter for you.

Not using a Chase ATM

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One of the most basic yet costly errors is failing to use Chase ATMs for withdrawals and transactions. Chase offers a vast network of fee-free ATMs for its customers.

You may incur hefty fees that quickly add up by withdrawing cash from non-affiliated ATMs. You can save money by using the convenient Chase ATMs readily available as an account holder.

Not activating quarterly bonus categories on rewards cards

hafakot/Adobe chase bank sign inside building

Some Chase credit cards feature rotating quarterly bonus categories that offer extra rewards on specific types of spending as long as you sign up for the categories each quarter.

Failing to activate these bonuses means missing out on valuable cash back or rewards points. Monitor your card's bonus categories and activate them promptly to maximize your earnings. 

Over time, this mistake can result in substantial lost rewards that could have been used for travel or other benefits.

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Not sending and receiving money using Zelle

Tada Images/Adobe third party transactions apps on homescreen

Chase offers its customers the convenience of using Zelle, a digital payment platform, for free. Yet, some account holders opt for costlier alternatives like wire transfers or third-party services.

Neglecting this feature makes them miss out on easy, fee-free money transfers. Whether splitting bills with friends or paying vendors, using Zelle can save you money over time. It's a secure and swift way to move money, making this mistake an unnecessary expense.

Ignoring account benefits

Ascannio/Adobe hand holding chase bank mastercard card

Many Chase accounts offer a range of benefits beyond just basic banking. These can include perks like purchase protection, extended warranties, and travel insurance. 

For example, if your credit card offers rental car insurance, you can skip the expensive coverage offered by rental companies. To make the most of your account, take time to understand and utilize these benefits — they can add up to a lot of savings over time.

Paying for money orders or cashier’s checks elsewhere

Tada Images/Adobe chase bank branch in oceanside california

Many Chase account holders overlook that they can obtain money orders and cashier's checks at reduced costs through their Chase accounts.

This common oversight can result in unnecessary fees that could be easily avoided, making it one of the top money-wasting mistakes made by Chase Bank customers. By leveraging this often missed benefit, you can keep more of your hard-earned money in your pocket.

Not taking advantage of Chase credit card bonuses

Malik/peopleimages.com/Adobe woman cheering after completing project online

Chase offers lucrative bonuses for new credit card holders. Failing to seize these opportunities is like leaving money on the table.

These bonuses can include cash rewards, travel miles, or valuable points that can be redeemed for various benefits as long as you meet the minimum spend requirements. By not capitalizing on these offers, you miss out on an easy way to boost your financial perks.

Not referring friends and family for extra credit card points

insta_photos/Adobe woman shopping online with credit card

Chase often rewards account holders for referring others to their credit card programs. Don't pass up the chance to earn more points and help your inner circle enjoy the perks of Chase cards while bolstering your own financial gains.

Not sharing these opportunities with friends and family means you're missing out on bonus points or cash incentives that could significantly enhance your rewards. 

Overdrafting your account

Michael Nivelet/Adobe magnifying glass zooming business loss figures

One costly mistake Chase account holders make is overdrafting their accounts. This leads to hefty overdraft fees, which can add up quickly. To avoid this, it's crucial to monitor your account balance closely, set up alerts, or link your savings account to cover overdrafts.

By staying vigilant and managing your finances wisely, you can prevent these unnecessary expenses and keep your hard-earned money where it belongs — in your account.

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Not using alerts for account activity

Matthew C/peopleimages.com/Adobe woman using card for online shopping

Many Chase account holders miss out on valuable information by not setting up account alerts. These alerts can notify you of low balances, suspicious activity, or upcoming payments.

Ignoring this feature may lead to missed opportunities for timely action and increased account security. By taking advantage of alerts, you can stay on top of your finances, avoid costly mistakes, and ensure your money works for rather than against you.

Ignoring your monthly statements

Pormezz/Adobe young woman calculating monthly expenses

It's easy to toss your monthly bank statements aside, but doing so could be a costly mistake. Neglecting these documents means missing important information about your account activity, fees, and potential errors.

Reviewing your statements regularly allows you to spot discrepancies, track your spending, and stay on top of any unauthorized transactions. Ignoring these valuable documents might lead to financial surprises that could have been avoided.

Paying for unnecessary services

Courtney Haas/peopleimages.com/Adobe happy woman using card on laptop

Many Chase account holders unknowingly shell out money for services they don't need. These can include extra account features, insurance, or premium packages with hefty fees.

By failing to scrutinize your account and opting for services that aren't essential, you're essentially wasting money that could be better spent or saved. 

Review your account details regularly and eliminate any unnecessary expenses to ensure your money stays with you where it belongs.

Keeping a low balance

PPR109103/Adobe woman using card and smartphone

Some Chase accounts charge monthly fees if your balance falls below a certain threshold. This means you're essentially paying the bank to store your money. 

You can avoid these fees and make your money work for you by keeping a higher balance. It's a simple change that can save you a significant amount over time and help you maximize the benefits of your account.

Not activating Chase cashback offers

Tada Images/Adobe chase atm cards on white background

Chase frequently offers cash back to its cardholders for shopping at specific retailers or making certain purchases. Failing to activate these offers means missing out on easy cashback rewards.

It's a simple step that can put money back in your pocket, making this oversight expensive for Chase account holders who love saving money. Always review your card's benefits and cashback offers to maximize your savings potential.

Not using Chase mobile banking

jordi2r/Adobe new york chase bank at night

Chase mobile banking allows you to monitor your account, pay bills, deposit checks, and transfer funds anytime, anywhere. 

Not taking advantage of Chase's mobile app means you're missing out on convenience and potentially incurring fees for transactions you could have handled for free online.

Embrace the power of mobile banking to keep your finances in check and stop throwing money away.

Bottom line

Luis G. Vergara/Adobe three chase atms in new york

Avoid these common mistakes to ensure your Chase Bank accounts work to your advantage, boost your savings, and make the most of the services offered. 

Being proactive and informed about your banking choices can lead to a more rewarding financial experience. If you follow these tips, you’ll be saving money in no time.

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Author Details

Adam Palasciano Adam Palasciano is a personal finance-obsessed and money-savvy individual who loves to hash out content on all things saving money. He specializes in writing millennial-friendly personal finance content, covering topics ranging from trending financial news, debt, credit cards, cryptocurrency, and more.

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