As per the bank, Value Checking is for those looking for a decent checking account with a low opening balance, unlimited check writing, and a great ATM network.
With free use of East West Bank's ATMs, over 55,000 Allpoint ATMs, and around 30,000 MoneyPass ATMs across the States, as well as 2 free out-of-network ATM withdrawals per month, you can easily access your money wherever you go.
However, if you are frequently on the go, and would prefer using mobile banking, you should know that mobile banking requires prior enrollment in the bank's online banking services.
East West Bank states this account is for those looking for a low minimum balance requirements, while asking $100, which can be reduced to $25 under certain conditions. So, unless you are able to meet those conditions, you can certainly find a better checking account deal elsewhere.
Checking account details
- Monthly fee can be waived if you keep a monthly average balance of $1,500 OR a combined average monthly balance of $5,000 or more in a combination of qualifying East West Bank consumer deposit accounts.
- Online and Mobile Banking with Bill Pay.
- Visa® Debit Card.
- Direct deposits.
- Free unlimited check writing.
- Free access to East West Bank ATMs, Allpoint ATMs, and MoneyPass ATMs.
- 2 Free out-of-network ATM withdrawals per statement cycle (other banks' fees may apply).
- 24-Hour automated telephone banking (800.809.6761).
- Overdraft protection, if you link your checking to your other East West Bank checking or savings account.
Checking account fees
Minimum Deposit to Open$100
Out-of-Network ATM Transaction Feen/a
Out-of-Network ATM Withdrawal Feen/a
Non-Sufficient Funds Feen/a
Foreign Transaction Feen/a
East West Bank Value Checking Account FAQ
A combined average monthly balance includes the money you keep in all your East West Bank consumer deposit accounts.
One of the ways to have the $5 monthly fee waived on Value Checking is to keep either an average monthly balance in the very account of at least $1,500 or a combined average monthly balance of at least $5,000 across all your East West Bank accounts.
East West Bank will waive the monthly fee, and reduce to $25 the minimum deposit to open a Value Checking account for New York States residents who open a Value Checking at any East West Bank New York State branch office. Otherwise, the minimum deposit required stays the same ($100).
No, Value Checking doesn't earn interest. If you're looking for an interest-bearing checking account with East West Bank, you might want to consider East West Bank Premier Checking Account.
There isn't a "Value Savings" savings account, but you can always consider opening Premier Savings or Premier Checking, and have the latter linked to the former. Or check at another bank for more options.
Yes, East West Bank's Value Checking account is FDIC-insured, to up to $250,000.
While you normally won't be charged the fee, it might happen otherwise. If the surcharge screen appears during your Allpoint or MoneyPass ATM transaction, accept it, and proceed with your withdrawal. Rest assured East West Bank will reimburse you at the end of the banking cycle.
East West Bank's Automated Telephone Banking allows you to check your balance, and transfer funds between your linked accounts simply by calling their toll-free number at 800.809.6761. The service is free of charge, and available 24/7.
Whether it be within the United States, abroad or online, you can use your Visa chip card anywhere Visa is accepted.
You can buy a prepaid Visa gift card at any East West Bank branch. You need to select an amount you'd like to offer, and pay for the card by transferring money from your East West Bank deposit account (you cannot use a credit or debit card issued by another bank). Once you've checked for accuracy, and agreed to the terms and conditions, you'll receive the card, the copy of the East West Bank Card Agreement, as well as a User Guide, which you need to give to the recipient. Voilà!
Yes, East West Bank has a mobile app available to its customers with an iPhone®, iPad®, AndroidTM phone or AndroidTM tablet device. You can use the app to check your balance and transaction history, pay bills, transfer money between accounts, deposit checks, and more.
You can also access Mobile Banking through Mobile Website, without downloading any applications.
|Bank||Monthly Service Charge||Minimum Deposit to Open||APY|
|East West Bank Value Checking Account||$5||$100||0.00%|
|East West Bank Premier Checking Account||$10 (can be waived / reduced)||$100||n/a|
|East West Premier Maximizer Money Market Checking Account||$12 (can be waived)||$10,000||n/a|