I posted this as a comment on another blog, and then got to thinking I need to post this on my own blog. I written before about Chase banking bonuses (March 2008, November 2007, September 2007), and I have always been able to get these without issue. If you have never done these before, right now before year end is a great time to start.
If you head down to your local post office, you’ll find the New Movers Pack with the Change of Address form. The pack also includes several coupons, including one for a Chase Checking account bonus of $125. If you read the terms and conditions, you get the bonus for opening a new account and having direct deposit, and you are limited to one bonus per calendar year. As we are about to end one calendar year and start another, you can open one today or tomorrow (while we are in 2008) and one after New Year’s Day (in 2009). Fund both and start the direct deposits (many employers will allow split direct deposits, or you can fake the direct deposit using ING or another online account), and you should get a $125 bonus on each. If you plan to open multiple accounts, get multiple packets because the codes are one-time use.
To reduce the hassle factor even more, you can probably sign up for the account online and enter the coupon code in the application to avoid going into the branch. You just have to print off the signature card, sign and return via mail or fax.
A few notes about the deal:
- The deal requires a $100 minimum opening deposit. If you open online, you can use a Visa or Mastercard to fund the account up to $2,000. Use a good reward credit card to earn some easy points!
- If you don’t do an initial direct deposit on the account, you won’t get your bonus. If you don’t maintain the direct deposit, you’ll be charged a service fee unless you use your Chase Check Card five times during the statement period.
- You have to keep the account open six months or they will deduct the bonus at closing. After six months, you can close it without penalty by going into a branch.
- Be sure to keep a copy of the confirmation of the coupon being redeemed. If you open in a branch this should be a printed page they give you. If you open online, it should be a new window you can print. I’ve never had an issue with the bonus not being credited, but it is always best to cover your bases.
- These bonuses are reported on a Form 1099-INT at tax time to the IRS, so you better report the income if you don’t want an audit. If you open one before year end and one after, you’ll get one form in January 2009 reporting the interest income from the first account and another in January 2010 reporting the interest income from the second account.
Have fun!!!
In one of the questions you are asked if over a year at current address. Do you know if you can still get the $125 bonus if answering yes to over a year (I have a Chase credit card so they can easily see).
Also, the bonus is not good if you already have a checking account so if anyone acted on your suggestion, they need to close the first account before applying again.
Thanks for your help
In my experience time at your current address doesn’t matter. I opened an account for my wife online a couple of months ago and we had the bonus credited, and we’ve been at the same address for about 4 years now.
As for multiple accounts, there is no requirement to be a new customer or to not have another account open. The only terms on the bonus offer is that you can only be credited one bonus per calendar year. Myself, I’ve had as many as three bonus checking accounts open simultaneously. Never had an issue being credited the bonuses.
You’re good!
Are you saying that the bonus can be received more than once a year per person? or you opened 3 under different names.
As a follow up on what you wrote above, please note that on my coupon it says on the back on the third row “The $125 bonus is not available to customers with an existing Chase checking account” So I understand that they ovelook this requirement or yours did not have that (After seeing that I closed my other 2 checking accounts with them).
Thanks for the quick reply. They also have the $100 promotion that expires tomorrow and I prefer this one as it is better.
No, I had just opened them in different years and hadn’t bothered to close the old ones (one was late 2006, another in 2007, and then one in early 2008). I was trying to make the point that at least in the past you could have other checking accounts open with them and still get the bonus.
I hadn’t seen any coupons with the exclusion for current checking customers, and I’m pretty sure it didn’t used to be there. Perhaps they are starting to wise up just a little. I’ll have to check the coupons I got out of the moving packs and see if they have the additional language you reported.
What is really good is if you can get in on the business checking deals, because when they run those it is usually a $200 bonus, plus they will typically waive the service fees for the first year. I use my CPA license and open as a sole proprietor, however I’ve heard others that have been able to open the account with no business documentation at all, but this will vary by branch I assume. Already done the business checking bonuses twice! =D
Thanks again. I will open mine later today and let you know my experience. I will also research the business side of it ($200 sounds great).
The business ones get sent by direct mail occasionally, but more often they put out a link to generate the coupon online. Usually the people on FW Finance are pretty good at sniffing those out when they become available.