Dec 08
30
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!!!
