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$75 Checking Account Bonus at Chase Bank

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Chase Manhattan Bank
Various Chase checking account bonuses seem pretty common. I've seen Chase offering $50 to $100 for these. The $100 ones seem to be one-time-use offers that are sent as fliers to individuals. I had reported on a $100 one last November, but that one has expired.

Here's a new $75 promotion. This one expires on 4/15/07. It requires you to open a checking account with direct deposit. The minimum opening deposit is $100. You have to print this promotional page and take it to your local Chase branch. The cash bonus will be automatically deposited into your new account with 10 business days of account opening. There's a limit of one personal checking account-related award per customer per calendar year. The bonus will be considered as interest and will be reported on IRS form 1099-INT

The Chase Free Checking requires direct deposit to avoid a $6/month fee. You must keep the checking account opened for 6 months to avoid having the bonus debited from the account at closing.

There's also a $50 bonus for setting up an automatic savings program. It requires a $5K deposit of new money and setting up 3 consecutive automatic monthly transfers of $100 or more from your Chase checking account to your Chase savings account. This offer expires on 2/28/07. The small print states it's not available in combination with other offers. However, if you do the checking bonus first, followed by this one, perhaps there's a chance of getting both. One thing to note is that all of Chase's savings accounts have monthly fees if a minimum balance isn't maintained ($1,500 is common), and all have low interest rates.

Chase has been reported to do hard credit pulls. Refer to this FW thread for more info on this. Also, it has been reported on this FW thread that ACH deposits may be counted as direct deposit at Chase.

Credit for this $75 bonus page find goes to this FW thread.

  Tags: Chase Manhattan Bank, checking account

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Comments
6 Comments.
Comment #1 by Tom D. (anonymous) posted on
Tom D.
Just to clear up the direct deposit issue:

An ACH entry with a standard entry class code of "PPD" (pre-arranged payments and deposits) is what is typically referred to as "Direct Deposit." When payroll is direct deposited, it is done so by iniating a ACH debit entry to the employer's payroll account and a credit entry to the employee's account using the PPD application. There are numerous other applications with specific features, benefits, and requirements. Many banks (I can't say most!) will treat any ACH credit as a "direct deposit," however, I'm sure there may be some banks out there that actually differentiate between ACH transactions based on the application (SEC code). Thus if its not a PPD, it might not count. The term "direct deposit" is a marketing tool brought to us by NACHA, the rules making body for the ACH system. See www.nacha.org if you are curious.

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Comment #2 by Anonymous posted on
Anonymous
ANY OPINIONS OR KNOWLEDGE WHETHER THE CHECKING ACCOUNT OFFER IS GOOD IF YOU ALREADY HAVE A CHASE CHECKING ACCOUNT? THE OFFER DOESN'T SAY "NEW" ACCOUNT OR "NEW" CUSTOMER.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Tom, thanks for the details of ACH.

Anonymous, I think existing customers may be eligible if you haven't received a checking account bonus in the last year. This is just based on how I read the small print.

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Comment #4 by Anita (anonymous) posted on
Anita
I have banked with Chase for a couple of years and am definately switching banks. There is no end to problems. First the junk mail and phone calls - phone calls at home trying to sell you stuff ever other day. We had to complain numerous times directly to the bank to try and get off their lists as because you are a customer they don't have the respect the "no call" lists. Then the service - I could go on forever about this. I did about 8 wire transfers to pay my student loan abroad and then suddenly they call me and say they need different information. This was after I actually went to the bank and did the form and they called me to confirm it was ok. Calling me 2 days later to say ooops is not good enough as I was already travelling with my job and unable to run around and get them special new information they never needed before. Anyway I could go on and on about them messing up nearly everything they touch. Don't bank here!

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Comment #5 by Amit Parmar (anonymous) posted on
Amit Parmar
I have three $25 Chase referral coupons avaiable which are valid till 1/23/2009. If anybody is interested, I can give you a scanned copy of the coupon. Shoot an email to parmar.amit@gmail.com.
Thanks.

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Comment #6 by RateNerd (anonymous) posted on
RateNerd
Looking for the Chase $100 coupon offer?  Here's the latest one: http://ratenerd.com/chase-coupon-100-checking-account-deal-2852

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