There's a new $125 bonus page for a Chase checking account with direct deposit. The page allows you to apply online or at a branch. Like the last one, you have to be logged into your Chase account (credit card or bank account) to see it. Also be aware that these promo pages often end before the expiration date.
$125 Chase promotion page - 10/15/08 expiration - Must be logged in to see.
Some of the important common small print of these offers include:
- $100 minimum opening deposit of new money
- Chase Free Checking has no monthly service fee when you have direct deposit or at least 5 debit card purchases per cycle.
- Limit one personal checking account-related reward/premium per customer, per calendar year.
- The first direct deposit must be completed within 60 calendar days of account opening
- The cash bonus will be deposited into your new account within 6-8 weeks after the initial direct deposit and is not considered part of the minimum opening balance.
- Checking account must remain open for a minimum of six months or the reward will be debited from the account at closing.
- Cash bonus is considered interest and will be reported on IRS Form 1099-INT.
Below are some additional details regarding these Chase Bonuses:
Avoiding a Charge for Checks
When you open the Chase Free Checking, you'll be charged $23 for the first order of checks. You are allowed to turn down the checks. This is an option in the onlin application. You can check "No thanks, I don't want to order checks." To play safe you may want to follow up with Chase by phone to ensure this recorded. Several readers in the past were charged for checks without their knowledge.
It has been reported by several of my readers that Chase treats transfers initiated from online banks or from PayPal as direct deposits. However, there have been some recent reports that PayPal no longer works. A reader in my last post said a Countrywide transfer did qualify as a direct deposit. You might want to try the ACH as soon as you open the account. If you don't receive anything after the first month, you can always add a real direct deposit before the end of the 60 days.
Hard Credit Pull
I checked my credit report after I opened this Chase checking account, and I did not receive a hard credit inquiry. I only received a soft pull via Experian. Perhaps it was due to the fact that I already had a Chase credit card. A reader in my last post also didn't receive a hard pull. One commenter in this previous post mentioned receiving a hard pull via Trans Union. Note, the hard credit pull temporarily dings your credit score.
An Extra $25 Refer-a-Friend Bonus
If you want an additional $25 refer-a-friend bonus, you may need to print the coupon and apply at a branch. Last year I was able to stack this and the $125 bonus, but there have been reports lately that this may no longer work. So your miles may vary. If you need a $25 refer-a-friend coupon, check the comments of this post or the past post. Several readers have reported having these available, and you can email them. Some of those readers may also be able to provide you with the scan of this $125 offer which you can include with the refer-a-friend bonus.
Checking Account Details
Some more important info about the free checking account is available at Chase. Without direct deposit or the 5 debit card purchases, there's a $6/month fee. There's a $2 fee for using non-Chase ATMs.
Chase Branch Locations
Chase has branches in many states but not all. There are no branches in California. States with Chase branches include Arizona, Colorado, Connecticut, Florida (Southwest), Illinois, Indiana, Kentucky, Louisiana, Michigan, New Jersey, New York, Ohio, Oklahoma, Texas, Utah, West Virginia and Wisconsin.
Chase is FDIC insured under JPMorgan Chase Bank, N.A. (FDIC Certificate # 628).
Hat tip to Hustler Money Blog author for mentioning this new promotion in the finding deals post.