Dedicated to Deposits: Deals, Data, and Discussion

$100 Checking Account Bonus at Chase - Update

POSTED ON BY

Chase Manhattan Bank
Update 6/28/09: The expiration date has been extended to 7/24/09.

Chase is offering another bonus for its checking account. This is only $100. Many of the past ones have been $125. Nevertheless, if you need a checking account, it can be an easy $100. Chase has set up a special page at coupon.chaseinformation.com. Offer expires 6/23/09, and it requires a branch visit. Here are the required steps to receive the bonus:
  • Enter your email address in the promo page, and they'll email you the coupon with a unique code
  • Print out the email and bring it to your nearest Chase branch
  • Open a new Chase Checking(sm) account by 6/23/09 with a $100 minimum deposit
  • Set up direct deposit OR make five debit card purchases within 60 calendar days of account opening
Some of the important small print of this offer include:
  • $100 minimum opening deposit of new money
  • Chase Checking(sm) 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 or 5 debit card purchases must be posted to account within 60 calendar days of account opening
  • The reward will be deposited into your new account within 10 business days after the initial direct deposit or 5 debit card purchases have been posted to your account
  • 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
Note, the offer is not available in California. Instead, there's a link to another promo page (from WaMu). However, if you click the Apply-Now button in that WaMu page, it tells you that the "Offer has expired".

Below are some additional details regarding these Chase Checking:

Avoiding a Charge for Checks

When you open the Chase Checking, you may be charged $23 for the first order of checks. You are allowed to turn down the checks. So make sure to mention this when you apply. When I applied two years ago, they offered me a special version of the checking account which included one free box of checks.

Direct Deposit

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. 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 in 2007, 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.

Checking Account Details

Some more important info about the 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. They're still in the process of converting WaMu branches into Chase branches, so you may not be able to use WaMu branches for these Chase promos yet. 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).

Credit for this find goes to MyMoneyBlog.

  Tags: Chase Manhattan Bank, checking account

Related Posts

Comments
11 Comments.
Comment #1 by Anonymous posted on
Anonymous
I signed up for the $125 bonus a few months ago, and fulfilled the requirements, and they credited my account relatively promptly.

I was surprised however, when I saw the credit was $90 and they had withheld $35 for federal tax withholding, even though I'm not subject to backup withholding.

I'm wondering if that is their standard practice. I've never had any bank do that to me before.

1
Comment #2 by Anonymous posted on
Anonymous
WaMu branches in our area (Southern California) have already been re-branded as chase.

1
Comment #3 by Anonymous posted on
Anonymous
A few months ago this site had a post on it about a $500 bonus at Option Express if you opened an account and kept it open for 6 Months and made at least 1 trade. I met the requirements and on may 16 the $500 was deposited in my account without me having to ask for it. I made a few bucks on the trade and got 1 small dividend so it worked out great for me.

1
Comment #4 by Anonymous posted on
Anonymous
FYI, Chase charges a HIDDEN $3 online transfer fee made to an external bank account. They claim this fee is disclosed, but beware it is only disclosed one in the initial account setup. Whenever you make a transfer, they will levy the $3 fee without any disclosure of the upcoming debit.

Just another way for them to nickel and dime consumer. I guess that's one way they have cash to pay back TARP.

Also, if you are unhappy with the bank account (which I am), they said they will charge a fee to close an account. Again this is new to me. This is not a company to trust.

-1
Comment #5 by Mr.Hengist (anonymous) posted on
Mr.Hengist
I took advantage of this offer when it was $125 in April of this year. My bonus was deposited in full a couple of weeks after direct deposits were initiated. Note the account is limited to only one external ACH link. As noted above by Anonymous, there is a $3/transfer fee when initiated from Chase to an external account, and this is disclosed in the Accounts Rules and Regulations; transfers initiated from outside of Chase are not subject to a Chase fee.
Interestingly, although the Direct Deposit from my employer is initiated Thursday night, it arrives as available in my Chase account on Monday morning, which is nice & speedy. However, a transfer initiated from my Washington Mutual checking account withdrawing from my Chase account takes an additional two days, even though JPMorgan Chase now owns WaMu.

1
Comment #6 by Anonymous posted on
Anonymous
Mr. Hengist, I'd definitely recommend Ally Bank if you feel that a Thursday night->Monday morning direct deposit transfer is "nice and speedy". Any direct deposit made from my employer into my Ally Bank savings account shows up and is available instantaneously, unless it is (rarely) made on a Friday night, in which case it does show up on Monday morning.

1
Comment #7 by Anonymous posted on
Anonymous
Does Chase allow funding a new checking account through a credit card? If so is it a cash advance or a normal transaction?

I remember that wamu used to allow the use of accounts through cards...

1
Comment #8 by Mr.Hengist (anonymous) posted on
Mr.Hengist
Thanks, I'll check out Ally once I've met the minimum requirement of 6 months of direct deposits at Chase.
Yes, you can fund a Chase account via CC, and it's a straight transaction not a cash advance.

1
Comment #10 by mohan (anonymous) posted on
mohan
any update as to whether PayPal deposits count for direct deposit?

1
Comment #11 by hollieplus2 (anonymous) posted on
hollieplus2
what is their routing # so I can set up direct deposit

1
Comment #12 by ennemm (anonymous) posted on
ennemm
Chase is rejecting most ACH or pay transfers from other institutions as Direct Deposit to avoid paying $125 bonus. About to lose me as a customer.... know what works as DD now a days with Chase ?

1