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Update on Chase Checking Account Bonuses and Redeeming Chase/WaMu CDs


Chase Manhattan Bank
Chase Bank has recently extended its $100 checking account bonus. Refer to my $100 Chase and WaMu Checking bonus review for more details. However, you may be able to do even better with a $125 bonus. Refer to my $125 Chase Checking bonus review for more details.

For those who opened those 5% WaMu CDs last year, make sure you don't let those CDs automatically roll over. They will likely be rolled over into a new standard Chase 12-month CD which has a rate of only 0.25% as of 9/11/09. At the very least, you should be able to roll it over to a 1.25% 13-month special CD if you call. Other special CD rates available include a 2.15% APY 24-month CD and a 3.00% APY 60-month CD.

None of these Chase CD rates are competitive. If you want to close the CD and withdraw the money, refer to my following posts on this issue:
My experience was in Texas in which the WaMu-to-Chase conversion had completed. In states in which the conversion hasn't yet completed, closing the CD may be more difficult. Based on the comments in these posts, Chase has not been consistent in the requirements to close CDs. I'm not sure if this varies by state, balance or CSR. Some commenters have reported not being able to close CDs with balances of over $50K by phone. However, others with over $50K didn't have a problem closing the CD by phone and transferring the money into their Chase checking account. One thing that has been consistent is that you cannot do an ACH transfer out directly from the CD. Without a Chase or WaMu checking/savings account, your only options are having a check mailed or getting the proceeds in person at a branch.

If you're looking for another CD to replace your old WaMu CD, refer to the following posts:

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Comment #1 by Anonymous posted on
Closing my former WaMu CD from Chase has been a nightmare. It matured last month and I still have not received a check from Chase. I closed it over the phone and I was told that I would receive my check within 7 to 10 business days. About 10 days latter, when I did not receive my check, I called Chase. The CSR could not find any information on it. She said that she would resubmit my request. I called the following day and they assured me that a check was sent to me. I asked them what date their records are showing when it was sent. Three CSR’s said they can’t find when it was sent, but don’t worry, the check is in the mail. I finally got to speak to a supervisor who told me that the check was “issued” (not sent) on August 31, 2009. They kept on apologizing for their ****-ups, but when I asked for some compensation they refused. I asked them if I were late paying my credit card bill with them would they accept an apology and waive the late fee. Their answer was “No.” I asked then why should I just receive an apology without some compensation. They took down my phone number and told me that someone would call me within 24 to 48 hours. Yesterday someone from Chase actually did call me. Once again, there was plenty of apologies, but no compensation. She told me her records are showing that a check was mailed on September 9, 2009. She was even able to give me the check number. This time I believe that a check was actually sent. All of this hassle for a CD that matured near the end of August isn’t good business on the part of Chase!

I have another CD maturing from them in a few weeks. I hope they don’t mess that one up as well.

Comment #2 by Anonymous posted on
My 5% 13mo CD is listed as 12-17 months on the Chase site. I confirmed that it is indeed only 13mo with a 10 day grace. Too bad, could have used the extra 4 months for that high %.

Comment #3 by Anonymous posted on
Even if you miss a 10 day grace period and Chase will lock you into another 13 months or so at 0.25% APY, it would cost very little to break CD and pay penalty.

Comment #4 by Anonymous posted on
Related to it costing very little to break the CD if you miss the 10 day window, I dont remember the exact formula, but for my three $100K CD's the penalty would have been in the hundreds of dollars !!!

Comment #5 by Anonymous posted on
Yeah, it’s all relative. Madoff would pay millions in penalties. For most of us it’s in tens of dollars.

Comment #6 by Anonymous posted on
I was told via secure messaging that I would be able to get a check by visiting a local branch (I live in CA). I did. But the branch manager told me that the only way to get the money is through a check in the mail. They refused to do an external transfer, and refused to print the check at the office.

Next time I open a CD with them, will have to deduct the lost interest when calculating the actual APR.

Comment #7 by Anonymous posted on
I couldn't get our money out of there fast enough.

A line of Sheeple so eager to renew their cds at worthless interest rates just boggles my mind.

If you are getting anything less than 5 - 6% apy on your cds, then you are truly an idiot because the real rate of inflation is not what the govt. says it is.

If you stop GIVING your money away at these insane rates, then maybe, just maybe we may see interest rates RISE in the coming year.

Comment #8 by Anonymous posted on
FYI - According banking guy's July posting about maturing WAMU CD's, the penalty for early withdrawal if you miss the 10 day rollover window is 3% of the amount withdrawn plus $25. That is $3025 on a $100K CD. At the new 0.25% rate that is 13 years interest !!!!
I closed ALL of my Chase accounts after pulling the matured CD $$$.

Comment #9 by Anonymous posted on
I also have ckg acc there and it has been a nighmere to get them to transfer the fund or mail a check. Plus they put a hold on the transfer amount, within their own bank! No wonder how they have 2 trillion dollars, they wont give you your money back!

Comment #10 by ctgottapee (anonymous) posted on
i have to say so far, no problems
called chase the day my cd matured, got a polite knowledeable lady at a call center in america (michigan) and a check was cut. operator didn't even try to sell me on anything. checked online the next day and my account was gone.

Comment #11 by Anonymous posted on
Went in to a branch this morning a bit after 8:30 to close the CD and was out of there by 8:45 with the printed check in hand. No problems.

Comment #12 by Anonymous posted on
My 12mo 5% WAMU CD matured on Friday 10/9/09.
I had a WAMU an existing free chkg, so I requested the funds ($10K+int) be rolled into that chkg on the maturity date.

Should be be

They completely lost my first request made 30 days previous.
Had to make another request.
Got every excuse in the world why the proceeds would not show up in the chkg for another 1-2 biz days Tu. or Wed. 10/13 or 10/14.

No WAMU branches in Tucson Az & the Chase conversion not complete till 10/26 here.

Somehow, they managed to get the CD proceeds into the chkg on Fri. 10/9, but they were short 1 days int. (29 days instead of full 30 days for the final monthly posting).
So exasperated made ACH pull out of chkg that will complete Tu. or Wed.

I can't say they are all morons, but very few know what they're doing, and are accountable for it.
WAMU..."Rest In Peace".