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Update on Chase Checking Account Bonuses and WaMu Conversions


Chase often has a $100 checking account bonus, but sometimes they offer $125. Here's a link to a new $125 bonus that's scheduled to last until 10/30/09:

$125 Chase promotion page - Must be logged into your Chase credit card account to see it.

If you're not logged in, the page quickly goes away. However, I was able to use the browser stop button to freeze the page so you can see the coupon code and the links for printing the coupon and for applying online. Also note that in the past these $125 promotion pages have expired before the scheduled date. Credit for this find goes to this iBankDesign thread.

If you have problems with the above promo, you can give this $100 bonus a try. This is also good online or at a branch. The expiration date is 8/10/09.

The terms of these promotions appear to the same as their past promotions. Direct deposit is required. I've read that ACH transfers initiated from another bank may count (except transfers from PayPal and ING Direct). Refer to my May post for more details.

Update 8/10/09: A reader emailed me the following info which is a good option if you are unable to take advantage of the online $125 offer:
The address changes packets available at the Post Office, in addition to having 10% off at Lowe's coupons have coupons for the Chase $125 checking bonus. Each coupon has a unique code, so if you want to get the Chase bonus but do not already have a Chase account, you can pickup one of the packets with the coupon from your local Post Office.

Beware of Fees

Readers in my May Chase post mentioned some fees to watch out for. One is a $3 fee for initiating an ACH transfer from Chase to an external account. Transfers initiated from outside Chase are not subject to a Chase fee. This is how I transfer out of my Chase account. This $3 fee and other fees are described in Chase's account disclosures which are available online. According to the disclosure, this $3 fee may be waived with certain account types.

Other potential Chase Checking fees include a $6/month fee. To have this waived, you must have direct deposit or if you have 5 or more debit card purchases. There's also a $2 fee for using non-Chase ATMs ($3 for outside the U.S.) This Chase Checking page has more details on these fees.

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.

WaMu Branch Conversions

A Fort Worth Business Press article describes the conversion process of WaMu branches in Texas. According to the article "Chase has so far converted 7.6 million accounts in Florida, Georgia, New York, New Jersey, Connecticut, Texas and Illinois representing $40 billion in deposits .... The seven-state conversion is the second of three retail conversions to bring all former WaMu branches onto Chase's computer systems and under the Chase brand." According to Wikipedia, the conversion process completed in May for WaMu branches in Washingtion, Oregon, Idaho and Utah. By October 24, 2009, the branch conversions should be completed in California, Nevada, Arizona and Colorado.

Update: For those with WaMu accounts, refer to Chase FAQ to see how bill pay and money transfer feaatures will change in the conversion. Note: "If you want to transfer funds to an external account from a Chase account, you'll pay $3 per transfer."

For those with WaMu CDs, refer to this previous post.

Chase is FDIC insured under JPMorgan Chase Bank, N.A. (FDIC Certificate # 628).

Related Pages: checking account

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Anonymous   |     |   Comment #1
Some, but not all, WaMu branches in GA have already been converted to Chase. You can go to www.chase.com and check for branches in your zip code.
Anonymous   |     |   Comment #2
I've been trying to decide whether to close down my WaMu checking and savings accounts when my 5% CD matures in September. The 0.75% interest on the savings account will not make up for the $6.00 fee on the checking accounts, so it looks like the decision will be made for me.
Anonymous   |     |   Comment #3
This wamu checking account features seem to remain same when moved to chase. I did not see any changes yet. I am in Houston, Texas.
Anonymous   |     |   Comment #4
The bonus is only for new account.
Actually Wamu customers have an advantage since their old account is now called FREE EXTRA CHECKING which is not available to new customers and has no direct deposit or minimum balance requirements.
There is also no ACH fee for wamu accounts.
Darryl (anonymous)   |     |   Comment #5
Be careful with the "Free Extra Checking". It changes over to a regular checking account (with minimum balance requirement) after 6 statements of inactivity.
Anonymous   |     |   Comment #6
anyone know which banks ACH will count as DD?
larkin (anonymous)   |     |   Comment #7
ING worked for me 2 years ago but bankguy is now saying no. Could be Chase has caught on.
Anonymous   |     |   Comment #8
I just looked over the "Welcome to Chase" account rules & regulations booklet, and the section on "Free Extra Checking" accounts (p. 10) makes no mention about free ACH transfers. And p. 19 mentions the $3 fee for outgoing ACH transfers to external accounts (a footnote says waived with certain account types, see personal account products for details). So I think that Anonymous @ 11:40 AM is mistaken about "no ACH fee for WaMu accounts," at least not after the conversion to Chase. This was a rude awakening for me. Earlier today I deposited the proceeds from a CD that just matured into my Free Extra Checking account, which I planned to ACH to an external account as soon as the funds become available (wish I had seen this post before I went to the bank). Now getting my money out of Chase appears to be more complicated. Also, the amount in excess of $500 is being subjected to a one week hold, even though the deposit was a bank check! Free Extra Checking accounts still have the free outgoing wire transfers (which requires a branch visit), according to the "Welcome to Chase" booklet (p. 10). Imagine charging fees for ACH, but not for wire transfers! Is Chase crazy?
D00D (anonymous)   |     |   Comment #9
I have a Wamu account that was grandfathered as a Chase free extra checking account. I have made transfers from my new Chase account to external accounts and have not been charged the $3 fee. The representatives do not always know about this but I was able to confirm this through writing in a secure message. FWIW my account is in OR.
Anonymous   |     |   Comment #10
Thank you D00D! I just scheduled an ACH transfer from my Free Extra Checking account, and it appears that I am not being charged a fee. At least now I can get the first $500 of yesterday's deposit out without worrying about being charged to have access to my own money!
Anonymous   |     |   Comment #11
ING still worked for me. Do > $1 though (Chase Checking Account Bonus after 6 months with ING $1 direct deposit) I did $253.89, got it in 1 month.

>>>anyone know which banks ACH will count as DD?
Anonymous   |     |   Comment #12
DD is no problem but lets me earn one day's extra interest on my paycheck.
I edeposit my total balance to alliant one day in advance if I deposited directly to alliant savinsgs.
Craig (anonymous)   |     |   Comment #13
You might want to call Chase and request a Chase debit card since your WaMu debit card may not work with the Chase Extras debit card rewards.

Also, there's some sort of delayed availability of funds (next day usually) when you deposit a check that's not drawn on Chase. I think this can be avoided with direct deposit, but I'm not completely sure yet.
kow626 (anonymous)   |     |   Comment #14
either way, i've moved all my money out of chase. i only keep a penny in my checking n savings. i only use it to deposit the occasional check or cash. then i move it to my reward checking or paypal.

the ach transfer fee was a concern. i'm in florida. i'll probably have to get something in writing from them stating there's no ach fee for old wamu customers, which is what i am.
Anonymous   |     |   Comment #15
for the $125 offer, how long after making a direct deposite til the $125 is received?
MsTee (anonymous)   |     |   Comment #16
Anyone read on page 30 of the Rules & Regulations about Set-Off? It says You agree that we may w/o prior notice or demande apply ofr set off the funds in your Account at any time to pay off any debt, whether direct or indirect, you have have with us or any of our affiliates. This is kinda of scary? Is this normal practice?
Anonymous   |     |   Comment #17
A simple solution is to just close your Chase checking account and deposit the money at another bank that doesn't charge these petty and very annoying fees.
Anonymous   |     |   Comment #18
I would advise against anyone using Chase Bank. After my experiences over the last few months, their unauthorized payment deductions from my bank account with the inability to prove that I authorized it, I consider Chase to be lower than low. In addition, their CSR's are inexperienced, unknowledgeable and have a tendency to relay inaccurate information. I have since transferred my banking needs to another financial institution.
Anonymous   |     |   Comment #19
I received the $125 bonus for doing an on-line transfer from my Wells Fargo checking account. This also qualifies for the monthly direct deposit needed to avoid the $6 fee. No problems with Chase. The CSR I spoke with was in India, but on the ball.