About Ken Tumin

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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$125 Chase Bonus & Chase Total Checking Account Review


Update 8/17/11: The $125 bonus has been extended to 10/7/2011.

There's another $125 cash bonus for opening a Chase checking account with direct deposit, but unlike past ones, you don't have to log into Chase to see it. The $125 Chase bonuses that are easily accessible online have been much less common than Chase's $100 bonuses. There have been other options offline. Many have reported finding $125 Chase bonus offers in the change-of-address package at post offices. Also, some have reported receiving $150 and $200 bonus offers in the mail, and these are being sold on eBay.com.

Offer is scheduled to expire 3/31/2011. Note, these offers often end before the expiration date.

The promotion page gives you the option to apply online or you can have them email you the coupon code. There's a special offer link in this page for residents of AZ, GA, ID, MI, NV, OK, UT, WI and WV.

Here's the small print of the offer (emphasis is mine):

Offer not available to existing Chase checking customers. Offer valid through 3/31/11. To qualify for the bonus you must open a new Chase Total CheckingSM account with a $100 minimum deposit of new money (money not currently held by Chase or its affiliates). Also, within 60 calendar days of account opening, we must receive from your employer or the government a monthly electronic direct deposit of your payroll, pension or government benefits, such as Social Security. The bonus will be deposited into your new account within 10 business days after your initial direct deposit is posted to your account. Bonus is not considered part of minimum opening deposit. Limit one checking account-related bonus per customer, per calendar year. Offer not available on account conversions or in combination with any other offer. Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible. Checking account must remain open for a minimum of six months or the bonus will be debited from the account at closing. Account is subject to approval. Bonus is considered interest and will be reported on IRS Form 1099-INT.

Chase Total Checking Account Review

One thing that has changed at Chase is that it's harder to avoid monthly fees. Chase isn't giving away money to be nice. They know most people taking advantage of these bonuses will stay with them and be profitable customers. That's actually good for those who know how things work and are careful to avoid fees.

Here are the ways that you can avoid monthly fees on this Chase Total Checking account (any one of the following will do):

  • With a monthly direct deposit of $500 or more (two or more direct deposits that add up to $500 or more do not qualify), OR
  • $1,500 minimum daily balance
  • average daily balance of $5,000 or more in linked deposit/investment accounts
  • Paid other Chase checking related fees of at least $25

Otherwise, a $12 monthly service fee applies ($10 monthly Service Fee in CA, OR and WA). Chase used to waive monthly fees when you made five or more debit-card purchases in a month.

Refer to Chase's fee disclosure (link at bottom of checking page) for other fees to watch out for. Some noteworthy ones include:

  • $2.50 for using non-Chase ATMs (not including fee from other bank)
  • $25 if account is closed within 90 days
  • $15 incoming domestic wire transfer fee ($30 outgoing)

We are likely to see some new fees this year as I described in this forum thread.

Your Rating and Review of Chase?

If you have experience with Chase, please consider posting a review and submitting a rating in our Chase reviews page. You can also submit a review of Chase or any bank or credit union in our Bank and Credit Union Reviews forum.

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

Other Bank Bonuses

To find other bonus deals at other banks and credit unions, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.

Related Pages: checking account

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Nutgraf (anonymous)   |     |   Comment #1
Two things to add to this: #1 Good thing: If you have a Chase checking account and you have a Chase Freedom Rewards Visa, you will get some additional points as rewards on an ongoing basis.  I think it's a 10% premium.  #2 Bad thing: I opened one of these Chase checking accounts and because they never sent me a form to declare that I was exempt from withholding, they took $35 in income tax withholding out of my account because of the $125 they gave me as a reward.  It took way to much time to sort out what was going on regarding this withholding with Chase.  I will get the money back when I file 2011 taxes but it was a nightmare to deal with Chase all around.
Anonymous   |     |   Comment #2
Have anyone succeded receiving $150 and $200 bonus?
Anonymous   |     |   Comment #4
I closed my checking account in Jan 2011.

We're temporarily unable to verify your Coupon Code. Click "Proceed Without Coupon Code" to continue, or try again later. Thanks for your patience.
AtlantaWolf   |     |   Comment #5
I too closed my account in February 2011. In branch today, the computer would not let the banker enter my promotional code and would only let her proceed without a code. Previously I could open and close accounts just a few weeks apart, but now it appears there's some required time out interval.

She wasn't sure what the interval is, but invited me to come back in a few weeks with a new code and she'd try again. Even having failed to open a checking account, she still proceeded with the hard sell of a new credit card and home equity loan that she said I was "preapproved" for.

Even the coffee was cold. It wasn't my day for banking!
Anonymous   |     |   Comment #6
Received a postcard from Chase with $200 Gift Card offer on 4-22-2011 (offer expires 6-13-2011)