Using two $500 coupons to open both a Chase Business (sole prop) and a Personal checking account....

[Anonymous]

I've got two $500 coupons for opening a Chase checking account -- one is for a personal account, while the other is for a business account.

I've already opened the Business checking account, under my First / Last name, plus my social.  The business terms state "must not have had a business checking account".  So had I opened the Personal account first, I think I'd have definitely been in the clear.  But opening in the reverse order -- the order I am opening them in -- I'm wondering if there will be an issue, as the terms for the Personal checking account simply say "must not have had a checking account".

I'm hoping that they are separate bonuses for separate account types... but I'd like to make 100% sure, first.  Otherwise, I'll give this $500 Premier Plus personal checking bonus coupon to my significant other. . . . .

Anyone?

Also... a side question -- I opted out of prescreened credit card offers a year or two ago when I thought I was content with the cash back cards I had.  I just opted in a week ago, last Monday.  Does anyone have a clue how long it'll take me to see pre-qualified offers in-branch at Chase??

[Anonymous]

Welcome to the board.  Did you open the business account as an LLC or Sole P. and was it labeled as such during account opening?  If you didn't do it that way, you will only get one bonus because the SSN will be tied to two accounts under the same name.

There isa slight risk here opening a business account under the same SSN and another personal account under the same SSN all for the bonuses.  There is a chance the accounts might be closed for " risk behavior purposes" during the new account review at the backend.

So tread carefully here.

[Anonymous]

I am not sure EXACTLY how the business account was actually opened.  But I told the woman at the branch that I was attempting to open a biz checking as a sole prop with my SSN, which is how my biz credit card is set up.  As a matter of fact, I don't think it'd be possible to open up a buisness checking account without it being AT LEAST a sole prop, LLC, etc.  So I don't really understand if there's any way I could've actually messed this up or not.  The only thing that I can verify is that the new checking account shows up under "Business Accounts" and not "Personal Accounts".

[Anonymous]

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@Anonymous wrote:

I am not sure EXACTLY how the business account was actually opened.  But I told the woman at the branch that I was attempting to open a biz checking as a sole prop with my SSN, which is how my biz credit card is set up.  As a matter of fact, I don't think it'd be possible to open up a buisness checking account without it being AT LEAST a sole prop, LLC, etc.  So I don't really understand if there's any way I could've actually messed this up or not.  The only thing that I can verify is that the new checking account shows up under "Business Accounts" and not "Personal Accounts".

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As a sole prop., yes, you can walk in a bank and open an account as that.  Did the rep. that opened the account tell you  you always have have $1,500 in the account to avoid fees?  If so, then it was done correctly.

In that case, talk to the banker again and ask if you open a personal account with the same SSN, if you will qualify for the personal checking bonus.  They are the only ones who can confirm it.

[Anonymous]

[quote]

    Yes-Its-Me wrote:

As a sole prop., yes, you can walk in a bank and open an account as that.  Did the rep. that opened the account tell you  you always have have $1,500 in the account to avoid fees?  If so, then it was done correctly.

In that case, talk to the banker again and ask if you open a personal account with the same SSN, if you will qualify for the personal checking bonus.  They are the only ones who can confirm it.[/quote]

The $500 is for a Business Performance Checking and Personal Premier Plus Checking account.  The Biz account must have $50,000 in order to avoid fees, whereas the personal has to have $15,000 to avoid fees.  I have a little over $15,000... but I make more in interest at my credit union than the fee of that account.  So it makes sense to just pay the $25/mo fee.

I'll probly change accounts after 2 or 3 months.  But I definitely won't close them.

[Anonymous]

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@Anonymous wrote:

[quote]

@    Yes-Its-Me wrote:

As a sole prop., yes, you can walk in a bank and open an account as that.  Did the rep. that opened the account tell you  you always have have $1,500 in the account to avoid fees?  If so, then it was done correctly.

In that case, talk to the banker again and ask if you open a personal account with the same SSN, if you will qualify for the personal checking bonus.  They are the only ones who can confirm it.[/quote]

The $500 is for a Business Performance Checking and Personal Premier Plus Checking account.  The Biz account must have $50,000 in order to avoid fees, whereas the personal has to have $15,000 to avoid fees.  I have a little over $15,000... but I make more in interest at my credit union than the fee of that account.  So it makes sense to just pay the $25/mo fee.

I'll probly change accounts after 2 or 3 months.  But I definitely won't close them.

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Ok - on the business accounts and personal. Review the offer sent.  When you take Chase bonuses, you are required to have the account for a few months before switching or closing. If memory serves me right, the account has to be open for at least six months.

If you switch or close before those months, Chase will asked you to pay the bonus back.  The bonus is credited to your account within four days after the account is opened.  So just review the offer.

As long as you plan to have it for sometime then you should be fine.

[Anonymous]

The offers state only that closing the accounts will cause a clawback.... not switching them.

I've really only seen one mention of someone changing accounts after a couple months, and they didn't clawback then.  However, he hadn't made it the whole 6 months.