topic Re: Chase Bank Account Bonus in Personal Finance

Chase Bank Account Bonus

Anonymous — Sun, 30 Sep 2018 16:38:19 GMT

I was sent a mailer for Chase, ironically enough I was thinking about moving on from BoA anyhow, so why not.

$300 when you open a checking account, and set up direct deposit within 60 days.
( new customers only)

$200 when you open a savings account.
And deposit 15k.

$600 if you do both

Easy decision for me. I’ve had BoA for approx. 12 years, nothing against them, just time to move on for me.

Re: Chase Bank Account Bonus

Anonymous — Sun, 30 Sep 2018 18:53:41 GMT

I guess to add to the conversation....

Any particular reason you're looking from moving to Chase from BoA?

Re: Chase Bank Account Bonus

Anonymous — Sun, 30 Sep 2018 19:20:19 GMT

Other than the SUB, there is nothing special about the Chase accounts, they offer little to nothing in terms of interest earning. My suggestion is to fulfill the SUB requirements, then leave the minimal amount to keep both accounts free from monthly fees, $300/savings $1500/checking, and close them as soon as you hit the 6 month mark. In another 6 months, you'll be able to sign up for the same SUBs again, rinse and repeat every year.

Re: Chase Bank Account Bonus

Anonymous — Sun, 30 Sep 2018 20:25:36 GMT

@Anonymous wrote:
Other than the SUB, there is nothing special about the Chase accounts, they offer little to nothing in terms of interest earning. My suggestion is to fulfill the SUB requirements, then leave the minimal amount to keep both accounts free from monthly fees, $300/savings $1500/checking, and close them as soon as you hit the 6 month mark. In another 6 months, you'll be able to sign up for the same SUBs again, rinse and repeat every year.

I'm not really sure these are strong points.

Little to nothing on interest? Invest money. No bank offers squat in terms of interest.

Maybe they like the fraud protections, website interface, and keeping their everyday accounts with their credit cards.

Re: Chase Bank Account Bonus

Anonymous — Mon, 01 Oct 2018 00:30:57 GMT

I’m pretty sure the language on the sub paperwork says that you can only get the bonus once every 24 months.

BoA also offers little to nothing in interest earnings for standard account.

I’m not once to chase sub for banking accounts. ( that gets to conufusing for me ) I have NFCU and PenFed for financial purposes . ie better interest rates.

Just looking for a change for everyday banking, and this worked for me.

Re: Chase Bank Account Bonus

Anonymous — Mon, 01 Oct 2018 00:43:28 GMT

A few months back, my DW and I made a very large purchase on my debit card with no delay from BoA. Personally I would rather they declined the charge upfront, since they weren’t notified of the upcoming transaction, and call for verification.

It’s not usual for us to make purchases like that, so I would like a little more security with where I deposit my paychecks.

Re: Chase Bank Account Bonus

UncleB — Mon, 01 Oct 2018 10:05:00 GMT

@Anonymous wrote:
A few months back, my DW and I made a very large purchase on my debit card with no delay from BoA. Personally I would rather they declined the charge upfront, since they weren’t notified of the upcoming transaction, and call for verification.

It’s not usual for us to make purchases like that, so I would like a little more security with where I deposit my paychecks.

Had they thought there was something questionable about the transaction I'm sure they would have denied it, but if you have the funds available and there's nothing 'shifty' about the merchant there was no reason for them to question it. In fact, many (if not most) people are annoyed by false fraud alarms... I know I am.

There's no reason to think that Chase would have responded any different from BoA in this situation. If you're truly concerned, you might consider lowering the purchase limit on your debit card.

Re: Chase Bank Account Bonus

Anonymous — Mon, 01 Oct 2018 10:43:16 GMT

Bank of America reimburses debit card fraud the next day, so you don’t have much to worry about there.

Re: Chase Bank Account Bonus

Anonymous — Mon, 01 Oct 2018 19:19:07 GMT

My purchase limit on my card was 5k per day at the time, transaction was over 4 times that amount, so in my opinion it should’ve warranted a call from BoA to go through.

It was a vehicle purchase, from a reputable dealer, so not a ‘shifty’ merchant I suppose, I would’ve rather had to call the bank to authorize such a large amount personally.

None the less just letting others know about the sign up bonuses in case they hadn’t come across it yet.

Re: Chase Bank Account Bonus

Anonymous — Mon, 01 Oct 2018 19:37:33 GMT

@Anonymous wrote:
My purchase limit on my card was 5k per day at the time, transaction was over 4 times that amount, so in my opinion it should’ve warranted a call from BoA to go through.

It was a vehicle purchase, from a reputable dealer, so not a ‘shifty’ merchant I suppose, I would’ve rather had to call the bank to authorize such a large amount personally.

None the less just letting others know about the sign up bonuses in case they hadn’t come across it yet.

You wasted a ton of potential rewards by using a debit card for a $20,000 purchase.

I guess if I were a bank computer, I'd question why you're making a purchase like that on a debit card. At that point, you're almost better off writing a check or getting a cashier's check.

Re: Chase Bank Account Bonus

UncleB — Tue, 02 Oct 2018 07:14:37 GMT

@Anonymous wrote:
My purchase limit on my card was 5k per day at the time, transaction was over 4 times that amount, so in my opinion it should’ve warranted a call from BoA to go through.

It was a vehicle purchase, from a reputable dealer, so not a ‘shifty’ merchant I suppose, I would’ve rather had to call the bank to authorize such a large amount personally.

None the less just letting others know about the sign up bonuses in case they hadn’t come across it yet.

If the purchase amount was over your daily limit then it sounds like something was, indeed, wrong.

In any case thanks for the heads-up on the Chase sign-up bonus.

Re: Chase Bank Account Bonus

Anonymous — Wed, 03 Oct 2018 16:37:19 GMT

@Anonymous wrote:
@Anonymous wrote:
My purchase limit on my card was 5k per day at the time, transaction was over 4 times that amount, so in my opinion it should’ve warranted a call from BoA to go through.

It was a vehicle purchase, from a reputable dealer, so not a ‘shifty’ merchant I suppose, I would’ve rather had to call the bank to authorize such a large amount personally.

None the less just letting others know about the sign up bonuses in case they hadn’t come across it yet.
You wasted a ton of potential rewards by using a debit card for a $20,000 purchase.

I guess if I were a bank computer, I'd question why you're making a purchase like that on a debit card. At that point, you're almost better off writing a check or getting a cashier's check.

Debit card swipe fees are 0.05% vs. the 1.50-4.00% swipe fees for a credit card. On $20,000, they don't mind taking a $10 hit if it means closing the sale now instead of letting you run home or to the bank for a check. Most dealers do charge a fee for credit cards, which, unless you coordinate several high-end cards' bonuses, you may or may not be in the green.

Even Amazon.com gives an extra 2% bonus when you buy a gift card for yourself ("reload") with a debit card (or ACH for that matter), because it's cheaper than all the credit card swipe fees.

Re: Chase Bank Account Bonus

Anonymous — Thu, 04 Oct 2018 17:38:30 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
My purchase limit on my card was 5k per day at the time, transaction was over 4 times that amount, so in my opinion it should’ve warranted a call from BoA to go through.

It was a vehicle purchase, from a reputable dealer, so not a ‘shifty’ merchant I suppose, I would’ve rather had to call the bank to authorize such a large amount personally.

None the less just letting others know about the sign up bonuses in case they hadn’t come across it yet.
You wasted a ton of potential rewards by using a debit card for a $20,000 purchase.

I guess if I were a bank computer, I'd question why you're making a purchase like that on a debit card. At that point, you're almost better off writing a check or getting a cashier's check.
Debit card swipe fees are 0.05% vs. the 1.50-4.00% swipe fees for a credit card. On $20,000, they don't mind taking a $10 hit if it means closing the sale now instead of letting you run home or to the bank for a check. Most dealers do charge a fee for credit cards, which, unless you coordinate several high-end cards' bonuses, you may or may not be in the green.

Even Amazon.com gives an extra 2% bonus when you buy a gift card for yourself ("reload") with a debit card (or ACH for that matter), because it's cheaper than all the credit card swipe fees.

If you didn't use a PIN, the dealership is paying the equivelent of a CC swipe fee.

Re: Chase Bank Account Bonus

Revelate — Fri, 05 Oct 2018 03:21:37 GMT

@Anonymous wrote:
If you didn't use a PIN, the dealership is paying the equivelent of a CC swipe fee.

I don't think that's the case?

VISA transactional network does handle different classes of cards, well, differently, and debit is no exception to that? Or at least reduced presumably.

Re: Chase Bank Account Bonus

Anonymous — Fri, 05 Oct 2018 10:03:58 GMT

@Revelate wrote:
@Anonymous wrote:
If you didn't use a PIN, the dealership is paying the equivelent of a CC swipe fee.
I don't think that's the case?

VISA transactional network does handle different classes of cards, well, differently, and debit is no exception to that? Or at least reduced presumably.

There's no such thing as a Visa debit network. Debit runs over Pulse, etc. Banks want you to choose "credit" when using a debit card so they can get paid more money.

Re: Chase Bank Account Bonus

Anonymous — Fri, 05 Oct 2018 11:59:53 GMT

I received my $300 after pushing $30 from Etrade and $100 from Vanguard. Both came up as Direct Deposits in my alerts.

Re: Chase Bank Account Bonus

Anonymous — Sun, 07 Oct 2018 02:13:36 GMT

I would say putting 15k in a BOA or Chase savings account is an unwise decision. With some banks and credit unions offering 2 percent now you would make more than $200 putting your money there instead.

I did the $300 checking bonus. I think it is $222 after they take taxes out. I diverted $250 a paycheck to the account and closed after 6 months. When you are ready to close just bring the balance to zero and send secured message to close it. Bank of America checking is my main account. I like Bank of America better. Easier interface to use both on the web and mobile apps.

I have M&T, Wells Fargo and NFCU checking accounts as well. I like BOA the best. Maybe as I have had it so long.

Re: Chase Bank Account Bonus

Anonymous — Tue, 09 Oct 2018 19:58:32 GMT

@Anonymous wrote:
I would say putting 15k in a BOA or Chase savings account is an unwise decision. With some banks and credit unions offering 2 percent now you would make more than $200 putting your money there instead.

I did the $300 checking bonus. I think it is $222 after they take taxes out. I diverted $250 a paycheck to the account and closed after 6 months. When you are ready to close just bring the balance to zero and send secured message to close it. Bank of America checking is my main account. I like Bank of America better. Easier interface to use both on the web and mobile apps.

I have M&T, Wells Fargo and NFCU checking accounts as well. I like BOA the best. Maybe as I have had it so long.

It only needs to be there for 90 days. At 2.00% that's $75. OP's offer is $300 (both - checking only), plus the $0.38 interest.

Re: Chase Bank Account Bonus

EAJuggalo — Sat, 13 Oct 2018 13:27:15 GMT

I'm actually going into Chase this morning to sign up for this deal. As long as I can get the Disney Debit card with it. I'm taking my family to Disneyworld next year and am going to use this account to save for it before paying for it with my CSP.

Re: Chase Bank Account Bonus

taggl00 — Sun, 14 Oct 2018 01:32:43 GMT

the crappy part is you have to pay taxes on this "bonus"