topic Re: Cutting ties with Chase Checking account .... in Personal Finance

Cutting ties with Chase Checking account ....

Anonymous — Wed, 07 Oct 2015 18:21:16 GMT

Hello,

Just want to ask this. I just got approved by DCU auto refi with the lowest APR of 1.75% but I have to have my payroll transferred to their checking account from my current Chase checking. I have been with Chase for about 10 years or more. I just paid off my Chase car loan from DCU. Will discontinuing my current Chase checking account have adverse effect with newly approved CSP CC? I am leaning on not discontinuing my Chase checking to build up a stronger relationship with Chase since I just got approved for their Chase CSP with a SL of $7000. If I will not have my payroll transferred to DCU my APR will go up to 2.24%. What do you guys suggest? Thank you.

Re: Cutting ties with Chase Checking account ....

Anonymous — Wed, 07 Oct 2015 18:26:26 GMT

I had a chase checking account, 2005-2013. Closed it. Opened two credit union accounts. 2015: Got amex ED, and a chase freedom. Opened chase checking account again after the chase credit card, when I wasnt a chase checking customer.

Funny thing when i loaded up the online payment and stuff with the new checking account all my old accounts came up. You stay in the system for years. Its good. I say applying for CSP is fine as a loyal chase person or not. If you ever go back, wait for that 300 bucks on a new checking acct.

Re: Cutting ties with Chase Checking account ....

Anonymous — Wed, 07 Oct 2015 18:38:33 GMT

Thank you. I was thinking too of having DCU as my primary checking account and transfer my payroll to them to get the 1.74% auto refi APR and NOT close the Chase checking and I'll just deposit some cash here and there. Will chase automatically close my checking account if no more payroll tranferred?

Re: Cutting ties with Chase Checking account ....

OmarGB9 — Wed, 07 Oct 2015 18:43:27 GMT

Don't think so. As long as you keep some activity on there.

Re: Cutting ties with Chase Checking account ....

odd_dog — Wed, 07 Oct 2015 18:44:34 GMT

if your company payroll can split your deposits you can have money deposited into both accounts. I have chase and DCU checking and I believe there is no minimum deposit required to keep fees out (do not think either has fees for regular checking) So if your company can split your direct deposit payroll check, you can keep both without having to manually move money over to chase.....

Re: Cutting ties with Chase Checking account ....

Anonymous — Wed, 07 Oct 2015 18:58:18 GMT

Thank you All! I will ask payroll if they can split. Havn't thought of that. Thank you.

Re: Cutting ties with Chase Checking account ....

Anonymous — Wed, 07 Oct 2015 19:00:35 GMT

By the way odd_dog, do you have auto refi with DCU? I remember before they told me that I have to have all my payroll transfrred to them ... I will have to verify.

Re: Cutting ties with Chase Checking account ....

bada_bing — Wed, 07 Oct 2015 19:35:49 GMT

Having your paycheck auto deposit split up could be the answer. I don't have

a Chase checking account but have been considering it. They keep sending me

those $300 offers. I think most companies allow scheduling designated amounts

out of each paycheck to different places, I believe it is almost universal.

If you move your whole paycheck deposit to DCU, one thing to check on if you

intend to keep your Chase account, is how does that effect the fees on

your Chase account. I know with my Wells Fargo checking, I get free everything,

but only if I have a monthly electronic depost of at least $500. If not, then they start

charging little fees for checks written, atm usage, etc.

If possible, maybe have your payroll send like $500 a month to Chase and the

balance to DCU?

Re: Cutting ties with Chase Checking account ....

Anonymous — Wed, 07 Oct 2015 19:49:45 GMT

^^^ Thank you. I did call our payroll and they certainly can do split deposit. Now, my question is if DCU wants all my paycheck transferred to them . My plan for now since I can do split deposit is transferring amount of my monthly car payment and CC so that it's easier for me to pay them monthly and the other balance to Chase since I do most of my banking/payment with them and it's close to my house where I can get cash out easily.

Wooow bada_bing!!! Your FICO score is way up on the Ceiling!!!!

Re: Cutting ties with Chase Checking account ....

odd_dog — Wed, 07 Oct 2015 19:51:31 GMT

@Anonymous wrote:
By the way odd_dog, do you have auto refi with DCU? I remember before they told me that I have to have all my payroll transfrred to them ... I will have to verify.

Yes I do, two "loans" with them on cars and I only deposit $300.00 every two weeks with no problem....verify that with them, AND DON'T TELL THEM ABOUT ME LOL in case they have some new rule!! Good luck let us know what happened.

Re: Cutting ties with Chase Checking account ....

odd_dog — Wed, 07 Oct 2015 19:55:50 GMT

@Anonymous wrote:
^^^ Thank you. I did call our payroll and they certainly can do split deposit. Now, my question is if DCU wants all my paycheck transferred to them . My plan for now since I can do split deposit is transferring amount of my monthly car payment and CC so that it's easier for me to pay them monthly and the other balance to Chase since I do most of my banking/payment with them and it's close to my house where I can get cash out easily.

Wooow bada_bing!!! Your FICO score is way up on the Ceiling!!!!

Correct that is what I do, I only deposit what I need to pay my loans with them and rest goes to chase....then I just "transfer" the money from my DCU checking to the car loan. You should be OK I have no fees and never had a problem having just the $300 per pay period going in there, DCU has been way cool to deal with, and I have had them for over 2 years.

Re: Cutting ties with Chase Checking account ....

Anonymous — Wed, 07 Oct 2015 20:22:14 GMT

Lol .... ....... Thank you odd_dog . That is what I am going to do then and I am not going to call to verfify, I'll just set up the direct deposit to DCU and stay also with Chase

Re: Cutting ties with Chase Checking account ....

UncleB — Sun, 11 Oct 2015 20:38:51 GMT

@bada_bing wrote:
Having your paycheck auto deposit split up could be the answer. I don't have
a Chase checking account but have been considering it. They keep sending me
those $300 offers. I think most companies allow scheduling designated amounts
out of each paycheck to different places, I believe it is almost universal.

If you move your whole paycheck deposit to DCU, one thing to check on if you
intend to keep your Chase account, is how does that effect the fees on
your Chase account. I know with my Wells Fargo checking, I get free everything,
but only if I have a monthly electronic depost of at least $500. If not, then they start
charging little fees for checks written, atm usage, etc.

If possible, maybe have your payroll send like $500 a month to Chase and the
balance to DCU?

I have the same 'predicament' with Wells, but I found a good work-around.

Several years ago I moved to USAA for my 'primary' checking since everything is free, and I really like the speed of their bill pay. They also offer free ACH push and pull to deposit accounts at other institutions.

I have my Wells checking account information 'linked' with USAA, and once a month I transfer $500 from my USAA checking to my Wells checking via ACH push. Wells Fargo's system sees this transfer as a "direct deposit", and they waive my fee for the month.

This allows me to keep the Wells account open for the occasional branch visit to deposit cash or to cash/deposit a check if it is a larger amount. USAA has 'deposit by phone', but there are size limits to the check, and phone/remote deposits aren't covered by Regulation CC (which means they can hold it for an extended period if they want to.)

There's always more than one way to skin a cat!