Bank Promotion - opening a checking account

[ziggystardust]

wwyd?

Just received a promotion in the mail from Chase bank. If I open a checking account, I get $100.

It said that there are no balance minimums, no account fees. The only stipulation is that I have to deposit $100 within 60 days of opening the account.

I do not need another checking account. I currently use a credit union and ING, both I'm very happy with. But what do you think? Should I jump on the $100?

 

[Berrie]

I did that last year. The fine print said the account must remain open for 7 months. So....I opened it, got the $100 bonus then ignored it for 8 months before closing the thing. Easy money.

 

[Cheshire Figment]

Read the fine print more carefully.

I did this back in January; opening the acocount with $125. They gave me the $100 almost immediately.

The requirements were (1) I had to keep hte account open at least six months, and (2) I had to either have either a regular direct deposit or at least five debit card (non-PIN) transactions each month.

Over the time period I have added about $160 to the account, but average about eight transaction per month, all under $10.00.

I will get my 6th statement some time this month. Prior to the 7th statement's processing day I will deposit a check from my primary account to make sure the balance is an exact multiple of $20. After I receive the 7th statement I will go to a Chase ATM machine and draw out the remaining balance and notify them to close the account.

I am following their rules.

And, BTW, you will receive a 1099-INT from them showing the $100 as interest income, which is taxable.

 

[hffmnheidi]

Use it as a Disney savings account, if you want to do it that way. Leave money in there and let it draw interest. You can always deposit a small amount each month to build up your monies.

 

[erin.w]

I got an offer for $125 to open an account, we are using it for savings for our October trip. I will then close the account.

 

[Carl Fredricksen]

I did that last year. The fine print said the account must remain open for 7 months. So....I opened it, got the $100 bonus then ignored it for 8 months before closing the thing. Easy money.

Read the fine print more carefully.

I did this back in January; opening the acocount with $125. They gave me the $100 almost immediately.

The requirements were (1) I had to keep hte account open at least six months, and (2) I had to either have either a regular direct deposit or at least five debit card (non-PIN) transactions each month.

I did it last year too, and as Berrie said, easy money. Regarding Cheshire's comment, do read the fine print. My deal was the same. Opened with $20, scheduled $20 from my check direct deposit every other week, marked the calendar, and closed it out 8 months later. Got their $100 about a month after opening the account. Did have to pay taxes on the $100 though, so it probably was closer to $75 when all was said and done.

I got another $100 offer this year from Huntington Bank, and I did it as well. I have about 4 months before I can close that one out. I use it as a Disney vacation fund, although I got a free safe deposit box with them because of where I work, so I may keep it open after our trip.

 

[libraryfreak]

I just started noticing these offers last fall. In November I signed up with National City and got $400 for a new checking acct, then I signed up with Chase and got $125. Now I'm considering signing up with Key to get a free Ipod Touch.

Other checking accts pay up to 4% interest! Thats better than my cd rates! There are websites devoted to this type of stuff.

As others have said, read the fine print and follow the directions to the T. Be aware banks charge early account closing fees. And your promotion will be taxed on a 1099 form.

 

[Jenny18199]

I received a similar offer yesterday. I was wondering about what would happen at tax time though. So, when I do my 2010 taxes next year I will just need to make sure that I complete the 1099 form?