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Victor
Victor

Sorry I know this is an old post but I have to ask: can I churn chase checking, if I have a joint chase checking with my wife?

Currently, we both have suntrust (she has an individual suntrust savings/checking on her own, and I have an individual suntrust checking/savings on my own.

We’re creating a joint chase checking together, to have a central point to pay all bills (mortgages utilities, etc).

I’m wondering if the existence of a joint chase checking will disqualify me from having an individual chase checking (and churning it) in the future.

Eric Mali
Eric Mali

If you both haven’t had a chase account within the last 90 days you should be good. Here’s the terms and conditions that I found from their promotional website. 1Service Fee: Chase Total Checking has no Monthly Service Fee when you do at least one of the following each statement period: Option #1: Have electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment network, or (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network; OR, Option #2: Keep a balance at the beginning of each day of $1,500 or more in your checking account; OR, Option #3: Keep an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances. Otherwise a $12 Monthly Service Fee will apply. Chase SavingsSM has no Monthly Service Fee when you do at least one of the following each statement period: Option #1: Keep a balance at the beginning of each day of $300 or more in your savings account; OR, Option #2: Have $25 or more in total Autosave or other repeating automatic transfers from your personal Chase checking account (available only through chase.com or Chase Mobile®); OR, Option #3: Have a Chase College CheckingSM account linked to this account for Overdraft Protection; OR, Option #4: Have an account owner who is an individual younger than 18; OR, Option #5: Have a linked Chase Better Banking® Checking, Chase Premier CheckingSM, Chase Premier Plus CheckingSM, Chase SapphireSM Checking, or Chase Private Client CheckingSM account. Otherwise a $5 Monthly Service Fee will apply. A $5 Savings Withdrawal Limit Fee will apply for each withdrawal or transfer out of this account over six per monthly statement period. Product terms subject to change. For more information, please see a banker or visit chase.com/checking or chase.com/savings. Bonus/Account Information: Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a… Read more »

L T
L T

I logged in recently to my account and saw a ‘Just for You’ offer that has no mention of the 24 months or every two years requirement.

“Bonus/Account Information: Checking offer is not available to existing Chase checking customers. Savings offer is not available to existing Chase savings customers. Both offers are not available to those whose accounts have been closed within 90 days or closed with a negative balance. ”

Probably will give it a shot unless someone has DPs pointing otherwise….

RR
RR

Per the #3 in this article, my most recent bonus terms from Chase state that “You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account.”

Steve
Steve

Risk of getting blacklisted by churning these?

Sarah E
Sarah E

Okay this may not be a great place to ask this, but.
I’ve been attempting to educate myself on the churning world, I’d been intuitively churning a little before without knowing how deep it could get. Still having a hard time with terms like ACH pull/push, lol. And I truly don’t think I’d take it to the level that some people can, I just don’t have the attention to detail, organization, and am a bit afraid of manufacturer spend (there’s a lot of restrictions that have popped up it seems).
Sometimes I’d rather just figure out the best cards and accounts to have long term (I.E, might sign up for a 5% gas card, and I just got an Insight card for an emergency fund… thanks DoC!!!) and only churn once a year around the holidays or something. And for then, do it with a miles card (the travel side of this is what is also confusing and I need to even just buy one of the main travel hack guru’s books perhaps) to travel a little with my 5 year old! 🙂 This is just my rambling thoughts and anyone can comment on their philosphy. LOL.
One big question I have, is… why would someone go for savings account offers. Especially when the minimum is higher than this Chase one, if their money could do much more for them in an IRA or whatever? I happen to have cash right now because I’m still considering saving up for a down payment for a house this year. Just one concept that puzzles me I guess. Probably those who make a lot more than me, and they have that cash as their 3 or 6 months expense worth of emergency fund. 🙂 random thoughts, sorry about that guys! Happy Thursday

Rachel
Rachel

You definitely have a point. When you open a checking account, you are paying yourself for the effort and time you are spending to meet the requirement and to be organized and follow up with any hiccups of getting paid or getting any fees or getting to familiarize yourself with the new bank online platform, and closing the account, etc. If you get good at it, theses time tend to be at minimum. However, there is a breaking even point for everyone and there are people that don’t do any checking bonus under $300 or can do a lower bonus of $150-$200 if conditions are easily met. You would have to look also at the possibility of getting hard or soft hit on the credit, especially if you are trying to get a loan or a credit card that has a higher bonus than the checking bonus.

Doing the savings bonus is bit trickier. Less requirements, so less work but you need to calculate the real rate of return, including, positively, bonus+APY, and negatively, the number of months you need to keep the money, including the fee periods where you need to keep a substantial amount of money for longer than the original period just so to waive the maintenance fees until closing. This could be an issue also even for checking accounts as some require keeping some money for 6-12 months before closing. You have to factor in also that fatc that transferring big sums of money online will most likely require writing checks and that takes time for mailing as well as clearing, adding 2-4 weeks, both ways, form the time you take off that money from some investment or other account. Calculation of the real return rate of profit is a bit delicate but can be done. And if the return is smaller or close to what you are getting somewhere else, like at a Kassassa account, when you consider all the efforts, it may not be worthy. Chase and BMO offer, in general, the best savings bonuses when combined with checking bonuses.

Alana
Alana

In March 2017 opened a Chase Checking/Savings to take advantage of the bonus. The last time I had opened and closed an account was 2 years ago. Although the banker took my money and opened the accounts, I did not receive the bonus. After the 90 days I inquired to see what was the hold up and I was told that I would not receive the bonus due to having already opened/closed accounts in the past. I told the banker that I thought it was unethical to take my money knowing that I was opening it to take advantage of the bonus and then not give the bonus. The bank manager would not get involved and said since I was talking to a personal banker, I needed to speak with that person. So beware.

Ender
Ender

Will closing my checking & deposit account affect my chase card?

I just got my chase freedom through special consideration because I deposited 10k into my chase checking.

I am thinking to close and reopen my checking to get my first checking bonus…

Vic
Vic

In my experience, the 90 days rule in 2. only hold for Checking account. I was referring to this sentence: “or have closed an account within the past 90 day”.

My wife have I have both closed our Savings account and opened a new one the day after, and we’re both able to get the bonus.

For Checking the 90 days restriction is listed on the TOS specifically.

Bargainator
Bargainator

I have been churning Chase Checking Accounts for 6+ years and Savings Accounts for 5+ years. The best strategy is to open these accounts between January to April. That way, you can keep the accounts open for at least 6 months to close them and then wait another 3 months (90 days) when the new calendar year comes around to rinse and repeat. Depending on the amount you are aiming for, I usually wait out until early to late March and check eBay to see what the highest bonus amount is currently available before buying the code and running to my branch and opening both the checking and savings. If anyone wants to learn on how to waive maintenance fees for the checking and savings account, let me know and I will be gladly share on my experience with that as well!

walterj
walterj

I was just wondering – how to avoid the monthly fees?

Bargainator
Bargainator

Well luckily for me, I opened a Chase Business Account back in 2011 and every time I opened both a new checking and savings every year, I would always tell the banker to link those accounts to my business accounts so that the maintenance fees get waived. However if I were a new customer, I would wait until the bonus gets deposited into my account (usually within 10 days depending on the coupon you are using) and switched to a checking or savings account that requires the easiest requirement to fulfill. So for instance, I would end up switching to a Total Checking Account (maintenance fee waived if you have at least $1500 daily average in account) and Regular Savings ($300 minimum requirement to avoid fees). I hope that answers your question walterj and feel free to ask me any other questions!

Adam
Adam

I think a more pertinent Q and strategy is how do you go about getting the bonus every year on your accounts without having to close em first? I have my reasons, and I know this is possible.

but some more info on this path would be appreciated.

Paul
Paul

@Adam, your statement seems a bit off, so maybe I am not understanding it correctly. Anyways, you would need to plan to close the account before getting any offers. This way you are ready to use them before they expire. If you wait for them to be available it may not work. Also, you do not need to be targeted to use some of the good offers. I was able to find a checking & savings promotion that offered $450.00, and the offer was available for anyone via a Chase link.

If you are looking for these types of bonuses without closing the account at all then I cannot help. I have heard about offers being sent to current customers, but I am unaware of how large they are. The CSR that set me up made mention of this and that she could contact me when they arise if I am interested. I am certain they will not be as large of promotions or as easy to obtain.

Adam
Adam

Lemme give some more context. Sometimes I come across Chase coupons on eBay that for some reason do not exclude current customers or have no limiting language otherwise. In the past I’ve had my fav banker been able to apply those bonuses to my account even though I’d gotten bonus in the past, and the account was open. my fav banker moved so just wanted more data points from folks about this if it was still kosher etc.

I dont know if I do get coupons that are for new customers, that my banker can still apply it (manually) to my account. I remember the first time I got one of these eBay coupons, my strategy was to goto my local branch, sit down with my banker and kinda talk to em about closing my accounts with em. kinda like how one does with CCs and subsequent retention offers. that immediately changes the banker’s “mood” and they’re willing to hook you up. atleast they did the last time I did this.

Note: all conditions of your coupon still apply aka DD requirements, minimums, timeframe etc.