In case you missed it Chase has introduced a new rule on some deposit account bonuses that states (emphasis ours):
- 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. Bonuses are considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
Previously the rule stated was (emphasis ours):
- You can receive only one new checking and one new savings account opening related bonus each calendar year and only one bonus per account.
According to a source familiar with the matter the new two year language will be standard on bonuses going forward across both personal & business accounts. If you haven’t received a bonus in 2018 it’s worth signing up now, these bonuses still have the old language:
Would appreciate if someone can confirm/clarify on my situation. Closed my Chase checking/savings back in September 2018. I was going to open new accounts for the bonus in March 2019 (based on the previous terminology of needing to wait 6 months since last account + one bonus per calendar year). With the new terminology, does that mean I need to wait til September 2020 in order to be eligible to get a new bonus?
If you earned a bonus on the accounts you closed, then you would need to see when you opened those accounts because the new wording emphasizes that it must be 2 years from when you opened the accounts (not closed them). Please see the information that Will posted that is in bold to help clarify the situation. Looks like you will have to wait 2 years.
So does that mean if you open a personal checking account then a business account you are no loner eligeable for the bonus on the business account?
No, personal & business are treated seperately
I have a total checking account that I opened 6 years ago. If I cancelled the account now, will I qualify for the checking bonus?
You must wait 90 days after you close the account to qualify.
I opened my checking account last year in 2017. But the bonus was posted on Jan 2nd 2018. I closed account in May 2018. It has been more than 90 days since I closed account. However from the “one account bonus per year” point of view, do you guys think I am eligible to open chase checking account?
The terms say one bonus per calendar year, so I do not think you are eligible. Alas, too bad for those 2 days.
So ive had my account since 09/2016 should I close and open again?
Yes, but you’d need to wait 90 days in between closing and opening. I think you’d actually be eligible for the higher $600 offer with the new language as well.
90 days from today seems to be too close to the last few business days in December 2018 to open new account; and you won’t get bonus until early 2019.
Is the bonus based on when it posts or based on when you sign up for an account. I signed up for account around Sept 2017 but I did not get bonus posted until Jan 2 2018
Under the old term it’s when you receive bonus,and the new one it’s when you enroll(open) account.
Oh too bad. Under the one year language, it’s from when the bonus posted.
Be careful with these. I was banned doing the one per year.
I just want to clarify this: “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.”
It means you can get bonus for each type of the accounts in every two years? what does it mean by ‘only one bonus per account’? I don’t believe anyone could have more than one bonus per account. It seems like rubbish.
Correct. It’s just saying you can’t do multiple checking within 24 months
The $225 Chase Savings offer I emailed myself still has the 1 year language. Even clicking the link in my email takes me to a page with the 1 year language. This is similar to the case when emailed Chase Sapphire referral links had the 24-month language instead of the 48-month.
Should we recommend that people email themselves a link/offer for eventual use instead of waiting to use the direct link?
Yes, I signed up for a Total Checking online Saturday after your post.
Do you think the 48 month language will apply to business checking bonuses?
Yup 🙁 Looks like it. I emailed myself at a new address and it gave me the new 2 year terms and a new expiry date of 11/20/2018.
I opened a personal checking for the bonus back in February, but botched the DD requirements. I should still be good to close this account, wait 90+ days and then open a new one for the bonus, correct?
The current 1y language offer expires in about 3 weeks so it’s hardly makes sense to close an account and wait 90+ days unless you have another coupon with an extended expiration date
My question pertains more to my ability to get a bonus at all, as I did not actually earn the bonus the last time I opened an account. I assume I’d still be eligible since I never actually received a bonus with them. I mention closing for 90 days, because as I understand it, you aren’t eligible to receive a bonus on any new account if you’ve had an account within the 90 days prior.
Yes, your thinking is correct. Close the account, wait 90 days, then you can open another account and get the bonus. I am in the same situation (botched the min bal requirement). I need to wait til mid November for the 90 days.
Thanks! I wasn’t sure if I was explaining my situation/question correctly, but your plan sounds similar to mine.