Opening a Checking Account for Cash Offer?

[CarrieM]

I was paying my Chase bill on-line today and it had a thing to open a Chase checking account and get $100 in your account in 6-8 weeks. Looks like you have to open the account with $100 and set up a direct deposit. So I was thinking about giving it a try. I only want to put part of my bi-weekly paycheck in though because I have things already coming out of the other account. Has anyone done this? What do I need to be on the lookout for and ask about?

My first question is can the first $100 be used just like a normal checking account or does that have to be a min balance?

Thanks for any guidance! My boyfriend thinks it is a scam.

[berlinsmommy]

Not exactly a scam, but managing multiple accounts may be difficult. Many free checking accounts require direct deposit and unless you have lots of jobs or your employer is willing to divy up your paycheck among multiple accounts (most won't) you may incur fees on your current account if it no longer has direct deposit. Also, the checking account may require you to keep a minimum balance, so that is money of yours just sitting around that you can't use and can't earn interest on.

If you want to chase rewards, savings accounts might be a better route. I know ING and Citi both have rewards for opening accounts with them, and they don't require direct deposit and your money accrues interest. I think Citi is $50 rewards and ING was $25 with a $200 minimum (not sure if that is still the case, my account is over a year old), and at least those will earn interest for you. For me, also, having my paycheck put in my main (and only) checking account first, so I have immediate access to the money, paying bills, then shipping it off to various savings accounts (I have 3 but only actively manage 2, the other just has $50 sitting idle so I can remain a member of our credit union which has great loan rates) is much easier than shifting money among checking accounts before bills can be paid.

[jengonz1982]

Hey Carrie,
Its not a scam. I used to have 2 accounts 1 with Chase and 1 with another bank.I had automatic deposits at work so I asked if they would put 20.00 into my other checking account and the rest with Chase.I recently got a 100.00 offer from chase to open an account with Direct deposit.They will allow you do this one time per year and since it's been over a year since I opened my Chase checking account (with a 75.00 gift) I was thinking about doing this.My other account is inactive because I don't use it but I have money sitting in it.I wanted to have 2 Chase accounts 1 for bills and one for spending money.If your not good at keeping up one account I don't recommend getting another one.Also the 100.00 reward will probably be taken away if you close that account within 6 months so I don't recommend getting the money and closing the account. I like Chase.2 things I don't like about them is the price for checks they are like 18?? I don't like to pay that much for checks but they have free online bill pay which I have started using and I like very much,and they hold some deposits for a long time,when I got my income tax refund they held the rapid refund check for 7 days.It seriously pissed me off because I paid extra to get my money now then couldn't touch it.GRRRRRR. But,those are my only 2 problems with Chase so far.Ofcourse this may be common practice at all banks but I just don't know.... HTH....

Jennifer

[Deal-Seal]

A lot of people do deposits from PayPal and/or ING and many banks count that as a direct deposit.