Chase $750 for depositing 75K

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6d1v7x3
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Chase $750 for depositing 75K

Post by 6d1v7x3 » Fri Oct 11, 2019 4:26 am

Hi guys do any of you know if Chase will allow you to use your IRA in that account to get the payoff? If I have a $45,000 IRA do you think it would be smart to park $30,000 for 90 days to get that payoff? Also, they told me you have to keep the account open for 6 months. Does that mean it can be empty during the last three months?

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RickBoglehead
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Re: Chase $750 for depositing 75K

Post by RickBoglehead » Fri Oct 11, 2019 5:37 am

https://accounts.chase.com/consumer/ban ... rechampion

Says certain retirement accounts and by description implies IRAs would be fine.

Doesn't say 6 months anywhere, says paid 10 days after 90 days.
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6d1v7x3
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Re: Chase $750 for depositing 75K

Post by 6d1v7x3 » Fri Oct 11, 2019 5:44 am

RickBoglehead wrote:
Fri Oct 11, 2019 5:37 am
https://accounts.chase.com/consumer/ban ... rechampion

Says certain retirement accounts and by description implies IRAs would be fine.

Doesn't say 6 months anywhere, says paid 10 days after 90 days.
Since the $30K is just sitting in a savings account, do you think it's a good idea to do this?

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RickBoglehead
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Re: Chase $750 for depositing 75K

Post by RickBoglehead » Fri Oct 11, 2019 5:46 am

6d1v7x3 wrote:
Fri Oct 11, 2019 5:44 am
RickBoglehead wrote:
Fri Oct 11, 2019 5:37 am
https://accounts.chase.com/consumer/ban ... rechampion

Says certain retirement accounts and by description implies IRAs would be fine.

Doesn't say 6 months anywhere, says paid 10 days after 90 days.
Since the $30K is just sitting in a savings account, do you think it's a good idea to do this?
Read the terms again. Nothing says you have to have those funds in a checking account.
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terran
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Re: Chase $750 for depositing 75K

Post by terran » Fri Oct 11, 2019 6:03 am

I'm seeing:
Chase wrote: - Eligible Accounts: personal checking, savings and/or J.P. Morgan investment accounts (You Invest Brokerage and accounts opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor).
- Ineligible Accounts: any J.P. Morgan retirement accounts (such as Traditional and Roth IRAs, Keoghs, SEP and SIMPLE IRAs, and 401(k) plans); CDs; insurance products; fixed and variable annuities; J.P. Morgan Fund Accounts; 529 College Savings Plans.
Which seems to indicate retirement accounts aren't eligible unless they're making a distinction between J.P. Morgan retirement accounts and something else. Maybe chase offers some other form of retirement account?

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RickBoglehead
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Re: Chase $750 for depositing 75K

Post by RickBoglehead » Fri Oct 11, 2019 7:34 am

terran wrote:
Fri Oct 11, 2019 6:03 am
I'm seeing:
Chase wrote: - Eligible Accounts: personal checking, savings and/or J.P. Morgan investment accounts (You Invest Brokerage and accounts opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor).
- Ineligible Accounts: any J.P. Morgan retirement accounts (such as Traditional and Roth IRAs, Keoghs, SEP and SIMPLE IRAs, and 401(k) plans); CDs; insurance products; fixed and variable annuities; J.P. Morgan Fund Accounts; 529 College Savings Plans.
Which seems to indicate retirement accounts aren't eligible unless they're making a distinction between J.P. Morgan retirement accounts and something else. Maybe chase offers some other form of retirement account?
You can open an IRA CD. Just one example.
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smectym
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Re: Chase $750 for depositing 75K

Post by smectym » Fri Oct 11, 2019 11:46 pm

Not sure, but we have had a [terrible] time collecting the promised 60,000 rewards points for our opening a chase you invest brokerage account for $75,000 and it’s become more trouble than it’s worth it’s fostered bad feelings between us and Chase—still isn’t resolved.

[Edit by moderator oldcomputerguy]

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6d1v7x3
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Re: Chase $750 for depositing 75K

Post by 6d1v7x3 » Fri Oct 11, 2019 11:55 pm

smectym wrote:
Fri Oct 11, 2019 11:46 pm
Not sure, but we have had a [terrible] time collecting the promised 60,000 rewards points for our opening a chase you invest brokerage account for $75,000 and it’s become more trouble than it’s worth it’s fostered bad feelings between us and Chase—still isn’t resolved.
Could you share any details about what's been going on? I was considering the 60,000 points as well because you can take either reward.

cheesepep
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Re: Chase $750 for depositing 75K

Post by cheesepep » Sat Oct 12, 2019 12:29 am

Not sure what the issue is, but I opened a Chase YI account also and got the cash bonus 90 days in (not points), without me doing anything. Just came deposited into my account without any issues.

smectym
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Re: Chase $750 for depositing 75K

Post by smectym » Sat Oct 12, 2019 2:13 am

cheesepep wrote:
Sat Oct 12, 2019 12:29 am
Not sure what the issue is, but I opened a Chase YI account also and got the cash bonus 90 days in (not points), without me doing anything. Just came deposited into my account without any issues.
Thanks, yes the issue is opaque and we keep getting assurances that never materialize. I don’t suspect actual malice, but there is some sort of Kafkaesque process. Once it’s resolved, and I must assume it will be, I’ll update with the whys and wherefores

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Re: Chase $750 for depositing 75K

Post by BuddyJet » Sat Oct 12, 2019 7:02 am

The bonus for chase sapphire account is not $1000,

https://accounts.chase.com/consumer/ban ... irebanking

But to answer the original question, ira accounts do NOT qualify

Ineligible Accounts: any J.P. Morgan retirement accounts (such as Traditional and Roth IRAs, Keoghs, SEP and SIMPLE IRAs, and 401(k) plans); CDs; insurance products; fixed and variable annuities; J.P. Morgan Fund Accounts; 529 College Savings Plans

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ChowYunPhat
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Re: Chase $750 for depositing 75K

Post by ChowYunPhat » Sat Oct 12, 2019 11:11 am

Use this link. There is a $1,000 bonus for the same $75K of new money.
https://accounts.chase.com/consumer/ban ... irebanking

I went in and signed up this morning. Have done some Chase bonus churn a while back. They gave me a document which reaffirmed the bonus amount and terms which is a breath of fresh air. Initiated the wire from Vanguard shortly thereafter (incoming wires to Chase Sapphire Banking are FOC...how nice).

Believe that you can use a Taxable You Invest brokerage account to hold the funds. Other posters confirmed you cannot use retirement accounts as part of the $75K new money. Fine print confirms this.
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Leesbro63
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Re: Chase $750 for depositing 75K

Post by Leesbro63 » Sat Oct 12, 2019 1:37 pm

$1000 for depositing $75,000 for 90 days? Seems like a no brainer to me. Actually sounds too good to be true. Is it? Am I missing something? Chase is coming into my area now (Pittsburgh) and this seems just too easy.

Swimmer
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Re: Chase $750 for depositing 75K

Post by Swimmer » Sat Oct 12, 2019 1:45 pm

I’ve never done one of these deals. Is the incentive taxable? I would assume so—just asking.

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ChowYunPhat
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Re: Chase $750 for depositing 75K

Post by ChowYunPhat » Sat Oct 12, 2019 1:48 pm

Swimmer wrote:
Sat Oct 12, 2019 1:45 pm
I’ve never done one of these deals. Is the incentive taxable? I would assume so—just asking.
I'll let folks know if there is an issue. The payment would be considered interest income reportable, and you'll get a 1099 on this. My chase rep accepted the code so it's legit.
A wise man and his money are friends forever...

Leesbro63
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Re: Chase $750 for depositing 75K

Post by Leesbro63 » Sat Oct 12, 2019 4:11 pm

It appears that the Pittsburgh branches won't open before the $1000 bonus offer expires. Will they do the bonus with an online account?

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ChowYunPhat
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Re: Chase $750 for depositing 75K

Post by ChowYunPhat » Sat Oct 12, 2019 4:23 pm

Leesbro63 wrote:
Sat Oct 12, 2019 4:11 pm
It appears that the Pittsburgh branches won't open before the $1000 bonus offer expires. Will they do the bonus with an online account?
I don't understand. The coupon is redeemable until 11/19/2019. Try hitting the link in my previous post.

Edit: Just noticed no Chase branches in Pittsburgh. Try the branch in Calcutta, OH which appears to be about 30 miles away. Worth a drive if they'd let you open up as a PA resident.
Last edited by ChowYunPhat on Sat Oct 12, 2019 4:35 pm, edited 1 time in total.
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Re: Chase $750 for depositing 75K

Post by whodidntante » Sat Oct 12, 2019 4:30 pm

$1000 for 75k is the best offer out there right now.

Leesbro63
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Re: Chase $750 for depositing 75K

Post by Leesbro63 » Sat Oct 12, 2019 4:41 pm

ChowYunPhat wrote:
Sat Oct 12, 2019 4:23 pm
Leesbro63 wrote:
Sat Oct 12, 2019 4:11 pm
It appears that the Pittsburgh branches won't open before the $1000 bonus offer expires. Will they do the bonus with an online account?
I don't understand. The coupon is redeemable until 11/19/2019. Try hitting the link in my previous post.

Edit: Just noticed no Chase branches in Pittsburgh. Try the branch in Calcutta, OH which appears to be about 30 miles away. Worth a drive if they'd let you open up as a PA resident.
That's an option. But my question remains: Can I do this with an online account? Also, it appears there is a $25/month fee once the balance drops below $75,000. Can I just close the account after 90 days? Again, this all seems too easy/good to be true. What am I missing?

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Re: Chase $750 for depositing 75K

Post by ChowYunPhat » Sat Oct 12, 2019 4:44 pm

Leesbro63 wrote:
Sat Oct 12, 2019 4:41 pm
That's an option. But my question remains: Can I do this with an online account? Also, it appears there is a $25/month fee once the balance drops below $75,000. Can I just close the account after 90 days? Again, this all seems too easy/good to be true. What am I missing?
You can close the account after the 90 day post funding date as elapsed. Also, there is an "Open Now" account option on the coupon link page which indicates it will automatically apply your coupon code. This would suggest you could do it online so worth a try. Seems easy enough, but you still have to go through the steps. Good luck to you.
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CalculatedRisk
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Re: Chase $750 for depositing 75K

Post by CalculatedRisk » Sat Oct 12, 2019 7:57 pm

ChowYunPhat wrote:
Sat Oct 12, 2019 11:11 am
Other posters confirmed you cannot use retirement accounts as part of the $75K new money.
Can you please share the link to the website where others are sharing their experiences?

arf30
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Re: Chase $750 for depositing 75K

Post by arf30 » Sat Oct 12, 2019 8:16 pm

Chase typically claws back the bonus if the account is closed within 6 months for their other checking/savings bonuses. The fine print on this one says to maintain a 75k balance for 90 days but doesn't say anything specific about a closing date, so I'm suspicious. I guess you could always downgrade to the basic checking after the 90 days and pull most of the money out.

BuddyJet
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Re: Chase $750 for depositing 75K

Post by BuddyJet » Sat Oct 12, 2019 10:34 pm

For these offers, I transfer securities that I intend to hold long term rather than cash. This avoids gains and reinvestment concerns.

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Re: Chase $750 for depositing 75K

Post by Hockey10 » Sun Oct 13, 2019 11:53 am

I saw the $1,000 offer when I logged into my Chase credit card account today. I am trying to simplify my financial life, but this offer is tempting. For those that take the offer, I would expect that you will receive a 1099 during the tax season.

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ChowYunPhat
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Re: Chase $750 for depositing 75K

Post by ChowYunPhat » Sun Oct 13, 2019 1:15 pm

CalculatedRisk wrote:
Sat Oct 12, 2019 7:57 pm
ChowYunPhat wrote:
Sat Oct 12, 2019 11:11 am
Other posters confirmed you cannot use retirement accounts as part of the $75K new money.
Can you please share the link to the website where others are sharing their experiences?
CalculatedRisk, my comment was tied to BuddyJet's post above. Not really sharing his experience but indicating you could not fund retirement accounts and count these monies as part of the $75K threshold. However, you could open a "You Invest" brokerage account and keep securities there.
A wise man and his money are friends forever...

hpryder
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Re: Chase $750 for depositing 75K

Post by hpryder » Sun Oct 13, 2019 4:47 pm

Got a Chase coupon for $600 if open a total checking & saving account. $300 for a new checking account with "your direct deposit" ( looks like one direct deposit) within 90 days. Fee free with $500 in account while open and keep open for 6 months. $200 for new savings with 15K deposit for 90 days and keep open for 6 months. But there is no requirement that 15K has to be in it after 90 days. $100 if open both accounts. Coupon good until 12/30/19.

So new Chase coupons may be on the internet.

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Wiggums
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Re: Chase $750 for depositing 75K

Post by Wiggums » Sun Oct 13, 2019 5:22 pm

ChowYunPhat wrote:
Sat Oct 12, 2019 11:11 am
Use this link. There is a $1,000 bonus for the same $75K of new money.
https://accounts.chase.com/consumer/ban ... irebanking

I went in and signed up this morning. Have done some Chase bonus churn a while back. They gave me a document which reaffirmed the bonus amount and terms which is a breath of fresh air. Initiated the wire from Vanguard shortly thereafter (incoming wires to Chase Sapphire Banking are FOC...how nice).

Believe that you can use a Taxable You Invest brokerage account to hold the funds. Other posters confirmed you cannot use retirement accounts as part of the $75K new money. Fine print confirms this.
Thanks for the link

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StevieG72
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Re: Chase $750 for depositing 75K

Post by StevieG72 » Sun Oct 13, 2019 8:01 pm

ChowYunPhat wrote:
Sat Oct 12, 2019 11:11 am
(incoming wires to Chase Sapphire Banking are FOC...how nice).


What does FOC mean in this context?
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808
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Re: Chase $750 for depositing 75K

Post by 808 » Sun Oct 13, 2019 8:38 pm

StevieG72 wrote:
Sun Oct 13, 2019 8:01 pm
ChowYunPhat wrote:
Sat Oct 12, 2019 11:11 am
(incoming wires to Chase Sapphire Banking are FOC...how nice).


What does FOC mean in this context?
Free of charge. FWIW, both incoming and outgoing wires are free according to "fine print" 4 at https://accounts.chase.com/sapphire/brand

Leesbro63
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Re: Chase $750 for depositing 75K

Post by Leesbro63 » Mon Oct 14, 2019 10:55 am

OK, so I tried to open the account online. I have a Chase credit card, so it did find my info when it asked if I was a Chase existing customer. I gave them the requested driver's license number, but then it said that they could not open an account for me online and that I'd get more info in the mail. Anyone encounter this?

arf30
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Re: Chase $750 for depositing 75K

Post by arf30 » Mon Oct 14, 2019 11:14 am

Leesbro63 wrote:
Mon Oct 14, 2019 10:55 am
it said that they could not open an account for me online and that I'd get more info in the mail. Anyone encounter this?
It means your application was rejected. By law they have to provide the reason(s) which is what you'll get in the mail. https://www.thebalance.com/denied-credi ... ion-960247 (link is for credit card applications but the information is still relevant)

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Darth Xanadu
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Re: Chase $750 for depositing 75K

Post by Darth Xanadu » Mon Oct 14, 2019 2:27 pm

ChowYunPhat wrote:
Sun Oct 13, 2019 1:15 pm
CalculatedRisk wrote:
Sat Oct 12, 2019 7:57 pm
ChowYunPhat wrote:
Sat Oct 12, 2019 11:11 am
Other posters confirmed you cannot use retirement accounts as part of the $75K new money.
Can you please share the link to the website where others are sharing their experiences?
CalculatedRisk, my comment was tied to BuddyJet's post above. Not really sharing his experience but indicating you could not fund retirement accounts and count these monies as part of the $75K threshold. However, you could open a "You Invest" brokerage account and keep securities there.
From what I read, you must open the brokerage account in person:
and/or J.P. Morgan investment accounts (You Invest Brokerage and accounts opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor).
Does this mean there is a fee, do you know? Because if I can earn 1.8% on my $75k at a different institution and almost nothing from Chase, I wonder if it's worth the trouble?
"A courageous teacher, failure is."

Leesbro63
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Re: Chase $750 for depositing 75K

Post by Leesbro63 » Mon Oct 14, 2019 2:36 pm

arf30 wrote:
Mon Oct 14, 2019 11:14 am
Leesbro63 wrote:
Mon Oct 14, 2019 10:55 am
it said that they could not open an account for me online and that I'd get more info in the mail. Anyone encounter this?
It means your application was rejected. By law they have to provide the reason(s) which is what you'll get in the mail. https://www.thebalance.com/denied-credi ... ion-960247 (link is for credit card applications but the information is still relevant)
Could it be because my credit is locked?

arf30
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Re: Chase $750 for depositing 75K

Post by arf30 » Mon Oct 14, 2019 2:44 pm

Leesbro63 wrote:
Mon Oct 14, 2019 2:36 pm
Could it be because my credit is locked?
Yup, sounds like your credit lock is working.

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ChowYunPhat
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Re: Chase $750 for depositing 75K

Post by ChowYunPhat » Mon Oct 14, 2019 6:11 pm

Darth Xanadu wrote:
Mon Oct 14, 2019 2:27 pm
Does this mean there is a fee, do you know? Because if I can earn 1.8% on my $75k at a different institution and almost nothing from Chase, I wonder if it's worth the trouble?
Fair point Darth Xanadu. My plan is to use a newly opened Chase You Invest and invest in their Prime Money Market Fund (VMIXX). In this way, I should be able to achieve a comparable yield on the cash. CD and other cash-type offerings are disallowed from the $75K balance requirement for the most part.

As to the fee, the You Invest account is self directed and there is no fee (confirmed via account disclosure). I also opened my YouInvest account online so when I went to the bank it was one less step I needed to do.
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sarabayo
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Re: Chase $750 for depositing 75K

Post by sarabayo » Mon Oct 14, 2019 6:50 pm

whodidntante wrote:
Sat Oct 12, 2019 4:30 pm
$1000 for 75k is the best offer out there right now.
The Simple Bank offer of $250 for $10k (or $500 for $20k if you have someone to open a joint account with) is a considerably better yield (~10.38% vs ~5.44%), for what it's worth. You can't throw a whole $75k into it, though.

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whodidntante
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Re: Chase $750 for depositing 75K

Post by whodidntante » Mon Oct 14, 2019 7:22 pm

sarabayo wrote:
Mon Oct 14, 2019 6:50 pm
whodidntante wrote:
Sat Oct 12, 2019 4:30 pm
$1000 for 75k is the best offer out there right now.
The Simple Bank offer of $250 for $10k (or $500 for $20k if you have someone to open a joint account with) is a considerably better yield (~10.38% vs ~5.44%), for what it's worth. You can't throw a whole $75k into it, though.
I'm already doing that one. The deal I accepted does not require two-player mode but is still $500 for 20k. It could be $1,000 if you use an accomplice and have 40k. I had to realize $1,200 in LTCG to raise the money, so I basically brought some deferred taxes forward. Stock exposure remains the same due to offsetting trades in tax-deferred. My future self and my current government thank me.

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StevieG72
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Re: Chase $750 for depositing 75K

Post by StevieG72 » Mon Oct 14, 2019 7:27 pm

BuddyJet wrote:
Sat Oct 12, 2019 10:34 pm
For these offers, I transfer securities that I intend to hold long term rather than cash. This avoids gains and reinvestment concerns.
This seems like the easiest way to take advantage of the bonus. How long are you out of the market, if at all? My only concern would be missing any gains if out of the market for a day or two during transfer.
Fools think their own way is right, but the wise listen to others.

BuddyJet
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Re: Chase $750 for depositing 75K

Post by BuddyJet » Mon Oct 14, 2019 8:38 pm

StevieG72 wrote:
Mon Oct 14, 2019 7:27 pm
BuddyJet wrote:
Sat Oct 12, 2019 10:34 pm
For these offers, I transfer securities that I intend to hold long term rather than cash. This avoids gains and reinvestment concerns.
This seems like the easiest way to take advantage of the bonus. How long are you out of the market, if at all? My only concern would be missing any gains if out of the market for a day or two during transfer.
Not out of market at all. The securities are transferred via ACAT so no sale, purchase or change in basis. I moved some VTI from Vanguard to You Invest and the only thing that changed is where the stock is held.

BuddyJet
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Re: Chase $750 for depositing 75K

Post by BuddyJet » Mon Oct 14, 2019 9:33 pm

BuddyJet wrote:
Mon Oct 14, 2019 8:38 pm
StevieG72 wrote:
Mon Oct 14, 2019 7:27 pm
BuddyJet wrote:
Sat Oct 12, 2019 10:34 pm
For these offers, I transfer securities that I intend to hold long term rather than cash. This avoids gains and reinvestment concerns.
This seems like the easiest way to take advantage of the bonus. How long are you out of the market, if at all? My only concern would be missing any gains if out of the market for a day or two during transfer.
Not out of market at all. The securities are transferred via ACAT so no sale, purchase or change in basis. I moved some VTI from Vanguard to You Invest and the only thing that changed is where the stock is held.

Btw, if you are transferring part of an account rather than the entire account, you do need to fill out a paper transfer form and mail it in which lengthens the process. Full account transfers can be done online.

prad81
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Re: Chase $750 for depositing 75K

Post by prad81 » Tue Oct 15, 2019 12:12 am

I already have a Sapphire Checking account (not joint, but my wife is an authorized user and has her own debit card). Can she open her own Sapphire account and qualify for this? Also, can she open a You Invest account and use the same 75k balance to get the $200 YI bonus as well?

Leesbro63
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Re: Chase $750 for depositing 75K

Post by Leesbro63 » Tue Oct 15, 2019 8:55 am

arf30 wrote:
Mon Oct 14, 2019 2:44 pm
Leesbro63 wrote:
Mon Oct 14, 2019 2:36 pm
Could it be because my credit is locked?
Yup, sounds like your credit lock is working.
So banks need to check credit to open accounts? I thought it was ME giving THEM money? Where's the credit risk?

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fortfun
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Re: Chase $750 for depositing 75K

Post by fortfun » Tue Oct 15, 2019 11:15 am

Leesbro63 wrote:
Tue Oct 15, 2019 8:55 am
arf30 wrote:
Mon Oct 14, 2019 2:44 pm
Leesbro63 wrote:
Mon Oct 14, 2019 2:36 pm
Could it be because my credit is locked?
Yup, sounds like your credit lock is working.
So banks need to check credit to open accounts? I thought it was ME giving THEM money? Where's the credit risk?
It seems to be related to identity check but not positive. Ally does it too. It does seem a bit odd though....

Chesterfield
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Re: Chase $750 for depositing 75K

Post by Chesterfield » Tue Oct 15, 2019 12:49 pm

ChowYunFat, do you plan on closing out the YouInvest and Sapphired checking account after receiving bonus? If yes, aren't there fees to close YouInvest & Sapphire Checking?

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Re: Chase $750 for depositing 75K

Post by krafty81 » Tue Oct 15, 2019 3:26 pm

After reading this, I went down to my local Chase Bank to get my 1000 dollars. Geez it was so painful! I just said to set up Sapphire Checking (no fees, 25 dollar min balance) and a Uinvest account to transfer in kind 75K of mutual funds. I currently have a sizable account with Schwab and they saw that. 2.5 hours later (not a typo), brokerage account still not set up. Sitting there with the rep the whole time. They have to overnight a form (and notarize it, apparently) I filled out to even get an account number. In the interim, the rep had me going to the App and website on my phone to go through various menus. Each time, it would end up with a message that "this part of the website is not working right now". Undaunted, she had me do it at least five more times. I finally told her I was done with apps and that if she could not set up the account I was leaving. She was not feeling well, so another guy took over. Same issues over again. I have no idea if this account is set up, but if it is, you get 1k for having a balance of 75k or over in your brokerage or checking account if you leave it in there for 90 days. Around 10 days after that, they deposit 1K into your sapphire checking. Had I known how painful it would be to open a brokerage account, I would have skipped this. But I am all in now...
Last edited by krafty81 on Tue Oct 15, 2019 3:28 pm, edited 1 time in total.

krafty81
Posts: 235
Joined: Thu Jul 05, 2018 2:01 pm
Location: San Diego, CA

Re: Chase $750 for depositing 75K

Post by krafty81 » Tue Oct 15, 2019 3:27 pm

Leesbro63 wrote:
Tue Oct 15, 2019 8:55 am
arf30 wrote:
Mon Oct 14, 2019 2:44 pm
Leesbro63 wrote:
Mon Oct 14, 2019 2:36 pm
Could it be because my credit is locked?
Yup, sounds like your credit lock is working.
So banks need to check credit to open accounts? I thought it was ME giving THEM money? Where's the credit risk?
They told me it is a "soft pull" on your credit. But they were not too sharp in my branch so we'll see...

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Darth Xanadu
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Location: Middle Earth

Re: Chase $750 for depositing 75K

Post by Darth Xanadu » Thu Oct 24, 2019 2:45 pm

krafty81 wrote:
Tue Oct 15, 2019 3:26 pm
After reading this, I went down to my local Chase Bank to get my 1000 dollars. Geez it was so painful! I just said to set up Sapphire Checking (no fees, 25 dollar min balance) and a Uinvest account to transfer in kind 75K of mutual funds. I currently have a sizable account with Schwab and they saw that. 2.5 hours later (not a typo), brokerage account still not set up. Sitting there with the rep the whole time. They have to overnight a form (and notarize it, apparently) I filled out to even get an account number. In the interim, the rep had me going to the App and website on my phone to go through various menus. Each time, it would end up with a message that "this part of the website is not working right now". Undaunted, she had me do it at least five more times. I finally told her I was done with apps and that if she could not set up the account I was leaving. She was not feeling well, so another guy took over. Same issues over again. I have no idea if this account is set up, but if it is, you get 1k for having a balance of 75k or over in your brokerage or checking account if you leave it in there for 90 days. Around 10 days after that, they deposit 1K into your sapphire checking. Had I known how painful it would be to open a brokerage account, I would have skipped this. But I am all in now...
Interesting, I did this today and was in and out in less than 20 minutes. I haven't funded anything yet but I did get the bonus confirmation details, the Sapphire upgrade, and the You Invest account opened (subject to a 1-day "waiting period" I guess).

I did not ask if there was a fee to close these accounts / move back to standard checking. I guess I'll find out in a few months.
"A courageous teacher, failure is."

persimmon_tree
Posts: 20
Joined: Tue Oct 08, 2013 8:18 pm

Re: Chase $750 for depositing 75K

Post by persimmon_tree » Thu Oct 24, 2019 4:57 pm

One quick note (my own experience):
Be sure to keep some kind of balance (~$20) in the Sapphire Checking, if the new money ($75k) is in the You Invest.
I had $0 in my Sapphire Checking for > 60 days, and Chase closed the account.
I had to visit a branch to re-open it (caught just in time).

rich126
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Joined: Thu Mar 01, 2018 4:56 pm

Re: Chase $750 for depositing 75K

Post by rich126 » Thu Oct 24, 2019 5:08 pm

I have an offer for $600 for $15K. That is more convenient for me.

HomeStretch
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Re: Chase $750 for depositing 75K

Post by HomeStretch » Thu Oct 24, 2019 8:21 pm

Darth Xanadu wrote:
Thu Oct 24, 2019 2:45 pm
I did not ask if there was a fee to close these accounts / move back to standard checking. I guess I'll find out in a few months.
Thanks for posting the details of how you handled this. I am tempted to chase my first brokerage bonus with this offer as VIMXX 7-day SEC yield is 1.9%.

Per online, no fee to close a You Invest account but there is a $75 ACAT fee for each security partially/fully transferred out. So it sounds like transferring cash out to a bank account (there is a $30 charge if wired out) and then calling to close the empty You Invest account may make sense.

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