Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

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skeptastic
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Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by skeptastic » Wed Aug 29, 2018 9:08 am

Hello all. I've scoured the forum in an attempt to figure out the answer to this question and could not find the answer to my specific question. So, here goes.

I've signed up for the Chase Bank Bonus (both $300 checking and $225 savings). In doing so, I decided that going into the bank with a physical $15,000 check and dealing with the sales pitches just isn't worth the hassle. Because of this, I am transferring the $15k via ACH from my Navy Federal account. As many are likely aware, NFCU only allows $5k max ACH transfers daily, so this will take me a few days to complete. In addition, I have to change my direct deposit at work in order to fulfill the requirements of the $300 checking acct bonus.

My question is in regards to when one can safely withdraw the deposited funds, without having the bonus taken back. I understand the 90-day rule (take $1500 from savings acct and place into checking for an additional 3 months + leave $300 in savings for an additional 3 months). My question pertains to when the clock starts for the initial 90 day period as well and thus the 180-day period. Is it from the day the accounts are opened, the day they are fully funded ($25 deposit AND initial direct deposit for checking + $15k for savings), or the moment some sort of deposited funds first hit the account? I just want to make sure that I don't end up pulling the funds out and closing the account before the entire 90 days/180 days elapses.

Thank you all for any insight you can offer.
Last edited by skeptastic on Wed Aug 29, 2018 10:17 am, edited 1 time in total.

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damjam
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by damjam » Wed Aug 29, 2018 9:13 am

Not to be flippant or dismissive but this is the perfect kind of question to direct toward customer service at Chase.
It's their policy, they should be able to answer you.

Best of Luck :D

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damjam
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by damjam » Wed Aug 29, 2018 9:14 am

Duplicate

Jags4186
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by Jags4186 » Wed Aug 29, 2018 9:21 am

skeptastic wrote:
Wed Aug 29, 2018 9:08 am
Hello all. I've scoured the forum ina n attempt to figure out the answer to this question and could not find the answer to my specific question. So, here goes.

I've signed up for the Chase Bank Bonus (both $300 checking and $225 savings). In doing so, I decided that going into the bank with a physical $15,000 check and dealing with the sales pitches just isn't worth the hassle. Because of this, I am transferring the $15k via ACH from my Navy Federal account. As many are likely aware, NFCU only allows $5k max ACH transfers daily, so this will take me a few days to complete. In addition, I have to change my direct deposit at work in order to fulfill the requirements of the $300 checking acct bonus.

My question is in regards to when one can safely withdraw the deposited funds, without having the bonus taken back. I understand the 90-day rule (take $1500 from savings acct and place into checking for an additional 3 months + leave $300 in savings for an additional 3 months). My question pertains to when the clock starts for the initial 90 day period as well and thus the 180-day period. Is it from the day the accounts are opened, the day they are fully funded ($25 deposit AND initial direct deposit for checking + $15k for savings), or the moment some sort of deposited funds first hit the account? I just want to make sure that I don't end up pulling the funds out and closing the account before the entire 90 days/180 days elapses.

Thank you all for any insight you can offer.
You leave the $15,000 in the account until the $225 posts. Then you drain to $300. You don't close the accounts until you have received 7 monthly statements from Chase. This is what I've always done and never had an issue.

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skeptastic
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by skeptastic » Wed Aug 29, 2018 9:26 am

Jags4186 wrote:
Wed Aug 29, 2018 9:21 am
You leave the $15,000 in the account until the $225 posts. Then you drain to $300. You don't close the accounts until you have received 7 monthly statements from Chase. This is what I've always done and never had an issue.
Got you. So it sounds like the $225 is only deposited after the 90-day period has elapsed. They make it sound like the $225 deposits 10 days after the $15k clears. Likewise with the $300 checking bonus. It would appear that the $300 is deposited 10 days after the direct deposit hits the account. I'm just trying to make sure I know when to mark my start dates so that I don't screw it up, haha!

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skeptastic
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by skeptastic » Wed Aug 29, 2018 10:19 am

damjam wrote:
Wed Aug 29, 2018 9:13 am
Not to be flippant or dismissive but this is the perfect kind of question to direct toward customer service at Chase.
It's their policy, they should be able to answer you.

Best of Luck :D
No, you actually make a great point. My reason for posting here was to see if I could get the straight dope from folks who have gone through the process with success. I figured it would be better to trust the word of fellow Bogleheads than a big bank rep, haha!

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whodidntante
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by whodidntante » Wed Aug 29, 2018 10:36 am

I've done this bonus a few times now. The way I knew what the rules were is I read the terms and conditions of the offer. I would not ask Chase or bogleheads because you may get the wrong answer.

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damjam
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by damjam » Wed Aug 29, 2018 10:58 am

whodidntante wrote:
Wed Aug 29, 2018 10:36 am
I've done this bonus a few times now. The way I knew what the rules were is I read the terms and conditions of the offer. I would not ask Chase or bogleheads because you may get the wrong answer.
+1

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skeptastic
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by skeptastic » Wed Aug 29, 2018 11:00 am

whodidntante wrote:
Wed Aug 29, 2018 10:36 am
I've done this bonus a few times now. The way I knew what the rules were is I read the terms and conditions of the offer. I would not ask Chase or bogleheads because you may get the wrong answer.
Another great point. Thank you.

Jags4186
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by Jags4186 » Wed Aug 29, 2018 1:45 pm

skeptastic wrote:
Wed Aug 29, 2018 9:26 am
Jags4186 wrote:
Wed Aug 29, 2018 9:21 am
You leave the $15,000 in the account until the $225 posts. Then you drain to $300. You don't close the accounts until you have received 7 monthly statements from Chase. This is what I've always done and never had an issue.
Got you. So it sounds like the $225 is only deposited after the 90-day period has elapsed. They make it sound like the $225 deposits 10 days after the $15k clears. Likewise with the $300 checking bonus. It would appear that the $300 is deposited 10 days after the direct deposit hits the account. I'm just trying to make sure I know when to mark my start dates so that I don't screw it up, haha!
Correct. I don't know the specifics of your offer but the advertised $225 offer, and all Chase Savings offers I've ever seen, don't pay out until after the money has sat in the account for 90 days. Chase is usually pretty good about posting the bonus on the Tuesday after you meet the requirements. Once the bonus posts the only way to lose the bonus is by closing the account early. By waiting for 7 statements to go by you'll have guaranteed yourself 180 days have elapsed.

Dandy
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by Dandy » Wed Aug 29, 2018 5:11 pm

I don't have the answer and would probably only trust an answer from Chase.

BofA had a similar bonus plan. Check out after you do satisfy when does Chase commit to get the bonus in your account. I believe it is something like we will attempt to get the bonus in your account within 90 days. That was BofA's "commitment". Wow a major bank that has all the data and they need a 90 day window to pay the bonus? Also you are likely terrible rates. It may pay off when you do all the math but you may tie up your money for more than the stated time frame to get the bonus.

Wyseson
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by Wyseson » Thu Aug 30, 2018 12:16 am

I have done this bonus mutliple times. Chase is very consistent with posting the bonus money into the account within 10 days after you've met the requirements.in the terms and conditions.

gostars
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by gostars » Thu Aug 30, 2018 2:41 am

I just did the $300 checking bonus. $500 and change sent from Vanguard (money market) on 8/15, posted on 8/17, bonus credited on 8/28, moved $800+change out on 8/29. Planning to bounce $500 through it monthly to meet the requirements, but otherwise just keep some change in the account. I don't see anything in the rules that requires that the money be kept in the account for the checking bonus, as long as you meet the monthly $500 direct deposit rule to avoid a fee. I also don't see any reason why once the direct deposit is completed you can't just move it right back out. That's what I'm planning to do.

BrendanP
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by BrendanP » Thu Aug 30, 2018 9:57 am

I might do this bonus just because I'm sick of getting the mailings. At least a few per month for 5 years.

BrendanP
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Re: Chase Bank Bonus Deposit/Withdrawal Timing Inquiry

Post by BrendanP » Thu Aug 30, 2018 9:57 am

I might do this bonus just because I'm sick of getting the mailings. At least a few per month for 5 years.

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