New Chase $125 Checking Account Bonus read and submit comments for this post

Chase Bank is again offering $125 for opening its free checking account with direct deposit. However, there's no online promo page (at least none that I'm aware of). A FW member who started this thread found $125 coupons in the moving packets at the post office. Hopefully, similar coupons will be at your local post office. Pictures of these coupons are attached in that thread. However, since each coupon has a unique code, you can't just copy this coupon.

A branch visit is required. The coupon is good through 5/31/2008. The terms seem to be the same as what I posted in this January Chase post.

My Experience

I've had success with my Chase Checking Account. I opened the checking account on December 15th with a $125 bonus coupon and a $25 refer-a-friend coupon. The Chase rep allowed me to stack the bonuses, and he provided the first 50 checks free. I linked this with my GMAC Money Market account and initiated a transfer from GMAC on January 3rd. When I didn't see the bonus appear, I played it safe and also did a real direct deposit. Five days after the direct deposit (Jan 25th), the bonuses were credited to the account. I'm afraid I don't know what triggered the bonus credit.

Below are more details about the bonuses and checking account:

An Extra $25 Bonus

Chase also has a $25 refer-a-friend bonus. When you open the checking account, be sure to ask for the refer-a-friend coupons. I and many readers have reported success with stacking this bonus with the $125 bonus. Feel free to request for referrals in the comments.

Expensive Checks

It has been reported that Chase will automatically charge $22.95 for a checkbook. You can either tell them when you sign up that you don't want checks or you can call Chase after you open the account and cancel the order. In my case, I asked the banking rep about this, and he provided the first 50 checks free.

Direct Deposit

It has been reported by several of my readers that Chase treats transfers initiated from online banks or from PayPal as direct deposits. However, there have been some recent reports that PayPal no longer works. A reader in my last post said a Countrywide transfer did qualify as a direct deposit. In my case, I'm afraid I can't tell if my GMAC transfer or direct deposit triggered the bonus credit.

Hard Credit Pull

I just checked my credit report after I opened this Chase checking account, and I did not receive a hard credit inquiry. I only received a soft pull via Experian. A reader in my last post also didn't receive a hard pull. Others have reported a hard credit pull when you open an account (this temporarily dings your credit score). Refer to this FW thread for more info on this.

Checking Account Details

Some more important info about the free checking account is available at Chase. Without direct deposit, there's a $6/month fee. There's a $2 fee for using non-Chase ATMs (up from $1.50 in November).

Chase Branch Locations

Chase has branches in many states but not all. There are no branches in California. States with Chase branches include Arizona, Colorado, Connecticut, Florida (Southwest), Illinois, Indiana, Kentucky, Louisiana, Michigan, New Jersey, New York, Ohio, Oklahoma, Texas, Utah, West Virginia and Wisconsin.

Chase is FDIC insured under JPMorgan Chase Bank, N.A. (FDIC Certificate # 628).