How long does it really take to get $300 for opening a Chase Total Checking Account? In our case, not too long. Not even a month. I am really starting to like Chase and the products being offered by them.
So, what did I have to do to get my $300 signing bonus?
As soon as I received my $300 targeted offer in the mail, I took it to the nearest Chase. The process of opening a new checking account took exactly 30 minutes. It was pretty painless. Most of the time spent was the banker printing and going over the paperwork. I was asked if I needed to order checks and I said “not this time”. He printed 3 temporary checks for me to use until I get my own checks and that was pretty much it.
There are a couple things to watch out with this deal:
- If you close your account within 6 months, the award bonus will be rescinded.
Not an issue for me since I am not really planning on closing the account. I like what they offer and would like to make this one my personal go to checking account moving forward.
- There is a monthly maintenance fee of $12. But you can avoid this by meeting one of the requirements below:
- You have to maintain a daily average balance of at least $1500. Not a problem. Started with the following and will keep at least $1500 there.
- Each month have at least a $500 Direct Deposit. This one is not a problem either. Starting next month, my salary will be deposited into this account. But check this out. On 15th, I sent the reimbursement from my Flexible Spending Account to this account and I got $300 credit already deposited to my account.
- Checking + Savings + Investment Account monthly average balance at least $5000. I currently don’t have a savings account and I’m not planning on getting one.
Please, keep in mind that you’ll get a Form 1099-INT at the end of the year. You must report this award bonus on your tax return.