Update 4/8/19: It seems like the new two year rule is not backdated for people who received a bonus before the new rule went into effect (late September 2018. Around the 20th). For example a reader received a bonus in February 2018 and then closed the account in September 2018. They then signed up for the account again in January and received the sign up bonus. Going forward they will not be able to get the bonus until after January 2021. As always do this at your own risk, but might be worth considering for some people.
Original post: Yesterday we posted a new deal offering $600 for opening a Chase checking & savings account. Several readers pointed out that they have updated the language describing who’s eligible, it now clearly states (emphasis ours):
- You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account. Bonuses are considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
The older bonus for $500 contains the old language that states (emphasis ours):
- You can receive only one new checking and one new savings account opening related bonus each calendar year and only one bonus per account.
As you can see the new wording states you can get the bonus every two years from the last enrollment date (when you signed up) and the old wording states you can get the bonus each calendar year. Honestly this just sucks, this was always one of the top rated bank account bonuses out there. Even if you only did the checking bonus for $300, it was an easy $300 each year. Now it looks like you’ll be limited to doing it every two years. If you’ve done a chase checking/savings bonus in the last two years but haven’t received a bonus this calendar year, I’d strongly recommend doing the $525 bonus now before that offer expires and the new language gets implemented across all Chase bonuses. All bonuses now contain the two year language
It’s possible this new language only relates to the higher $600 offer, but I’d be betting that it will become standard across all Chase deposit account bonuses sooner rather than later. It’ll be interesting to see if the new Sapphire Banking bonuses also contain this new language or not.
I opened a biz checking account in Oct 2022 with a promo code and Chase closed it within a month since they flagged one of my ACH transferers as fraudulent activity. After 6 months of going back and forth and complaining to CA attorney general I finally got my $2K deposit back.
I waited 90 days after closure of that account, called customer service to make sure I qualify for the new offer, then went to a branch and opened new biz account with the $750 promo code. Branch manager said since the promo code was accepted at account opening if should be fine. Now Chase is saying that since I enrolled in an offer last Oct I don’t qualify for another one this year, even though I never received the bonus last year.
Has anyone else had a similar issue?
If you have an Amazon Chase card, also check your email. You’ll possibly have a version of this offer that also doubles your “everything else” cashback rate to 2% through the end of September, up to $200 ($20k spend)
Not as extravagant as a card SUB, but certainly sweetens an already-good deal if you already have that card.
I opened a Chase checking account in April 2019 for $300 and closed it in 6 months and recently I opened one again and got $225 with no problem.
“You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date”
My last bonus was from account opened June 9, 2018 and bonus paid on July 3rd, 2018 for checking and September 18, 2018 for savings.
1) Am I eligible for the bonus again now? It’s been 2 years since I last signed up for a checking (but less than 2 years since I was paid the bonus)
2) Any data points on shut down for churning this too much? I already did it 2x…this would be round #3.
I think there might be a message that pops up if you are not eligible.
This is correct. I got the popup a few minutes before midnight ET on the 2 year anniversary*. When I tried again just after midnight, I could proceed with account opening.
*I think it’s actually 1st business day on/after 2 year anniversary, and literally at the stroke of midnight ET.
You can open now. People here have done it a lot more times than 2.
I just closed Chase account, where my wife was joint owner. If I open account on her name will it work for the bonus purposes?
Here’s a clarification on what this language means in practice, at least according to Chase. Hopefully this will help some of you.
January 20, 2018 – Opened Chase Total Checking
February 01, 2018 – $300 Bonus Received
July 21, 2018 – Account Closed
I saw the Chase Total Checking + Savings $900 deal this year and decided to pursue it. The only issue is it expired on January 17, 2020 (3 days before my official 2 year date from last enrollment)
I decided to interpret it as you can only receive a bonus 2 years from that last enrollment date, because that is exactly how it is worded after all. RIGHT???
January 10, 2020 – Opened Chase Total Checking + Savings
April 13, 2020 – Received $200 Savings Bonus
XXX – MISSING THE REMAINING $700 FROM THE BONUS OFFER
Called Chase, escalated, escalated, went back to the branch manager who I opened up the accounts with…No Luck. I’ve succeeded at confusing some of them with why I’m eligible for the savings bonus, but haven’t gotten the rest of the bonus. But still no money.
So the verbiage reads as: “You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account.”
TO BE MORE ACCURATE, IT SHOULD READ AS: “You can ENROLL in only one new checking and one new savings account tied to a bonus every two years from the last enrollment date.”
It is about enrollment, not when you receive the bonus. I knew this in my gut, but I had to try anyways given the bonus amount. It’s only painful because there was that 3 day gap between when the bonus was going to expire and when my true 2 year date would have been.
According to the rules, there was just no possible way you could get it. Lost cause.
I have an account opened two years back. Can I close it and apply for new one a month from now to receive the bonus?
“Every two years from the last enrollment date” clarifies that the restriction is from account opening date but is there any restriction from account close date to next account open date?
90 days.
Any new data points on the bonus after two years since last attempt?
I opened both accounts 1/3/18, so I should be past the “two years after enrollment date”. I tried opening a bonus offer in December 2019 as a test and got the pop up notice, as expected, that I was not eligible for the offer.
I tried applying again yesterday, 1/8/20, but got a pop up notice that I’d only qualify for the savings offer (i.e. not the checking)…? If the two years is calculated from account opening, I should be clearly eligible for both checking and savings
I wouldn’t mind trying in branch, but don’t know if that fixes their date calculation bug..
One bonus for a checking is either personal OR business? You’d have to pick one?
You can do both
DP
10/18 Opened Checking account 2 years 1 day from last enrollment date
10/23 ACH from Schwab kept the account fee free
11/8 DD from Employer
11/12 $300 Bonus Posted
Could you share if the last enrollment date is your checking account’s opening date or closing date?
It was the opening date.
No I didn’t try. But if you’re not eligible the system won’t take the promo code when opening online. You’d get a system error.
Alright. This would be a good reason why everyone should keep a spreadsheet of all their checking deals with opening and closing dates. Makes the process of churning less time consuming.
Duke,
As you stated, the last enrollment date is based on the opening date.
My last enrollment date was January 10th, 2018, when I opened both checking and savings accounts for a $600 bonus.
I did try to open new checking and savings accounts for the $900 bonus on January 7th, 2020 from Chase web site, and got a message stating I had already received a similar offer and asking me if I wanted to proceed without applying the promo code.
To play safe, I waited two years and two days after the enrollment date.
So, today, January 12th, 2020, I applied online without any problem and at the end of the online application received a detailed confirmation of how the $900 promotion code had been applied.
Please see detailed confirmation below.
The XXXXXXXX is a different confirmation number for each section of the $900 bonus.
We applied your coupon.
$300 for New Checking
XXXXXXXX
$200 for New Savings
XXXXXXXX
$400 Extra Bonus
XXXXXXXX