@Dethzilla:
By actual Americans, I meant people who can speak the language they were hired to speak when working customer service. That would include the Spanish speaking Americans and the Cambodian speaking Americans too.

@Dethzilla: Interest of $10 or more (which is what this is considered) is reported on a 1099-INT.

@Dethzilla: No, $1000 is a minimum. I put in 10 times that.

All banks take your money. Sigh. I'm missing the days of Cal Fed.

Chase *IS* scumbag dirt.

They can change the terms at any time, screw you over, and you cannot sue. They will just take the case to their arbitration partner that considers the partnership worth keeping for all the business it brings in (because they are screwing over a lot of people).

@starrion: By American you mean non-broken english speaking. Some Americans don't speak English. don't hate. Glad you like your credit union too.

@NotChoinski: $20 a year vs 200% return on a $100 deposit... I mean really?

@PeterBetts: If it's not $600 it's not taxable.

To me, giving Chase my email address, $100 of my money, and the opportunity to mess up either the debit-card purchases or the eventual withdrawal/account-closing process ... that is a pretty high barrier.

I was glad to see a number of readers haven't had any problems with this offer, and I hope that continues for them. It's just not a chance I was comfortable taking.

@catnapped: I got a mailer like this for $125 for opening an account. I have recently checked my credit and there was not an inquiry from Chase. Also, I have not had any funky fees or anything else show up. Granted they do want you to either have direct-deposit or a minimum number of charges per month. But really, big whoop. I appreciated the $125 and I have not had any problems with their service as of yet. Much better than my previous bank.

I would think that if you don't activate direct deposit or do 5 purchases then you just wouldn't get the $100 but they would still keep you as a customer.
But Chase has to spoil the party and start introducing fees so early in the relationship.

Great deal if you're willing to do a little paperwork and need $100.

@Red_Eye: if it was a large check, this is totally standard. i've had it happen on a couple of large checks. once with bank of america (and the check was even a cashier's check!) and once with WAMU, so it isn't something that is specific to Chase.

You know when people ask about how you like your local Credit union?

They have my checking, my savings, our mortgage and a nice low-interest credit card. I've never had a problem cashing a check. Their customer service phone center is staffed with actual Americans who are interested in helping you resolve your issue and are empowered to do so. And will.

So Chase: You can take your $100 and stuff it so far up your Six that you have to cough it out again. Fark you, Fark your $100 and Fark your thrice-damned credit cards.

That is all.

I signed up for a similar promotion with Chase about a year ago (it was $125 or $150 if I recall). I had no problems with it - most of my paycheck is direct deposit with HSBC but I funnel a small amount into Chase to satisfy their requirement. Right now, however, I'm angry with Chase... back in November they had a promotion where you could get $10 if you paid two insurance bills with your debit card using online bill pay. I satisfied all the requirements and they refused to cough up the $10 telling me first that I didn't make the required payments, and then, when I sent them dates and confirmation #s, telling me I never "registered" for the promotion (I had, but of course did not have a screenshot). Oh well.

So translation: Chase offers to charge you more than $100 in fees within 6 months.

I did this whem WaMu offered a similar deal back in late 2007. they did credit me $100.00, but it was after the 5 debit card (not credit, you have to use your pin) went through and cleared the bank. I started with Sumitomo Bank, which then became Great Western Bank, which then Became WAMU, which then became, Chase.

They do run a credit check (in person or online), asking you if you've lived in a certain address in the previous 10 years, what kind of car you have purchased and how much is your monthly payments.

I would beware however, about their ridiculous service fees. before they (wamu) officially become CHASE, I am cancelling my account. stick with a better bank, or credit union. Remember, "Free" money always has a catch to it.

-dave

@PeterBetts: Ugh... ChexSystems. *shudder*

@flapjackfx:

Except that I already have an online bank and I need a local one.

Cost of a debit transaction with a simple merchant acocunt setup with a PIN used: 19 cents. Citi Probably gets 5 cents.

--

Cost of a debit transaction processed as credit: 1.09%, citi probably gets .25% and the network(V/MC) probably gets .15%.

Um, High-yeils savings accounts are probably still better. Mine gets 2.00% on a minimum $1000 deposit.

@ahwahoo2006: It looks like this offer works for online accounts as well.

Or... have a job....

Too bad theres not a Chase within 50 miles of me.

Ah, the old 'debit card purchases with a signature as credit', which forces the merchant to pay Citi exorbitant fees for each transaction.

@PeterBetts: True, you need to read the fine print on these things to make them work, but there is a way to make it profitable:

1) Don't buy their checks -- say you are getting them somewhere else

2) Set up a small direct deposit from work (assuming it doesn't cause any problems) - $10 or $20 a pay period might do it - and treat it like a savings account. Perhaps save up for some of the after-Christmas sales.

@catnapped:

1. The credit report is something I was thinking too, but it might just be ChexSystems.

2. There is a $6.00 minimum fee (for the lowest tier checking) if a direct deposit is not set up, or you have to make a minium of (5) debit transactions per month. As I said below, the account has to be open for (6) months so (30) debit transactions.

3. Yep, as stated in their fine print, the $100.00 will be reported to the IRS.

4. Nail, meet head.

Dont bank with Chase. Trust me you will not be happy.

I know a lot of banks use ChexSystems or a comparable program when opening up checking/savings accounts. It is my understanding that this is not a hit on a credit report but rather a different, exclusive report. Would I be correct?

Who here thinks this offer is worth doing? I do not have a branch near me, but I will ass-u-me that this offer will be honored online as well.

The fine print also states that the account has to remain open for 6 months or the credit will be revoked.

1) They'll likely pull a credit report

2) There's probably fees and gotcha in the fine print

3) That $100 is taxable income they're definitely going to report

4) Chase is scumbag-dirt