From time to time, Chase has sign-up bonuses for opening bank accounts. In late 2017, when I was setting up Middle Age Miles LLC, Chase had an offer for a $300 sign-up bonus for opening a Chase Total Business Checking Account. Middle Age Miles successfully received the bonus, so I am providing this data point on the offer and the steps necessary to achieve the bonus.
Terms of the Chase Business Checking Offer
Chase’s offer was as follows:
- Open a Chase Total Business Checking account in a Chase branch
- Deposit $1,000 or more in new-to-Chase money within 10 business days of opening the account
- Maintain at least a $1,000 balance for 60 days from the date of deposit
- Complete 5 qualifying transactions within 60 days of account opening
- Qualifying transactions include: Debit card purchases, checks paid, Chase QuickDeposit, ACH credits or debits, and wire transfers (credit or debit)
We actually had a hiccup with our account opening that I believe is worth sharing, lest anyone make the same mistake. As I mentioned in the terms, the account had to be opened in-branch. I set up an appointment with our Chase business relationship person. As Philly and I are co-owners of Middle Age Miles and are both managing members of the LLC, we prepared a resolution allowing me to take certain financial actions on behalf of the company on my own. This is allowed under our Operating Agreement for the company.
However, when I met with the business relationship person to open the account, she advised me that, notwithstanding the company documents, Chase would not open the account unless all members of the LLC were present and all members physically signed the account documents.
We had to reschedule the “account opening” meeting for a week later when Philly and I could both be present at the bank. At that meeting, everything went fine and the account was successfully opened with a $1,000 initial deposit.
My point in telling this story is that Chase is very particular about its requirements for account opening, and my research indicates that they are likewise very particular about precisely meeting the terms and conditions of the offer in order for the bonus to post. Be aware, and be careful.[I wondered aloud what would happen if an LLC had several geographically-dispersed members. Would this entity be entirely precluded from opening a Chase account unless all of the members gathered in the same location at the same time? I’m not sure. You would think the company could open an account if it had a resolution and/or consent of all the members (as we did). At the same time, I do understand the rationale for Chase’s all-members-present rule.]
Making the Qualifying Transactions
I want to also tell my “qualifying transaction” story because, again, this might help someone. I actually almost messed this up. Debit card purchases count as qualifying transactions. I had read this thinking that all debit card transactions would count, so I made 5 debit card ATM withdrawals. Fortunately, I happened to review the terms and conditions of the offer again before my 60-day window closed, and I realized that the offer required debit card purchases, not just debit card transactions. I still had time to make the purchases. Whew.
This leads me to another useful data point. I made 5 $1 online re-loads to our Amazon gift card balance using our debit card. These 5 $1 re-loads did qualify as my 5 qualifying transactions for the Chase bonus offer.
When Did the Bonus Post?
We opened the Middle Age Miles business checking account on 12/12/2017. As you can see here, we completed the last of our 5 qualifying debit card purchases on 2/2/2018. We met the 60-day balance requirement on 2/10/2018. And our bonus posted on 2/20/2018, which was the 6th business day (and 10th calendar day) after we had fulfilled the last term of the offer. Thus, Chase lived up to the promise in its offer to deposit the bonus within 10 business days.
I hope that you find this data point and my stories (and near-mistakes!) helpful in obtaining your own Chase account opening bonuses! If you have your own Chase new account bonus data points or stories that would be helpful, please share them in the Comments.