• Page :
  • 1
  • Text Only
Voting History
rated:
I got an offer from Chase in the mail yesterday - $125 bonus if I deposit $10,000 into my existing savings account and hold it there for 90 days. It does require going into a physical branch with the offer in hand and deposit money/check/information/etc.

I'm assuming they'll try and offer additional services as their way of turning a profit - they probably assume that if you have $10,000 in another account, there's some way for them to sell you additional services or potentially leave the cash in your account and forget about it.

Member Summary
Most Recent Posts
Lol...and who exactly has a 40% tax rate in the US?

Slider (Nov. 17, 2011 @ 10:27p) |

It was just an example

But you're right - something lower would be more realistic. I was just making a point and didn't ... (more)

ankitgu (Nov. 17, 2011 @ 10:28p) |

Earn > $379,150 and living in NJ.

35% federal + 6.37% state = 41.37%.

Earn > $500,000 and it goes up to 43.97%.

thok (Nov. 20, 2011 @ 9:42p) |

Thanks for visiting FatWallet.com. Join for free to remove this ad.

***

ColbyS said:   Those offers usually require money not currently held by Chase or its affiliates.

1.25% for 10k?

That's insulting.
It's only for 90 days so really 5%. Better than nearly all RCA's.

curtisekarr said:   It's only for 90 days so really 5%. Better than nearly all RCA's.
Agreed.
It would be nice if Chase paid a half way decent interest rate on the savings balance instead of the insulting 0.01% (0.1% for Cha$e Plus Savings)

uutxs said:   curtisekarr said:   It's only for 90 days so really 5%. Better than nearly all RCA's.
Agreed.
It would be nice if Chase paid a half way decent interest rate on the savings balance instead of the insulting 0.01% (0.1% for Cha$e Plus Savings)

Nod. Thinking about it from their point of view, I'd imagine that they're justifying it by saying that most people don't care about the interest they receive in the current environment and so they're not getting much benefit by paying out a higher rate.

I got the offer, too. Tried to redeem it, but I had already responded to a $100 offer earlier in the year and I was told I could only do one per calendar year. Makes me wonder why they continue to "target" me for things I'm not eligible for. Hopefully they'll send me another in two months.

thok said:   I got the offer, too. Tried to redeem it, but I had already responded to a $100 offer earlier in the year and I was told I could only do one per calendar year. Makes me wonder why they continue to "target" me for things I'm not eligible for. Hopefully they'll send me another in two months.

that offer didn't have a holding period, correct?

thok said:   I got the offer, too. Tried to redeem it, but I had already responded to a $100 offer earlier in the year and I was told I could only do one per calendar year. Makes me wonder why they continue to "target" me for things I'm not eligible for. Hopefully they'll send me another in two months.
They lied to you. I did this offer (mine was $150 not $125) one month after I opened new Checking (with $150 bonus).

thok said:   but I had already responded to a $100 offer earlier in the year and I was told I could only do one per calendar yearWas that earlier offer also a Savings offer? If so, yeah, you might not be able to do another Savings offer in the same year. My local Chase new account reps usually seem willing to try any code I give them, but sometimes the screen does reject it.

Did this myself; refused to be cross-sold other products which is why Chase entices us into a branch. Reps. are trained to be very vocal, not to process anything fast, and seemingly get spiffs when more lucrative (anti-consumer) products are thereby sold during long waiting periods for "processing." One bonus/customer/year IS the rule. Also required photocopy of driver's license and the license got adhered to documentation; had to return next day when a manager found my license to retrieve it (!)

Is this really targeted?
I received a coupon too, with coupon code ....16467
Anybody received this coupon have the same #?
I'm thinking apply this coupon to another person's account.
Thanks

I got the $150 deal in the mail, took it my branch and did the deal.There is some small type on this deal, you have to keep the account open for six months, you can take the $10,000 out after three months, but you have to keep the account open for six months, you have to keep $300 in the account to avoid penalties . Back in june i got $200 for my "new" checking account, but this did not affect this deal...A

SavingWizard said:   Is this really targeted?
I received a coupon too, with coupon code ....16467
Anybody received this coupon have the same #?
I'm thinking apply this coupon to another person's account.
Thanks

Mine has a different number - it's actually a 16 digit code on the bottom.

I plan on going in today after work to take advantage of this.

I would be interested to know how chase determines dollar amounts for bonuses. A couple months ago I received a targeted checking offer for 200 bonus, and am currently in the 6 month waiting period for that to expire so I can close(I already have a checking account with chase, however, the fine print did not exempt me, the sales rep looked through the print three times incredulous of that fact). I just got the same targeted offer for 10,000 in savings, however, mine was for 100 dollars.

The fine print specified no more than one savings account bonus in one year(so the checking is okay), however, my fine print specified that account must be open for 6 months otherwise there is a fee for closing, and if closed before 3 months there is the same fee for closing and on top of that the bonus will be debited. Did the OP's fine print specify the 10K must remain for the 3 months, because I did not read that, and I was planning on ACHing out the 10K as soon as the check clears?

I got the same targeted mailer and didn't notice anything about needing to keep the 10k funds in for any length of time.

Perhaps they found out when they went to the branch?

I plan to go this weekend and take advantage of this deal, so we'll see. I did the $125 checking promo about six months ago.

whistler0 said:   I would be interested to know how chase determines dollar amounts for bonuses. A couple months ago I received a targeted checking offer for 200 bonus, and am currently in the 6 month waiting period for that to expire so I can close(I already have a checking account with chase, however, the fine print did not exempt me, the sales rep looked through the print three times incredulous of that fact). I just got the same targeted offer for 10,000 in savings, however, mine was for 100 dollars.

The fine print specified no more than one savings account bonus in one year(so the checking is okay), however, my fine print specified that account must be open for 3 months otherwise there is a fee for closing, and if closed before 6 months there is the same fee for closing and on top of that the bonus will be debited. Did the OP's fine print specify the 10K must remain for the 3 months, because I did not read that, and I was planning on ACHing out the 10K as soon as the check clears?

vickh said:   thok said:   I got the offer, too. Tried to redeem it, but I had already responded to a $100 offer earlier in the year and I was told I could only do one per calendar year. Makes me wonder why they continue to "target" me for things I'm not eligible for. Hopefully they'll send me another in two months.

that offer didn't have a holding period, correct?


No, unfortunately it had an expiration date last month -- otherwise I would've just held it until Jan 1st.

whistler0 said:   I would be interested to know how chase determines dollar amounts for bonuses. A couple months ago I received a targeted checking offer for 200 bonus, and am currently in the 6 month waiting period for that to expire so I can close(I already have a checking account with chase, however, the fine print did not exempt me, the sales rep looked through the print three times incredulous of that fact). I just got the same targeted offer for 10,000 in savings, however, mine was for 100 dollars.

The fine print specified no more than one savings account bonus in one year(so the checking is okay), however, my fine print specified that account must be open for 3 months otherwise there is a fee for closing, and if closed before 6 months there is the same fee for closing and on top of that the bonus will be debited. Did the OP's fine print specify the 10K must remain for the 3 months, because I did not read that, and I was planning on ACHing out the 10K as soon as the check clears?

I did the deal today myself - they didn't try to sell me on anything. I was pleasantly surprised that they didn't want to make me do additional things. They only thing they asked was if I used BillPay - I said that I don't because I pay all of my bills with a credit card and thus, have no need.

I think they only post the $125 after you've had it there for 90 days. In addition to tying up the funds for 3 months, we're committing to leaving the account open for at least 6 months. We tie up $10k of capital during the first 3 months and then a minimum $300 balance for the remaining 3 months, if you plan on closing it immediately.

Here is the exact wording from the bottom of my receipt:

Bonus/Account Information: Offer valid from 11/02/11 through 12/31/11. A deposit of $10,000 or more in new money (money not currently held by Chase or its affiliates) into a Chase Plus Savings account is required to qualify for the offer. Offer not available on Chase savings accounts with any owner under 18 years of age. To receive the cash bonus, the account must remain open and a minimum balance of $10,000 must be maintained from the date of deposit for 90 days. The cash bonus will be automatically deposited into your account within 10 business days after the 90 day period. Customer is limited to one personal savings account-related reward/premium, per calendar year. Not valid with any other offer. Cash bonus will not be considered part of the minimum opening deposit for new accounts. Savings account must remain open for a minimum of six months, or the cash bonus will be debited from the account at closing. In addition, the savings account must remain open for 90 days or an Account Closing Fee of $25 will apply. Cash bonus is considered interest and will be reported on IRS FOrm 1099-INT. Interest rates are variable and subject to changes. Fees may reduce earnings on the account.

vegas4x4 said:   I got the same targeted mailer and didn't notice anything about needing to keep the 10k funds in for any length of time.

Perhaps they found out when they went to the branch?

I plan to go this weekend and take advantage of this deal, so we'll see. I did the $125 checking promo about six months ago.

Hmm.. in my case, the mailer actually had the requirement listed in the small detail at the bottom of it.

To everyone doing this - remember that you will still have to pay income tax on this, so if your marginal rate is 40%, then $100 nets you $60. Factor this into your calculations.

ankitgu said:   a minimum balance of $10,000 must be maintained from the date of deposit for 90 days. The cash bonus will be automatically deposited into your account within 10 business days after the 90 day periodHmm, in the past these Savings offers did not require keeping any specific balance for the first 90 days, though you did have to keep the account open for 6 months.

The offer "bonus coupon" I received in the mail has slightly different text. It doesn't say it must maintain the balance for 90 days.

The exact text on my offer letter is:

Bonus/Account Information: Offer valid from 11/01/11 through 12/31/11. Offer not available on Chase Savings accounts with any owner under 18 years of age. A $10,000 minimum opening deposit of new money (money not currently held by Chase or its affiliates) is required to qualify for this offer. Cash bonus will be automatically deposited into your new account within 10 business days of deposit validation, but not considered part of the minimum opening deposit. Limit one personal savings account-related rewards/premium per customer, per calendar year. Offer not available on account conversions or in combination with any other offer. Savings account must remain open for a minimum of six months or the bonus will be debited from the account at closing. In addition, the savings account must remain open for 90 days or an Account Closing Fee of $25 will apply. Cash bonus is considered interest and will be reported on IRS Form 1099-INT.

whistler0 said:   
Here is the exact wording from the bottom of my receipt:

Bonus/Account Information: Offer valid from 11/02/11 through 12/31/11. A deposit of $10,000 or more in new money (money not currently held by Chase or its affiliates) into a Chase Plus Savings account is required to qualify for the offer. Offer not available on Chase savings accounts with any owner under 18 years of age. To receive the cash bonus, the account must remain open and a minimum balance of $10,000 must be maintained from the date of deposit for 90 days. The cash bonus will be automatically deposited into your account within 10 business days after the 90 day period. Customer is limited to one personal savings account-related reward/premium, per calendar year. Not valid with any other offer. Cash bonus will not be considered part of the minimum opening deposit for new accounts. Savings account must remain open for a minimum of six months, or the cash bonus will be debited from the account at closing. In addition, the savings account must remain open for 90 days or an Account Closing Fee of $25 will apply. Cash bonus is considered interest and will be reported on IRS FOrm 1099-INT. Interest rates are variable and subject to changes. Fees may reduce earnings on the account.

vegas4x4 said:   The offer "bonus coupon" I received in the mail has slightly different text. It doesn't say it must maintain the balance for 90 days.
Interesting. I bet they could measure a bunch of things with this:

1. If the upfront requirement of keeping cash for 90 days in the account affects signup/response rates
2. If $125 vs $100 really matters
3. Varying #1 could also show you the probabilities for how long people will leave the money in their account after the bonus period

Issues with #1 - it might actually be a measure of whether people read the fine print or not.
Issues with #3 - if they want to use this data next year, it doesn't really provide a whole lot of time to see what happens, so they're probably using older data from the last 30 years and drawing some kind of relation to what they see this time.

Chase and all these guys are essentially betting on the future, and far out many years, IMO. They're likely basing it on this: http://en.wikipedia.org/wiki/Customer_lifetime_value

Seeing the offers that these companies are making really worries me. Every company can start adopting lifetime value models for the customer and draw ridiculous conclusions - it could easily turn into a bubble with unrealistic assumptions. It'll work as long as there are very few people doing it, because once others start doing it, I think the data will lead to disaster.

ankitgu said:   
Hmm.. in my case, the mailer actually had the requirement listed in the small detail at the bottom of it.

To everyone doing this - remember that you will still have to pay income tax on this, so if your marginal rate is 40%, then $100 nets you $60. Factor this into your calculations.


Lol...and who exactly has a 40% tax rate in the US?

Slider said:   ankitgu said:   
Hmm.. in my case, the mailer actually had the requirement listed in the small detail at the bottom of it.

To everyone doing this - remember that you will still have to pay income tax on this, so if your marginal rate is 40%, then $100 nets you $60. Factor this into your calculations.


Lol...and who exactly has a 40% tax rate in the US?

It was just an example

But you're right - something lower would be more realistic. I was just making a point and didn't think I'd get called out lol...

Slider said:   Lol...and who exactly has a 40% tax rate in the US?

Earn > $379,150 and living in NJ.

35% federal + 6.37% state = 41.37%.

Earn > $500,000 and it goes up to 43.97%.



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014