sound48

I currently have a chase checking account that's somewhat new. I was thinking of closing the account in order to reopen it and take advantage of their bonus offers for opening checking accounts. This can be done once a year to obtain the bonus.

I'm also looking to eventually get four or more chase credit cards over the next year or so.

Will closing and reopening my checking account make it much more difficult to open multiple chase credit cards and is it worth the hassle for a checking bonus of around $200 each year?

caishen

Trying to figure out which accounts to close/maintain.

The oldest account is a savings trust of which I am the beneficiary but not the trustee. Haven't touched it although I can take control at any time.

1. Any idea whether the age and balance of this account are factored into Chase's internal scoring since I am not currently a trustee?
   
2. If I took control of the account, would Chase consider the length of time the account has been open or merely the length of time since I took control?
   
3. Does Chase consider the aggregate length of time I've been a Chase customer or merely the age of my oldest open account(s)?
   
4. What matters more, balance at time of app or balance over a period of time? If the latter, is the average/minimum/maximum balance more important?

What I'd like to do is close all my accounts except the oldest eligible savings account (which would be either the savings trust or a different account) and keep a few hundred in that one. I'm uncertain what effect this might have on future apps.

If anyone cares to weigh in I'd greatly appreciate any insights you can provide.

amolkold

Checking/Savings accounts have almost no effect on which Credit Cards you're eligible for. They are separate departments, and the credit department cares about your credit history.

haodebi

Disagree.. During reconsideration call, it's always useful to say "i have been loyal customer of chase with checking/ saving account open for the past 20 years".. It does help

StartinSanDiego

Banks have a term called "a complete banking relationship"-- they want a well rounded financial relationship with you-- credit cards, checking, savings, IRA's, mortgages, etc. Although the departments are different, they can and will factor these things in your favor.

anonymous4a

Hi, chase offers a $ sign up bonus for signing up for a chase total checking account. Just curious, what if you want to close the checking account after receiving the sign up bonus later on ? Are there any penalties ?

sharka

Not sure unless you read the T&C as some may say there is a minimum time acct must stay open. Ex. Once open a citi ck acct for miles and remember it had to stay open for at least 9 or was it 12 mts? Before bonus miles will post to acct.

farulg

As sharka said, read the T&C.

I have opened a Chase account for miles (back in the OnePass days) and closed the account after a year. No problems.

Centurion

Just keep the account open. fyi..Chase will 1099 you on the bonus so be ready tax time.

BankerManUSA

Most of Chase's new account promos require the account be kept open for six months before closing it. If you close it within the six months, the promotional amount paid to you when you opened will be the owed plus an account closing fee.

I'm on a rinse and repeat cycle with Chase. This is my third round of opening Checking accounts for $200 each and this year they started sending me invites to open savings accounts too with $15k balance to get $175. Easy money! Always love how they pay in the first 10 days the account is open.

teammjs

After the mandatory holding period, I've always found it easy to close doing following:

1. Note the statement closing date
2. soon after the statement closing date, ACH out the funds to another bank to bring balance to $0
3. After a few days of the transaction clearing, sending an SM asking to close the checking account.
4. Within a day or so get a SM back confirming and the accoutn disappears.

The reason for timing on #2 is to avoid any fees for a low balance if the timing goes over a statement cycle.

SexyTurtle

The terms on my offer ($125) were that the money would be revoked if the account was closed sooner than 6 months.

wise2u

yes you are right, 6 months and then you can close...I usually wait for 6 statement cycles. I am on 3rd or 4th year of bonuses. One bonus per personal account per calendar year, one per business account, and like you mentioned now they are adding savings...though our offer was only $125 for $10,000 deposit, I noticed after my wife and I opened a joint savings they credited us $125 twice (once for each of us?!?) I'm not bothering to ask. There are some higher bonuses out there (check e-bay)...one year we got 200 for business and 150 for personal.
Capital One bank also offers signup bonuses and offers interest checking at high (relative to the rest) rates locked for a year. I got $300 signup and .75% interest for the last year with an ATM card that allows rebate of service charges up to $15 a month for out of network withdrawals, My wife got $300 signup and 10,000 cap1 reward points which we xfered to her venture card, for getting rewards checking last year. She closed it after 6 months with no problem and we just recently opened a .5% interest savings with them since my checking went down to .3 after first year. I missed a 1% for a year offer by 2 weeks.
I use these sites to check on banking bonuses: http://www.maximizingmoney.com/categ...g-bonus-deals/
and https://www.checkingfinder.com/

Elmatador

Could you ask chase to give 20000 UR points instead of the $200 credit or check ?

I know Credit cards and General banking are separate divisions, but anybody try?

italdesign

FT conventional wisdom is to keep Chase checking & savings accounts to establish a relationship, which could help when applying for their credit cards.

However, in this FatWallet thread, it is unanimously recommended to open, close, and churn Chase checking & savings accounts annually for the sign up bonus (usually around $150). One poster says:

Chase is a megabank run by computers and script readers. Unless you have millions with their private banking arm, then you have no "banking relationship" with them. The computers and outsourced CSRs don't care if you've been with the bank for decades.

I would like to get FT's perspective. Thoughts and experience? Should I churn? Or does having multi-year bank accounts open actually help when applying for their credit cards?