21,000 onepass for checking account
Nov 20, 2010 | 2:03 pm
#1726
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 30,343
Here are the words from the Chase web site:
Monthly Service Fee
None when you have 5 or more debit card purchases (withdrawals from the ATM or cash advance transactions do not qualify) or a direct deposit post to your account during each statement period. The direct deposit qualifier changes to at least one direct deposit of $500 or more and takes effect with the statement periods beginning February 8, 2011. Two or more direct deposits that add up to $500 or more but do not individually equal or exceed $500, do not qualify; otherwise $6 per month
My plan for my personal accounts is to use the $500 DD and then transfer to deposit to my "real" account. For the business accounts I will just use the 5 debit card purchases. Does not sound like there will be a minimum amount for the debit purchases.
If the offer is extended into next year I wonder if the Premier Checking will qualify us the bonus miles? If so, most of us should all be OK in that the terms for the Premier checking are:
5Service Fee Waiver: Combined monthly average ledger balance of $15,000 or more in this account and any consumer checking accounts, consumer savings accounts, CDs, certain Retirement CDs, certain Chase Retirement Money Market Accounts, outstanding balances in first mortgage accounts (with servicing retained by the Bank; must be in good standing), lines of credit (including Credit Card) and installment loans (lines of credit/ loans must be in good standing), Chase Investment Services Corp. investment accounts (last investment statement balance, excluding certain retirement plan investment balances), JPMorgan Funds† accounts (prior end of month balances), annuity products (annuities made available through Chase Insurance Agency, Inc. (CIA) and Chase Insurance Agency Services, Inc.), and personal trust accounts (last business day of prior month) linked for pricing with this account is maintained during the monthly statement period.
So if you have a Chase CC (United, Continental, Marriott etc.) with a $15K line of credit, the account would be free.
Another option is to just take $1,500 in coins in for the deposit and let them sit there for the 6 months.
Monthly Service Fee
None when you have 5 or more debit card purchases (withdrawals from the ATM or cash advance transactions do not qualify) or a direct deposit post to your account during each statement period. The direct deposit qualifier changes to at least one direct deposit of $500 or more and takes effect with the statement periods beginning February 8, 2011. Two or more direct deposits that add up to $500 or more but do not individually equal or exceed $500, do not qualify; otherwise $6 per month
My plan for my personal accounts is to use the $500 DD and then transfer to deposit to my "real" account. For the business accounts I will just use the 5 debit card purchases. Does not sound like there will be a minimum amount for the debit purchases.
If the offer is extended into next year I wonder if the Premier Checking will qualify us the bonus miles? If so, most of us should all be OK in that the terms for the Premier checking are:
5Service Fee Waiver: Combined monthly average ledger balance of $15,000 or more in this account and any consumer checking accounts, consumer savings accounts, CDs, certain Retirement CDs, certain Chase Retirement Money Market Accounts, outstanding balances in first mortgage accounts (with servicing retained by the Bank; must be in good standing), lines of credit (including Credit Card) and installment loans (lines of credit/ loans must be in good standing), Chase Investment Services Corp. investment accounts (last investment statement balance, excluding certain retirement plan investment balances), JPMorgan Funds† accounts (prior end of month balances), annuity products (annuities made available through Chase Insurance Agency, Inc. (CIA) and Chase Insurance Agency Services, Inc.), and personal trust accounts (last business day of prior month) linked for pricing with this account is maintained during the monthly statement period.
So if you have a Chase CC (United, Continental, Marriott etc.) with a $15K line of credit, the account would be free.
Another option is to just take $1,500 in coins in for the deposit and let them sit there for the 6 months.
I am sure you dont plan to carry an outstanding, unpaid balance on your CC in order to avoid the $6 monthly fee.
Didn't your personal account is upgraded to Premium when you opened your business account?
Nov 20, 2010 | 5:43 pm
#1727
Join Date: May 2003
Location: CA
Programs: AA Lifetime Gold, HHonors Diamond
Posts: 2,879
No. It means you CARRY $15k combined balance of all "loans" including the outstanding, unpaid balance of your CCs.
I am sure you dont plan to carry an outstanding, unpaid balance on your CC in order to avoid the $6 monthly fee.
Didn't your personal account is upgraded to Premium when you opened your business account?
I am sure you dont plan to carry an outstanding, unpaid balance on your CC in order to avoid the $6 monthly fee.
Didn't your personal account is upgraded to Premium when you opened your business account?
Nov 21, 2010 | 3:20 pm
#1728
Join Date: Jun 2010
Posts: 25
SuperG03
Nov 21, 2010 | 5:31 pm
#1729
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 30,343
I seriously doubt a 15K credit line on credit card would qualify... Many folks have several times of such amount on their credit lines even in this environment, yours truly included.
The banker gave you incorrect information. Any of the accounts that include a balance qualifier from loans/CCs, require it to be an OUTSTANDING BALANCE to consider it. So, if you have a $100K Home Equity LOC that has a $0 balance, it WILL NOT count to waive the fee on the checking account as a balance qualifier. Now, if you have a $100K Home Equity LOC that has a $50K balance, then that $50K WILL count to the checking balance qualifier. Hope that helps.
SuperG03
SuperG03
Nov 22, 2010 | 10:05 am
#1730
Join Date: Nov 2006
Location: Tulsa, OK
Programs: HHonors Diamond, SPG Gold
Posts: 308
So, at the risk of being flamed, how can one open both Business and Personal and not violate the "customer must not have existing checking account" part? Once I open a Personal, then I have an "existing" account, right?
OTOH, If I have a joint account now with my husband (which I do), but it's in my tax ID, can he open a new personal and/or business?
Do I need to remove him from our 2 joint checking accounts first?
OTOH, If I have a joint account now with my husband (which I do), but it's in my tax ID, can he open a new personal and/or business?
Do I need to remove him from our 2 joint checking accounts first?
Nov 26, 2010 | 3:39 pm
#1732
Join Date: May 2009
Location: London, UK
Programs: BA Silver, Hyatt Globalist
Posts: 456
I tried messaging Chase about a fee waiver, using similar language to that suggested in other posts here. Here is the repsonse:
"Thank you for taking time out of your busy schedule to
contact us.
In regards to your inquiry, we show your currently have
the Continental Airlines Business Debit Card with 21.00
Miles. In order to reverse the annual fee of $65 the debit
card would need to be closed and all miles will be lost
upon closure. Then, we can mail a standard Chase business
debit card. If you would like us to process this request,
please respond to this e-mail.
We thank you for the opportunity to serve you and
apologize for any inconvenience. Please be assured that we
value you as a customer and wish for your experience with
Chase to be one of satisfaction and ease."
Presumably this would be a bad idea? I'm imagining I would lose rather more than 21 miles...
"Thank you for taking time out of your busy schedule to
contact us.
In regards to your inquiry, we show your currently have
the Continental Airlines Business Debit Card with 21.00
Miles. In order to reverse the annual fee of $65 the debit
card would need to be closed and all miles will be lost
upon closure. Then, we can mail a standard Chase business
debit card. If you would like us to process this request,
please respond to this e-mail.
We thank you for the opportunity to serve you and
apologize for any inconvenience. Please be assured that we
value you as a customer and wish for your experience with
Chase to be one of satisfaction and ease."
Presumably this would be a bad idea? I'm imagining I would lose rather more than 21 miles...
Nov 26, 2010 | 4:53 pm
#1733
Join Date: Sep 2009
Programs: *G, SPG, OW Sapphire
Posts: 2,568
They just notified me that my account will be closed 
and won't give me a reason (presumably coins). Only opened the account ~2-3 months ago, but I imagine they can't remove miles when they close the account without a given reason...right?
and won't give me a reason (presumably coins). Only opened the account ~2-3 months ago, but I imagine they can't remove miles when they close the account without a given reason...right?
Nov 26, 2010 | 5:06 pm
#1734
Join Date: Feb 2009
Location: SEA
Programs: Alaska Titanium, Hilton Diamond, Hyatt Globalist, Marriott LT Plat
Posts: 1,781
I really don't understand why many people don't take the numerous warnings about Chase seriously in the coin thread. Once Chase decides to close your checking account, somewhat likely they will close all other accounts you may have including the credit cards. Nobody I have come across has been able to re-open any bank account or credit card with Chase once they have decided to not do business with a particular party. That means all the lucrative sign-up bonus from Chase (IHG, CO, UA, BA, Hyatt, Marriott, to name a few) will be out of the game. I play my game with Chase very very seriously and conservatively, and Chase is the only bank that does not get any of my coins because I don't want to bring them unnecessary attention.
Nov 26, 2010 | 5:08 pm
#1735
Join Date: Sep 2009
Programs: *G, SPG, OW Sapphire
Posts: 2,568
If they choose to, they can. I believe the account has to be opened for 90 days or 6 months (don't have the terms in front of me right now) to be eligible for the miles. Good luck.
I really don't understand why many people don't take the numerous warnings about Chase seriously in the coin thread. Once Chase decides to close your checking account, somewhat likely they will close all other accounts you may have including the credit cards. Nobody I have come across has been able to re-open any bank account or credit card with Chase once they have decided to not do business with a particular party. That means all the lucrative sign-up bonus from Chase (IHG, CO, UA, BA, Hyatt, Marriott, to name a few) will be out of the game. I play my game with Chase very very seriously and conservatively, and Chase is the only bank that does not get any of my coins because I don't want to bring them unnecessary attention.
I really don't understand why many people don't take the numerous warnings about Chase seriously in the coin thread. Once Chase decides to close your checking account, somewhat likely they will close all other accounts you may have including the credit cards. Nobody I have come across has been able to re-open any bank account or credit card with Chase once they have decided to not do business with a particular party. That means all the lucrative sign-up bonus from Chase (IHG, CO, UA, BA, Hyatt, Marriott, to name a few) will be out of the game. I play my game with Chase very very seriously and conservatively, and Chase is the only bank that does not get any of my coins because I don't want to bring them unnecessary attention.
Nov 26, 2010 | 5:50 pm
#1736
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 30,343
Once you are on the bad side of Chase, you will be shut out for future opportunities.
Business account allows coin deposit, but it also can charge a fee for such deposit, btw.
Nov 26, 2010 | 5:51 pm
#1737
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 30,343
I tried messaging Chase about a fee waiver, using similar language to that suggested in other posts here. Here is the repsonse:
"Thank you for taking time out of your busy schedule to
contact us.
In regards to your inquiry, we show your currently have
the Continental Airlines Business Debit Card with 21.00
Miles. In order to reverse the annual fee of $65 the debit
card would need to be closed and all miles will be lost
upon closure. Then, we can mail a standard Chase business
debit card. If you would like us to process this request,
please respond to this e-mail.
We thank you for the opportunity to serve you and
apologize for any inconvenience. Please be assured that we
value you as a customer and wish for your experience with
Chase to be one of satisfaction and ease."
Presumably this would be a bad idea? I'm imagining I would lose rather more than 21 miles...
"Thank you for taking time out of your busy schedule to
contact us.
In regards to your inquiry, we show your currently have
the Continental Airlines Business Debit Card with 21.00
Miles. In order to reverse the annual fee of $65 the debit
card would need to be closed and all miles will be lost
upon closure. Then, we can mail a standard Chase business
debit card. If you would like us to process this request,
please respond to this e-mail.
We thank you for the opportunity to serve you and
apologize for any inconvenience. Please be assured that we
value you as a customer and wish for your experience with
Chase to be one of satisfaction and ease."
Presumably this would be a bad idea? I'm imagining I would lose rather more than 21 miles...
Nov 26, 2010 | 7:37 pm
#1738
Join Date: Sep 2009
Programs: *G, SPG, OW Sapphire
Posts: 2,568
Deposited coins to a personal checking account. I honestly wouldn't even mind negotiating a fee for the personal account, but the closing without reason from them is what really bugs me.
Last edited by johndeere19; Nov 26, 2010 at 7:51 pm
Nov 26, 2010 | 8:57 pm
#1739
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 30,343
How big was the avg size of your deposits? Were you only using it for cycling the coins, i.e. immediately clean it out after the deposits cleared? That might be the downfall.
Nov 27, 2010 | 6:21 am
#1740
Join Date: May 2009
Location: London, UK
Programs: BA Silver, Hyatt Globalist
Posts: 456