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Chase Checking Account Bonus: $150

Chase Bank signChase Bank is offering new customers a $150 bonus if they open a checking account.

To get the bonus, you must deposit at least $100 within 10 business days of account opening and receive one qualifying direct deposit within 60 days of account opening.

The offer is good through July 7 and is available nationwide.

You can open an account online or print out an offer coupon and take it to a local branch.

Chase will credit your $150 bonus within 10 business days of meeting these conditions, plus a few others disclosed in the fine print.

You can’t be a current customer, have closed a Chase account within the past 90 days or have closed a Chase account with a negative balance.

The qualifying direct deposit must be your paycheck, pension or government benefits (such as Social Security).

The only account type that qualifies for the bonus is Chase Total Checking, a no-frills account with no special features.

You won’t earn any interest on the balance in your Chase Total Checking account. Other Chase checking accounts pay just 0.01%, even for customers with balances of $25,000 or more.

To avoid paying this account’s $12 monthly service fee ($10 in California, Oregon and Washington), your monthly direct deposits must total $500 or more, or you must maintain a daily balance of at least $1,500.

Chase will also waive the fee if you incur $25 in checking account fees per month, but this is a bad way to save $12.

Here are some additional fees you’ll want to avoid to preserve the full value of this Chase bonus offer:

If you use a non-Chase ATM, Chase charges $2 per ATM transaction, plus the ATM owner also will charge a fee that Chase won’t reimburse.

Chase charges $34 per overdraft, with a maximum of three charges ($102) per day.

Keep your account overdrawn for five consecutive business days, and you’ll get hit with another $15 charge.

Make sure to keep your account open for least six months, or you will lose the account opening bonus.

The bonus is considered taxable income, too. If your federal marginal tax rate is 25%, $37.50 of your bonus will go to Uncle Sam.

Also, Chase only allows customers to receive one checking account bonus per calendar year.

Bonus aside, unless you need the services offered by physical banking location, there are far better options for your checking account than Chase. Look at online banks, such as Ally, that pay higher interest rates, have lower fees and provide superior customer service.

If you’ve been burned by Chase in the past, look at this bonus as an opportunity to get some of your money back. Just make sure to heed the fine print.

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