Do you need direct deposit if you maintain $15,000? Is there a penalty for canceling the account after one year? Is the 0.01 variable interest rate based on the account balance? How are checks written on the account? Are they like traditional checking accounts. Is there a penalty for closing the account after one year if conditions change like reduced interest rates? Do you still keep the bonus?
The direct deposit is one of the features of the checking account and is not connected to the $15,000 daily average balance of qualifying linked deposits/investments needed to waive the monthly service fee of $25. Yes, the 0.01% variable interest rate is based on your daily collected balance. You will receive Chase designed checks without having to pay a fee and you can use these to make payments or deposits. No, there’s no penalty if you decide to close the account after one year. Yes, the bonus will be deducted if you close the account within 6 months after opening it. Please note that at the moment Chase offers an initial bonus only for its “Chase Total Checking account”.
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