Opening Biz Checking - Help with 5/24 and Pre-Approved Offers?

knick1959

Level 2 Member
Sort of an vague question, but I'm asking it anyway.

A recent company stock event left me with a chunk of cash. First step (done) is to put this money in our default S&L so it can clear and I can write individual checks from this account. The Master Plan is to open a Chase Savings for a $300 bonus after 90 days (account is open just waiting for funding). But I have money left if just meeting that minimum, so why not a BIZ savings and checking where the checking has no real minimum for a bonus? Anyone done this before with multiple accounts on the same day? I see a nice potential here if I can do the biz accounts. NOTE that I already have an Ink Cash card under a business name.

The big question (er, hope?) I have is ... might this make it possible to add an Ink Preferred card to my holdings? I am WAY over 5/24 and never get pre-approvals despite Chase being our main bank. But Main Bank means the money goes in, then comes out and we never pay any fees or carry any significant balances. Might a couple of large (to me) accounts with parked money up the chances of additional cards?

Opinions appreciated. Real experiences even more. Alternate strategies? TIA.
 

knick1959

Level 2 Member
Ok. So I'll provide a real experience even though the final disposition is not in.

I had made an appointment with a business banker for this morning. My wife and I went in as I wanted her name on all accounts, including the savings account I had opened in my name online (for the $300 bonus). NOTE that we already have a joint checking account with them that is used as our main bill paying source (which means it never has a very impressive balance).

Today we opened biz checking and savings account for bonuses of $300 and $200 (per DoC links also mentioned in a recent post here somewhere). I explained my idea for a new business venture which I do intend on following through with although it's more of an experiment ... but it makes a real story!

At the end of what seemed to be a way-too-long process and a large stack of printed papers, we wrote out 2 large-ish checks and one for a more trivial amount to fund these accounts.

The banker asked if I would like a new credit card for this new venture. I explained that my guess is that I was not eligible from what I have read online. He said that 2 pre-approved offers had popped up. YES!! "Pre-approved offers" is not a sequence of words that have popped up for me in the past ... I quit checking months ago, but I'm pretty sure these weren't there before this new activity (I DID checked online this morning and NADDA).

I applied for a CIP card on the spot which is under review. I'm hoping the deposits we made today help push this over the edge. Whatever the case, I'm looking to collect $800 in bonuses for parking our money there for 90 days (and after fulfilling a PITA debit card requirement). Also need to avoid fees for 6 months, then I'll decide if I really need to keep these accounts or not.

Fun fact: With most of the work done via computer and with us both being known to Chase for years, the process still took an hour and 15 minutes.
 

knick1959

Level 2 Member
I'm going to count chickens and jinx myself here and ask a question that is relevant ONLY IF I am approved for the CIP mentioned above.

Side note: Searching here seems to be broken and has been for awhile. I emailed awhile back via one of the links here to report this. But now I can't even see "My Content" to find past threads. Anyone else? I assume it is a system issue as it happens at home and at work.

I have a Chase Sapphire Preferred card acquired a couple of years ago. I also have a Freedom Unlimited and an Ink Cash and a nice stash of UR. I keep the CSP mostly because I have to ... to transfer UR freely. But it has 2 other benefits we use regularly: 2x on restaurants and primary rental car insurance. I only recently realized the the restaurant multiplier is not a big deal as my AMEX BB+ gets 2x everywhere and it's a wash to me whether I'm getting MR or UR. And there's the 3 months Discover has 5% back. But the rental car insurance still looms large.

Let's assume I get the CIP card. I now have 2 UR cards with $95 fees and I really only need 1, except for that rental car insurance.

Am I wrong to assume, after reading quite a bit via google, that the CSP card is the best around for this? Primary coverage and low country exclusions (will have to look this up as I do not know what the current list is). Is there a runner up that comes close, or might it be worth the $95 a year for this feature alone? We rent at least one car a year domestically and that's typically for 10-14 days, sometimes more. International travel is a mix; some destinations require it and most others discourage it (in my mind at least).

Sometimes, like our S Africa trip, I rented multiple cars for different purposes - an overnight rental in DC, a longer rental for Kruger NP and a 2 day rental in Johannesburg at the end. I don't think (but I guess I'm asking) if AMEX's $25 coverage could have applied to all 3 or those for one charge ... likely not.

Now, my real insurance does cover rentals and in many countries, so I suppose I should research that coverage, too. And I will. Still, it's been handy just relying on the CSP card for all rental charges (at 2x bonus, too) and having that extra layer of coverage. Does anyone else keep this card for that simple benefit?
 

GetawaysRus

Level 2 Member
I think there are 2 issues when discussing Chase UR cards: (1) points earning and (2) card travel benefits (such as primary rental car insurance and other travel benefits such as trip cancelation/delay).

For points earning, it's hard to beat what Dan (of Dan's Deals) calls the Chase Quadfecta: https://www.dansdeals.com/credit-cards/chase-quadfecta-least-23-arent-rightbut/

The CSP is a good card, but my wife has a Chase Sapphire Reserve card and I do prefer that for both the points earning power (3x at restaurants, 3x for travel). She signed up for that card shortly after it was launched (and when the sign-up bonus was 100,000 UR points for meeting the minimum spend.) Yes, the CSR has a higher annual fee, but you get a $300 credit towards the annual fee from travel expenses. That's an easy credit for us. So our strategy is similar to what Dan outlines:
1. CSR for 3x points on all travel expenses and dining
2. Ink Cash for office supply, internet, TV/cable for 5x points
3. Freedom for the rotating quarterly 5x bonus categories
4. Freedom Unlimited for the 1.5x points on other non-bonused spend (or as an alternate, our 2% cashback card)

I transfer all our UR points to the CSR. It is remarkable how quickly they build.

I did have a CSP. But when the annual fee came due, I canceled it and asked Chase to convert it to another Freedom card (so that I can double-dip on the quarterly bonus categories).

I also have a CIP. One of the reasons that I kept it was that it is supposed to offer cell phone insurance if you pay your monthly cell bill on that card. Well, as it turns out, my phone died. When I called, I learned that the cell phone insurance on the CIP is only good for mechanical damage (such as a cracked screen). Since there was no mechanical damage to my phone, there was no coverage. So when the annual fee comes due, I'll drop that card as well.

My impression is that the travel benefits on the CSR are a bit stronger than the CSP. But I admit that I haven't done a full side-by-side comparison.
 

knick1959

Level 2 Member
My impression is that the travel benefits on the CSR are a bit stronger than the CSP. But I admit that I haven't done a full side-by-side comparison.
There was s specific reason I wanted the CIP and had it on the top of my list. For one, opening biz accounts it seemed likely that my odds for a biz card might improve.

I DID chase the CSR when first offered, but I was way over 5/24 then and denied. I didn't even make the cut by faxing an app to that one department that was working for some ... too late for me! With the 100k going away and my prospect of being below 5/24 not realistic at this time, it isn't an workable option for me.

With that not in my personal picture, I'm still stuck with figuring out whether or not to keep my CSP.

Thanks for the reply!
 

projectx

Level 2 Member
I think the "Chase Quadfecta" is overcomplicating things. Just get the CSR, and as many of the business cards you can for MS and have at it.
 

knick1959

Level 2 Member
I was denied for the CIP. Recon agent tells me she saw no evidence of pre-approval, yet the branch CSR said I was. I expressed my disappointment as nicely as I could, explained how Chase has been my main bank for many, many years and thought they'd be perfect for my new business venture. CSR stuck to her guns and says because of the specific message ("too many credit cards opened on the past 2 years") there was no possible way to overturn it.

Ok, I took a chance. Quite pissed about the branch guy claiming I was pre-approved. I feel a letter coming on to some Chase exec, but during the next 6 months I'm going to make it so Chase is no longer my primary bank. I'll make sure not to mess up the bonuses I am in the process of obtaining, but apparently Real Business does not matter (and the fact that I've not abused Chase CC's to any great degree, even before 5/24 - just a little).

I'll keep the CC's that make sense to me and my wife, but it's time to find a more appreciative bank.

If there is any grasping-at-straws good news, it's that I no longer have to worry about having 2 high-fee chase cards and deciding which to keep :).
 

RRD

Level 2 Member
I was denied for the CIP. Recon agent tells me she saw no evidence of pre-approval, yet the branch CSR said I was. I expressed my disappointment as nicely as I could, explained how Chase has been my main bank for many, many years and thought they'd be perfect for my new business venture. CSR stuck to her guns and says because of the specific message ("too many credit cards opened on the past 2 years") there was no possible way to overturn it.

Ok, I took a chance. Quite pissed about the branch guy claiming I was pre-approved. I feel a letter coming on to some Chase exec, but during the next 6 months I'm going to make it so Chase is no longer my primary bank. I'll make sure not to mess up the bonuses I am in the process of obtaining, but apparently Real Business does not matter (and the fact that I've not abused Chase CC's to any great degree, even before 5/24 - just a little).

I'll keep the CC's that make sense to me and my wife, but it's time to find a more appreciative bank.

If there is any grasping-at-straws good news, it's that I no longer have to worry about having 2 high-fee chase cards and deciding which to keep :).
Did you not apply in the branch?
 

knick1959

Level 2 Member
Did you not apply in the branch?
Yes. I was told I was pre-approved in-person, which is why I let the CSR continue with the app (having just opened a Biz checking and savings with significant deposits). Now I'm told over the phone that I was not pre-approved. Seems like I have a gripe IMO that was not satisfied by the phone rep's apology.
 

RRD

Level 2 Member
Yes. I was told I was pre-approved in-person, which is why I let the CSR continue with the app (having just opened a Biz checking and savings with significant deposits). Now I'm told over the phone that I was not pre-approved. Seems like I have a gripe IMO that was not satisfied by the phone rep's apology.
That is strange. I did the same 6-months ago when I got the approval on the CIP, and if you see the DPs from before, almost everyone was approved for some sort of an Ink card when they opened a business checking/savings. There is something that is causing the CSRs to take a look at the accounts before approval. Is there is a specific BRM application process that leads to approval? here are multiple DPs here of folks getting approved for multiple Inks while being above 5/24. Could anyone shed light on it? I did not get approved for my latest Ink app and I followed the same process as yours. T
Edit: @notalent states that it is the Docusign app process that bypasses 5/24. Did your BRM do that?
 
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knick1959

Level 2 Member
That is strange. I did the same 6-months ago when I got the approval on the CIP, and if you see the DPs from before, almost everyone was approved for some sort of an Ink card when they opened a business checking/savings. There is something that is causing the CSRs to take a look at the accounts before approval. Is there is a specific BRM application process that leads to approval? here are multiple DPs here of folks getting approved for multiple Inks while being above 5/24. Could anyone shed light on it? I did not get approved for my latest Ink app and I followed the same process as yours. T
Edit: @notalent states that it is the Docusign app process that bypasses 5/24. Did your BRM do that?
Yes, I signed electronically where-ever possible. I think. There were some paper copies to sign (opened 2 accounts) too, but most were on the electronic pad.

I'm kind of suspecting that the banker didn't really see a preapproval. Just a guess, but the phone CSR says I wasn't preapproved, so I'm going by that. I do not know the compensation structure the banker lives by ... does he get extra for soliciting apps? Approved apps only? Was it his judgement that I would likely be approved? (because without 5/24 there is no reason for me NOT to be approved, particularly at Chase where I have existed nicely for years decades). Did he goat me because it was potentially in his better interest and he had nothing to lose if I was denied? Who knows. But I'm going to send an email or snail-mail and complain. I've been wanting to do this anyway, as again I've been a customer in excellent standing for decades (with Chase) and their 5/24 rule ignores that.

Did I mention that I forgave them when one of their tellers removed $9000 from my checking account that I didn't have there? This was many years back (guessing 10) but a clerk in some other state fat-fingered a withdrawal account number and I was screwed for about a month until all of the dust settled. Anyway ... sorry, I've ripped off a scab :).

Anyway. If things stand as they are (and I am expecting they will) I will keep all of my accounts open for the next 6 months to satisfy the requirements of the bonus terms I just signed up for, reducing balances after 60/90 days to minimum no-fee levels. But I will work to no longer have Chase as my primary bank. They simply don't deserve it. Sure, I'm NOT a Private Client level account, but whatever I'm worth, I need to find a company that actually will appreciate me.
 
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RRD

Level 2 Member
Yes, I signed electronically where-ever possible. I think. There were some paper copies to sign (opened 2 accounts) too, but most were on the electronic pad.

I'm kind of suspecting that the banker didn't really see a preapproval. Just a guess, but the phone CSR says I wasn't preapproved, so I'm going by that. I do not know the compensation structure the banker lives by ... does he get extra for soliciting apps? Approved apps only? Was it his judgement that I would likely be approved? (because without 5/24 there is no reason for me NOT to be approved, particularly at Chase where I have existed nicely for years). Did he goat me because it was potentially in his better interest and he had nothing to lose if I was denied? Who knows. But I'm going to send an email or snail-mail and complain. I've been wanting to do this anyway, as again I've been a customer in excellent standing for decades (with Chase) and their 5/24 rule ignores that.

Did I mention that I forgave them when one of their tellers removed $9000 from my checking account that I didn't have there? This was many years back (guessing 10) but a clerk in some other state fat-fingered a withdrawal account number and I was screwed for about a month until all of the dust settled. Anyway ... sorry, I've ripped off a scab :).

Anyway. If things stand as they are (and I am expecting they will) I will keep all of my accounts open for the next 6 months to satisfy the requirements of the bonus terms I just signed up for, reducing balances after 60/90 days to minimum no-fee levels. But I will work to no longer have Chase as my primary bank. They simply don't deserve it. Sure, I'm NOT a Private Client level account, but whatever I'm worth, I need to find a company that actually will appreciate me.
Open a Wells Fargo business checking and CC while you are at it, for no hard pull and 1k net gain.
 

knick1959

Level 2 Member
Open a Wells Fargo business checking and CC while you are at it, for no hard pull and 1k net gain.
Ah. I'm not in a Wells Fargo state (just remembered I researched one of their deals in the past). I'll see if I can do this online or if I'm out of luck with no branch nearby. Thanks for the tip.
 

RRD

Level 2 Member
Ah. I'm not in a Wells Fargo state (just remembered I researched one of their deals in the past). I'll see if I can do this online or if I'm out of luck with no branch nearby. Thanks for the tip.
Yeah, you can apply for the CC online for a bonus of $575.
 

knick1959

Level 2 Member
Anyway. If things stand as they are (and I am expecting they will) I will keep all of my accounts open for the next 6 months to satisfy the requirements of the bonus terms I just signed up for, reducing balances after 60/90 days to minimum no-fee levels. But I will work to no longer have Chase as my primary bank. They simply don't deserve it. Sure, I'm NOT a Private Client level account, but whatever I'm worth, I need to find a company that actually will appreciate me.
Update and no good news here. Let me check my dates.

Late in the evening of 12/4 I typed up a letter to an executive at Chase using MS Word. My intentions were to snail-mail the letter but with optimism low I emailed it instead. I pleaded my case, explained how I was a decades old customer with a flawless Chase record and wicked credit history overall (which is true, particularly if you ignore my 12/24 status [guessing at the 12 but closer to it than 5 :]). I explained the banker saying I was preapproved for the CIP and the phone CSR saying I hadn't been. I commented on how Chase seemed to be the perfect bank to work with on my latest biz venture (and this is mostly true, although it's more of an experiment). Could I have been wrong?

Long story short, the younger-sounding Chase rep gave me a story. Sounded like he was reading from notes customized for the call. The bottom line is that they cannot overturn my rejection that was and still is based on too many cards open in the last 2 years.

I was stern but still fairly nice about it. I explained that I knew how strict Chase was with CC's but also knew that a preapproval, one that had never before been offered to me, seemed like a good sign. I re-expressed my disappointment and explained that, while it won't be instant, I will be moving all of my money out of Chase in the coming months. I need 6 5 more months to make sure I get the savings and checking bonuses! But I didn't say that on the phone.

Hmmm. This is a fully public forum. I was going to share how much I just deposited with Chase over 3 accounts. If you know the recent offers, I've maximized the bonuses available in November for opening up a personal savings and both a savings and checking on the biz side. I added a bit more than minimum to the biz checking to avoid the eventual fees in 2-3 months. My personal checking account has been there forever, originally a Bank One account before they merged or were acquired. Whatever. But that account is my working money. Pay check goes in, most of it gets spent before we pay other bills with my wife's check, if needed. So balance is up and down but averages low ($500?).

I'm not shocked but I thought I had a good chance at reversing the decision. Really really weird that Chase can be like this to real long-term customers. But they will lose this one; I'll keep the CCs that benefit me, but trim the fat elsewhere. The HIX cards were gone anyway once I'm sure we don't get an open-ended cert (and I think my wife and I still get 1 a piece). Hyatt? MileagePlus? Well, the cards are a different set of issues, but the cash accounts need to go elsewhere.

Thanks for listening!
 
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knick1959

Level 2 Member
Oh, BTW, I know there is at least one blogger who has wars with this guy from time-to-time and I don't believe everything this guy believes and ultimately writes, but I found this web post pretty helpful noting what I had in mind to do. Of course, it didn't help in the end, but perhaps others might have better luck with complaints in the future:

Code:
https://www.elliott.org/company-contacts/chase-jpmorgan-chase-bank/
 
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