I am a Chase Freedom CC holder and I just received this email. Wanted to share it in case you own this CC as well or are considering it. I think its a nice free benefit if you travel a lot. If your trip is canceled or cut short by sickness, severe weather and other covered situations, you can be reimbursed up to $5,000 per trip for your pre-paid, non-refundable travel expenses, including passenger fares, tours, and hotels.* This benefit applies to any covered trip purchased April 1, 2014 or later.
now if Chase would just reneg on that stupid policy of requiring ID to deposit CASH into a checking account, that would be double awesome.
I think he means depositing cash in someone else's account. To do that with an ATM you would need their card and PIN.
^this. i deposit cash so infrequently i've never done it by ATM. anyway, my sister tried to deposit cash into my account (which she has been doing for years without issue) but was denied because of the new policy. i thought it was strange when they first asked me for my ID. i didn't realize the policy had taken place at the time. sorry about the derail Zboy.
same here, I needed to deposit cash into my rent lord's chase account but couldn't. I had to go back to my bank to get a money order to be able to make the deposit.
Pretty nice. I mostly use the Chase United MileagePlus card, which is considered a traveler's card, and I don't even think that one qualifies for this perk. I'll have to look into the cardholder benefits, otherwise I'll book my next trip with the Freedom card.
Chase kept on increasing my limit (without my request) when my card was maxed-out and was making minimum payments. Then gave nothing when I asked with a zero balance. Card + PIN
Just booked a trip to Vegas on my Freedom card last weekend. Certainly don't plan on cancelling, though.... I love my Freedom card. I put everything on it and pay if off every month. I especially like the quarter that they offer 5% cash-back for gas purchases. I always clean up during that quarter. This quarter is restaurants, so it's pretty good too.
Can someone explain to me credit cards and rental car insurance. I was told that some credit card companies offer free rental car insurance if you book using their cards. If so, and if you get into an car accident in a rental car what do you do next?
when was the last time you deposited through a teller. IDs required to deposit cash now. so only the account holder can put money into an account. http://www.mybanktracker.com/news/2014/03/06/chase-stops-cash-deposits-accounts/ Chase Stops Cash Deposits Into Accounts That Aren’t Your Own When making a cash deposit, please be ready to show a valid ID and deposit only into accounts that list your name,” states a letter received recently by a JPMorgan Chase bank customer. A new policy move by Chase — America’s largest bank by assets — will change the way customers can make cash deposits. Not only will Chase customers have to show their ID, but they will also have to be a signer on the account in which they hope to make a deposit. Chase says it is implementing the new policy to combat misuse of accounts and close potential money laundering loopholes. But does the policy make sense? Will it really safeguard more accounts? What about a mother who wants to deposit money into her child’s account while he or she is traveling overseas? What about a relative who wants to help out a family member located halfway across the country? What if I wanted to deposit money into my brother’s account for his birthday? Do these actions constitute as “misuse of accounts?” I think not. How is it I can’t use my good, hard-earned cash to deposit in someone else’s legitimate account? Yes, Chase does offer a service called QuickPay, which allows a customer to use a mobile app to transfer money from their account into another person’s account. But not everyone is technically proficient and with all the data breaches occurring lately, some customers might not want to rely on mobile banking to make important transactions. Look, I’m all for stopping money laundering. But this new policy is disruptive for millions of families across the U.S. Not only is it disruptive — but it’s also silly. Without getting too deep into the details, money laundering in its simplest form is the act of making money that comes from one source seem like it comes from another. Crooks attempt to disguise the illegal means through which the money was obtained, so that it appears to have been obtained from a legal source. To combat this crime, Congress passed the Bank Secrecy Act in 1970, one of the first laws to fight money laundering in the U.S. One of the rules established by the act was requiring financial institutions to report cash transactions of more than $10,000 made through or to the bank. That threshold was established because anything less would be a waste of time to report. No one launders, say, $100. A criminal would have to make 100 trips to the bank to reach the $10,000 level. And even if it did happen, banks are supposed to watch out for and report any suspicious patterns or activities. So a criminal trying to launder money should conceivably be caught due to their suspicious behaviors. At my own, non-Chase bank, I can’t make a purchase over $500 without getting an activity alert! Plus, if Chase is so worried about money laundering occurring at such a miniscule level, shouldn’t they do something about being able to make deposits at an ATM where an ID isn’t required? You’ll have to excuse me if I sound a little dubious about Chase’s reasoning behind the policy change. Chase, of course, is under a microscope. It is one of several big banks that’s being targeted by U.S. regulators for lax money laundering controls. And the bank has agreed to pay $1.7 billion — the largest bank forfeiture in history — to victims of Bernard Madoff’s Ponzi scheme. Madoff kept the bank account at the center of the fraud at Chase. The bank will be criminally charged with two violations of the Bank Secrecy Act. If you’re upset about Chase’s new deposit policy, check out our bank reviews to see how others feel about our nation’s banks.
I believe your CC only covers what your insurance doesn't cover. Kind of like gap insurance. So the rental car company would still file a claim against your insurance if you destroy their car.
