Good morning everyone. A few days ago, my Chase Sapphire Reserve Credit Card statement closed and I ended up with a credit balance of $349.34 because I redeemed 1/3 of my Chase Ultimate Rewards Points for several Pay Yourself Back transactions. I called Chase to see if I could move the credit balance from my Chase Sapphire Reserve to another Chase credit card (to act as a payment), but the rep said that the Pay Yourself Back transactions were not eligible to be moved to another Chase credit card. She then asked if I would like to receive a check in the mail for the credit balance. Before I said yes, I asked if it were possible to get a bank transfer instead. She said yes – Chase recently started offering bank transfers for credit balances. She told me I would receive an email from Chase in the next day with instructions on how to set up my Chase Payments account and receive a bank transfer. I thanked her for her help and waited for the email to arrive.
A few hours later (at 12:37am PT), I received the following email from Chase. If I set up my Chase Payments account before July 11, I could receive my credit balance via bank transfer. If I did not set up my Chase Payments account by that date, I would receive a check in the mail. I clicked the Accept Money button to get started.
I then set up my Chase Payments account by filling in my phone number, password, security questions, agreed to the terms and conditions, and clicked the Sign Up button.
Once I was in my Chase Payments account, I saw that there was a payment of $349.34 waiting for me. I then clicked on the View Payment Details link.
After reviewing the payment details, I then clicked the Transfer to Bank Account button.
I entered my checking account routing number, account number, and clicked the Submit button.
I confirmed the checking account details and clicked the Confirm and Transfer button.
My payment was processed and I should receive the $349.34 in my checking account in the next 1-3 business days.
There were no more payments in my Chase Payments account, but I went to the Payment History section to review the payment.
My recent payment was processed successfully and I clicked the > button to view the payment details.
The payment details were correct and now I needed to wait for the payment to arrive.
Shortly after completing the payment process, I received a confirmation email from Chase.
Later that day, I logged into my Chase online account and saw that my Chase Sapphire Reserve balance was back to $0 and there was a Credit Balance Refund transaction for $349.34.
The next day, I received the $349.34 payment from Chase in my checking account. The whole process was very simple, easy, and quick. Since my Chase Payments account is already set up, receiving future payments from Chase should be very easy. If you have any questions about the Chase Payments process, please leave a comment below. Have a great day everyone!
Hey Grant,
Not that anyone would want to do this, but is this arrangement available to have a cash advance against you card to be directly deposited in you checking account?
Hi Brant, I don’t think this will work with cash advances, sorry.
Great, I believe Citi has offered this for a while. Nice to see Chase finally catch up
Yes, I think you’re right. I think with Citi they can just send the money back to the checking account that was most recently used to pay your Citi CC bill. That is even easier than Chase’s process.
Chase just ended this process a few months ago. They only offer check refund services now.
Oh bummer, that is disappointing. The bank transfer worked well for me.
I had a large refund from Princess and Expedia for flights, I called BOA to transfer some to my BOA checking, it took about 3 days. Not sure they have online transfer.
That is a pretty fast turnaround time for Bank of America. I think if you have a checking account linked to your credit card account, the credit card company can transfer the funds to your bank account.
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What did it code as in your checking account? Asking for future DD potential…
It coded as a direct deposit.
Happy to find out this isn’t a scam. I just went through this process an hour ago and then wondered if it was a scam. Every page I filled out was just as you posted. I’ve had that credit on my card for months.
I’m glad I could help. The process is a little tricky the first time you do it, but once it is set up, accepting future ACH transfers is really quick and easy.
I followed your advice and it did NOT work. I called and the agent said I should get the option to do a bank transfer but I never got the email with the link. When I called to follow up in 2 days they said the system deemed me “ineligible” and simply issued a paper check instead and now I have to wait for 2 weeks. So YMMV. Total pain in the ass.
That is a bummer. Sometimes the email shows up in spam, but I’m not sure why you would be “ineligible” for this option.
So, if you do nothing will you get a check automatically (at the time of your normal statement mailing)?
Uh, I think if you have a credit balance on your account for 2-3 months, then Chase will automatically send you a check for the balance. But if you want the money back sooner, you will need to call Chase.
This was very helpful. I finally received a large refund from an Oral Surgeon’s office today and they could only refund it to the credit card I used at the time which currently has a zero balance.
Hi Donnella, yes, just call Chase and ask them to send the credit balance back to your bank account. When you receive the email (usually sometime around 2-5am), just enter your bank account info and you will see the funds in your bank account the following day. It is really easy and much faster than waiting for a check to arrive in the mail.
I carried a credit balance for months, and out of the blue, Chase says they sent me a check. It has been 2 weeks since they say the check was mailed, and it has not arrived. I am very concerned, because the credit balance is gone from my account, but I do not have the check. Any suggestions?
Hi L, I would wait another week. The post office is really slow lately and your check may be on its way. I think it would be more of a hassle to have Chase void the check and send you a replacement check. Hopefully your check shows up soon.
Does anyone know the actual website address to get to this Chase ACH site, I have misplaced it?
Hi Misty, this link will take you to the sign in screen: https://chasepayments.jpmorgan.com/ConsumerPortal/
I did this just recently by calling the number on the back of my credit card. They initiated it and I was sent an email with instructions on the transfer.
Yes, the process is easy the first time and is even easier subsequent times.
Thanks for all the great info, Grant. But I’m confused. My Chase account shows a “Credit Balance Refund Adjustment CHARGE” of $132, Then I got all the info you show above so I applied for and got a REFUND of $132. So I just broke even didn’t I? Why did I get charged in the first place if I was getting a “refund”?
Hi Frank, I believe the “charge” brings your account from a $132 credit (aka -$132.00) back to $0 (via a $132.00 charge). Does that make sense? Thank you.
I’ve heard Chase offered Zelle as an option from this process. Have you seen anyone get their money faster through Zelle?
I haven’t had a Chase credit balance in a few months, so I am not sure if Zelle is a payment method. The ACH process is very quick.