Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 44874 times)

marshdesign

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #200 on: August 08, 2017, 05:13:03 PM »
not sure if this was mentioned before but r/churning is a great spam free resource for finding bank and credit card deals on Reddit.
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hgjjgkj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #201 on: August 10, 2017, 09:50:34 PM »
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!

How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?

Paul der Krake

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #202 on: August 11, 2017, 12:43:37 AM »
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!

How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
Bank accounts usually don't do hard pulls. And even if they did, 6/7 inquiries isn't enough to do any real damage to a score.

rageth

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #203 on: August 11, 2017, 08:11:09 AM »
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!

How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
Bank accounts usually don't do hard pulls. And even if they did, 6/7 inquiries isn't enough to do any real damage to a score.

^This.  I've opened 19 accounts for us since February, and only 1 was a hard pull.  The one hard pull was for Charles Schwab because it required opening a brokerage account along with checking, but that account is one that I'm going to keep because far and away the best account for international travel.  I found all of this information thanks to Doctor of Credit.  Doctor of Credit is a wealth of information about which banks are ChexSystems-sensitive, which aren't, which do hard pulls, which can be funded via CC, etc.

CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #204 on: August 11, 2017, 08:54:56 AM »
They will sometimes do a credit report pull in relation to overdraft. You should decline overdraft whenever you have the option
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dpc

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #205 on: August 17, 2017, 08:34:46 AM »
Since you guys are the experts on this stuff, I'm hoping you can take a look at my post:

https://forum.mrmoneymustache.com/share-your-badassity/swingin-for-the-fences-first-at-bat-can-you-coach-me-(learning-to-churn-acct)

dcamnc

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #206 on: August 23, 2017, 10:24:02 AM »
Another noob churning question. When do you guys cancel some of the cards you've gotten, or do you just keep them all open?

max9505672

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #207 on: August 23, 2017, 10:55:56 AM »
Is it not recommended to open the account by showing up in person to a branch? Is there any chance that the bank employee you meet will notice that you are opening the account for churning purposes only and could refuse to open the account?

I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.

Do you guys know how to deposit large amount of money (ex. 4000$) on the same day that you open the account and doing it without physically meeting with a bank employee? Interac transfer usually have a daily maximum amount you can send and I don't see any other option.

CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #208 on: August 23, 2017, 11:11:03 AM »
I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.

There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.

Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.
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max9505672

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #209 on: August 23, 2017, 11:15:26 AM »
There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.
I just called my bank and I can transfer maximum 3000$ for each Interac transaction AND maximum 10000$/day. So I could do multiple tranfers up to 10000$, so that's not a problem anymore (in my case). Unless there's a ''settle'' time of more than a couple hours before the money gets transferred officially? I'm asking because 2 banks I want to churn here in Canada require minimum amount of X$ everyday of the month otherwise they'd charge you something like 15$. 15$/(300$-taxes) isn't negligible IMO.

Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.
Can you please elaborate on that? Not sure I understand.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #210 on: August 23, 2017, 11:21:33 AM »
There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.
I just called my bank and I can transfer maximum 3000$ for each Interac transaction AND maximum 10000$/day. So I could do multiple tranfers up to 10000$, so that's not a problem anymore (in my case). Unless there's a ''settle'' time of more than a couple hours before the money gets transferred officially? I'm asking because 2 banks I want to churn here in Canada require minimum amount of X$ everyday of the month otherwise they'd charge you something like 15$. 15$/(300$-taxes) isn't negligible IMO.

Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.
Can you please elaborate on that? Not sure I understand.

Didn't realize you were in Canada, sorry, situation can be very different with regards to bank bonuses, fees, and maintaining initial deposits.

Some bank account bonus opportunities in the US at least, also let you do your initial deposit by a credit card without it being considered a cash advance.
Many people also open credit cards for bonuses, in miles or dollars, which require you to do a certain amount of spending on that card. If you can fund a bank account with the card to help meet the minimum spending, plus get a bonus from the bank account, that is ideal.
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max9505672

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #211 on: August 23, 2017, 11:29:36 AM »

Didn't realize you were in Canada, sorry, situation can be very different with regards to bank bonuses, fees, and maintaining initial deposits.

Some bank account bonus opportunities in the US at least, also let you do your initial deposit by a credit card without it being considered a cash advance.
Many people also open credit cards for bonuses, in miles or dollars, which require you to do a certain amount of spending on that card. If you can fund a bank account with the card to help meet the minimum spending, plus get a bonus from the bank account, that is ideal.
I get it! Yes, right, great deal in that case. I'll have to check if it is possible here in Canada.

Any fellow Canadian knows?

Is it also possible to Interac transfer money to yourself (one bank account to another)?

johnny847

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #212 on: August 23, 2017, 04:48:27 PM »
EDIT: Sorry, didn't realize you were in Canada



Is it not recommended to open the account by showing up in person to a branch? Is there any chance that the bank employee you meet will notice that you are opening the account for churning purposes only and could refuse to open the account?
I've had this happen once before at a Chase branch. I went to a different Chase branch and it definitely seemed like the banker realized I had gotten four bonuses from them before but I think in the end she wanted her commission/bonus/whatever for opening new customer accounts.

I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.

Do you guys know how to deposit large amount of money (ex. 4000$) on the same day that you open the account and doing it without physically meeting with a bank employee? Interac transfer usually have a daily maximum amount you can send and I don't see any other option.

Usually banks say average daily balance, not min daily. But even if they say min daily, most banks will waive the fee for the first month, sometimes two, because they know it takes time to get it all set up to avoid the fees.

TomTX

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #213 on: August 23, 2017, 05:37:52 PM »
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!

How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?

There are a fair number of $500 CC offers, including one in my .sig

Do that for you, and wife - that's a quarter of the total already. Each of you only have 1 hard pull. Have to spend $4k in 3 months, though.
Credit card signup bonuses:

$150 bonus on $500 spend for Chase Freedom:
https://www.referyourchasecard.com/2/MU4TDQ1N3K

$50 bonus (no min spend, just use it once) plus double all cash back at the end of 1 year for Discover, including the initial $50:
https://refer.discover.com/s/37e3u

$500 bonus on $4,000 spend for Chase Sapphire Preferred:
https://www.referyourchasecard.com/6/Z8JIP66H7G

TomTX

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #214 on: August 23, 2017, 05:39:32 PM »
EDIT: Sorry, didn't realize you were in Canada



Is it not recommended to open the account by showing up in person to a branch? Is there any chance that the bank employee you meet will notice that you are opening the account for churning purposes only and could refuse to open the account?
I've had this happen once before at a Chase branch. I went to a different Chase branch and it definitely seemed like the banker realized I had gotten four bonuses from them before but I think in the end she wanted her commission/bonus/whatever for opening new customer accounts.

I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.

Do you guys know how to deposit large amount of money (ex. 4000$) on the same day that you open the account and doing it without physically meeting with a bank employee? Interac transfer usually have a daily maximum amount you can send and I don't see any other option.

Usually banks say average daily balance, not min daily. But even if they say min daily, most banks will waive the fee for the first month, sometimes two, because they know it takes time to get it all set up to avoid the fees.

Hancock Whitney hit me with the fee the first month, it took a week or so to get an ACH verified to get above the min balance.

However, one online chat and they reversed it.
Credit card signup bonuses:

$150 bonus on $500 spend for Chase Freedom:
https://www.referyourchasecard.com/2/MU4TDQ1N3K

$50 bonus (no min spend, just use it once) plus double all cash back at the end of 1 year for Discover, including the initial $50:
https://refer.discover.com/s/37e3u

$500 bonus on $4,000 spend for Chase Sapphire Preferred:
https://www.referyourchasecard.com/6/Z8JIP66H7G

fh2000

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #215 on: August 27, 2017, 08:47:37 AM »
When can I close Citi checking accounts without bonus getting clawed back?

My Citi checking opened on 4/2/17.     $300 bonus received on 7/11/17
My wifie's Citi checking open 4/26/17.  $300 bonus received on 8/8/17.

Shall I wait at least 6 months from opening dates before I close these?

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #216 on: August 27, 2017, 09:01:44 AM »
When can I close Citi checking accounts without bonus getting clawed back?

My Citi checking opened on 4/2/17.     $300 bonus received on 7/11/17
My wifie's Citi checking open 4/26/17.  $300 bonus received on 8/8/17.

Shall I wait at least 6 months from opening dates before I close these?

You can close them as soon as you get the bonus, per this page: https://www.doctorofcredit.com/citibank-300-checking-bonus-15000-initial-deposit-no-direct-deposit-needed/

Also note that you can get them again after your account has been closed for 180 days.
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startbyservingothers

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #217 on: September 12, 2017, 11:06:17 AM »
Make sure to fully consider the tax implications when excessively signing up for bonuses.  Of course in general "Free Money" is typically good regardless of your Marginal Rate.  -  The biggest things to watch for is "Tax Cliffs"

The best example I can think of in this instance is the Earned Income Credit and Invest Income.

If the total of: All interest received, Bank Account Bonuses, and Gains from sell of stock* add up to be over $3400, then you are denied the EIC.   For a few select persons, not getting the EIC would cause them to "lose**" thousands of dollars.  I doubt most people here get big EIC returns (EIC mainly benefits people with children and incomes under $40K.), but understanding your tax situation is important regardless of your income.  Other credits like the Saver's Credit are smaller in size, but likely apply to a larger percentage of persons here.  (When a credit phases out at set income(s), then you either want to be within that income number, or well over it.  Otherwise you do a lot of work for very little gain.)



*Gains in a brokerage account.  Not gains in a retirement account.
** The EIC (Earned Income Credit) is basically wealth distribution.  Let's leave politics out of this thread, as there are other places to discuss.

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Paul der Krake

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #218 on: September 12, 2017, 12:06:29 PM »
I'm willing to bet that the number of people nationwide who are both savvy enough to churn $3000+ of bank bonuses AND receive the EITC can fit in a single school bus.

slappy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #219 on: September 12, 2017, 01:58:42 PM »
I actually had considered the impact of the bonuses on potential EITC. I planned to take as many as possible this year and then take next year off, since I was gong to try to qualify for the EITC next year. However, I think my income will end up being too high due to bonuses expected to be a bit higher next year.

Cornel_Westside

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #220 on: October 10, 2017, 02:26:55 PM »
Hey guys, just wanted to let you know I just got a checking account bonus offer in the mail. I have a Chase ink business card that gives 5% off of internet so I use that to pay for my internet bill and nothing else. I don't have a business right now but you don't need one to open a business credit card. I may start something related to tutoring in the future. But you can open a business credit card as a sole proprietor if you want. The only downside is more liability in case of theft, so be careful with business cards.

I think as a result of that I got a Chase Total Business Checking Account offer. It's for 300 dollars if you open it and do 5 operations in the first 60 days, and debit card purchases count (as well as wires, ACH, etc). So I'm just going to get it and do 5 purchases and leave $1500 dollars in it (required to avoid a $12 monthly fee) for I think 3 or 6 months. I didn't see it in doctor of credit, so I thought I'd post it here. Seems like a great offer if they offer it to you. I have to bring my mail offer to a branch, but for half an hour of work it should be easily worth it.

Just found it on doctor of credit here:

https://www.doctorofcredit.com/chase-business-checking-200-bonus-no-direct-deposit-required-2/

It's only for 200 - in the mail it can be more. But anyone can get 200 by depositing 1000.
« Last Edit: October 10, 2017, 03:17:46 PM by Cornel_Westside »

johnny847

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #221 on: October 11, 2017, 10:14:38 PM »
Hey guys, just wanted to let you know I just got a checking account bonus offer in the mail. I have a Chase ink business card that gives 5% off of internet so I use that to pay for my internet bill and nothing else. I don't have a business right now but you don't need one to open a business credit card. I may start something related to tutoring in the future. But you can open a business credit card as a sole proprietor if you want. The only downside is more liability in case of theft, so be careful with business cards.

I think as a result of that I got a Chase Total Business Checking Account offer. It's for 300 dollars if you open it and do 5 operations in the first 60 days, and debit card purchases count (as well as wires, ACH, etc). So I'm just going to get it and do 5 purchases and leave $1500 dollars in it (required to avoid a $12 monthly fee) for I think 3 or 6 months. I didn't see it in doctor of credit, so I thought I'd post it here. Seems like a great offer if they offer it to you. I have to bring my mail offer to a branch, but for half an hour of work it should be easily worth it.

Just found it on doctor of credit here:

https://www.doctorofcredit.com/chase-business-checking-200-bonus-no-direct-deposit-required-2/

It's only for 200 - in the mail it can be more. But anyone can get 200 by depositing 1000.

I've gotten $500 coupons for Performance business checking, which requires $50k balance to avoid fees. BUT, fees are waived for first two months. And you get the bonus within the first two months. So then you call to downgrade the account to total business checking, which requires only $1500 to avoid fees.

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #222 on: October 12, 2017, 06:23:32 AM »
$300 WF biz account bonus posted within 5 business days. Easiest bonus ever.


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Rosy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #223 on: October 12, 2017, 04:25:56 PM »
Oh my, Florida banks are generous. $300 - Fifth Third - I'm actually switching my main budget account to them and keeping this account.
$300 - Hancock, somehow I never heard of them, but they have a branch down the street and easy, sensible requirements.
I'm happy to see neither of the two banks are requiring direct deposit for this particular bonus, which leaves my real deposit free to use for one more churn next year.

So for this year, I found:
NFCU - 2% APY -  10K CD - 5mo - $100+
Thrivent Sav acct - $50mo - $120
Fifth Checking - $300
Hancock Checking  - $300

Perk - switched to a different debit card at Mid Florida CU - free phone replacement, theft-repair insurance - saves $12 mo on each phone-$24 total or $288 annual.
Didn't realize I could have two debit cards. One rewards card - often double rewards:) and one with benefits but no rewards.

Mr. R. - Wells Fargo card - $200 bonus - zero percent interest for 12 mo (great!) and better rewards points
Mr. R. - Mid Florida card - $200 bonus - at a low interest rate (gotta have one of those)

Convinced Mr. R. to drop an old bank account that did nothing and move checking/savings to Mid FL to get 1% APY checking-min bal $1K and a 2% savings acct up to $4K - $100 in interest so far.
(Mine was $150 as of Oct, but I'm not counting it, since it was not a new move for this year)

TOTAL $1,608. - Wow, I'm surprised, I thought we only made like $600 or $800, it all adds up nicely:)

So all in all, even if it can barely be called churning, but there it is, a little extra money in our pocket and better money management overall. We'll see what we can find next year, but I'll continue to be super selective to fit our own criteria, with only the occasional churn if it suits our purpose.

@lexde - did you ever get all of your bonus money that was still pending?
 

BTDretire

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #224 on: October 13, 2017, 07:20:15 AM »
OK, I'm looking at Opening a Suntrust account online.
_______________________________________________
Stipulations are:
Make $2,000 or more in total qualifying Direct Deposits10 OR
Keep a $2,000 minimum daily Select Checking balance OR
Maintain $10,000 total combined relationship balances linked across deposits, investments, mortgages and loans11 OR
Hold a SunTrust Mortgage with SurePaySM12 OR
Hold a Linked Small Business Checking account13
_________________________________________________
My understanding of those are, I can open Select Checking account, Deposit $2000 in the account, wait 60 days, receive my $200 and close the account.
 My question, Just $deposit $2000 for 60 days and that's it? I met all requirements?
Not all that sure about 60 days.
https://www.suntrust.com/Microsites/Checking/checking-offer/index.html
                   Thanks for verifying.

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #225 on: October 13, 2017, 07:52:34 AM »

@lexde - did you ever get all of your bonus money that was still pending?
 
For WF, it posted immediately.

First Tennessee did not work since I was out of the targeted area despite allowing me to sign up with the code.

PNC I had to fight tooth and nail for but ended up getting $300 instead of the $400 I signed up for and didn't have it in me to keep at it for the full bonus.

I'm looking at IberiaBank $300 and 5/3 $300 too. Did you get the 5/3 bank bonus already? If so, how did it go?