Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 77792 times)

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #250 on: December 16, 2017, 03:04:33 PM »
2017 Recap:
    Chase checking: $300
    Chase savings: $200
    Santander checking: $225
    BMO Harris checking: $200
    TD bank checking: $300
    Citibank checking: $300
    Bank of America Checking: $300
    M&T Checking - ezchoice: $150
    M&T Checking - mychoice: $150
    SunTrust Checking - Signature Advantage, downgrade to Select: $300
    Hancock Whitney Access checking: $300
    Discover savings: $200
    Discover AAII + AAA savings: $400
    BBVA Compass ClearChoice Free Checking: $200
2017 Total: $3,525

First year doing bank bonuses. Looking forward to churning some of these next year, hopefully with $400 Regions and PNC checking offers, when available. Learned a lot from this thread, thanks again!

Congrats! Glad I was able to in some way introduce you to the fun. I think I only did Discover x1 this year. :)
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #251 on: December 18, 2017, 03:29:57 AM »
This is amazing to me. I dont know why I feel intimidated starting this. Guess I just dont know where to begin. Kudos to you all. I gotta start doing this it would go along ways since I am fire'd
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Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #252 on: December 18, 2017, 07:32:54 AM »
Thanks tj! Talking to seasoned veterans definitely helped :)

soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.

Pick an offer and go! Good luck to all of us late starters!!
« Last Edit: December 18, 2017, 07:34:59 AM by Roots&Wings »

ThatGuy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #253 on: December 19, 2017, 01:52:02 PM »
Thanks tj! Talking to seasoned veterans definitely helped :)

soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.

Pick an offer and go! Good luck to all of us late starters!!

NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #254 on: December 19, 2017, 09:08:15 PM »
Thanks tj! Talking to seasoned veterans definitely helped :)

soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.

Pick an offer and go! Good luck to all of us late starters!!

NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/

At this point, NW is a corporate monster. DoC is a couple of dudes. They don't have affiliate links in the effort to remain unbiased, so they have better content IMO :)
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ThatGuy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #255 on: December 20, 2017, 07:54:28 PM »
Thanks tj! Talking to seasoned veterans definitely helped :)

soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.

Pick an offer and go! Good luck to all of us late starters!!

NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/

At this point, NW is a corporate monster. DoC is a couple of dudes. They don't have affiliate links in the effort to remain unbiased, so they have better content IMO :)

DoC does have affiliate links but they point out that they're affiliate links.  Either way it doesn't matter to me, I'm just looking for bank and credit card bonuses where ever I can find them.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #256 on: December 21, 2017, 11:48:28 AM »
Has anyone else been told by discover that they "are not able to approve the Discover Bank deposit account you recently requested, based upon the information you provided in your application."  I can't think of what the application asked that they would disagree with, I have a high income (over 100k) and good credit (818).  This is very strange to me and the first time I've ever been turned down for anything financially.
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #257 on: December 22, 2017, 10:49:34 PM »
I did my first bank account churning today.  Thank God for Chase Bank...they are the gift that keeps on giving.  I did the checking for $300 bonus and the savings for a $200 bonus.  I'll be back to do the business checking for another $300 and will also take my wife up there to rinse and repeat.  I had a question on getting my wife a checking account.  She doesn't work so in order to get a direct deposit my employer allows me to split my check into several accounts as little as $25 a month.  Does anyone know if that will fit their direct deposit requirement so she will get the $300 bonus.  Funny thing is I had the private client guy drooling from the mouth once they started asking investing and net worth questions.  I simply had to smile and tell him as a fee conscious investor I didn't see how he'd be able to help me.....

HoustonSker

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #258 on: December 23, 2017, 10:44:24 AM »
I did my first bank account churning today.  Thank God for Chase Bank...they are the gift that keeps on giving.  I did the checking for $300 bonus and the savings for a $200 bonus.  I'll be back to do the business checking for another $300 and will also take my wife up there to rinse and repeat.  I had a question on getting my wife a checking account.  She doesn't work so in order to get a direct deposit my employer allows me to split my check into several accounts as little as $25 a month.  Does anyone know if that will fit their direct deposit requirement so she will get the $300 bonus.  Funny thing is I had the private client guy drooling from the mouth once they started asking investing and net worth questions.  I simply had to smile and tell him as a fee conscious investor I didn't see how he'd be able to help me.....

I can’t say with certainty regarding Chase, but I routed my direct deposits to a BoA account that was under my wife’s name and received the bonus.  Cheers

cantgrowone

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #259 on: January 02, 2018, 02:49:06 PM »
How do you continue this year after year? There are only so many banks out there.
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #260 on: January 02, 2018, 03:34:51 PM »
Big thanks to OP.  Made over $1000 in the past 12 months with little effort.

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #261 on: January 02, 2018, 06:58:04 PM »
How do you continue this year after year? There are only so many banks out there.
Most banks have a 12 month limit on bonuses so you can “churn” the bonus each year.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #262 on: January 02, 2018, 07:33:14 PM »
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #264 on: January 03, 2018, 07:09:19 AM »
Seems to me alot of these bonuses, are not as good or equal to just putting it in an index fund on average. Saw a chase one for 300$, but thats 25k required to be sitting for 3 months. 

Thoughts? Am I missing something? I don't need an emergency fund of like 20k, and that seems to be a good amount to start doing this.
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #265 on: January 03, 2018, 08:32:12 AM »
Has anyone else been told by discover that they "are not able to approve the Discover Bank deposit account you recently requested, based upon the information you provided in your application."  I can't think of what the application asked that they would disagree with, I have a high income (over 100k) and good credit (818).  This is very strange to me and the first time I've ever been turned down for anything financially.

Probably something in your ChexSystems report.  It's like your credit report, but it's only on your banking activity.  Some banks will turn you down for a new account if your ChexSystems report shows that you've opened a lot of accounts recently because they don't want to deal with churners.

I think you can order a copy and see what's on there.
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #266 on: January 03, 2018, 09:53:36 AM »
Seems to me alot of these bonuses, are not as good or equal to just putting it in an index fund on average. Saw a chase one for 300$, but thats 25k required to be sitting for 3 months. 

Thoughts? Am I missing something? I don't need an emergency fund of like 20k, and that seems to be a good amount to start doing this.

I think the same concern was discussed upthread. Comes down to specific offers, and whether you would already be holding cash or not:

You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example: You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).

That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)

Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care

HipGnosis

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #267 on: January 03, 2018, 09:12:59 PM »
I never really got bank bonuses.  Sure you get $200, but you tie up 20k for six months.  That’s a 2% return

You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example: You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).

That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)

Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
I can't freely agree to annualizing the ROI, because that assumes you have another offer available every time you finish an offer.
But...  your statement has me thinking that bank churning should be considered every time someone asks where to put money for a relatively short term.
« Last Edit: January 03, 2018, 09:15:01 PM by HipGnosis »

Tainted Nate

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #268 on: January 06, 2018, 12:02:38 PM »
One thing I've learned from all of this churning is that PNC bank absolutely sucks.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #269 on: January 06, 2018, 01:25:18 PM »
Does it? I used them as our main local bank for years. No issues ever. Curious to hear what you didn’t like.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #270 on: January 24, 2018, 09:43:18 AM »
I never really got bank bonuses.  Sure you get $200, but you tie up 20k for six months.  That’s a 2% return

You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example: You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).

That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)

Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
I can't freely agree to annualizing the ROI, because that assumes you have another offer available every time you finish an offer.
But...  your statement has me thinking that bank churning should be considered every time someone asks where to put money for a relatively short term.

The point is not that you will realize a 20% return (and you won't unless you happen to find another bank bonus with the exact same rates), but that you'd have to find an investment that returns 20% in a year to be able to match the 5.5% return over 90 days of that particular bank bonus.

The stock market can certainly return 20% in a year, but a bank bonus has the benefits of a guaranteed return and FDIC insurance on the principal.

(By the way, the best consistent bank bonus out there is $300 for a total checking account from chase, which only requires $1500 for six months. 20% return 6 months!)

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #271 on: January 24, 2018, 10:10:06 AM »
One thing I've learned from all of this churning is that PNC bank absolutely sucks.
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #272 on: January 24, 2018, 10:22:08 AM »
Thanks for everyone's comments on this thread!  2018 is looking good.  Already hit $500 on bank bonuses.
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Michael in ABQ

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #273 on: January 24, 2018, 10:45:05 AM »
I'm responding to a relevant comment from another thread here (to stay on topic there):

You used to be able to buy coins from the US Mint and then deposit the coins in your bank account. Those were the days.

It pays to have your finger on the pulse. Used to be "easy" and lucrative to MS, now it appears to be the Golden Age Of Bank Account Bonuses

Or perhaps it was. We were in for several thousand for the year in bank account bonuses (or like 20% of our retirement spending or something) and then all of a sudden we both started getting declined

Easy come, easy go

I never really got bank bonuses.  Sure you get $200, but you tie up 20k for six months.  That’s a 2% return

You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example: You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).

That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)

Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care

This HSBC offer is now $350 if you deposit $10,000 and leave it there 90 days. I went ahead and applied as I was hoping to move my $10k emergency fund over there, collect the bonus, then move it to a high-yield savings account. I went through the whole online process and it said my application was denied. I have frozen all of my credit bureau accounts but not ChexSystems so I'm guessing that might be why. Frankly I don't want to go through the hassle of unfreezing and refreezing all of those just to take advantage of this offer.
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Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #274 on: January 24, 2018, 11:02:02 AM »
Interesting, HSBC seems to be another bank where people have horror stories and the bonus is not worth the hassle. Sounds like PNC too, haven't done either of those.

With Chase, do you go to a new branch each year?

One downside of Chase bonuses is having to go to the branch and the 45 minute in-depth personal interview to open. The banker recognized me immediately (same one from last year). Hopefully they'll offer online next year.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #275 on: January 24, 2018, 11:54:30 AM »
I'm noticing more and more of my applications are getting denied. It could be that my ChexSystems account now shows too many open accounts, or the good times have ended. Easy come, easy go

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #276 on: January 24, 2018, 12:55:23 PM »
Hmm, no problems opening accounts for me...yet! Made roughly $2400 last year. Don't plan on going as heavy this year.

I've had no problems with PNC either. But ran into issues with 1, maybe 2 banks that I absolutely will never do business with again.   

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #277 on: January 24, 2018, 01:55:47 PM »
Haven't seen anything worth my time in 2018. But I love getting all the 1099-INTs from last year as a reminder of all this free money.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #278 on: January 25, 2018, 06:27:31 AM »
I just started doing this in 2017 and got 2 bonuses. I'd like to do more but prefer not to change my direct deposits at work. Is there a bank that I should open an account (preferably with a bonus) that I can use to transfer money to other banks and get additional bonuses?

I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #279 on: January 25, 2018, 09:00:30 AM »
I just started doing this in 2017 and got 2 bonuses. I'd like to do more but prefer not to change my direct deposits at work. Is there a bank that I should open an account (preferably with a bonus) that I can use to transfer money to other banks and get additional bonuses?

I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.

Chase works pretty well as does Discover. It just varies with each bank as to what counts as a DD. I have used PayPal, Serve (before it got shut down), various checking accounts and even a money market account for DD.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #280 on: January 25, 2018, 01:55:05 PM »
How does one make a paypal payment to a bank account???

I see some of these people do this and it's acting as direct deposit....
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #281 on: January 25, 2018, 02:18:10 PM »
Slightly off-topic but any recommendations for the best place to park a $10,000 emergency fund? I see that Lake Michigan Credit Union offers a 3.00% checking account on up to $15,000 but it requires direct deposit, 10 debit transactions a month, and four online logins. I don't want to have to worry about getting hit with some fee or seeing the interest rate drop to 0.1% just because I forget to do those things one month. I also feel like it's somewhat unethical to go make 10 $0.50 Amazon gift card purchases each month just to hit that target.

I'm just looking to park this cash somewhere and earn at least 1% or more with no gimmicks, any recommendations?
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fmzip

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #282 on: January 25, 2018, 02:24:06 PM »
Slightly off-topic but any recommendations for the best place to park a $10,000 emergency fund? I see that Lake Michigan Credit Union offers a 3.00% checking account on up to $15,000 but it requires direct deposit, 10 debit transactions a month, and four online logins. I don't want to have to worry about getting hit with some fee or seeing the interest rate drop to 0.1% just because I forget to do those things one month. I also feel like it's somewhat unethical to go make 10 $0.50 Amazon gift card purchases each month just to hit that target.

I'm just looking to park this cash somewhere and earn at least 1% or more with no gimmicks, any recommendations?

https://www.doctorofcredit.com/high-interest-savings-to-get/
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #283 on: January 25, 2018, 02:24:46 PM »
Slightly off-topic but any recommendations for the best place to park a $10,000 emergency fund? I see that Lake Michigan Credit Union offers a 3.00% checking account on up to $15,000 but it requires direct deposit, 10 debit transactions a month, and four online logins. I don't want to have to worry about getting hit with some fee or seeing the interest rate drop to 0.1% just because I forget to do those things one month. I also feel like it's somewhat unethical to go make 10 $0.50 Amazon gift card purchases each month just to hit that target.

I'm just looking to park this cash somewhere and earn at least 1% or more with no gimmicks, any recommendations?

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MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #284 on: January 25, 2018, 02:39:02 PM »
How does one make a paypal payment to a bank account???

I see some of these people do this and it's acting as direct deposit....

Link the account to PayPal and do a money transfer. Pretty straightforward.

fmzip

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #285 on: January 25, 2018, 07:20:26 PM »
How does one make a paypal payment to a bank account???

I see some of these people do this and it's acting as direct deposit....

Link the account to PayPal and do a money transfer. Pretty straightforward.

But how do I get money into my paypal without selling something on Ebay for example?

EDIT Got it....click the "add funds" then I'd send the funds to the new account ;)
« Last Edit: January 25, 2018, 08:00:22 PM by fmzip »
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #286 on: January 26, 2018, 11:22:22 AM »
I just started doing this in 2017 and got 2 bonuses. I'd like to do more but prefer not to change my direct deposits at work. Is there a bank that I should open an account (preferably with a bonus) that I can use to transfer money to other banks and get additional bonuses?

I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.

Check here: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #287 on: January 28, 2018, 07:14:38 AM »
I just started doing this in 2017 and got 2 bonuses. I'd like to do more but prefer not to change my direct deposits at work. Is there a bank that I should open an account (preferably with a bonus) that I can use to transfer money to other banks and get additional bonuses?

I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.

Check here: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

I have been able to send money from Capitol One to the other bank accounts and those have counted as direct deposits.  I have never had to change my direct deposit for my paychecks.  Definitely check the link Canuck left above.  DOC is awesome for all of this info.

toganet

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #288 on: February 01, 2018, 08:10:33 AM »
I'm noticing more and more of my applications are getting denied. It could be that my ChexSystems account now shows too many open accounts, or the good times have ended. Easy come, easy go

I work at a bank, specifically in the tech side of account opening.  Without giving anything away, I will say there are various factors that banks will use in addition to, or in place of, ChexSystems to inform their decision-making on whether to allow an account to be opened. 

Sometimes, though, a simple mismatch in your address or other information can be enough for them to direct you away from the online process and into a branch, where a human can work around those issues -- or confirm they don't want to do business with you.

jim555

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #289 on: February 01, 2018, 08:26:58 AM »
I just got an offer in the mail HSBC, deposit $10,000 for 90 days, get $350.

Rosy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #290 on: February 02, 2018, 07:13:15 PM »
1. Hancock Whitney - $300 should pay out Feb 25.
2. Fifth Third - just got a targeted offer in the mail $250 - must do in Feb. Planning on keeping that one for good.
Hoping for one more easy bank bonus offer sometime this year, that's enough for me.

Also, still looking for a credit card - good for miles, no foreign exchange fees, at least 1.5pts and at least 12 mo zero percent, spend no more than $1000 in three months and a bonus of at least $200.
Not sure if such a thing exists - but that's what I'm looking for ...

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #291 on: February 03, 2018, 12:38:44 PM »
I just got an offer in the mail HSBC, deposit $10,000 for 90 days, get $350.

That one is available online as well, along with a $200 bonus that only ties up $1500.

https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/

I put in the $10,000 for the $350 bonus about 50 days ago, so I'll report back if they pay out.  Last time I tried one of their bonuses they never paid.


Question for all of you who do your own taxes with some software, do you manually input every single bank bonus?  Or can we just put in the total amount of interest income and be done?
« Last Edit: February 03, 2018, 03:43:15 PM by kpd905 »
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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #292 on: February 03, 2018, 05:10:59 PM »
Question for all of you who do your own taxes with some software, do you manually input every single bank bonus?  Or can we just put in the total amount of interest income and be done?

Historically I have.  It seems to me that if you have to fill out schedule B they want a line-by-line payer-by-payer detailed list.  But if the total you put in is at least equal to the total of your 1099-INTs I can't imagine that they'd hassle you.
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Padonak

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #293 on: February 03, 2018, 05:53:12 PM »
I'm noticing more and more of my applications are getting denied. It could be that my ChexSystems account now shows too many open accounts, or the good times have ended. Easy come, easy go

I work at a bank, specifically in the tech side of account opening.  Without giving anything away, I will say there are various factors that banks will use in addition to, or in place of, ChexSystems to inform their decision-making on whether to allow an account to be opened. 

Sometimes, though, a simple mismatch in your address or other information can be enough for them to direct you away from the online process and into a branch, where a human can work around those issues -- or confirm they don't want to do business with you.

How about those who travel and use a mailbox instead of a physical address, but the mailbox looks like a real address with apartment/unit number? For example, services like traveling mailbox. Are there problems opening accounts with an address like that? How about existing customers who switch from a real address to a virtual one, for example if they work as a traveling nurse or backpack overseas for a few years?

toganet

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #294 on: February 05, 2018, 11:25:56 AM »
I'm noticing more and more of my applications are getting denied. It could be that my ChexSystems account now shows too many open accounts, or the good times have ended. Easy come, easy go

I work at a bank, specifically in the tech side of account opening.  Without giving anything away, I will say there are various factors that banks will use in addition to, or in place of, ChexSystems to inform their decision-making on whether to allow an account to be opened. 

Sometimes, though, a simple mismatch in your address or other information can be enough for them to direct you away from the online process and into a branch, where a human can work around those issues -- or confirm they don't want to do business with you.

How about those who travel and use a mailbox instead of a physical address, but the mailbox looks like a real address with apartment/unit number? For example, services like traveling mailbox. Are there problems opening accounts with an address like that? How about existing customers who switch from a real address to a virtual one, for example if they work as a traveling nurse or backpack overseas for a few years?

Each bank will treat these circumstances slightly differently based on their own market position, business rules, and risk aversion.  With addresses in particular it can get pretty complicated. 

Think of it this way -- the bank is trying to make a judgment call about whether the applicant is going to be a "good customer,*" and uses things like credit rating, chexsystems (which is really a way to know if the applicant has defaulted on checking accounts at other banks) and the "secret sauce" provided by third parties like RSA and Lexis Nexis (Big Data).

* A good customer for a bank is someone who is going to generate more income (fees & interest) for the bank than they cost in fraud risk and servicing.

CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #295 on: March 23, 2018, 11:37:38 AM »
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days.  The deal ends on Monday for anyone interested.

My $350 bonus posted today. It was a long wait, and I figured it wasn't coming, but it showed up.
The deal is alive again until the end of the month: https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus

HSBC seems to be hit or miss for paying out

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #296 on: March 23, 2018, 11:42:48 AM »
$500 suntrust bonus posted!

3/7/18: 10x amazon purchases run as credit.
3/8/18: $2100 transfer from schwab brokerage
3/22/18: $500 bonus posted.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #297 on: March 23, 2018, 12:15:57 PM »
2017:
Key Bank $300
Chase Checking $300
Chase Savings $200
Wells Fargo Checking $200

2018:
Wells Fargo Business Checking $500 (!!!)

Total: $1,500

couponvan

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #298 on: March 23, 2018, 12:32:01 PM »
I am thinking of having my college kid do this for us as a part-time job. We have excess funds sitting in cash, but our hourly rate is high. His is low and he's a math geek.
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lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #299 on: March 23, 2018, 12:34:22 PM »
I am thinking of having my college kid do this for us as a part-time job. We have excess funds sitting in cash, but our hourly rate is high. His is low and he's a math geek.
It honestly doesn’t even take math skills. Just time and funds you can park in an account for 6 months. Go to Doctor of Credit and check out the best bonuses (including applicable regional ones) and read the comments to see if they’re worth doing. Easy peasy!