Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 120144 times)

Onion

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #400 on: November 07, 2018, 03:55:16 PM »
Tiaa and bbva currently have some decent national bonuses available

You can read about on DoC

I just started them and have $400 bonus pending

IsThisAGoodUsername

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #401 on: November 07, 2018, 06:19:26 PM »
My 5/3 $250 bonus just posted today. No ETF, so I'm going to close the account tomorrow. I originally opened it on 9/21/2018, so a nice earn for 6 weeks of "work".

Also, I just received in the mail today a flyer from Key Bank for $400 sign up bonus! When it rains, it pours!

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #402 on: November 07, 2018, 06:39:25 PM »
@katsiki that is good to hear, we just got one of our Citi bonuses too.  I chatted online asking if I had met all the requirements for the account.  They told me I had, so I asked if they could put in a request to have my account reviewed.  He said he'd put in a note (this was yesterday), and today the bonus was already there.  This is about day 128 or so.  Just surprising to not have to call multiple times and have to file a CFPB complaint to get the bonus.

I also got my HSBC bonus automatically at about the 145 day mark without asking for it.

Maybe both of these banks are sick of all the complaints they've been getting for years.

@Onion The only downside of the TIAA one is you have to initially fund it with $5,000.  I guess you can pull it out right away though, so I am going to open up two of those accounts.

katsiki

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #403 on: November 08, 2018, 07:05:35 AM »
I think it has been mentioned previously but noticed it is on DoC today (maybe a repost): Regions Business checking $300 w/ possible extra for getting a referal first.  I am doing that.  Will use cash from Citi checking bonus shortly.  I needed to free up some of the cash first... might do TIAA after that once the 2nd citi finishes.

Duke03

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #404 on: November 08, 2018, 07:18:37 PM »
Need to add up my yearly total.  Right now I'm waiting on chase to pay $600 and WF owes us $1,000.  Both are due to pay out early December so that covers our Christmas budget. I might knock out a quick $300 from BofA also before the end of the year.  At least they will pay out their bonus as soon as you meet the DD requirement.

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #405 on: November 09, 2018, 07:06:59 AM »
Not strictly a bank bonus, but if anyone hasn't yet done the $100 Personal Capital sign up bonus for Amazon gift card, that was incredibly easy. I'm going for an extra $100 since my 401k and investment brokerage accounts are separate.

Also opened BMO and TIAA with $5k Discover transfer, which might also meet the direct deposit requirement, but planning to transfer $1k from Capital One as backup.

geekette

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #406 on: November 12, 2018, 09:40:06 AM »
Not strictly a bank bonus, but if anyone hasn't yet done the $100 Personal Capital sign up bonus for Amazon gift card, that was incredibly easy. I'm going for an extra $100 since my 401k and investment brokerage accounts are separate.
Do you have a referral link?  I'd rather go with someone from here than a random person from the DoC comment thread.

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #407 on: November 12, 2018, 10:50:17 AM »
Not strictly a bank bonus, but if anyone hasn't yet done the $100 Personal Capital sign up bonus for Amazon gift card, that was incredibly easy. I'm going for an extra $100 since my 401k and investment brokerage accounts are separate.
Do you have a referral link?  I'd rather go with someone from here than a random person from the DoC comment thread.

No sorry, I used the original FM's link on DoC (got the bonus), and also trying Laura H's link in comments for the extra account bonus (hasn't posted yet).

Rosy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #408 on: November 17, 2018, 12:29:03 PM »
So far I am at $1450 and I plan on doing one more - so I might possibly hit $1600 plus in one year.
Usually, I've been around $1250 or a bit less.
The 5/3 checking was the easiest so far - no DD required.


soccerluvof4

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #409 on: December 06, 2018, 01:50:15 PM »
So far I am at $1450 and I plan on doing one more - so I might possibly hit $1600 plus in one year.
Usually, I've been around $1250 or a bit less.
The 5/3 checking was the easiest so far - no DD required.



Which one is the 5/3 checking?

CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #410 on: December 06, 2018, 02:21:04 PM »
Fifth third bank?

soccerluvof4

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #411 on: December 06, 2018, 02:36:47 PM »
Fifth third bank?


ahhh , that make sense! Thanks

AlexMar

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #412 on: December 06, 2018, 03:32:41 PM »
This thread is kind of disgusting.  Leave your morals at the door I guess, right?  Running around ripping off businesses "because you can" is the hot new thing?  These companies are offering the bonuses to earn your business.  Not so you can take the bonus and run.  Everyone here knows and fully understands the point of these offers and the spirit of it, but yeah, just leave your morals at the door I guess.  Just like the credit card churning fools.

You aren't "making" money.  You are legally stealing it.  Just because something is legal, doesn't make it right.

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #413 on: December 06, 2018, 03:52:06 PM »
Just got my $200 capital bank bonus paid out today. PNC $300 is still pending, I need to make two more debit card purchases.

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #414 on: December 06, 2018, 03:59:23 PM »
[deleted] - not feeding trolls.
« Last Edit: December 06, 2018, 04:09:42 PM by lexde »

CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #415 on: December 06, 2018, 04:04:35 PM »



MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #416 on: December 06, 2018, 04:36:45 PM »
Fifth third bank?


ahhh , that make sense! Thanks

They have an easy bonus. My spouse has had a 5/3 account for years and unfortunately added me to it a couple years ago, thus no bonus for me. Apparently she has to shut her account down to remove me from it ) :
« Last Edit: December 06, 2018, 04:50:09 PM by MasterStache »

tralfamadorian

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #417 on: December 06, 2018, 04:37:44 PM »
This thread is kind of disgusting.  Leave your morals at the door I guess, right?  Running around ripping off businesses "because you can" is the hot new thing?  These companies are offering the bonuses to earn your business.  Not so you can take the bonus and run.  Everyone here knows and fully understands the point of these offers and the spirit of it, but yeah, just leave your morals at the door I guess.  Just like the credit card churning fools.

You aren't "making" money.  You are legally stealing it.  Just because something is legal, doesn't make it right.

lolz

Poor Bank of America! American taxpayers only bailed them out with $45 billion dollars while 10% of us were unemployed and 6.3 million homes were foreclosed upon in a recession due entirely to their own industry's greed.

I mean, 10 years later and they're still just barely limping along. Did you know their CEO only made $21,284,994 last year? Poor guy. I heard all the real rich people were laughing at him when he could only afford a condo instead of a chalet in Aspen. You convinced me; I'm a total ass for keeping their $200 when it could stay with where it rightfully belongs.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #418 on: December 06, 2018, 04:41:41 PM »
This thread is kind of disgusting.  Leave your morals at the door I guess, right?  Running around ripping off businesses "because you can" is the hot new thing?  These companies are offering the bonuses to earn your business.  Not so you can take the bonus and run.  Everyone here knows and fully understands the point of these offers and the spirit of it, but yeah, just leave your morals at the door I guess.  Just like the credit card churning fools.

You aren't "making" money.  You are legally stealing it.  Just because something is legal, doesn't make it right.

lolz

Poor Bank of America! American taxpayers only bailed them out with $45 billion dollars while 10% of us were unemployed and 6.3 million homes were foreclosed upon in a recession due entirely to their own industry's greed.

I mean, 10 years later and they're still just barely limping along. Did you know their CEO only made $21,284,994 last year? Poor guy. I heard all the real rich people were laughing at him when he could only afford a condo instead of a chalet in Aspen. You convinced me; I'm a total ass for keeping their $200 when it could stay with where it rightfully belongs.

Don't feed the troll ( :

AlexMar

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #419 on: December 06, 2018, 05:45:36 PM »
This thread is kind of disgusting.  Leave your morals at the door I guess, right?  Running around ripping off businesses "because you can" is the hot new thing?  These companies are offering the bonuses to earn your business.  Not so you can take the bonus and run.  Everyone here knows and fully understands the point of these offers and the spirit of it, but yeah, just leave your morals at the door I guess.  Just like the credit card churning fools.

You aren't "making" money.  You are legally stealing it.  Just because something is legal, doesn't make it right.

lolz

Poor Bank of America! American taxpayers only bailed them out with $45 billion dollars while 10% of us were unemployed and 6.3 million homes were foreclosed upon in a recession due entirely to their own industry's greed.

I mean, 10 years later and they're still just barely limping along. Did you know their CEO only made $21,284,994 last year? Poor guy. I heard all the real rich people were laughing at him when he could only afford a condo instead of a chalet in Aspen. You convinced me; I'm a total ass for keeping their $200 when it could stay with where it rightfully belongs.

You are acting in bad faith.  You KNOW you are acting in bad faith - but you know, it's ok and all because they are like, rich and stuff.  You think you are some sort of mustachian robin hood or something?

You aren't "keeping" their $200 without ill intent, you are signing up with bad intentions.  Knowing you are taking the bonus and closing the account.  You know that's not what the bonus is for, but you do it anyways, over and over.  You can't help yourself because you know you can get away with it.  Like the last cookie in the jar when nobody is watching.

It's not even questionable that you are morally bankrupt.  You have fully admitted to it. Which probably explains why you are the type of person wasting so much energy and time churning banks accounts for a couple hundred bucks.  Good luck in your FIRE journey, you'll need lots of it.

This sub forum is great fun.  Lots of good stuff to brag about - minimal garbage bill, finding some great furniture, etc...  You guys though.... "Oh man, I'm getting good at ripping off banks!!! I'm awesome!!!!"  ::sigh::
« Last Edit: December 06, 2018, 05:48:31 PM by AlexMar »

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #420 on: December 07, 2018, 06:20:20 AM »
Banks continue to solicit my business and throw money at me, it's crazy. Latest is Seacoast Bank mailer for $500, signing up for that one soon. And Hancock Whitney $300 to close out the year. Have to check out 5/3 too.

Bonuses this year have paid for solar panels for net zero electricity, pretty happy about that.

katsiki

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #421 on: December 07, 2018, 06:23:29 AM »
First Third Bank is available in FL, GA, IL, IN, KY, MI, NC, OH, TN, WV.

Rats!  I was hoping to "steal" more money from a bank.  I am a mustachian robin hood.  Haha

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #422 on: December 07, 2018, 06:32:32 AM »
Banks continue to solicit my business and throw money at me, it's crazy. Latest is Seacoast Bank mailer for $500, signing up for that one soon. And Hancock Whitney $300 to close out the year. Have to check out 5/3 too.

Bonuses this year have paid for solar panels for net zero electricity, pretty happy about that.

Um those solar panels are "ill intent." ( ;

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #423 on: December 07, 2018, 06:51:42 AM »
Banks continue to solicit my business and throw money at me, it's crazy. Latest is Seacoast Bank mailer for $500, signing up for that one soon. And Hancock Whitney $300 to close out the year. Have to check out 5/3 too.

Bonuses this year have paid for solar panels for net zero electricity, pretty happy about that.

Um those solar panels are "ill intent." ( ;

I know really? Taking money away from those poor coal fired power plants...

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #424 on: December 08, 2018, 10:50:21 AM »
Speaking of 5/3. The mother of all bank account bonuses!! Wish they would target me.

https://www.doctorofcredit.com/targeted-fl-ga-il-in-ky-mi-nc-oh-tn-wv-fifth-third-1500-business-checking-bonus/

Unique User

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #425 on: December 14, 2018, 06:12:17 AM »
I've done the 5th Third and Suntrust bonuses this year and double dipped by taking bank account opening mystery shops.  Darn those banks that want to pay me to tell them about the experience while I unfairly open an account to get the bonus.   PM me if you want more details, I can't tell you which mystery shopping company shops which bank, but I can give you a few general ideas where to look. 

wbarnett

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #426 on: December 26, 2018, 11:09:48 AM »
Quote

You aren't "keeping" their $200 without ill intent, you are signing up with bad intentions.  Knowing you are taking the bonus and closing the account.  You know that's not what the bonus is for, but you do it anyways, over and over.  You can't help yourself because you know you can get away with it.  Like the last cookie in the jar when nobody is watching.

It's not even questionable that you are morally bankrupt.  You have fully admitted to it. Which probably explains why you are the type of person wasting so much energy and time churning banks accounts for a couple hundred bucks.  Good luck in your FIRE journey, you'll need lots of it.

This sub forum is great fun.  Lots of good stuff to brag about - minimal garbage bill, finding some great furniture, etc...  You guys though.... "Oh man, I'm getting good at ripping off banks!!! I'm awesome!!!!"  ::sigh::

This is an absurd argument. A financial institution is offering an incentive to use its product. There is a contract that stipulates the mechanism to gain that incentive ($X upfront, number of transactions, direct deposit, etc.) and the minimum duration of the account. If those contract requirements are met, the incentive is realized. That's it. There are no good or bad intentions with an executed contract - only compliance or breach.

Feeling bad for the banks is silly - they offer these incentives with eyes wide open. The institutions get a boost to their top line in various ways -- an increase in account growth, total deposits, etc. It is mutually beneficial. I have chosen a credit card based on the points it confers -- is that morally untenable too? Mr. Money Mustache doesn't think so: http://www.mrmoneymustache.com/2014/10/13/credit-card-churning-for-mustachians-or-sucka-consumers/ .

Banks are literally giving away money to attract customers on a short-term basis. Optimizing this makes good financial sense, since it's a guaranteed rate of return and fairly simple to implement. It seems Mustachian in every way. If you don't want free money, that's fine. More for us. But spare us the faux outrage.

** I know we shouldn't feed trolls, but this person's post history doesn't point to being a troll. Just misinformed about contracts.
« Last Edit: December 26, 2018, 02:25:36 PM by wbarnett »

toganet

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #427 on: December 27, 2018, 08:24:31 AM »
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry.  Depending on the bank and their risk appetite, you may even end up on a what's essentially a "naughty list" that could make things difficult for you down the road.

That being said, it's well-known that there are folks who abuse the intent of these promotions, and it's generally part of the calculated risk.  As long as the accounts aren't used for fraud, and as long as the cost of the bonuses does not result in an overall loss, they will continue.

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #428 on: December 31, 2018, 07:47:45 PM »
What did everyone end up hitting for the year?  We hit $6675 total, and I have $1350 pending.  I thought my Huntington and Wells Fargo business checking accounts would pay out by now for another $1,000, but it looks like I might have to fight a bit for those.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #429 on: January 01, 2019, 12:06:21 PM »
I believe we were just north of $5500. I don't expect another year like that. 

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #430 on: January 02, 2019, 06:15:18 AM »
$3175 in bank bonuses, $5.1k total with credit card bonuses. Doubtful I'll hit that again in 2019.

sol

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #431 on: January 02, 2019, 07:26:22 AM »
Yesterday's news coverage suggests the gravy train may be slowing down, as banks start cutting back on bonus offers.

Paul der Krake

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #432 on: January 02, 2019, 10:21:24 AM »
It's been slowing down since I got into this, around 2014. Not too concerned. Sometimes good things come to an end.

apkanne

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #433 on: January 03, 2019, 02:00:18 PM »
I started this in May, my results are made $1670, $800 pending and $500 in work for accounts opened in 2018. Its my favorite little hobby right now, but wouldnt be surprised if it did slow down.

dragoncar

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #434 on: January 05, 2019, 11:04:14 PM »
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry.  Depending on the bank and their risk appetite, you may even end up on a what's essentially a "naughty list" that could make things difficult for you down the road.

That being said, it's well-known that there are folks who abuse the intent of these promotions, and it's generally part of the calculated risk.  As long as the accounts aren't used for fraud, and as long as the cost of the bonuses does not result in an overall loss, they will continue.

I agree that banks donít like it, but consumers donít like it when banks charge them fees and foreclose on their homes.  Banks point to their contracts in those cases, and the excuse that they are running a business not a charity.  Well consumers also act within their own best interests.

I think it would be immoral to try to get the signup bonus WITHOUT meeting the terms.  To do exactly what the terms say... I donít see how that could be immoral.  Banks are the parties to contracts with power and leverage.  They set the terms, which are not negotiable for a consumer (try going to a bank and opening an account but modify the terms and conditions... good luck).  For them to turn around and complain that somehow the terms werenít equitable is ridiculous.

wbarnett

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #435 on: January 06, 2019, 09:49:14 PM »
I believe we were just north of $5500. I don't expect another year like that.

That's pretty amazing!

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #436 on: January 07, 2019, 05:33:48 AM »
Yesterday's news coverage suggests the gravy train may be slowing down, as banks start cutting back on bonus offers.

I know credit companies have been making it harder for churners, but so far I am starting out this year pretty well with bank bonuses. I'm sure it will get more difficult but there are a lot of banks out there wanting your business.

toganet

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #437 on: January 07, 2019, 09:50:10 AM »
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry.  Depending on the bank and their risk appetite, you may even end up on a what's essentially a "naughty list" that could make things difficult for you down the road.

That being said, it's well-known that there are folks who abuse the intent of these promotions, and it's generally part of the calculated risk.  As long as the accounts aren't used for fraud, and as long as the cost of the bonuses does not result in an overall loss, they will continue.

I agree that banks donít like it, but consumers donít like it when banks charge them fees and foreclose on their homes.  Banks point to their contracts in those cases, and the excuse that they are running a business not a charity.  Well consumers also act within their own best interests.

I think it would be immoral to try to get the signup bonus WITHOUT meeting the terms.  To do exactly what the terms say... I donít see how that could be immoral.  Banks are the parties to contracts with power and leverage.  They set the terms, which are not negotiable for a consumer (try going to a bank and opening an account but modify the terms and conditions... good luck).  For them to turn around and complain that somehow the terms werenít equitable is ridiculous.

The main problem is that churning accounts looks awfully similar to the types of activities fraudsters and other criminals do, which banks are legally required to take action to prevent.  So churning creates extra work for folks at the banks, and makes it harder to do their jobs well due to the "noise" it creates.  Still, banks need to compete for customers, and bonuses such as these are one way to do it.  So far the folks setting policies inside these companies have been winning the arguments over the folks responsible for financial crimes, but that may not always be the case.

soccerluvof4

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #438 on: January 07, 2019, 12:33:04 PM »
Living in Wisconsin does anyone have a suggestion as to what would be a good bank to start doing this with?

katsiki

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #439 on: January 07, 2019, 03:33:13 PM »
Living in Wisconsin does anyone have a suggestion as to what would be a good bank to start doing this with?

I am pretty sure @kpd905 can answer that for you perfectly. 

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #440 on: January 08, 2019, 10:47:56 AM »
Ha, that is true.  If you want to see all of the accounts that I have opened in Wisconsin, you can go to the page 5 of the journal in my signature.  I believe we got paid for 32 bonuses last year.

I would probably start with PNC, because they are Early Warning Systems (EWS) sensitive, meaning that they might not approve you after you open a bunch of other accounts.

You can get $300 after $5,000 of direct deposits in 60 days, plus 10 debit transactions.  You can also fund $2,000 with a credit card to start, so it might be good to have a sign up bonus to hit there.  Data on which cards can be used, and which methods work as a direct deposit are here:

https://www.doctorofcredit.com/pnc-up-to-300-checking-bonus-no-state-restriction/

If you don't already have a Chase account, you could grab one of those too.  They only let you get one every two years now, so you may as well start that timeline ASAP.  No credit card funding with Chase, but you get $300 after one direct deposit of any amount.

https://www.doctorofcredit.com/chase-600-checking-savings-bonus/

A good list to find all the current bonuses is here: https://www.doctorofcredit.com/best-bank-account-bonuses/

Other good ones to grab are BMO Harris, Associated Bank, Elements Financial (Check sensitive, so might not get approved after opening a bunch of other accounts), First Bank Financial Centre, First National Bank of Wisconsin.  Not all of these have bonuses now, but they come and go.  There are also nationwide bonuses from Citi, Wells Fargo, and Bank of America right now.

Doctor of Credit seems to post a bank bonus for Wisconsin about once a week, so you can make a lot.
« Last Edit: January 08, 2019, 10:52:23 AM by kpd905 »

Car Jack

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #441 on: January 08, 2019, 12:33:37 PM »
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry. 

As someone who helped an elderly relative while they were in the hospital after being run over by a roofing truck while she was walking to the bus stop.......while it's perfectly legal for Bank of America, where she's banked since the 60's to charge a $5 teller fee because she's old, old school and went in to transfer $25 from her savings to her checking, let me just say that this practice is generally viewed as an overall negative by folks like me.

I have no guilt pulling $400 in credit card bonuses and selling BoA tradelines.  F them.

chaskavitch

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #442 on: January 08, 2019, 01:27:51 PM »
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry. 

As someone who helped an elderly relative while they were in the hospital after being run over by a roofing truck while she was walking to the bus stop.......while it's perfectly legal for Bank of America, where she's banked since the 60's to charge a $5 teller fee because she's old, old school and went in to transfer $25 from her savings to her checking, let me just say that this practice is generally viewed as an overall negative by folks like me.

I have no guilt pulling $400 in credit card bonuses and selling BoA tradelines.  F them.

I'm sorry for your relative, but I'm also kind of glad it's not just me that BoA is stupid to. 

I opened a savings account with them (online) because they offered me $100 for making two $250 direct deposits.  Easy peasy. 

Except they charge you a $3 transfer fee to REMOVE funds from your checking to an outside bank.  And they don't charge that until days after the transfer has finalized, so your account has -$3 in it.  Then, they don't accept transfers IN smaller than $10, and once you've got enough in there, they don't accept transfers OUT that don't leave $50 in the account.  And you can't get help over the phone, you have to go to a branch in person.  Which is an hour away. 

I have no idea how to get my $30 out of this savings account.  Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account?  Can I even do that?  I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #443 on: January 08, 2019, 05:05:20 PM »
I have no idea how to get my $30 out of this savings account.  Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account?  Can I even do that?  I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"

Call them, tell them to close the account and they should be able to mail you a check for the $30.  If you're not willing to call, then you might (but probably won't) be able to close it via a chat message or "contact us" email.

chaskavitch

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #444 on: January 09, 2019, 06:37:32 AM »
I have no idea how to get my $30 out of this savings account.  Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account?  Can I even do that?  I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"

Call them, tell them to close the account and they should be able to mail you a check for the $30.  If you're not willing to call, then you might (but probably won't) be able to close it via a chat message or "contact us" email.

I did!  The rep I talked to said she couldn't close it because there was a balance, and I had to go to a branch to withdraw the money.  And as far as I can tell from their website, there is no email address or chat available, just phone numbers.  Under "Best way to contact us", there's a little icon that says "Sorry, chat is not available for this topic" for every topic I click on, haha.  But no best way to contact them, yay!

Why in the world do they make it so hard? /sigh  I understand they make it hard because they want to keep your money, but really, this is a little ridiculous.  If I can open a bank account or a credit card with a huge limit without talking to a single real person, it's just obtuse to make me go to a physical location to close it.

I'll call them again, after I search the website some more, it's just a matter of finding the time. 

therethere

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #445 on: January 09, 2019, 08:50:47 AM »
I would call and ask for them to close the account and issue the remainder via check. I've had to do that a few times with stubborn banks.... (HSBC! grrrr)

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #446 on: January 09, 2019, 11:16:07 AM »
Hoping someone can answer this question for me.  I opened a joint Chase checking account for the bonus in early 2018.  Does that mean that if my spouse tries to open an individual account for the bonus, she will not be able to receive the bonus?  Thanks!

therethere

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #447 on: January 09, 2019, 11:28:50 AM »
Yes, you'd both be ineligible for the bonus until the xxx required time after closure.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #448 on: January 09, 2019, 01:42:07 PM »
Yes, you'd both be ineligible for the bonus until the xxx required time after closure.

Thanks for the info!

Ok, so I just checked my records and I actually opened the account in June 2017.  The newest Chase offers say that you only qualify for the bonus every two years, which means I can re-apply in about 6 months.

In your comment above, are you saying that my checking account should also be closed for a certain number of days before I try reapplying?  Or were you just referring to the time limitation between bonuses that Chase sets (in this case, 2 years). 

I should probably just cancel the account now, so that when June 2019 rolls around, I am free to apply.

therethere

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #449 on: January 09, 2019, 02:03:20 PM »
You'd have to read the fine print. Some say you cannot have been a customer or had an open checking account with them within xxx months. That's why it's important to close your accounts after the bonus if you plan to do it again. Always PDF the terms and conditions.

Here's Chase: : Checking offer is not available to existing Chase checking customers. Savings offer is not available to existing Chase savings customers. Both offers are not available to those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance.  If either the checking or savings account is closed by the customer or Chase within six months after opening, we will deduct the bonus amount for that account at closing.
« Last Edit: January 09, 2019, 02:06:44 PM by therethere »