Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 114708 times)

CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #450 on: January 09, 2019, 08:44:22 PM »
We made "only" $1400 in 2018, that was about half of our 2017 total.
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.

All good things come to an end.

soccerluvof4

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #451 on: January 10, 2019, 04:25:29 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.






Thanks!! Big help! I just got into the CC churning and have one card CIP i just finished covered the 5k spend and am Halfway through the CPU . I got a mailer for Savoy so think I will order that today so if they makes any difference into which bank (s) i should do? appreciate the help. I do check Doctor of Credit as well. Still find alot of this confusing so probable will take me a little more time to get this all figured out and make sense of it all.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #452 on: January 10, 2019, 05:19:37 AM »
We made "only" $1400 in 2018, that was about half of our 2017 total.
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.

All good things come to an end.
.

Well $1400 is better than $0. So far I haven't seen much in terms of denial (only a couple from chex system). And a couple banks I am hitting up for the 3rd time.

slappy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #453 on: January 10, 2019, 09:30:34 AM »
We made "only" $1400 in 2018, that was about half of our 2017 total.
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.

All good things come to an end.

I've had issues with denials as well.

therethere

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #454 on: January 10, 2019, 09:35:27 AM »
How many accounts did you open in a year before you started seeing denials? I was about to pickup on doing this a more organized way and was planning around 1 new account every 3 months.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #455 on: January 11, 2019, 05:16:43 AM »
How many accounts did you open in a year before you started seeing denials? I was about to pickup on doing this a more organized way and was planning around 1 new account every 3 months.

You just have to pay attention to which banks are chex sensitive. There are no hard and fast rules about how many bank accounts you can open.

Pizzabrewer

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #456 on: January 11, 2019, 08:19:21 AM »
How many accounts did you open in a year before you started seeing denials? I was about to pickup on doing this a more organized way and was planning around 1 new account every 3 months.

You just have to pay attention to which banks are chex sensitive. There are no hard and fast rules about how many bank accounts you can open.

Agreed there are no hard and fast rules but 1 account every 3 months shouldn't cause a problem at all.

I just added up my bank account bonuses and interest for 2018:  $2640.  Not as much as some here but not bad. 

JenniferW

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #457 on: January 12, 2019, 01:07:42 AM »
I just signed up with Chase Total Checking, to do my very first churn.  They only require a single direct deposit which is easy, but to waive the $12 per month fee I need to do monthly deposits of $500 for 5 months before I close the account at 6 months.

Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits?  These becomes more problematic if say I am churning several other bank accounts at same time.  Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #458 on: January 12, 2019, 04:57:34 AM »
I just signed up with Chase Total Checking, to do my very first churn.  They only require a single direct deposit which is easy, but to waive the $12 per month fee I need to do monthly deposits of $500 for 5 months before I close the account at 6 months.

Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits?  These becomes more problematic if say I am churning several other bank accounts at same time.  Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?

You can set up auto deposit and withdrawal. I've done that with other banks that have the same monthly DD requirements (ie. Keybank). You don't need to keep shoving $500 in every month. Just deposit it and take it right back out a couple days later. That way you'll only need a dedicated $500 to keep the account fee free until you can close it.

Some banks will also let you downgrade to a fee free account.

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #459 on: January 12, 2019, 05:39:06 AM »
I just signed up with Chase Total Checking, to do my very first churn.  They only require a single direct deposit which is easy, but to waive the $12 per month fee I need to do monthly deposits of $500 for 5 months before I close the account at 6 months.

Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits?  These becomes more problematic if say I am churning several other bank accounts at same time.  Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?

You can also let $1500 sit in the account to avoid the fee, if you have the extra cash handy.

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #460 on: January 15, 2019, 11:13:57 AM »
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus, nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.

katsiki

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #461 on: January 15, 2019, 12:55:37 PM »
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus, nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.

I was targeted a second time also.  How often can you do the BOA checking promo?

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #462 on: January 15, 2019, 02:39:57 PM »
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus, nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.

I was targeted a second time also.  How often can you do the BOA checking promo?

As long as your previous account was closed over 6 months ago, you are good to go.

I am unfortunately not targeted for the $300 on either of our accounts, but I think I'll open two for the $100 bonus for now.
« Last Edit: January 15, 2019, 02:47:01 PM by kpd905 »

chaskavitch

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #463 on: January 20, 2019, 09:04:40 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.

Hahahaha.  I called again last Wednesday, after a $12 monthly fee was taken out, and the rep I talked to said "oh, yeah, we can just send you a cashier's check for that and close the account."  /headdesk.  Not worth it to me to argue for the $12 being refunded because it's only partially my fault I didn't close the account early enough.

At least it's closed now and I only lost $15 of my $100 bonus. 

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #464 on: January 20, 2019, 04:39:45 PM »
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus, nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.

I was targeted a second time also.  How often can you do the BOA checking promo?

As long as your previous account was closed over 6 months ago, you are good to go.

I am unfortunately not targeted for the $300 on either of our accounts, but I think I'll open two for the $100 bonus for now.

Doing the same for us, again (-:

v8rx7guy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #465 on: January 20, 2019, 10:23:05 PM »
And now all of the 1099-INT's start rolling in :-(

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #466 on: January 21, 2019, 08:31:09 AM »
^ Hey, making money is good thing! But yeah, that's why those tax free credit card bonuses are more valuable.

2019 YTD opened $1,250 in bonuses + got a $100 travel credit (Southwest gift card). Someone was successful at churning the $300 TD bonus, giving that a try. I've had luck with some supposedly Chex sensitive banks (e.g. BMO, BB&T). Suntrust $500 bonus will be next hopefully.

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #467 on: January 24, 2019, 06:51:44 AM »
Unsure why this $200 BB&T checking bonus isn't on DoC bonus list that I can find, https://www.bbt.com/sites/bbtdotcom/sp/personalchecking/1808/ppc/brightbanking/default.html, but that's one I just signed up for. 2 direct deposits of $100 or 3 online bill pays of $25, and maintain $1.5k to avoid fees until bonus posts. Doesn't seem to be state limited (aside from unavailable in PA and NJ), and not Chex sensitive.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #468 on: January 24, 2019, 07:18:39 AM »
Unsure why this $200 BB&T checking bonus isn't on DoC bonus list that I can find, https://www.bbt.com/sites/bbtdotcom/sp/personalchecking/1808/ppc/brightbanking/default.html, but that's one I just signed up for. 2 direct deposits of $100 or 3 online bill pays of $25, and maintain $1.5k to avoid fees until bonus posts. Doesn't seem to be state limited (aside from unavailable in PA and NJ), and not Chex sensitive.

https://www.doctorofcredit.com/bbt-200-400-checking-bonus-direct-deposit-optional-ymmv-al-dc-fl-ga-in-ky-md-nc-nj-oh-pa-sc-tn-tx-va-wv/

Already opened an account for player 2 since there is a household limit.

v8rx7guy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #469 on: January 29, 2019, 11:10:39 AM »
Is it weird that I only get 1099-INT/MISC's for Checking account bonuses, not Savings account bonuses?  Can someone verify this?

2Birds1Stone

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #470 on: January 29, 2019, 12:40:26 PM »
You should get them for both types of accounts.

terran

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #471 on: January 29, 2019, 02:49:23 PM »
Is it weird that I only get 1099-INT/MISC's for Checking account bonuses, not Savings account bonuses?  Can someone verify this?

Yes, that's weird. Are you sure they're not combined? Chase, for example, seems to combine anything on one SSN, even business/personal accounts. 

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #472 on: January 30, 2019, 06:33:10 AM »
Not all banks send them out. I didn't get 1099's from several last year.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #473 on: January 31, 2019, 08:41:53 AM »
Not all banks send them out. I didn't get 1099's from several last year.
+1. It's important to keep track of everything.

FLStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #474 on: February 05, 2019, 02:00:45 PM »
So I was pretty aggressive last year with bank account and credit accounts while fully employed. Now I'm FIRE'd and looking for advice as to how handle the income question.  Do I only include what I'll report to the IRS at year end (probably less than $12,000) or can I just put the amount I plan to transfer over from my investment accounts to cover my yearly expenses (~$60,000)?

Thanks!

katsiki

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #475 on: February 05, 2019, 02:34:32 PM »
So I was pretty aggressive last year with bank account and credit accounts while fully employed. Now I'm FIRE'd and looking for advice as to how handle the income question.  Do I only include what I'll report to the IRS at year end (probably less than $12,000) or can I just put the amount I plan to transfer over from my investment accounts to cover my yearly expenses (~$60,000)?

Thanks!

I would do the latter.  Assuming a good credit score, they will not (generally) look into income any way.

FLStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #476 on: February 05, 2019, 04:39:56 PM »
Thank you Katsiki!

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #477 on: February 05, 2019, 06:23:31 PM »
So I was pretty aggressive last year with bank account and credit accounts while fully employed. Now I'm FIRE'd and looking for advice as to how handle the income question.  Do I only include what I'll report to the IRS at year end (probably less than $12,000) or can I just put the amount I plan to transfer over from my investment accounts to cover my yearly expenses (~$60,000)?

Thanks!

I would do the latter.  Assuming a good credit score, they will not (generally) look into income any way.

I would report the highest income level I could justify, but transfers from saving are not income by any definition I know of, so I wouldn't include the $60K.  Sometimes credit card companies ask about household income, so if there is anyone else in your household earning income you can include that income on your application or credit limit increase request.

MoseyingAlong

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #478 on: February 05, 2019, 07:00:08 PM »
So I was pretty aggressive last year with bank account and credit accounts while fully employed. Now I'm FIRE'd and looking for advice as to how handle the income question.  Do I only include what I'll report to the IRS at year end (probably less than $12,000) or can I just put the amount I plan to transfer over from my investment accounts to cover my yearly expenses (~$60,000)?

Thanks!

I would do the latter.  Assuming a good credit score, they will not (generally) look into income any way.

I would report the highest income level I could justify, but transfers from saving are not income by any definition I know of, so I wouldn't include the $60K.  Sometimes credit card companies ask about household income, so if there is anyone else in your household earning income you can include that income on your application or credit limit increase request.

I actually think there is an argument to include transfers into your checking account that you plan to spend. It would be the same argument that rental companies use to qualify prospective tenants. As long as they are regular and on-going, especially if they are retirement account distributions.

Let's not get into the fact that it is a little ridiculous that a couple months of regular income is often weighed more heavily than a hefty investment portfolio.

FLStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #479 on: February 21, 2019, 02:44:37 PM »
Just to provide a data point (I'm not sure how to quote prior responses in the thread)...I asked the question about how to respond to the income question now that I'm FIRE'd - indicate the ~$12,000ish I'll report to the IRS at the end of 2019 or the $60,000ish I'll pull from investments to cover expenses for the year.  I've applied for the Barclay Arrival Plus CC (70,000 points) and two bank accounts Citibank ($400 bonus) and HSBC ($350 bonus), answered the income question as $60,000 and approved for all three over the last couple of weeks. Will meet the requirements and let the dust settle for a few months and then will see what's out there for the remainder of the year. Starting to slow the pace a bit as banked about $2800 in bonuses last year and becoming more strategic in my targets.



CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #480 on: February 22, 2019, 08:32:35 PM »
Nice offer from WF, $400:
https://www.wellsfargo.com/jump/checking/february-prospect-test-a/
https://www.doctorofcredit.com/wells-fargo-400-checking-bonus/

I can't figure out a way to make the direct deposit requirements myself, any ideas?

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #481 on: February 25, 2019, 05:57:25 AM »
Nice offer from WF, $400:
https://www.wellsfargo.com/jump/checking/february-prospect-test-a/
https://www.doctorofcredit.com/wells-fargo-400-checking-bonus/

I can't figure out a way to make the direct deposit requirements myself, any ideas?

Paypal transfer worked for me for direct deposit with WF. It coded as "Paypal Transfer" but still triggered the bonus. Lucky you to get the $400 bonus!

katsiki

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #482 on: February 25, 2019, 07:53:38 AM »
Nice offer from WF, $400:
https://www.wellsfargo.com/jump/checking/february-prospect-test-a/
https://www.doctorofcredit.com/wells-fargo-400-checking-bonus/

I can't figure out a way to make the direct deposit requirements myself, any ideas?

Paypal transfer worked for me for direct deposit with WF. It coded as "Paypal Transfer" but still triggered the bonus. Lucky you to get the $400 bonus!

From the comments on DOC link, it looks like other methods work as well.  I am usually excluded from WF by state, so will probably go for it.

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #483 on: February 25, 2019, 07:56:04 AM »
Just signed up for the WF $400 from the DOC newsletter I got this morning.


@CanuckExpat - Chase works. If you go here, this is a list of ACH transfers that will trigger the DD: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Wells_Fargo

bacchi

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #484 on: February 25, 2019, 10:09:40 AM »
Just signed up for the WF $400 from the DOC newsletter I got this morning.


@CanuckExpat - Chase works. If you go here, this is a list of ACH transfers that will trigger the DD: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Wells_Fargo

Eh?

Quote from: doc
Chase: 1 (didn’t work)

Will an ACH from a business account work?

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #485 on: February 25, 2019, 11:14:43 AM »
^
Weird, they also show Paypal as not working, but did for me this year. The DoC data points anymore seem to be all over the map. One inconvenience with WF was needing to physically mail in a W9 form, unless you do the paperwork in branch or maybe they've changed that too since earlier this year.

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #486 on: February 25, 2019, 11:19:31 AM »
Just signed up for the WF $400 from the DOC newsletter I got this morning.


@CanuckExpat - Chase works. If you go here, this is a list of ACH transfers that will trigger the DD: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Wells_Fargo

Eh?

Quote from: doc
Chase: 1 (didn’t work)

Will an ACH from a business account work?
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2Birds1Stone

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #487 on: February 25, 2019, 11:25:00 AM »
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.

Pizzabrewer

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #488 on: February 25, 2019, 12:19:39 PM »
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.

You need to do $3k per month for 3 months.  $9k total.  That is a stretch for some.

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #489 on: February 25, 2019, 04:24:33 PM »
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.

You need to do $3k per month for 3 months.  $9k total.  That is a stretch for some.

Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat.  Anyone know if that is the case with this WF deal?  I'm on the fence about it.

Pizzabrewer

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #490 on: February 26, 2019, 01:04:03 AM »
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.

You need to do $3k per month for 3 months.  $9k total.  That is a stretch for some.

Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat.  Anyone know if that is the case with this WF deal?  I'm on the fence about it.

From the discussion on DoC it appears Wells Fargo is pretty strict on what counts as a DD. It sounds like it does have to be payroll and not the bank to bank transfer that usually suffices.
« Last Edit: February 26, 2019, 06:39:43 AM by Pizzabrewer »

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #491 on: February 26, 2019, 05:34:16 AM »
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.

You need to do $3k per month for 3 months.  $9k total.  That is a stretch for some.

Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat.  Anyone know if that is the case with this WF deal?  I'm on the fence about it.

I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1.  I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago. 

Pizzabrewer

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #492 on: February 26, 2019, 06:38:40 AM »
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.

You need to do $3k per month for 3 months.  $9k total.  That is a stretch for some.

Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat.  Anyone know if that is the case with this WF deal?  I'm on the fence about it.

I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1.  I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.

Again, the comments indicate that won’t work. It needs to be a true DD—payroll, social security, etc.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #493 on: February 26, 2019, 09:28:56 AM »
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.

You need to do $3k per month for 3 months.  $9k total.  That is a stretch for some.

Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat.  Anyone know if that is the case with this WF deal?  I'm on the fence about it.

I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1.  I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.

Again, the comments indicate that won’t work. It needs to be a true DD—payroll, social security, etc.

The question was about having to keep the $3K in there, not about what counts as DD.

In terms of what you are addressing, I received a WF bonus roughly 3 months ago with no true DD. 2 in fact as I did one for player 2 as well.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #494 on: February 28, 2019, 11:53:46 AM »
If anyone missed out on the last Varo $100 bonus they are offering a $50 bonus for an easy $250 DD within 45 days. I'll be happy to share my referral code with anyone who wants it. Feel free to PM me. 

lexde

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #495 on: February 28, 2019, 12:05:03 PM »
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.

You need to do $3k per month for 3 months.  $9k total.  That is a stretch for some.

Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat.  Anyone know if that is the case with this WF deal?  I'm on the fence about it.
As long as the deposit counts as a DD per DoC's website I don't see why it wouldn't work. It's just transaction coding, the individual dollars themselves are not tracked. I do like to stagger amounts, though. $1525 and $1508 or something like that, just so that it's not quite as obvious what you're doing.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #496 on: February 28, 2019, 07:59:09 PM »
I've checked the data points on DOC, but it seems like most of the success' with transfers were a while ago, and most recent ones have been failures. If I'm reading that right it seems like Wells Fargo is cracking down on "fake" direct deposits for bonus purposes. I think Vanguard might still work. It's a moot point for me, I was rejected online and told to go in person to a branch. I don't know if the deal will still be alive by the time I get around to going to a bank.

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #497 on: March 01, 2019, 11:55:24 AM »
I  apparently missed the word "organized" in the thread title.  I made a mistake, and want your advice on how to handle it.

I intended to take advantage of the Columbia Bank $300 business checking and $200 personal checking deal.  I opened the personal checking account with the $200 code, which is correct.  But I opened a personal savings account with the $300 code, which is the wrong type of account for the bonus.

I don't know them well but so far it seems this bank doesn't care much about churners.

Questions:

Should I close down the useless-for-churning savings account right away, or wait 6 months?  I'm leaning towards waiting 6 months.
Should I go back to the same branch to open the business checking account, or a different one (that is about 10 miles further away from my house)?  I'm leaning towards a different one.

Mostly I like to avoid awkward conversations.

Links:

https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-200-checking-bonus/
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-300-checking-bonus/

v8rx7guy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #498 on: March 01, 2019, 12:55:16 PM »
A nice Wells Fargo $400 bonus just popped up.  Higher than normal requirements: Direct Deposit $3000 monthly for 3 months, but if you're willing to change your banking for 3 months for $400, it's a pretty decent bonus for a personal bank account.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #499 on: March 02, 2019, 05:27:07 AM »
Yes...we've been discussing this one ;)

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