Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 132124 times)

soccerluvof4

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #500 on: March 02, 2019, 09:21:35 AM »
So it there or isnt there away to do this with out a payroll check or SS etc... Being fired I dont have a payroll check and to young yet for SS. Still waiting but I think i got burned by PNC on this.

JenniferW

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #501 on: March 02, 2019, 09:44:52 AM »
So it there or isnt there away to do this with out a payroll check or SS etc... Being fired I dont have a payroll check and to young yet for SS. Still waiting but I think i got burned by PNC on this.

What about self employment?  I'm disabled and work about an hour a day reselling used stuff I buy from flea market on ebay.  I make about $25 per hour.

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #502 on: March 03, 2019, 07:01:36 AM »
So it there or isnt there away to do this with out a payroll check or SS etc... Being fired I dont have a payroll check and to young yet for SS. Still waiting but I think i got burned by PNC on this.

ACH transfers from tons of different banks count as direct deposit for PNC.  Here is the list:. https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#PNC

What have you tried so far?

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #503 on: March 05, 2019, 11:43:22 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/

Did you decide anything? Having a separate business checking account from a personal account with the same bank is perfectly legitimate (for anyone with a business). If you'd find the conversation awkward though, you could certainly go to a different branch. I'd also lean towards keeping the savings account open if the goal is avoiding any awkwardness.

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #504 on: March 05, 2019, 04:07:31 PM »
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/

Did you decide anything? Having a separate business checking account from a personal account with the same bank is perfectly legitimate (for anyone with a business). If you'd find the conversation awkward though, you could certainly go to a different branch. I'd also lean towards keeping the savings account open if the goal is avoiding any awkwardness.

I've decided to leave the savings account open for the six months assuming I can make it fee-free.

I emailed the banker who opened the accounts and she's willing to open a business checking account, but there is a niggling detail - she says the business has to be registered with the Secretary of State, and mine is not.  There may be a way around this that I won't bother explaining here because it is nitpicky.  At this point I'll probably email her back and see what happens.

Thanks for asking!

chaskavitch

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #505 on: March 10, 2019, 07:11:53 AM »
Sad day.  I just got rejected for the Capitol One Savor card.  I was really looking forward to that bonus. 

The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days.  So what can you do now?  Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"

My credit score is over 800, and our household income is >$100,000, what more do they want?  Possibly more monthly credit spending than I listed?  Geez.

chasesfish

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #506 on: March 10, 2019, 07:18:19 AM »
Posting to follow.  Trying to figure out how to do this without a paycheck direct deposit.

Should have deferred comp payment kick in come July to the tune of $1500/mo to start

MrsWolfeRN

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #507 on: March 10, 2019, 07:37:29 AM »
Sad day.  I just got rejected for the Capitol One Savor card.  I was really looking forward to that bonus. 

The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days.  So what can you do now?  Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"

My credit score is over 800, and our household income is >$100,000, what more do they want?  Possibly more monthly credit spending than I listed?  Geez.
I got rejected for the same one, and the reason was because I had recently opened another Capitol One card. I was able to open one in my spouse's name.

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #508 on: March 10, 2019, 07:56:07 AM »
Posting to follow.  Trying to figure out how to do this without a paycheck direct deposit.

Should have deferred comp payment kick in come July to the tune of $1500/mo to start

A lot of the banks will consider ACH transfers from another bank as a direct deposit.  This list shows data points for each bank: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

If you have an account with Chase or Discover, those can often be used to spoof the DD requirement.  Some of the best ones are Alliant Credit Union and Schwab, from what I've seen.

There was a reddit user a while back who posted a list of ~60 bank account bonuses that he and his wife and gotten in the last 1.5-2 years, and he used ACH transfers for every direct deposit requirement.

chasesfish

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #509 on: March 10, 2019, 08:13:24 AM »
Thanks for the link.  I have Fidelity and that looks to trigger the major ones

chaskavitch

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #510 on: March 10, 2019, 04:11:27 PM »
Sad day.  I just got rejected for the Capitol One Savor card.  I was really looking forward to that bonus. 

The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days.  So what can you do now?  Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"

My credit score is over 800, and our household income is >$100,000, what more do they want?  Possibly more monthly credit spending than I listed?  Geez.
I got rejected for the same one, and the reason was because I had recently opened another Capitol One card. I was able to open one in my spouse's name.

Thanks for the info!  I'll see if I can convince him, if they actually rejected me for opening/closing a card too recently.

Duke03

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #511 on: March 10, 2019, 06:15:02 PM »
Sad day.  I just got rejected for the Capitol One Savor card.  I was really looking forward to that bonus. 

The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days.  So what can you do now?  Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"

My credit score is over 800, and our household income is >$100,000, what more do they want?  Possibly more monthly credit spending than I listed?  Geez.

Capitol One hates people with great credit and ones that never carry a balance.  They will hard deny you every time.  They only want customers they can make money off of.  AKA ones with credit scores from 650 to 720 and ones that carry a balance month to month.  Also they've been known to approve people that had cards with them in the past that carried balances ectů.I know it sucks and they wont approve me either, but I really can't hate on them for calling a churner a churner lol and they know they don't make a penny off or churners.

2Birds1Stone

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #512 on: March 10, 2019, 07:58:42 PM »
I've been rejected for the Savor card twice!! Fuck Cap One, lol!

JenniferW

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #513 on: March 10, 2019, 08:39:45 PM »
My first churning card was Capital One Savor.  I applied with credit score of 790.  My utilization was about 6% when I applied.  Zero late payments / derogatories.   Average credit history 3 years 11 months when I applied.   I was approved instantly if I recall.  The time I applied I believe I had like zero or 1 hard inquiry in past year.

Michael in ABQ

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #514 on: March 10, 2019, 09:55:31 PM »
My first churning card was Capital One Savor.  I applied with credit score of 790.  My utilization was about 6% when I applied.  Zero late payments / derogatories.   Average credit history 3 years 11 months when I applied.   I was approved instantly if I recall.  The time I applied I believe I had like zero or 1 hard inquiry in past year.

Pretty much identical story here. I'd been debt free for about two years when I decided to take advantage of an easy $500. No issue getting approved.

slappy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #515 on: March 11, 2019, 08:56:49 AM »
Sad day.  I just got rejected for the Capitol One Savor card.  I was really looking forward to that bonus. 

The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days.  So what can you do now?  Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"

My credit score is over 800, and our household income is >$100,000, what more do they want?  Possibly more monthly credit spending than I listed?  Geez.

Same happened to me. Credit score of 824, household income just under $100k.

hops

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #516 on: March 11, 2019, 10:01:44 AM »
My first churning card was Capital One Savor.  I applied with credit score of 790.  My utilization was about 6% when I applied.  Zero late payments / derogatories.   Average credit history 3 years 11 months when I applied.   I was approved instantly if I recall.  The time I applied I believe I had like zero or 1 hard inquiry in past year.

Pretty much identical story here. I'd been debt free for about two years when I decided to take advantage of an easy $500. No issue getting approved.

My wife applied for the Savor as her first solo credit card (prior to that she was an authorized user on mine). Credit score around 800, student loans always paid on time, no balance on any of our credit cards. She was approved instantly and given a very high credit limit. Income north of $200k.

katsiki

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #517 on: March 11, 2019, 08:25:30 PM »
Is there a way to check application status for savor online?

Got the 7-10 response on application on 2/28.  Nothing yet one way or the other.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #518 on: March 15, 2019, 08:08:47 AM »
I just successfully opened my 3rd Huntington consumer account today in the last 2 years. We'll see if lucky number account 3 nets yet another bonus. I also received a business bonus early last year. Huntington has been a gold mine for me.   

Edit to add I actually use the business account for business expenses. I have no intention of closing it anytime soon.

ducky19

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #519 on: March 15, 2019, 01:00:42 PM »
How many Capital One cards do you already have? They have a hard limit of two cards per customer (not like Chase or Barclay who let you have an apparently unlimited number). If you already have two cards with them, it doesn't matter how high your credit score is, they will deny you. You would need to cancel an existing card first. Not to get picky, but shouldn't this topic be under a credit card churning thread? I was expecting to see a lot of talk about checking account bonus churning here...

I just had an offer for $400 from Wells Fargo that I'm churning for a checking account. Also currently churning a Commerce Bank one with no direct deposit requirements for $200. I usually get at least $800 a year from these types of bonuses, but looks like this year might shape up to be better than that!

tralfamadorian

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #520 on: March 15, 2019, 01:32:21 PM »
I think I've gotten into a groove that works for me with bank account churning.

Once a quarter I pick out three offers to churn from a list that I maintain from the daily doctor of credit email. I found that I can typically open three new accounts in one day before I start getting rejected. The previous quarter's accounts are usually in a holding pattern at that time as requirements typically ask for 1-3 months of deposits. At the same time quarter-before-that usually has a couple of accounts that required six months account duration to close without a penalty that are just sitting.

So, it's only once every three months that I spend an hour or so opening the new accounts and adding the direct deposits to my payroll, removing the previous quarter's accounts from payroll and closing the quarter-before-that's accounts.

It's not perfect; some accounts you can sweep the deposited funds out early, close as soon as the bonus arrives, the direct deposit has to extend to 5-6 months, etc but it's nice to know that if I get busy, it will all be fine if I just go in at the beginning of the quarter and check my spreadsheet for any early closures/long deposit periods. Typically I clear $500-750/quarter. Not a bad hourly wage!

Anyway, those of use who have been doing this awhile know all these details but I thought it might be helpful for any newbies lurking about.
« Last Edit: March 15, 2019, 01:35:12 PM by tralfamadorian »

JenniferW

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #521 on: March 15, 2019, 03:43:25 PM »
I think I've gotten into a groove that works for me with bank account churning.

Once a quarter I pick out three offers to churn from a list that I maintain from the daily doctor of credit email. I found that I can typically open three new accounts in one day before I start getting rejected. The previous quarter's accounts are usually in a holding pattern at that time as requirements typically ask for 1-3 months of deposits. At the same time quarter-before-that usually has a couple of accounts that required six months account duration to close without a penalty that are just sitting.

So, it's only once every three months that I spend an hour or so opening the new accounts and adding the direct deposits to my payroll, removing the previous quarter's accounts from payroll and closing the quarter-before-that's accounts.

It's not perfect; some accounts you can sweep the deposited funds out early, close as soon as the bonus arrives, the direct deposit has to extend to 5-6 months, etc but it's nice to know that if I get busy, it will all be fine if I just go in at the beginning of the quarter and check my spreadsheet for any early closures/long deposit periods. Typically I clear $500-750/quarter. Not a bad hourly wage!

Anyway, those of use who have been doing this awhile know all these details but I thought it might be helpful for any newbies lurking about.

Just curious, how many thousands of dollars do you need to manage these many accounts? I've only done one checking account so far and that was Chase Total Checking -- very easy to do and got $300.  All I have to do is deposit $500 each month into that account and there are no fees whatsover.. have to do this for 6 months.

Trying to do my next checking account and after looking through many on doctor of credit I just don't see one is like Chase.  They require large sums of cash to sit in the account, have like $3000 monthly direct deposit requirements or want you to do a dozen or more debit card transactions each month.    Definitely not interested in all the debit card transactions because I like using my credit card I am currently churning for as many purchases as possible.  So does it come down to just having large sums of cash?  Have to keep in mind I will be losing 2.25% interest rate I'd have by leaving that money in Ally.com.

I dunno what to do.

apkanne

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #522 on: March 15, 2019, 04:21:36 PM »
Just curious, how many thousands of dollars do you need to manage these many accounts?

Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.

As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL

JenniferW

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #523 on: March 15, 2019, 06:35:51 PM »
Just curious, how many thousands of dollars do you need to manage these many accounts?

Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.

As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL

Thanks.  It just seems like a lot of work for some very little money.  Most of those rewards are like $150 or less.  If I spend $40 at a gas station in many small transactions it's like losing $30 there alone because all of the items there at the gas station cost 4 times as much as what I am used to spending.  I make all my food from scratch and have a price book.   I might stick with just churning credit cards for a while :)

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #524 on: March 15, 2019, 07:07:15 PM »
@tralfamadorian I wonder if you just got unlucky in the past and picked Chex sensitive banks when you got rejected, because I have only been rejected for two banks now out of 80+ in the last 2-3 years. 

@JenniferW The bonuses pay $100+ per hour easily, so a lot of work for a little money depends on what your salary is I guess.  Debit requirements can be done by reloading $0.50 at a time to your Amazon account, in about 2 minutes total.  Otherwise you can use a debit card to send money to someone via Venmo or Facebook Messenger for free, so that also takes about 2 minutes to fulfill the requirements.  I don't mess around with leaving my couch to use my debit card.

tralfamadorian

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #525 on: March 15, 2019, 07:20:52 PM »
I think I've gotten into a groove that works for me with bank account churning.

Once a quarter I pick out three offers to churn from a list that I maintain from the daily doctor of credit email. I found that I can typically open three new accounts in one day before I start getting rejected. The previous quarter's accounts are usually in a holding pattern at that time as requirements typically ask for 1-3 months of deposits. At the same time quarter-before-that usually has a couple of accounts that required six months account duration to close without a penalty that are just sitting.

So, it's only once every three months that I spend an hour or so opening the new accounts and adding the direct deposits to my payroll, removing the previous quarter's accounts from payroll and closing the quarter-before-that's accounts.

It's not perfect; some accounts you can sweep the deposited funds out early, close as soon as the bonus arrives, the direct deposit has to extend to 5-6 months, etc but it's nice to know that if I get busy, it will all be fine if I just go in at the beginning of the quarter and check my spreadsheet for any early closures/long deposit periods. Typically I clear $500-750/quarter. Not a bad hourly wage!

Anyway, those of use who have been doing this awhile know all these details but I thought it might be helpful for any newbies lurking about.

Just curious, how many thousands of dollars do you need to manage these many accounts? I've only done one checking account so far and that was Chase Total Checking -- very easy to do and got $300.  All I have to do is deposit $500 each month into that account and there are no fees whatsover.. have to do this for 6 months.

Trying to do my next checking account and after looking through many on doctor of credit I just don't see one is like Chase.  They require large sums of cash to sit in the account, have like $3000 monthly direct deposit requirements or want you to do a dozen or more debit card transactions each month.    Definitely not interested in all the debit card transactions because I like using my credit card I am currently churning for as many purchases as possible.  So does it come down to just having large sums of cash?  Have to keep in mind I will be losing 2.25% interest rate I'd have by leaving that money in Ally.com.

I dunno what to do.

I skip the ones that require debit card transactions (too much work) or too much capital (I want an adjusted APR of 50%+). All the savings account bonuses seem to cluster in the mid-low teens in return so I've only done a couple and don't plan on more. Maybe at some point I'll run out of low hanging fruit and will not be able to find 3 new ones every quarter without loosening my requirements but for now it hasn't been an issue.

I've done the TD Bank ($2,500 deposit) and PNC ($5k over 60 days) but most have clustered around $200-$300/deposit according to my spreadsheet. I divert ~$600-$900 in payroll direct deposits into the new accounts. As the result, the deposits to my normal payroll checking account are a little lean but at the same time that this is occurring, there are the deposits plus bonuses from the quarter-before-last accounts being sent to that regular checking.

So for me, no, it has not required additional cash of any kind. I treat the funds tied up in these accounts as an extension of my emergency fund. In a SHTF situation, I can just pull out the balance, close the accounts and walk away from the bonuses. However, it's a mischaracterization for me to say that it does not require cash. It does but it's just money that- for me- would be sitting in another cash equivalent account earning significantly less otherwise.

I just looked through my balances on the six accounts currently open. 3x$0, 1x$5, 1x$1,500, 1x$2,500. There's some cash tied up but that $4,000 is also "earning" $650 this quarter aka 65% APR. A little more work that throwing it in an Ally saving account and forgetting about it but also earning a boatload more than $22 (2.2% APR).
« Last Edit: March 15, 2019, 07:42:48 PM by tralfamadorian »

tralfamadorian

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #526 on: March 15, 2019, 07:49:38 PM »
@tralfamadorian I wonder if you just got unlucky in the past and picked Chex sensitive banks when you got rejected, because I have only been rejected for two banks now out of 80+ in the last 2-3 years. 

That is entirely possible @kpd905 . One quarter I had two rejections in a row on account #4 and #5 then the next quarter was rejected on #4. They were local banks and credit unions so maybe that was more of the reason and it was just bad luck.

But it's ended up being a good number for me. It keeps the number of accounts low enough to be manageable. I don't MS and the deposit requirements have been easy to cashflow with my payroll. And, as I mentioned in the post previous, it ends up being a nice number for a secondary emergency fund.

therethere

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #527 on: March 18, 2019, 08:51:04 AM »
Just curious, how many thousands of dollars do you need to manage these many accounts?

Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.

As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL

Thanks.  It just seems like a lot of work for some very little money.  Most of those rewards are like $150 or less.  If I spend $40 at a gas station in many small transactions it's like losing $30 there alone because all of the items there at the gas station cost 4 times as much as what I am used to spending.  I make all my food from scratch and have a price book.   I might stick with just churning credit cards for a while :)

For the few I do that require debit card transactions... I just go on Amazon and buy #x of $1.xx gift cards. $1.08, $1.00, $1.10, etc.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #528 on: March 19, 2019, 05:12:51 AM »
Just curious, how many thousands of dollars do you need to manage these many accounts?

Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.

As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL

Thanks.  It just seems like a lot of work for some very little money.  Most of those rewards are like $150 or less.  If I spend $40 at a gas station in many small transactions it's like losing $30 there alone because all of the items there at the gas station cost 4 times as much as what I am used to spending.  I make all my food from scratch and have a price book.   I might stick with just churning credit cards for a while :)

For the few I do that require debit card transactions... I just go on Amazon and buy #x of $1.xx gift cards. $1.08, $1.00, $1.10, etc.

+1

I usually do $.50 Amazon gift card reloads. We'll end up buying something off amazon eventually anyways.

JenniferW

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #529 on: March 20, 2019, 03:34:55 PM »
Heh, if they had some simple AI analyzing transaction history, it should be very easy for them to determine that the account was just opened for churning.  I mean 20 fifty cent recharges of amazon gift card in one day, is pretty silly looking transaction history. :P

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #530 on: March 21, 2019, 05:10:25 AM »
Heh, if they had some simple AI analyzing transaction history, it should be very easy for them to determine that the account was just opened for churning.  I mean 20 fifty cent recharges of amazon gift card in one day, is pretty silly looking transaction history. :P

Eh I don't know if I've ever done 20 in a day. I do 10 every month for a local credit union bonus. I am sure banks are far more concerned about large transactions. ( :

On a positive note I just received my 3rd Citizens bank bonus. Definitively churnable for anyone within their footprint.

therethere

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #531 on: March 21, 2019, 08:49:17 AM »
Has anyone had luck opening out of state bank accounts with an address that isn't current? My family is on the east coast and was wondering if it would fly if I put down my info and their address. I mean, it's not like I'm going to use the account for anything. I'm not that desperate yet, but I am running out of bank bonuses that can use credit card funding. I expect a little later in the year it might be helpful.

Anyone try it?

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #532 on: April 07, 2019, 05:52:18 AM »
Welp 3+ months in and things have slowed a bit. Opened a bunch of accounts the first couple months. Some have paid and some are still pending. Between myself and player 2 we are at around 3K for the year including those still pending. I definitely believe the rest of the year will be quieter.

On a related note player 2 is quickly approaching being under 5/24, so opening some Chase cards is in our future plans.

apkanne

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #533 on: April 08, 2019, 11:22:57 AM »
Has anyone had luck opening out of state bank accounts with an address that isn't current? My family is on the east coast and was wondering if it would fly if I put down my info and their address. I mean, it's not like I'm going to use the account for anything. I'm not that desperate yet, but I am running out of bank bonuses that can use credit card funding. I expect a little later in the year it might be helpful.

Anyone try it?

I sometimes see data points on DoC about opening out of state accounts. It works for M&T Bank easy just use the right Zip on the first page, then your real info later. I would probably not want to pretend i'm living somewhere else... Usually they need your drivers license, and I could see you needing to go in branch for one of these if they thought it was sketch. If you are visiting your cousins, i've seen the DP's to show going in branch to open in person can work YMMV

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #535 on: April 13, 2019, 03:58:04 AM »
Sounding pretty good: https://www.doctorofcredit.com/pnc-up-to-300-checking-bonus-no-state-restriction/

The 12 month language kills it for me. Just got the bonus about 6 months ago. I did see that I am eligible for the Chase checking bonus again next month. ( :

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #536 on: April 19, 2019, 06:22:28 PM »
Just tried opening chase total checking account to get the $300 bonus online, but when I added my ally debit card to fund the initial deposit of $25, I kept getting error message and then it temporarily blocked me for too many failed attempts, any ideas?

billy b

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #537 on: April 19, 2019, 07:16:50 PM »
nevermind it looks like ally bank thought it was fraud

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #538 on: April 20, 2019, 12:49:40 PM »
Eh I don't know if I've ever done 20 in a day. I do 10 every month for a local credit union bonus. I am sure banks are far more concerned about large transactions. ( :

On a positive note I just received my 3rd Citizens bank bonus. Definitively churnable for anyone within their footprint.

How churnable? The DoC page and the bank offers pages states I can't have had the account within the past 6 months "Primary signer on the new account may not be or have been a primary or secondary signer on any Citizens Bank personal checking accounts within the previous six months."

2Birds1Stone

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #539 on: April 20, 2019, 12:56:56 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.

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.

Well, I managed to fuck this one up royally. Missed the $1 min balance part, and withdrew my paychecks completely a few days after each deposit......I have a feeling I won't be getting the $400 now....

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #540 on: April 21, 2019, 08:36:37 AM »
Eh I don't know if I've ever done 20 in a day. I do 10 every month for a local credit union bonus. I am sure banks are far more concerned about large transactions. ( :

On a positive note I just received my 3rd Citizens bank bonus. Definitively churnable for anyone within their footprint.

How churnable? The DoC page and the bank offers pages states I can't have had the account within the past 6 months "Primary signer on the new account may not be or have been a primary or secondary signer on any Citizens Bank personal checking accounts within the previous six months."

Very churnable. In fact I just got a 2nd bonus for player 2. Grand total I've hit up Citizens bank for 5 bonuses over the last couple years. By far the most profitable. I will probably take a break lest I get blacklisted ( :

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #541 on: April 21, 2019, 08:37:27 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.

Well, I managed to fuck this one up royally. Missed the $1 min balance part, and withdrew my paychecks completely a few days after each deposit......I have a feeling I won't be getting the $400 now....

Doh! Since you did legit DD, you may be able to call and plead your case.

couponvan

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #542 on: April 22, 2019, 01:32:20 PM »
Can I just say waiting to purchase a house makes reading about all these great ways to make money on bank account churning kind of like being a kid in a candy store with no $ to buy candy.....Argh. 5/15....5/15....then I can start hacking these type of things again.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #543 on: April 23, 2019, 04:55:47 PM »
Hey guys I'm having an issue with doing "direct deposits" using Robin Hood for the Chase $300 checking bonus.  I linked my Chase account to Robin Hood, transferred $500 from my credit union to RH, waited a flipping week for the funds to be available, but when I tried to do the transfer Robin Hood rejected it on the grounds that I can only transfer funds to the bank they came from. How am I supposed to do this then? Do I need to transfer from online savings to Chase to Robin Hood then back to Chase? That would take a month.  It would be easier to do a real dd except all of my real dds are tied up for another month doing the $400 Wells Fargo bonus.

On a related note I did the rest of the funding for the chase account from discover online savings. On my statement it coded as person to person, but at the bottom it says that they waived the fee because I have $975 in direct deposits, so does that mean I have met the dd requirement for the bonus or should I still try to do the Robin Hood thing?

katsiki

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #544 on: April 23, 2019, 05:04:37 PM »
@MrsWolfeRN This was about a year ago but I met the Chase DD by selling a gift card on one of the online markets.  They pay you via DD.  Hope this helps

billy b

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #545 on: April 23, 2019, 09:36:34 PM »
Thanks for the heads up wolf, I just signed up as well, I was going to do exactly what you tried to do. I'll just ACH it to chase first then robinhood then back.

MrsWolfeRN

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #546 on: May 01, 2019, 02:51:17 AM »
Update: Chase bonus posted before the funds were available to transfer back from Robin Hood, which means discover savings is a good enough dd. Hope this makes it easier for someone!!!
Currently so far this year I have received
Discover $200
Chase $300

Working on
Wells Fargo $400
Bank of the West $250
BMO Harris $300

billy b

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #547 on: May 19, 2019, 04:11:28 PM »
Wolfe, I plan on doing the Wells Fargo $400 checking, how do you plan on fake dd? It looks like people are using paypal, so would I need to open a second paypal account for it to work? I also heard google pay may work.

MrsWolfeRN

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #548 on: May 19, 2019, 07:28:15 PM »
Wolfe, I plan on doing the Wells Fargo $400 checking, how do you plan on fake dd? It looks like people are using paypal, so would I need to open a second paypal account for it to work? I also heard google pay may work.

I used real dd for that one. Sorry I can't be of any help.

CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #549 on: May 19, 2019, 08:26:04 PM »
Wells Fargo $400 checking, how do you plan on fake dd

Distributing funds from a Vanguard brokerage account. Think it's working so far
*fingers crossed*