Author Topic: Checking Bonuses  (Read 2802 times)

Erick

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Checking Bonuses
« on: May 26, 2017, 08:58:59 AM »
Hi Everybody,

Since discovering the power of sign up bonuses early last year I have been systematically applying for new credit cards for miles, cash etc. A recent post here mentioned a sign up bonus for a checking account. I hadn't  heard of this before and have never opened checking account (Still using the same no fee student checking account from high school).

Does anyone have a strategy for signing up for these offers? Is there a list of them somewhere that I might find? What are your stategies? Particularly, how do you handle the direct diposit? I'm a little concerned about how I might look to my boss changing my direct deposit info every few months. Maybe this concern is baseless, what are your thoughts.

Thanks!!!

Paul der Krake

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Re: Checking Bonuses
« Reply #1 on: May 26, 2017, 09:04:35 AM »
Direct deposit: change your direct deposit at work, or find a way to trigger the deposit requirement by doing a ACH transfer from another account. There's more guesswork involved in the second approach.

Unless you work for a small company, your direct deposit habits should never show up on your boss' radar. Many companies even have a self-service portal were you can do it without any human interaction.

MoseyingAlong

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Re: Checking Bonuses
« Reply #2 on: May 26, 2017, 09:07:01 AM »
DoctorofCredit.com has a great list of bank account and credit card bonus offerings. They update monthly and go into all the details. I'd start there.

HTH

Dicey

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Re: Checking Bonuses
« Reply #3 on: May 26, 2017, 09:08:04 AM »
Check with 2birds1stone. He's a pro at this and very helpful.

Erick

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Re: Checking Bonuses
« Reply #4 on: May 26, 2017, 09:20:40 AM »
Direct deposit: change your direct deposit at work, or find a way to trigger the deposit requirement by doing a ACH transfer from another account. There's more guesswork involved in the second approach.

Unless you work for a small company, your direct deposit habits should never show up on your boss' radar. Many companies even have a self-service portal were you can do it without any human interaction.


Hey Paul,

Unfortunately, I do work for a small company. My boss and the bookkeeper have desks directly next to one another.

Erick

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Re: Checking Bonuses
« Reply #5 on: May 26, 2017, 09:22:23 AM »
Dicey, Moseyingalong,

Thanks so much!

neo von retorch

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Re: Checking Bonuses
« Reply #6 on: May 26, 2017, 09:25:50 AM »
I've only done one of these (WF), but as was pointed out, there are pages that report what methods work for "direct deposit." In my case, a PayPal transfer works just fine for WF, and I got the bonus a couple days after my PayPal transfer!

bacchi

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Re: Checking Bonuses
« Reply #7 on: May 26, 2017, 09:39:51 AM »
Vanguard transfers sometimes work, too.

Heroes821

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Re: Checking Bonuses
« Reply #8 on: May 26, 2017, 01:27:03 PM »
Since I don't see this mentioned yet, be aware that unlike credit card rewards you will get a 1099 tax form for this money and it is Taxable Income.

NinetyFour

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Re: Checking Bonuses
« Reply #9 on: May 27, 2017, 05:45:06 AM »
Another recommendation for the Doctor Of Credit site.  Sign up for the weekly e-mail.  He does thorough reviews of offers.  Great stuff.

Erick

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Re: Checking Bonuses
« Reply #10 on: June 01, 2017, 08:08:25 AM »
Since I don't see this mentioned yet, be aware that unlike credit card rewards you will get a 1099 tax form for this money and it is Taxable Income.

Thanks for the heads up on that! Was not aware of it!

Erick

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Re: Checking Bonuses
« Reply #11 on: June 01, 2017, 08:09:02 AM »
Another recommendation for the Doctor Of Credit site.  Sign up for the weekly e-mail.  He does thorough reviews of offers.  Great stuff.
Just signed up!

Erick

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Re: Checking Bonuses
« Reply #12 on: June 01, 2017, 08:09:27 AM »
Thanks so much everybody. You've been so helpful!