The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: wick on May 26, 2017, 08:58:59 AM

Title: Checking Bonuses
Post by: wick 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!!!
Title: Re: Checking Bonuses
Post by: Paul der Krake 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.
Title: Re: Checking Bonuses
Post by: MoseyingAlong 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
Title: Re: Checking Bonuses
Post by: Dicey on May 26, 2017, 09:08:04 AM
Check with 2birds1stone. He's a pro at this and very helpful.
Title: Re: Checking Bonuses
Post by: wick 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.
Title: Re: Checking Bonuses
Post by: wick on May 26, 2017, 09:22:23 AM
Dicey, Moseyingalong,

Thanks so much!
Title: Re: Checking Bonuses
Post by: neo von retorch 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!
Title: Re: Checking Bonuses
Post by: bacchi on May 26, 2017, 09:39:51 AM
Vanguard transfers sometimes work, too.
Title: Re: Checking Bonuses
Post by: Heroes821 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.
Title: Re: Checking Bonuses
Post by: NinetyFour 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.
Title: Re: Checking Bonuses
Post by: wick 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!
Title: Re: Checking Bonuses
Post by: wick 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!
Title: Re: Checking Bonuses
Post by: wick on June 01, 2017, 08:09:27 AM
Thanks so much everybody. You've been so helpful!