Bank account churning: how to make $1600 in a year by being organized

[jnw]

Really great deal with Upgrade Rewards Checking right now with a sign up bonus of $300 -- I only saw up to $200 in the recent past.

I used a friend's referral code for Upgrade Rewards Checking $150 sign up bonus in the middle of last month.  After being approved for Upgrade Rewards Checking, I immediately logged into Fidelity and linked the new Upgrade Rewards Checking account for an ACH push as DD.  It sent some microdeposits and verified a couple days later.  I then ACH pushed over $1k to Upgrade Rewards Checking from Fidelity Brokerage Account and the sign up bonus posted 5 days later.

Here are the details:

Requirements
• Open a new Rewards Checking account.
• Direct deposit $1k within the first 45 days of opening
Eligibility
• Nationwide
• New customers only
Fees:         Rewards checking is fee free.
Account Closure:   No closure rules listed.
Valid through:      6/30/24

Here is my referral code for the $300 sign up bonus, and would appreciate it if you could use it if interested in this deal:

EDIT: REMOVED LINK -- I've reach my max of 10 referrals.

Upgrade is a great account to keep open indefinitely for the various referral bonus offers throughout the year.

DoC mentions something about it being able to stack with SwagBucks but I don't know how true this is.  I never bother with it because I don't care for SwagBucks.  https://www.doctorofcredit.com/upgrade-checking-300-100-referrals/

Thanks jnw, I just got the $300 posted. This was a very very easy one to knock out.

Any other good DD bonuses out there lately? I am giving my credit line a break but would also be open to hearing of good CC bonuses...

I check Profitable Content every so often filtered by my state, followed by the Doctor of Credit (filtered by Bank Accounts category).  I hit BABC and Maximizing Money every so often.

https://www.profitablecontent.com/bank-bonuses-by-state/
https://www.doctorofcredit.com/category/bank-account-bonuses/
https://www.youtube.com/@BankAccountBonusCentral/videos
https://www.maximizingmoney.com

[Padonak]

Don't you guys think that most bank account bonuses aren't as attractive anymore because the interest rates you can earn just by keeping your money in CDs, savings or money market accounts are much higher now.

Let me give you an example. I just earned a $900 Chase bonus for opening checking and savings accounts. I opened the accounts in February and just closed them a couple of days ago, so the money was tied up with Chase for about 4 months. I had to keep at least $1.5K in the checking account and $15K in savings acct which paid almost nothing. So I earned $900 on $17.5K in 4 months. If I kept the money either in VMFXX (Vanguard Federal Money Market Fund) or a Fidelity CD ladder, I could earn a 5.4% APY which is about $315 for 4 months. So that $900 bonus minus the opportunity cost is already $585 before tax, so around $400-$500 after tax for most people. Still not too bad but that's probably the best bonus offer out there. You also need to open accounts, transfer money back and forth, set up direct debits, set reminders, call Chase to close the accounts and make sure you don't make any mistakes while jumping though all the hoops. The bonus is also not 100% guaranteed because what if Chase doesn't consider your direct debit "real" or decides to close your accounts or comes up with some other reason to not give you the bonus.

I'm still monitoring DoC, this thread a other sources for good bonus offers but I think most of them are not worth the hassle anymore. Maybe one or two really good bonuses per year are worth it.

Edited to add: corrected the numbers, previously underestimated the opportunity cost, so my point becomes even more valid.

[tj]

Don't you guys think that most bank account bonuses aren't as attractive anymore because the interest rates you can earn just by keeping your money in CDs, savings or money market accounts are much higher now.

Let me give you an example. I just earned a $900 Chase bonus for opening checking and savings accounts. I opened the accounts in February and just closed them a couple of days ago, so the money was tied up with Chase for about 4 months. I had to keep at least $1.5K in the checking account and $15K in savings acct which paid almost nothing. So I earned $900 on $17.5K in 4 months. If I kept the money either in VMFXX (Vanguard Federal Money Market Fund) or a Fidelity CD ladder, I could earn a 5.4% APY which is about $236 for 4 months. So that $900 bonus minus the opportunity cost is already $663 before tax, so probably around $500 after tax for most people. Still not too bad but that's probably the best bonus offer out there. You also need to open accounts, transfer money back and forth, set up direct debits, set reminders, call Chase to close the accounts and make sure you don't make any mistakes while jumping though all the hoops. The bonus is also not 100% guaranteed because what if Chase doesn't consider your direct debit "real" or decides to close your accounts or comes up with some other reason to not give you the bonus.

I'm still monitoring DoC, this thread a other sources for good bonus offers but I think most of them are not worth the hassle anymore. Maybe one or two really good bonuses per year are worth it.

I've never called chase. Close by secure message. Many of the bonuses only require direct deposits and not storing a bunch of cash at low interest rate. Some of the savings account bonuses have solid interest rates in addition to the bonus. I certainly thought it was worth my while.

[therethere]

Don't you guys think that most bank account bonuses aren't as attractive anymore because the interest rates you can earn just by keeping your money in CDs, savings or money market accounts are much higher now.

Let me give you an example. I just earned a $900 Chase bonus for opening checking and savings accounts. I opened the accounts in February and just closed them a couple of days ago, so the money was tied up with Chase for about 4 months. I had to keep at least $1.5K in the checking account and $15K in savings acct which paid almost nothing. So I earned $900 on $17.5K in 4 months. If I kept the money either in VMFXX (Vanguard Federal Money Market Fund) or a Fidelity CD ladder, I could earn a 5.4% APY which is about $236 for 4 months. So that $900 bonus minus the opportunity cost is already $663 before tax, so probably around $500 after tax for most people. Still not too bad but that's probably the best bonus offer out there. You also need to open accounts, transfer money back and forth, set up direct debits, set reminders, call Chase to close the accounts and make sure you don't make any mistakes while jumping though all the hoops. The bonus is also not 100% guaranteed because what if Chase doesn't consider your direct debit "real" or decides to close your accounts or comes up with some other reason to not give you the bonus.

I'm still monitoring DoC, this thread a other sources for good bonus offers but I think most of them are not worth the hassle anymore. Maybe one or two really good bonuses per year are worth it.

I've never called chase. Close by secure message. Many of the bonuses only require direct deposits and not storing a bunch of cash at low interest rate. Some of the savings account bonuses have solid interest rates in addition to the bonus. I certainly thought it was worth my while.

I have pretty much stopped doing bank bonuses for the time being. With VMFXX paying 5% and being in the 22% tax bracket. A $400 bonus is only netting like $200. I'm also potentially buying a house so trying to minimize all the transfers around.

[Padonak]

I've never called chase. Close by secure message. Many of the bonuses only require direct deposits and not storing a bunch of cash at low interest rate. Some of the savings account bonuses have solid interest rates in addition to the bonus. I certainly thought it was worth my while.

Maybe i'm old school but i prefer to call when I close accounts just to make sure.

To be fair to Chase, they are less likely to scam you compared to other banks. A few years ago, I qualified for a $300 bonus with a small bank and they tried to avoid paying it to me because of a technicality. I called a few times, escalated and even threatened to file a CFPB complaint. That must have scared them because after a couple of weeks, they paid me the bonus twice!

[tj]

I think the only time I've had to cfpb was Citi. Thankfully the most recent round with Citi required no such effort.

[kpd905]

@Padonak just avoid the savings account bonuses if you'd rather keep money in a high interest account.  Most of the checking bonuses require very little money to be held in the account.  Just doing the Chase checking account would have given you $300 to tie up $1500 for 4 months.  You would have made $27 interest on that amount in a savings account.

I think Chase also waives the fee for the first two months, so you could potentially just tie that money up for 2 months instead of 4.

[sonofsven]

I still think they're worth the trouble. I just completed Chase for $900 and Elements for $400, currently working on First Tech for $300 and US Bank for $800.

[tj]

I still think they're worth the trouble. I just completed Chase for $900 and Elements for $400, currently working on First Tech for $300 and US Bank for $800.

I don't think I knew about elements

[sonofsven]

I still think they're worth the trouble. I just completed Chase for $900 and Elements for $400, currently working on First Tech for $300 and US Bank for $800.

I don't think I knew about elements

I discovered it as I was researching data points for the big Chase bonus (the checking part) as that one can be difficult. Turns out Elements worked as a fake DD and it had a bonus, too.

[MasterStache]

@Padonak just avoid the savings account bonuses if you'd rather keep money in a high interest account.  Most of the checking bonuses require very little money to be held in the account.  Just doing the Chase checking account would have given you $300 to tie up $1500 for 4 months.  You would have made $27 interest on that amount in a savings account.

I think Chase also waives the fee for the first two months, so you could potentially just tie that money up for 2 months instead of 4.

+1

I find checking bonuses to still be very lucrative. Moving around a few thousands dollars throughout the year and shifting a workplace DD every once in a while netting me 5 figures. Yes please!

[bacchi]

@Padonak just avoid the savings account bonuses if you'd rather keep money in a high interest account.  Most of the checking bonuses require very little money to be held in the account.  Just doing the Chase checking account would have given you $300 to tie up $1500 for 4 months.  You would have made $27 interest on that amount in a savings account.

I think Chase also waives the fee for the first two months, so you could potentially just tie that money up for 2 months instead of 4.

+1

I find checking bonuses to still be very lucrative. Moving around a few thousands dollars throughout the year and shifting a workplace DD every once in a while netting me 5 figures. Yes please!

Is that per year? I'm surprised your CHEX report isn't causing you headaches.

I no longer have a real DD and banks are able to detect more fake DDs. Even my LLC account no longer works. (This is a Mustachian problem.)

[tj]

@Padonak just avoid the savings account bonuses if you'd rather keep money in a high interest account.  Most of the checking bonuses require very little money to be held in the account.  Just doing the Chase checking account would have given you $300 to tie up $1500 for 4 months.  You would have made $27 interest on that amount in a savings account.

I think Chase also waives the fee for the first two months, so you could potentially just tie that money up for 2 months instead of 4.

+1

I find checking bonuses to still be very lucrative. Moving around a few thousands dollars throughout the year and shifting a workplace DD every once in a while netting me 5 figures. Yes please!

Is that per year? I'm surprised your CHEX report isn't causing you headaches.

I no longer have a real DD and banks are able to detect more fake DDs. Even my LLC account no longer works. (This is a Mustachian problem.)

I have started getting rejected for chex. There are banks that don't pull chex. I have a real dd but I haven't had a problem spoofing them, generally.

[Rusted Rose]

Is that per year?

That would be nice, eh ... sadly, the amount each of us can garner is going to vary depending on location. Some areas of the country seem to get a lot more opportunities than others do.

[kpd905]

5 figures per year is definitely achievable in 2 player mode, especially if you add in credit card bonuses, brokerage/IRA transfer bonuses.

[MasterStache]

@Padonak just avoid the savings account bonuses if you'd rather keep money in a high interest account.  Most of the checking bonuses require very little money to be held in the account.  Just doing the Chase checking account would have given you $300 to tie up $1500 for 4 months.  You would have made $27 interest on that amount in a savings account.

I think Chase also waives the fee for the first two months, so you could potentially just tie that money up for 2 months instead of 4.

+1

I find checking bonuses to still be very lucrative. Moving around a few thousands dollars throughout the year and shifting a workplace DD every once in a while netting me 5 figures. Yes please!

Is that per year? I'm surprised your CHEX report isn't causing you headaches.

I no longer have a real DD and banks are able to detect more fake DDs. Even my LLC account no longer works. (This is a Mustachian problem.)

Yes per year and I am in 2 player mode. So really about $5K per person each year. It varies as well but that seems to be the average. I've actually not had many issues getting denied for Chex. I'll admit I live in an area with quite a few local bonuses so that is nice.

I kept my Chase Biz Checking open for about a year and a half. It was great for spoofing DD. I use Wise a lot too and my spouse moves her DD around for some newer bonuses with no DPs on what counts as a DD.

Also, this total doesn't include CC SUBs, Tradelines (don't make much money on this anymore) or brokerage/IRA bonuses. I just started dabbling in brokerage bonuses last year. It's a nice little side gig, HA!

[Padonak]

I kept my Chase Biz Checking open for about a year and a half. It was great for spoofing DD. I use Wise a lot too and my spouse moves her DD around for some newer bonuses with no DPs on what counts as a DD.

Do you use Wise for spoofing direct deposits? How exactly do you use it, just send money to yourself from your Wise acct to your checking acct?

For Chase biz checking account, is this the one?
https://www.chase.com/business/banking/business-checking-offer
"Earn $300 When you open a Chase Business Complete Checking®"

[MasterStache]

I kept my Chase Biz Checking open for about a year and a half. It was great for spoofing DD. I use Wise a lot too and my spouse moves her DD around for some newer bonuses with no DPs on what counts as a DD.

Do you use Wise for spoofing direct deposits? How exactly do you use it, just send money to yourself from your Wise acct to your checking acct?

For Chase biz checking account, is this the one?
https://www.chase.com/business/banking/business-checking-offer
"Earn $300 When you open a Chase Business Complete Checking®"

Yes to everything.

For Wise I linked a bank account so I can just transfer money into my Wise account and then transfer that money into the account I'm targeting for DD. Not all accounts will link to Wise so it was a bit tricky. I used to just pull from my main bank when I would initiate a transfer in Wise but their fees have gone up for doing that. Cheaper to use your Wise balance. Also they have a Reference field where I type "Payroll" to make it look more official.

For Chase I used the ACH/Payment services that's available with the businesses account. It's quite literally a payment service so worked really well. I believe it was a $1.50 per transaction.

[Padonak]

Has anyone tried using private groups and chats, such as Discord servers, to find the best bank/brokerage/credit card etc bonus deals, referrals, limited time offers etc? I listened to this podcast recently, The guys they interviewed runs his own Discord server but it looks like you need to pay $250 per year to join it. Do you think it's worth it? Any cheaper/free alternatives?

https://www.allthehacks.com/profitable-deals-into-side-hustle/

[tj]

Has anyone tried using private groups and chats, such as Discord servers, to find the best bank/brokerage/credit card etc bonus deals, referrals, limited time offers etc? I listened to this podcast recently, The guys they interviewed runs his own Discord server but it looks like you need to pay $250 per year to join it. Do you think it's worth it? Any cheaper/free alternatives?

https://www.allthehacks.com/profitable-deals-into-side-hustle/

I just monitor DoC for the most part. Good enough for me.

[kpd905]

I think the Discord would be best for manufactured spending methods, since those are likely to die quickly if they are publicized.  I wish I would have known of the credit union they mentioned on that podcast, allowing unlimited funding with an Amex card (someone funded $1 million before it died).

[jnw]

.

[MasterStache]

I think the Discord would be best for manufactured spending methods, since those are likely to die quickly if they are publicized.  I wish I would have known of the credit union they mentioned on that podcast, allowing unlimited funding with an Amex card (someone funded $1 million before it died).

I am curious how one ends up with a $1 million CL.

[Michael in ABQ]

I think the Discord would be best for manufactured spending methods, since those are likely to die quickly if they are publicized.  I wish I would have known of the credit union they mentioned on that podcast, allowing unlimited funding with an Amex card (someone funded $1 million before it died).

I am curious how one ends up with a $1 million CL.

I assume they just spent (deposited) money in an account and then used that to pay off their Amex card. Even with a $20-30k limit if you were doing it every few days you could get to a million in spend in a few months. Plus you could probably get a CL increase if you were spending that much.

[MasterStache]

I think the Discord would be best for manufactured spending methods, since those are likely to die quickly if they are publicized.  I wish I would have known of the credit union they mentioned on that podcast, allowing unlimited funding with an Amex card (someone funded $1 million before it died).

I am curious how one ends up with a $1 million CL.

I assume they just spent (deposited) money in an account and then used that to pay off their Amex card. Even with a $20-30k limit if you were doing it every few days you could get to a million in spend in a few months. Plus you could probably get a CL increase if you were spending that much.

Seems like that would throw up some obvious red flags especially for Amex.

[tj]

I'm sure billionaires can have million dollar credit limits.

[sonofsven]

I think the Discord would be best for manufactured spending methods, since those are likely to die quickly if they are publicized.  I wish I would have known of the credit union they mentioned on that podcast, allowing unlimited funding with an Amex card (someone funded $1 million before it died).

I am curious how one ends up with a $1 million CL.

I believe it did and a bunch of accounts were shut down, but I only read about it, I didn't participate.
I assume they just spent (deposited) money in an account and then used that to pay off their Amex card. Even with a $20-30k limit if you were doing it every few days you could get to a million in spend in a few months. Plus you could probably get a CL increase if you were spending that much.

Seems like that would throw up some obvious red flags especially for Amex.

[Padonak]

How easy is it to transfer funds to new brokerage or retirement accounts to get bonuses? The podcast i referenced mentioned some good deals that come up occasionally, up to 3% bonus on the investment balances transferred, which can juice your investment returns significantly in the long term. My concern about these bonuses is that when i transferred stocks and index funds between brokerage and retirement accounts in the past, or transferred 401K to IRA, i always had to follow up on the phone and it seemed more difficult than just moving money between bank accounts, for example. There are also some horror stories online about transfer checks getting lost in the mail or transfers being processed incorrectly resulting in unexpected taxes etc.

If you have index funds with Vanguard or Fidelity, is it easy to transfer them to another brokerage firm, get a bonus, keep them as long as you need to qualify for the bonus, then transfer them back?

[tj]

How easy is it to transfer funds to new brokerage or retirement accounts to get bonuses? The podcast i referenced mentioned some good deals that come up occasionally, up to 3% bonus on the investment balances transferred, which can juice your investment returns significantly in the long term. My concern about these bonuses is that when i transferred stocks and index funds between brokerage and retirement accounts in the past, or transferred 401K to IRA, i always had to follow up on the phone and it seemed more difficult than just moving money between bank accounts, for example. There are also some horror stories online about transfer checks getting lost in the mail or transfers being processed incorrectly resulting in unexpected taxes etc.

If you have index funds with Vanguard or Fidelity, is it easy to transfer them to another brokerage firm, get a bonus, keep them as long as you need to qualify for the bonus, then transfer them back?

Super easy, but why ever transfer back? You just recycle through the brokerages for more bonuses. 🤷🏻‍♂️

Etfs are better because there are no trading fees if you need to.

[Padonak]

Etfs are better because there are no trading fees if you need to.

Good point about ETFs because a big part of my investments are in "proprietary" funds like VTSAX for Vanguard or FZROX for Fidelity. I don't think i can even transfer them to other brokers. Though it they are in IRA/ROTH IRA accounts, I can just sell them, transfer the money, then buy similar ETFs with other brokerages without tax consequences.

[AnotherEngineer]

Etfs are better because there are no trading fees if you need to.

Good point about ETFs because a big part of my investments are in "proprietary" funds like VTSAX for Vanguard or FZROX for Fidelity. I don't think i can even transfer them to other brokers. Though it they are in IRA/ROTH IRA accounts, I can just sell them, transfer the money, then buy similar ETFs with other brokerages without tax consequences.

Make sure that these are transfers without selling for both taxes and volatility concerns! Not quite the same, but I recently had to move HSA providers which required fund sale and my money was out of the market for a month. A badly timed and executed transfer could wipe out years of bonuses.

[tj]

Etfs are better because there are no trading fees if you need to.

Good point about ETFs because a big part of my investments are in "proprietary" funds like VTSAX for Vanguard or FZROX for Fidelity. I don't think i can even transfer them to other brokers. Though it they are in IRA/ROTH IRA accounts, I can just sell them, transfer the money, then buy similar ETFs with other brokerages without tax consequences.

You can call Vanguard and convert admiral share to ETF without selling. 

FZROX cannot be transferred to an outside brokerage.

[tj]

Etfs are better because there are no trading fees if you need to.

Good point about ETFs because a big part of my investments are in "proprietary" funds like VTSAX for Vanguard or FZROX for Fidelity. I don't think i can even transfer them to other brokers. Though it they are in IRA/ROTH IRA accounts, I can just sell them, transfer the money, then buy similar ETFs with other brokerages without tax consequences.

Make sure that these are transfers without selling for both taxes and volatility concerns! Not quite the same, but I recently had to move HSA providers which required fund sale and my money was out of the market for a month. A badly timed and executed transfer could wipe out years of bonuses.

That's not unusual for HSA's and 401ks.

[jim555]

I believe you can hold VTSAX in a non Vanguard account like Fidelity, but it costs some $$$ to sell it.

[tj]

TheFinanceBuff writes about why he doesn't bother with bonuses anymore. I guess he just has enough. :-D



https://thefinancebuff.com/bank-brokerage-bonus.html

[Padonak]

TheFinanceBuff writes about why he doesn't bother with bonuses anymore. I guess he just has enough. :-D

https://thefinancebuff.com/bank-brokerage-bonus.html

I think a lot of it depends on how much money the person has.

One of the podcasters in the FI/digital nomad space mentioned that he traveled with his rich friend in SEA and wanted to collect some hotel and other receipts to write off part of his trip as business expenses because he was also there on business. So the rich friend, who was in the same situation, said "who cares, i have enough money to not bother with this shit". I'm sure the rich guy does tax optimization but he doesn't care about writing off every little expense, like a $100 hotel bill.

I still do credit card and bank bonuses btw. Not rich enough to ignore them. Though i don't bother with $200-300 bonuses anymore.

[tj]

TheFinanceBuff writes about why he doesn't bother with bonuses anymore. I guess he just has enough. :-D

https://thefinancebuff.com/bank-brokerage-bonus.html

I think a lot of it depends on how much money the person has.

One of the podcasters in the FI/digital nomad space mentioned that he traveled with his rich friend in SEA and wanted to collect some hotel and other receipts to write off part of his trip as business expenses because he was also there on business. So the rich friend, who was in the same situation, said "who cares, i have enough money to not bother with this shit". I'm sure the rich guy does tax optimization but he doesn't care about writing off every little expense, like a $100 hotel bill.

I still do credit card and bank bonuses btw. Not rich enough to ignore them. Though i don't bother with $200-300 bonuses anymore.

I'll still do some of the smaller bank bonuses if I can fund it with a credit card to hit minimum spend. 

[kindoflost]

TheFinanceBuff writes about why he doesn't bother with bonuses anymore. I guess he just has enough. :-D

https://thefinancebuff.com/bank-brokerage-bonus.html

I think a lot of it depends on how much money the person has.

One of the podcasters in the FI/digital nomad space mentioned that he traveled with his rich friend in SEA and wanted to collect some hotel and other receipts to write off part of his trip as business expenses because he was also there on business. So the rich friend, who was in the same situation, said "who cares, i have enough money to not bother with this shit". I'm sure the rich guy does tax optimization but he doesn't care about writing off every little expense, like a $100 hotel bill.

I still do credit card and bank bonuses btw. Not rich enough to ignore them. Though i don't bother with $200-300 bonuses anymore.

I'll still do some of the smaller bank bonuses if I can fund it with a credit card to hit minimum spend.

Payments from the good company count as direct deposits, correct?

[tj]

TheFinanceBuff writes about why he doesn't bother with bonuses anymore. I guess he just has enough. :-D

https://thefinancebuff.com/bank-brokerage-bonus.html

I think a lot of it depends on how much money the person has.

One of the podcasters in the FI/digital nomad space mentioned that he traveled with his rich friend in SEA and wanted to collect some hotel and other receipts to write off part of his trip as business expenses because he was also there on business. So the rich friend, who was in the same situation, said "who cares, i have enough money to not bother with this shit". I'm sure the rich guy does tax optimization but he doesn't care about writing off every little expense, like a $100 hotel bill.

I still do credit card and bank bonuses btw. Not rich enough to ignore them. Though i don't bother with $200-300 bonuses anymore.

I'll still do some of the smaller bank bonuses if I can fund it with a credit card to hit minimum spend.

Payments from the good company count as direct deposits, correct?

Probably. I never set anything up with the good company. I need all outside employment approved by ethics. :D

99.9% of bank accounts I have been able to spoof the DD.

[sonofsven]

I set up an account at Wise - it's a for pay money transfer service, each transfer costs a few bucks, but it seems to work really well at spoofing DD's when you tag the transfer as "payroll".
I also set up an account at Treasury Direct based on Doctor Of Credit data points, it too seems to work as a DD, and it's free.
It's a little tricky so do your research: my first attempt ended with my account locked. I had to send them a notarized letter requesting an unlock because I just skimmed the instructions.

[secondcor521]

TheFinanceBuff writes about why he doesn't bother with bonuses anymore. I guess he just has enough. :-D

https://thefinancebuff.com/bank-brokerage-bonus.html

I think a lot of it depends on how much money the person has.

One of the podcasters in the FI/digital nomad space mentioned that he traveled with his rich friend in SEA and wanted to collect some hotel and other receipts to write off part of his trip as business expenses because he was also there on business. So the rich friend, who was in the same situation, said "who cares, i have enough money to not bother with this shit". I'm sure the rich guy does tax optimization but he doesn't care about writing off every little expense, like a $100 hotel bill.

I still do credit card and bank bonuses btw. Not rich enough to ignore them. Though i don't bother with $200-300 bonuses anymore.

I'll still do some of the smaller bank bonuses if I can fund it with a credit card to hit minimum spend.

Payments from the good company count as direct deposits, correct?

Correct.

[kindoflost]

TheFinanceBuff writes about why he doesn't bother with bonuses anymore. I guess he just has enough. :-D

https://thefinancebuff.com/bank-brokerage-bonus.html

I think a lot of it depends on how much money the person has.

One of the podcasters in the FI/digital nomad space mentioned that he traveled with his rich friend in SEA and wanted to collect some hotel and other receipts to write off part of his trip as business expenses because he was also there on business. So the rich friend, who was in the same situation, said "who cares, i have enough money to not bother with this shit". I'm sure the rich guy does tax optimization but he doesn't care about writing off every little expense, like a $100 hotel bill.

I still do credit card and bank bonuses btw. Not rich enough to ignore them. Though i don't bother with $200-300 bonuses anymore.

I'll still do some of the smaller bank bonuses if I can fund it with a credit card to hit minimum spend.

Payments from the good company count as direct deposits, correct?

Probably. I never set anything up with the good company. I need all outside employment approved by ethics. :D

99.9% of bank accounts I have been able to spoof the DD.

thanks, yes, everyone seems to be good at that. but my first try at bank bonuses was with Chime and I could not figure it out (I was selling on eBay back then and I think I thought that it should have worked but it didn't...). would be nice to double dip and set the tradeline to be paid to a bank account that will give a bonus.
thank you @secondcor521 for replying

[MasterStache]

I set up an account at Wise - it's a for pay money transfer service, each transfer costs a few bucks, but it seems to work really well at spoofing DD's when you tag the transfer as "payroll".
I also set up an account at Treasury Direct based on Doctor Of Credit data points, it too seems to work as a DD, and it's free.
It's a little tricky so do your research: my first attempt ended with my account locked. I had to send them a notarized letter requesting an unlock because I just skimmed the instructions.

Wise has been pretty fool proof for the most part. I connected one of my main hub accounts to Wise so I can add to my Wise balance before I transfer out. It's cheaper that way rather than simply transferring from a connected bank account.

[sonofsven]

I set up an account at Wise - it's a for pay money transfer service, each transfer costs a few bucks, but it seems to work really well at spoofing DD's when you tag the transfer as "payroll".
I also set up an account at Treasury Direct based on Doctor Of Credit data points, it too seems to work as a DD, and it's free.
It's a little tricky so do your research: my first attempt ended with my account locked. I had to send them a notarized letter requesting an unlock because I just skimmed the instructions.

Wise has been pretty fool proof for the most part. I connected one of my main hub accounts to Wise so I can add to my Wise balance before I transfer out. It's cheaper that way rather than simply transferring from a connected bank account.

That's the way I do it, too.

[jnw]

Anyone do this deal? It's very lucrative. Just not sure the best way to guarantee a promo gets attached.  $1000 for $20k for 60+ days at BofA.

https://www.doctorofcredit.com/targeted-ymmv-bank-of-america-1000-business-checking-bonus-with-30000-deposit-available-online/

[sonofsven]

Anyone do this deal? It's very lucrative. Just not sure the best way to guarantee a promo gets attached.  $1000 for $20k for 60+ days at BofA.

https://www.doctorofcredit.com/targeted-ymmv-bank-of-america-1000-business-checking-bonus-with-30000-deposit-available-online/

I'm planning on doing it next, as soon as next week, but I believe it's a a $30k requirement now.
There's comments in the thread with links to search B of A to find the nearest Small Business Banker near you, as not every branch has one.
It seems some people have applied successfully on the phone after contacting the Small Business Banker, others through email, and some have had to go into the branch.
I don't live near a branch but I'm going to be in a city Monday and Tuesday that has one and I will call in then.

[jnw]

Anyone do this deal? It's very lucrative. Just not sure the best way to guarantee a promo gets attached.  $1000 for $20k for 60+ days at BofA.

https://www.doctorofcredit.com/targeted-ymmv-bank-of-america-1000-business-checking-bonus-with-30000-deposit-available-online/

I'm planning on doing it next, as soon as next week, but I believe it's a a $30k requirement now.
There's comments in the thread with links to search B of A to find the nearest Small Business Banker near you, as not every branch has one.
It seems some people have applied successfully on the phone after contacting the Small Business Banker, others through email, and some have had to go into the branch.
I don't live near a branch but I'm going to be in a city Monday and Tuesday that has one and I will call in then.

Let me know how it goes for ya later if you don't mind.  I think I am going to go ahead and do the $750 for $25k for 60+ days BMO Biz Checking deal now and do the BofA deal later.

[tj]

The only business checking account I've done is Chase and I had to sit through a spiel with a banker in branch. Maybe I would be up for that in early retirement, but now how I want to spend my time off work.

[jnw]

The only business checking account I've done is Chase and I had to sit through a spiel with a banker in branch. Maybe I would be up for that in early retirement, but now how I want to spend my time off work.

I signed up online for Chase Business Checking in like 15 minutes and was instantly approved.

[tj]

The only business checking account I've done is Chase and I had to sit through a spiel with a banker in branch. Maybe I would be up for that in early retirement, but now how I want to spend my time off work.

I signed up online for Chase Business Checking in like 15 minutes and was instantly approved.

I did it like 10 years ago.