Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 187739 times)

samirol

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #650 on: January 24, 2020, 10:09:30 PM »
some banks will code as cash advance, some will code as a purchase. doctor of credit is a good resource to use to determine how they will code on your credit card

DadJokes

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #651 on: January 25, 2020, 10:22:32 AM »
For the experienced bank acct churners here, if an offer allowed credit card use for initial funding, does that code as a charge with the issuer or a cash advance? Assuming it codes as a cash advance, what's the point of funding this way? (If it codes as an expense, obviously that's amazing...)

A good way to be safe is to call your credit card issuer and set your cash advance limit to $1 or something. Then, if something is going to code as a cash advance, it'll get declined.

kpd905

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jafr1284

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #653 on: February 06, 2020, 09:55:38 AM »
Hi,
I'm looking to complete the schwab checking bonus. Would anyone be able to send me a referral code? Once the bonus posts, I can send you a venmo or paypal for $25 as a thanks:)

-J
Edit: I received a link thank you. If anyone else need a link, send me a PM.
« Last Edit: February 06, 2020, 10:53:55 AM by jafr1284 »

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #654 on: February 06, 2020, 10:30:04 AM »
Hi,
I'm looking to complete the schwab checking bonus. Would anyone be able to send me a referral code? Once the bonus posts, I can send you a venmo or paypal for $25 as a thanks:)

-J

PM sent.

2Birds1Stone

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #655 on: February 06, 2020, 11:16:35 AM »
Never ever fund an account if it codes as cash advance. There is no benefit to this.

I typically rely on existing datapoints in the DoC comments on a specific offer for how something will code.

Will

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #656 on: February 07, 2020, 11:56:58 AM »
Hi,
I'm looking to complete the schwab checking bonus. Would anyone be able to send me a referral code? Once the bonus posts, I can send you a venmo or paypal for $25 as a thanks:)

-J
Edit: I received a link thank you. If anyone else need a link, send me a PM.

What is the Schwab checking bonus?

DadJokes

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #657 on: February 07, 2020, 07:18:50 PM »
This is very addicting. I only starting bank account churning a couple weeks ago, and I already have 8 bonuses in progress.

Should they all work, I will make around $2,400. I don't know if the bonuses cycle enough that I can keep that up every 90 days, but $10k in a year would be amazing.

2Birds1Stone

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #658 on: February 08, 2020, 07:47:06 AM »
I personally ran out of ones to do toward the end of last year. Not many I would qualify for in 2020 so far....it seems to come in waves.

Aunt Petunia

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #659 on: February 08, 2020, 01:38:59 PM »
I personally ran out of ones to do toward the end of last year. Not many I would qualify for in 2020 so far....it seems to come in waves.
Me too, either they are not available in my state or I did them too recently. I prefer checking bonuses that don't tie up much cash.

bacchi

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #660 on: February 08, 2020, 04:37:58 PM »
I'm working the Citi $500/$15000 and SO is working the Wells $400/$4000. I may do the WF one too since it looks like a regular ACH works for the direct deposit.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #661 on: February 08, 2020, 05:06:49 PM »
Hmmm, between P1 and P2 I did a bit over 30 bank bonuses last year. And I didn't even hit it that hard with P2. Just approved for 3 more accounts today with P2 bringing this years total to 11 accounts opened so far. It does come in waves at times. It's been a busy few months though.

chasesfish

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #662 on: February 09, 2020, 01:50:52 PM »
I'm working the Citi $500/$15000 and SO is working the Wells $400/$4000. I may do the WF one too since it looks like a regular ACH works for the direct deposit.

Also saw that.  If I can connect it with Fidelity it looks easy

EliteZags

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #663 on: February 12, 2020, 10:55:23 AM »
is the general practice here that everyone is closing these accounts after the bonus posts following the time/balance requirements? especially the ones with minimum debit transaction requirements to avoid fees I'd imagine

DadJokes

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #664 on: February 12, 2020, 11:07:29 AM »
is the general practice here that everyone is closing these accounts after the bonus posts following the time/balance requirements? especially the ones with minimum debit transaction requirements to avoid fees I'd imagine

The language in the offers usually says something along the lines of, "You must be a new customer who has not had an account open within the last 12 months to be eligible for the bonus." So to get the bonus again in the future, you have to close them.

Some let you close immediately, and some make you wait 6 months to a year to close without penalty or losing the bonus entirely.

2Birds1Stone

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #665 on: February 12, 2020, 11:27:23 AM »
It depends.

Most do get closed after 6 months to a year. Some I've kept as they are very handy for shuffling money around to trigger ACH payments for checking bonus requirements.

EliteZags

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #666 on: February 12, 2020, 12:08:36 PM »
Don't most checking accts have the min # debit transactions per month, are people just dealing with them as long as they need to stay open

therethere

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #667 on: February 12, 2020, 12:14:15 PM »
Don't most checking accts have the min # debit transactions per month, are people just dealing with them as long as they need to stay open

I don't think I've ever had a checking account with a minimum # of debit transactions per month. I usually decline the debit card when I open the accounts. Stick with ones with low minimum balance to stay open or some minimum direct deposit (usually can set this up as an interbank transfer in and out a week later).

DadJokes

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #668 on: February 12, 2020, 01:38:22 PM »
I think the only account I've opened so far that required debit card transactions was my Chase business checking, which required 5 qualifying transactions to get the bonus, one of which was debit card transactions.

That wasn't to keep it fee-free. It was to get the bonus.

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #669 on: February 15, 2020, 06:49:26 AM »
The only accounts I've really seen with ongoing debit requirements are the high yield (3%+) savings accounts.  I've never felt like jumping through the hoops for those.