Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 239739 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.

Morning Glory

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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.

EliteZags

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #670 on: March 02, 2020, 03:46:28 PM »
the funding requirements for Sofi went up to $5K for Invest acct and $1K for Money acct, but Money acct bonus up to $75

here's the updated links

https://www.sofi.com/share/invest/2811074
(for Invest acct $100 bonus)

https://www.sofi.com/invite/money?gcp=7343178f-2bbb-4dae-a6ee-670d878e0e73 (for Money acct $75 bonus)





https://forum.mrmoneymustache.com/investor-alley/open-a-sofi-investment-acct-with-$1k-and-get-$100-free-stock-(can-cash-all-out)/

Spitfire

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #671 on: March 03, 2020, 10:43:59 AM »
Citibank taking it's sweet time to post my $200 bonus (for opening an account with $5000 and keeping it there for 60 days). I followed up with a chat agent today and they said I am eligible but it can take up to 90 additional days after leaving the money in for 60 days to get the bonus. It's been 3 months and could take another 2. Still a decent interest rate overall (4% in 5 months works out to 9.6% a year).

v8rx7guy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #672 on: March 03, 2020, 10:45:59 AM »
There are a bunch of interesting savings bonuses starting to pop up if you have a $20K or so emergency fund.  CIT bank, CIBC us, Simple Bank all have $300+ bonuses with competitive interest rates while you're waiting for the bonus to post.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #673 on: March 03, 2020, 11:10:45 AM »
Citibank taking it's sweet time to post my $200 bonus (for opening an account with $5000 and keeping it there for 60 days). I followed up with a chat agent today and they said I am eligible but it can take up to 90 additional days after leaving the money in for 60 days to get the bonus. It's been 3 months and could take another 2. Still a decent interest rate overall (4% in 5 months works out to 9.6% a year).

From open to bonus posting took a little over 4 months for me last year. Some banks just take longer. Citizens used to post quick but the latest bonus took roughly 4.5 months to post. 

Morning Glory

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #674 on: March 06, 2020, 07:49:22 AM »
I finally got targeted for the sofi crypto offer. Buy $10 of crypto and get $25. So I am now the proud owner of 1/1000 of one Bitcoin. Hopefully soon to increase to 3.5/1000. :-)

Ten bucks at a time, right?
« Last Edit: March 06, 2020, 08:45:49 AM by Aunt Petunia »

Car Jack

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #675 on: March 06, 2020, 12:37:32 PM »
Citi has historically been slow to pay.  I did a $400 bonus with them a couple years ago and they pulled the same kind of thing.  Leave the money in for the required time.  I then verified with them that the money had met the time requirement and pulled most of it out.  I left maybe $1000 there until the bonus hit.  Then I pulled the rest and closed the account.

terran

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #676 on: March 07, 2020, 04:50:33 PM »
Has anyone done the Chase Business checking bonus? I think last time I did it I did 5 debit card transactions, but just transferring money in would be easier. Can anyone confirm that pushing money from another bank account (Ally) would count as an ACH credit?

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #677 on: March 07, 2020, 05:05:44 PM »
Has anyone done the Chase Business checking bonus? I think last time I did it I did 5 debit card transactions, but just transferring money in would be easier. Can anyone confirm that pushing money from another bank account (Ally) would count as an ACH credit?

I don't know about the business version, but Chase denied me a similar bonus when I tried to do ACH pushes to qualify.  They can apparently tell the difference between ACH pushes and actual paycheck deposits somehow.  But if you're really interested, I would look for more data points than just mine.

terran

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #678 on: March 08, 2020, 08:44:54 AM »
Has anyone done the Chase Business checking bonus? I think last time I did it I did 5 debit card transactions, but just transferring money in would be easier. Can anyone confirm that pushing money from another bank account (Ally) would count as an ACH credit?

I don't know about the business version, but Chase denied me a similar bonus when I tried to do ACH pushes to qualify.  They can apparently tell the difference between ACH pushes and actual paycheck deposits somehow.  But if you're really interested, I would look for more data points than just mine.

So this was for the direct deposit requirement? The business bonus doesn't have that, it requires 5 transactions of various types. ACH credits seem easiest (with debit purchases a close second), so I just want to make sure I know what an ACH credit is.

DadJokes

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #679 on: March 08, 2020, 05:45:38 PM »
Has anyone done the Chase Business checking bonus? I think last time I did it I did 5 debit card transactions, but just transferring money in would be easier. Can anyone confirm that pushing money from another bank account (Ally) would count as an ACH credit?

I went to Kroger, got 5 bananas, went to self-checkout, and paid for all 5 separately.

That seemed like the easiest way to handle it to me.

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #680 on: March 08, 2020, 07:55:45 PM »
Has anyone done the Chase Business checking bonus? I think last time I did it I did 5 debit card transactions, but just transferring money in would be easier. Can anyone confirm that pushing money from another bank account (Ally) would count as an ACH credit?

I don't know about the business version, but Chase denied me a similar bonus when I tried to do ACH pushes to qualify.  They can apparently tell the difference between ACH pushes and actual paycheck deposits somehow.  But if you're really interested, I would look for more data points than just mine.

So this was for the direct deposit requirement? The business bonus doesn't have that, it requires 5 transactions of various types. ACH credits seem easiest (with debit purchases a close second), so I just want to make sure I know what an ACH credit is.

Correct.  If they don't say something like "direct deposit of a paycheck or Social Security" then the requirement is different between the business and the personal bonus.

Spitfire

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #681 on: March 11, 2020, 10:13:19 AM »
Citibank taking it's sweet time to post my $200 bonus (for opening an account with $5000 and keeping it there for 60 days). I followed up with a chat agent today and they said I am eligible but it can take up to 90 additional days after leaving the money in for 60 days to get the bonus. It's been 3 months and could take another 2. Still a decent interest rate overall (4% in 5 months works out to 9.6% a year).

From open to bonus posting took a little over 4 months for me last year. Some banks just take longer. Citizens used to post quick but the latest bonus took roughly 4.5 months to post.

Welp, complaining on here worked like a charm, the bonus posted yesterday. Initial funding on Dec 2, and bonus on March 10.

Morning Glory

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #682 on: March 11, 2020, 10:16:18 AM »
If anyone has sofi they are doing a giveaway right now. Just log into their app and there is a claw machine game. I got $5 and the husband got $25. We also did their crypto deal recently for $25 each (bonus posts immediately).

jafr1284

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #683 on: March 30, 2020, 10:42:09 PM »
I just got my schwab checking $100 bonus. I had to keep $1000 daily balance. Working on the wells fargo bonus now.
« Last Edit: March 31, 2020, 03:24:35 PM by jafr1284 »

flower

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #684 on: March 31, 2020, 03:15:51 AM »
Quote
schwab checking $1000 bonus

Could you provide more info about how to get the bonus or a link? TIA

jafr1284

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #685 on: March 31, 2020, 03:25:22 PM »
Quote
schwab checking $1000 bonus

Could you provide more info about how to get the bonus or a link? TIA
Oops I meant $100 bonus lol.  You need to keep $1000 balance. If you want a referral send me a ok.

shortduck

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #686 on: April 01, 2020, 05:24:53 PM »
following

v8rx7guy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #687 on: April 01, 2020, 05:40:23 PM »
Started the process for CIT $300 savings bonus today

shortduck

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #688 on: April 01, 2020, 05:50:19 PM »
I am new here, can someone please let me know from where to find the best sign up bonus?

is this the best resource: https://www.doctorofcredit.com/best-bank-account-bonuses/ ?


v8rx7guy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #689 on: April 01, 2020, 05:55:45 PM »
I am new here, can someone please let me know from where to find the best sign up bonus?

is this the best resource: https://www.doctorofcredit.com/best-bank-account-bonuses/ ?

That's pretty much the best source as far as I know.

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #690 on: April 02, 2020, 07:33:21 AM »
+1, and check your bank offers too. DoC doesn't seem to have $300 BofA checking bonus, which I just opened for a 3rd time it showed up in my online account offers (they also sent an email).

Also going for the $500 BBVA cc bonus DoC recently posted, https://www.doctorofcredit.com/al-fl-tx-az-co-ca-nm-bbva-select-credit-card-500-bonus/. I'll definitely take $500 tax free right now.

shortduck

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #691 on: April 08, 2020, 03:56:52 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.

WOW, that`s great. Can you please summarize how did you do this?

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #692 on: April 08, 2020, 04:50:18 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.

WOW, that`s great. Can you please summarize how did you do this?

10K is pretty outlandish. I did well last year with 2 players and came in just shy of 6K. Trying to break that this year by getting some business accounts for P2. Started out really well but has slowed down due to bank shutdowns.

ostornadoe1

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #693 on: April 09, 2020, 02:49:31 PM »
I am new here, can someone please let me know from where to find the best sign up bonus?

is this the best resource: https://www.doctorofcredit.com/best-bank-account-bonuses/ ?

The DOC is the best, but another one that sometimes has some other offers is everybankbonus.com (I have no association with them)

shortduck

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #694 on: April 09, 2020, 02:54:06 PM »
I am new here, can someone please let me know from where to find the best sign up bonus?

is this the best resource: https://www.doctorofcredit.com/best-bank-account-bonuses/ ?

The DOC is the best, but another one that sometimes has some other offers is everybankbonus.com (I have no association with them)

Thanks for the info.

Morning Glory

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #695 on: April 25, 2020, 07:26:41 AM »
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.

WOW, that`s great. Can you please summarize how did you do this?

Most of the good ones only let you do them once every two years. 2400 in your first 3 months is believable, but not sustainable.

DadJokes

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #696 on: April 25, 2020, 12:55:42 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.

WOW, that`s great. Can you please summarize how did you do this?

Most of the good ones only let you do them once every two years. 2400 in your first 3 months is believable, but not sustainable.

I will probably max out around $4.5k this year for myself. My wife theoretically could have done the same accounts and gotten the same amount, given us a ceiling of $9k. However, she isn't going to do any that require applying in-branch, so a more likely ceiling is $7k.

$10k is a bit ambitious, as I thought more would become available as the year went on. That doesn't appear to have been the case, even if the pandemic hadn't hit.

billy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #697 on: April 25, 2020, 01:24:19 PM »
Does anyone have a gdoc checked bonus tracking template?

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #698 on: May 06, 2020, 03:41:20 PM »
Thought it would slow down this year but so far it's shaping up to be the best bank bonus year. Anyone else having good luck so far?

bacchi

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #699 on: May 06, 2020, 09:18:45 PM »
Thought it would slow down this year but so far it's shaping up to be the best bank bonus year. Anyone else having good luck so far?

I'm waiting for my citi and WF (x2) bonuses to hit before I start any others.