Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 376922 times)

jim555

  • Magnum Stache
  • ******
  • Posts: 3230
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #950 on: March 09, 2022, 07:44:37 AM »
Wells Fargo just paid off the $700 bonus on $50K, just in time for another Citibank offer for another $700 on $50K. 

Live Oak $200 on $25K is a new one.
« Last Edit: March 09, 2022, 07:47:54 AM by jim555 »

katsiki

  • Handlebar Stache
  • *****
  • Posts: 2014
  • Age: 43
  • Location: La.
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #951 on: March 09, 2022, 09:48:28 AM »
FYI, Sofi personal loan was targeted and then went public.  Doctor of Credit has a post.  It has now expired.

I opened from the email.  It funded quick and was easy.  No bonus yet though which has me wondering.  I was not prompted and did not open a "Money" account.  I am hoping that isn't a requirement.  (It is not listed in the emailed terms).

Anyone have any insight on this by chance?
I already had the Money acct from a previous churn, so I don't know.
If you do open the Money acct there is a dd bonus and I think a sign up/referral bonus.

Thanks for the reply.  I'm going to give it a few days and see what happens, then go from there.

In case this helps anyone else..

I did an online chat with Sofi and got confirmation that the bonus will be paid within 30 days.  Had to jump through a couple of hoops and spend 30 minutes in online chat with 3 reps (!!) but it is on its way now.  Worth it for $599!


EDIT: Got the funds as promised.
« Last Edit: March 28, 2022, 02:23:42 PM by katsiki »

jim555

  • Magnum Stache
  • ******
  • Posts: 3230
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #952 on: March 23, 2022, 01:33:00 PM »
Just got a bonus for trying to transfer my IRA to another firm.  They ask me why I'm moving, I told them bonus.  They matched the bonus and I got a bonus for doing nothing now.

solon

  • Handlebar Stache
  • *****
  • Posts: 2343
  • Age: 1823
  • Location: OH
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #953 on: March 23, 2022, 01:37:35 PM »
Just got a bonus for trying to transfer my IRA to another firm.  They ask me why I'm moving, I told them bonus.  They matched the bonus and I got a bonus for doing nothing now.

#likeaboss

DadJokes

  • Handlebar Stache
  • *****
  • Posts: 2359
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #954 on: March 28, 2022, 06:56:13 AM »
Just got a bonus for trying to transfer my IRA to another firm.  They ask me why I'm moving, I told them bonus.  They matched the bonus and I got a bonus for doing nothing now.

That's amazing. Who's the current custodian that matched the bonus?

CCHQ

  • 5 O'Clock Shadow
  • *
  • Posts: 8
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #955 on: March 29, 2022, 10:10:21 AM »
Monifi just cut me off. It was my fifth account this year, and my second with them (using my wife's info). Guess they got wise to the scheme. Oh well, on to the next one. I've bagged $1,500 so far this year.

kpd905

  • Handlebar Stache
  • *****
  • Posts: 2026
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #956 on: March 29, 2022, 05:35:12 PM »
Monifi just cut me off. It was my fifth account this year, and my second with them (using my wife's info). Guess they got wise to the scheme. Oh well, on to the next one. I've bagged $1,500 so far this year.

Wait, so you opened five accounts with Monifi?  Or just five total bank accounts this year?

I finally got approved by Monifi after two or three rejected applications.  So far I have received $25 for putting $50 toward a "Savings Goal", and should get the other $250 in a month or so.

samanil

  • Stubble
  • **
  • Posts: 178
  • Age: 35
  • Location: Seattle
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #957 on: March 30, 2022, 06:19:29 PM »
Just got a bonus for trying to transfer my IRA to another firm.  They ask me why I'm moving, I told them bonus.  They matched the bonus and I got a bonus for doing nothing now.

Lol nice, I'm also curious who matched the bonus. I've gotten dinged with a $75 transfer fee for moving 50k of stock out of both Chase and Citi (but still profited off bonus). Would prefer a match for doing nothing :)

kpd905

  • Handlebar Stache
  • *****
  • Posts: 2026
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #958 on: March 31, 2022, 05:06:58 AM »
Lol nice, I'm also curious who matched the bonus. I've gotten dinged with a $75 transfer fee for moving 50k of stock out of both Chase and Citi (but still profited off bonus). Would prefer a match for doing nothing :)

Where did you transfer to?  Many times the new brokerage will reimburse the account closure fee.

sonofsven

  • Handlebar Stache
  • *****
  • Posts: 1971
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #959 on: March 31, 2022, 09:31:53 AM »
I just cashed in the $500 bonus from Tastyworks for holding my $10k for three months, easy money.
I took a little break the last two months but I'm ready to jump back into the fun.
Two that didn't pay off for me were Sofi money account and Chase checking account. Not sure why, I'll have to go back and check the terms.
I did a bunch of cleanup work, sending various bonuses back to the mothership (discover savings acct), now I need to go through and close the respective accounts.
And, monifi, wth? I'll try opening another account!
I also need a new cell provider as three bonus attempts failed due to Republic Wireless being a VOIP service. Apparently it's considered sketchy (by the banks) because it's pre-paid for service instead of post paid.

chasesfish

  • Magnum Stache
  • ******
  • Posts: 4358
  • Age: 41
  • Location: Florida
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #960 on: March 31, 2022, 03:32:29 PM »
@sonofsven I also just cashed out my $500 from Tastyworks and had the same experience with Sofi.  It was a black hole of spam without paying my bonuses

katsiki

  • Handlebar Stache
  • *****
  • Posts: 2014
  • Age: 43
  • Location: La.
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #961 on: April 01, 2022, 08:47:44 AM »
@chasesfish   @sonofsven    Try chat with Sofi.  It worked for me but took 3 (!!) tries.

elysianfields

  • Pencil Stache
  • ****
  • Posts: 507
  • Location: Asia
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #962 on: April 02, 2022, 04:44:13 AM »
Lol nice, I'm also curious who matched the bonus. I've gotten dinged with a $75 transfer fee for moving 50k of stock out of both Chase and Citi (but still profited off bonus). Would prefer a match for doing nothing :)

Where did you transfer to?  Many times the new brokerage will reimburse the account closure fee.

@kpd905 @samanil Indeed, Charles Schwab and Fidelity both reimbursed me for account closure fees.  I suppose with zero-commission trading E*Trade and TDAmeritrade both need to make their money somehow (though Morgan Stanley bought the former and Schwab bought the latter).

elysianfields

  • Pencil Stache
  • ****
  • Posts: 507
  • Location: Asia
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #963 on: April 02, 2022, 04:45:47 AM »
I also need a new cell provider as three bonus attempts failed due to Republic Wireless being a VOIP service. Apparently it's considered sketchy (by the banks) because it's pre-paid for service instead of post paid.

Since were overseas we use Google Voice for the win.  Most banks will work with GV even if its a VoIP service.  Plus GV is free.

MasterStache

  • Magnum Stache
  • ******
  • Posts: 2907
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #964 on: April 02, 2022, 07:21:41 AM »
Monifi just cut me off. It was my fifth account this year, and my second with them (using my wife's info). Guess they got wise to the scheme. Oh well, on to the next one. I've bagged $1,500 so far this year.

Wait, so you opened five accounts with Monifi?  Or just five total bank accounts this year?

I finally got approved by Monifi after two or three rejected applications.  So far I have received $25 for putting $50 toward a "Savings Goal", and should get the other $250 in a month or so.

I'm curious as well as churning Monifi doesn't seem possible (I know, I tried).

DadJokes

  • Handlebar Stache
  • *****
  • Posts: 2359
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #965 on: April 02, 2022, 07:42:55 AM »
https://www.bloomberg.com/news/features/2022-03-30/sports-betting-app-promos-make-bettors-look-for-new-edge

Next frontier for churning?

I generally detest sports gambling, but I certainly wouldn't be opposed to milking $7k out of those companies.

sonofsven

  • Handlebar Stache
  • *****
  • Posts: 1971
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #966 on: April 02, 2022, 11:12:16 AM »
https://www.bloomberg.com/news/features/2022-03-30/sports-betting-app-promos-make-bettors-look-for-new-edge

Next frontier for churning?

I generally detest sports gambling, but I certainly wouldn't be opposed to milking $7k out of those companies.
Let us know if you do it, I'm in. I've been to Vegas twice and never gambled a cent so I know I won't be tempted by any sports gambling.

Paul der Krake

  • Walrus Stache
  • *******
  • Posts: 5854
  • Age: 16
  • Location: UTC-10:00
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #967 on: April 02, 2022, 02:37:27 PM »
For now that avenue is de facto restricted to NY residents.

secondcor521

  • Walrus Stache
  • *******
  • Posts: 5470
  • Age: 54
  • Location: Boise, Idaho
  • Big cattle, no hat.
    • Age of Eon - Overwatch player videos
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #968 on: April 02, 2022, 03:26:04 PM »
https://www.bloomberg.com/news/features/2022-03-30/sports-betting-app-promos-make-bettors-look-for-new-edge

Next frontier for churning?

I generally detest sports gambling, but I certainly wouldn't be opposed to milking $7k out of those companies.

Taxes kill the deal IMHO.

You make $5000 on the winning bet, lose $4000 on the losing matched bet.  $1000 "profit", but 25% taxes on the $5000 means you pay $1250 to the IRS, so a net loss of $250 if the $4000 itemized deduction loss is below your standard deduction.

Unless you go big.

If you're MFJ and somehow could win $50,000 and lose $40,000, then you have $10K profit, $12,500 in taxes, and essentially a $40,000 - $25,000 = $15,000 itemized deduction benefit, which at that same 25% is equal to a $3,750 credit.  Net benefit of $10K - $12.5K = -$2.5K + $3,750 = $1,250 bottom line on $50K bet.  That's a 2.5% ROI.

Or perhaps decide to claim to be a professional gambler.

I don't know exactly how the taxes work in that situation, but I think you can just net your wins and losses, so in the previous $50K example you'd have a net profit of $10K, taxes of $2.5K, so a $7.5K bottom line.  Unless you have to pay SE taxes; that would be another 15% or so, so $1.5K, so a $6K net or 12% ROI.  Perhaps you could deduct expenses too - travel to the casino, hotel/meals while gambling?

I think I'll pass.  The work and risk to go big is more than I'm interested in currently.  Interesting idea though.

therethere

  • Handlebar Stache
  • *****
  • Posts: 1021
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #969 on: April 04, 2022, 07:55:01 AM »
DH was playing with the gambling promos in 2021. It was semi-lucrative if you could have discipline to only do easy promo bets and/or hedge your bets for guaranteed profit. But it is incredibly time consuming and the odds change by algorithm by the minute. So you can't really rely on copying deals. Once we found out about the proper tax laws, he quit because it's not worth the potential headache and tax consequences. As a datapoint, none of the 5 gambling sites he used ever sent a 1099.

sonofsven

  • Handlebar Stache
  • *****
  • Posts: 1971
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #970 on: April 04, 2022, 08:41:58 AM »
Thanks for the "heads up", secondcor and therethere. Sounds like too much time/trouble for me.

DadJokes

  • Handlebar Stache
  • *****
  • Posts: 2359
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #971 on: April 04, 2022, 03:01:52 PM »
The fact that gambling losses are only deductible if you itemize or are a professional gambler certainly makes it less than ideal.

samanil

  • Stubble
  • **
  • Posts: 178
  • Age: 35
  • Location: Seattle
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #972 on: April 09, 2022, 02:52:06 PM »
Lol nice, I'm also curious who matched the bonus. I've gotten dinged with a $75 transfer fee for moving 50k of stock out of both Chase and Citi (but still profited off bonus). Would prefer a match for doing nothing :)

Where did you transfer to?  Many times the new brokerage will reimburse the account closure fee.

I went from Chase to Citi, and followed up with Citi several times to try to get the fee waived, didn't happen. Then I just went from Citi to Interactive brokers and got hit with another fee. I haven't tried to follow up but thanks for the reminder, I'll see if they will waive the fee.

SpaceCow

  • Stubble
  • **
  • Posts: 113
  • Location: Michigan
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #973 on: April 11, 2022, 11:20:30 AM »
Another really easy one from Fidelity, open a new account (I chose cash management, aka checking), deposit $50, receive$100 bonus.
Details and promo link at DOC.

This one is back. Took advantage of it today. $100 for 15 minutes of effort.

okisok

  • Pencil Stache
  • ****
  • Posts: 764
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #974 on: April 12, 2022, 07:12:12 PM »
I got my payout from Capital One's Savor card. Spent $500 in under 3 months, got a $200 reward. Promptly used it to pay off the card.

Edited: Not chase, capital one
« Last Edit: June 18, 2022, 04:45:59 PM by okisok »

tj

  • Handlebar Stache
  • *****
  • Posts: 1983
  • Age: 38
  • Location: Orange County CA
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #975 on: April 12, 2022, 10:14:24 PM »
I got my payout from Chase's Savor card. Spent $500 in under 3 months, got a $200 reward. Promptly used it to pay off the card.

I assume you mean Capitalone.

netloc

  • 5 O'Clock Shadow
  • *
  • Posts: 32
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #976 on: April 13, 2022, 06:51:01 AM »
Hi everyone, first-timer here with a few questions.

I had seen this thread pop up a time or two and was intrigued but was busy with life and kept saying "maybe someday."

Anyway, I received a promo in the mail from Citizens Bank with a $600 bonus offer:
$300 for (3) deposits of $200 into a savings account for three consecutive months (1/month).
$300 for a direct deposit of $500 into a checking account within 60 days of opening it.

I decided to give it a try and opened the accounts over the weekend.

My questions:
Is this really as simple as keeping track of information? Seems like a spreadsheet + calendar reminders is all that's required. I'm fairly well organized so this just seems too simple.

I read through the first few pages of this thread which quickly becomes people discussing specific offers. Which is fine, obviously. But I'm still a little bit hesitant and want to do some more reading to decide if I want this to become a regular thing. Is the Doctor of Credit site the best resource for familiarizing myself with the general process?

I hesitate because I would like to avoid negative consequences. I understand that hard pulls can affect credit score but that some banks will do a soft pull instead. Are there any other potential pitfalls? I had worried about opening and closing accounts all the time, but it seems like that is only a problem with some banks if you try to close within a certain window of time after opening (so the solution is just to keep your money there a little bit longer).

I am also looking for insight on the direct deposit requirement. On DoC, it looks like there are numerous ways to trigger a bank to accept something as a direct deposit that does not involve constantly tinkering with the direct deposit from your employer. I don't mind changing where my paycheck is deposited, however, I have a lot of my paycheck withheld (401k, mega backdoor roth, employee stock purchase plan). So, for this first one, I will have to change my 401k and after-tax contributions to meet the $500 requirement, which is kind of a pain. It would be nice if I could work around that.

Thanks for any wisdom you all are willing to impart!

sonofsven

  • Handlebar Stache
  • *****
  • Posts: 1971
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #977 on: April 13, 2022, 07:45:02 AM »
Hi everyone, first-timer here with a few questions.

I had seen this thread pop up a time or two and was intrigued but was busy with life and kept saying "maybe someday."

Anyway, I received a promo in the mail from Citizens Bank with a $600 bonus offer:
$300 for (3) deposits of $200 into a savings account for three consecutive months (1/month).
$300 for a direct deposit of $500 into a checking account within 60 days of opening it.

I decided to give it a try and opened the accounts over the weekend.

My questions:
Is this really as simple as keeping track of information? Seems like a spreadsheet + calendar reminders is all that's required. I'm fairly well organized so this just seems too simple.

I read through the first few pages of this thread which quickly becomes people discussing specific offers. Which is fine, obviously. But I'm still a little bit hesitant and want to do some more reading to decide if I want this to become a regular thing. Is the Doctor of Credit site the best resource for familiarizing myself with the general process?

I hesitate because I would like to avoid negative consequences. I understand that hard pulls can affect credit score but that some banks will do a soft pull instead. Are there any other potential pitfalls? I had worried about opening and closing accounts all the time, but it seems like that is only a problem with some banks if you try to close within a certain window of time after opening (so the solution is just to keep your money there a little bit longer).

I am also looking for insight on the direct deposit requirement. On DoC, it looks like there are numerous ways to trigger a bank to accept something as a direct deposit that does not involve constantly tinkering with the direct deposit from your employer. I don't mind changing where my paycheck is deposited, however, I have a lot of my paycheck withheld (401k, mega backdoor roth, employee stock purchase plan). So, for this first one, I will have to change my 401k and after-tax contributions to meet the $500 requirement, which is kind of a pain. It would be nice if I could work around that.

Thanks for any wisdom you all are willing to impart!

Yes, it's mainly just an organization exercise.

I've only used DoC so that's my benchmark. There is a lot of specific information there in the comments as well.

My credit score dropped from mid 800's to high 700's after my first year.

I've never had the option of using a "real" DD, but I've had good results using the fake DD's to trigger the bonus. I've used DoC to research the accounts that work and supplied data points (DP in the DoC lingo) in the comments section on my successes, and failures.


Rusted Rose

  • Stubble
  • **
  • Posts: 229
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #978 on: April 13, 2022, 09:24:14 AM »
Thanks for any wisdom you all are willing to impart!

I don't know about wisdom ... I did a couple of these, plus credit card bonuses, for the first time last year.

I'm not terribly worried about bouncing credit scores since I don't have any plans that really call for maximizing that in the near future, and they'll float back up over time anyway. Plus I think for banks, the main pull concern is Chexsystems? So it doesn't impact FICO as far as I know. I'm not an expert though.

YMMV as far as alternative direct deposit requirements--I used one that DOC said worked for Chase, but it didn't, so I should redirect that account.

Occasionally when DOC says no DD is required, it sometimes turns out not to be true once you follow the trail into the offer. No big deal but it can be a little disappointing? (And I see more current offers making it a bigger pain to bother with--like 4 different things over time for $50 each to get your $200 after an entire year ... bahhh.)

One thing to keep in mind is that bank bonuses are taxable. Credit card ones ... currently I don't think that's nailed down but there is fine print CYA on offers stating that it could be a thing.

secondcor521

  • Walrus Stache
  • *******
  • Posts: 5470
  • Age: 54
  • Location: Boise, Idaho
  • Big cattle, no hat.
    • Age of Eon - Overwatch player videos
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #979 on: April 13, 2022, 09:54:06 AM »
Hi everyone, first-timer here with a few questions.

I had seen this thread pop up a time or two and was intrigued but was busy with life and kept saying "maybe someday."

Anyway, I received a promo in the mail from Citizens Bank with a $600 bonus offer:
$300 for (3) deposits of $200 into a savings account for three consecutive months (1/month).
$300 for a direct deposit of $500 into a checking account within 60 days of opening it.

I decided to give it a try and opened the accounts over the weekend.

My questions:
Is this really as simple as keeping track of information? Seems like a spreadsheet + calendar reminders is all that's required. I'm fairly well organized so this just seems too simple.

I read through the first few pages of this thread which quickly becomes people discussing specific offers. Which is fine, obviously. But I'm still a little bit hesitant and want to do some more reading to decide if I want this to become a regular thing. Is the Doctor of Credit site the best resource for familiarizing myself with the general process?

I hesitate because I would like to avoid negative consequences. I understand that hard pulls can affect credit score but that some banks will do a soft pull instead. Are there any other potential pitfalls? I had worried about opening and closing accounts all the time, but it seems like that is only a problem with some banks if you try to close within a certain window of time after opening (so the solution is just to keep your money there a little bit longer).

I am also looking for insight on the direct deposit requirement. On DoC, it looks like there are numerous ways to trigger a bank to accept something as a direct deposit that does not involve constantly tinkering with the direct deposit from your employer. I don't mind changing where my paycheck is deposited, however, I have a lot of my paycheck withheld (401k, mega backdoor roth, employee stock purchase plan). So, for this first one, I will have to change my 401k and after-tax contributions to meet the $500 requirement, which is kind of a pain. It would be nice if I could work around that.

Thanks for any wisdom you all are willing to impart!

It is pretty simple.  Most people are not organized enough, so they fail to meet the requirements.  Also, because switching banks is a hassle, the incentives help entice people to go through the hassle, and having done that, they will stick with the new bank.  The new bank hopes people will then use more services and increase the bank's revenue.  It's basically bank marketing.

You'll want to look out for and avoid fees.  DoC usually has the rundown on those for any specific offer.  Common ones include paper statement fees, low balance fees, and early account closure fees.  Turn off paper statements, avoid low balances, and keep the account open long enough.

DoC is the best I think, but someone posted "everybankbonus.com" here the other day and that looked good on a cursory glance.

Besides soft credit pulls, the other thing to be aware of is ChexSystems.  It's mainly a data sharing system among banks to avoid opening accounts for people who behave badly with bank accounts, like bouncing checks.  But some banks think that customers opening lots of bank accounts in a short period of time (like us) is risky behavior.  So you may find if you do too many that you'll get rejected from even opening the accounts.  But each bank is different on how sensitive they are to this, and the solution here is to slow down.  Also, the amount of new accounts you can open in a short period of time is pretty generous.

I guess the other thing to be aware of is the risk of forgetting about an account and leaving money behind.  Most people organized enough to play this game won't have a problem, and there are usually enough reminders to notice this.

And I do what the other poster implied - I look at DoC data points and what I have available to me and then pick the method that should work the best.  Despite doing this, last time I think I only succeeded on two of six bonuses.  But I've had better success in the past, so that data point may be an outlier.  Also, depending on how much cash you have on hand, you can sometimes try to meet the bonus using multiple methods.

HPstache

  • Magnum Stache
  • ******
  • Posts: 2856
  • Age: 37
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #980 on: April 13, 2022, 09:58:00 AM »
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 .  More details on DOC.

jim555

  • Magnum Stache
  • ******
  • Posts: 3230
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #981 on: April 27, 2022, 12:54:08 PM »
Just got one sent to me.  Capital One 360 Performance Savings.  Deposit at least $20,000 for a $150 bonus, or at least $50,000 for a $450 bonus, from externally sourced funds within 15 days of opening and hold your deposit amount for at least 90 days.

I had an account with them, collected bonus and closed.  Time to wash and repeat.

Edit:  After reading the fine print it looks like a trick.  "If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2019, you will be ineligible for the bonus."  So they trick you to give them cash, then they invoke the fine print and you get no bonus.  Nice try CapOne.
« Last Edit: April 27, 2022, 05:56:57 PM by jim555 »

katsiki

  • Handlebar Stache
  • *****
  • Posts: 2014
  • Age: 43
  • Location: La.
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #982 on: April 27, 2022, 10:17:39 PM »
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 .  More details on DOC.

Was this the one that had to be opened in a branch?

Morning Glory

  • Magnum Stache
  • ******
  • Posts: 4841
  • Location: The Garden Path
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #983 on: May 02, 2022, 01:40:19 PM »
Thanks for any wisdom you all are willing to impart!

I don't know about wisdom ... I did a couple of these, plus credit card bonuses, for the first time last year.

I'm not terribly worried about bouncing credit scores since I don't have any plans that really call for maximizing that in the near future, and they'll float back up over time anyway. Plus I think for banks, the main pull concern is Chexsystems? So it doesn't impact FICO as far as I know. I'm not an expert though.

YMMV as far as alternative direct deposit requirements--I used one that DOC said worked for Chase, but it didn't, so I should redirect that account.

Occasionally when DOC says no DD is required, it sometimes turns out not to be true once you follow the trail into the offer. No big deal but it can be a little disappointing? (And I see more current offers making it a bigger pain to bother with--like 4 different things over time for $50 each to get your $200 after an entire year ... bahhh.)

One thing to keep in mind is that bank bonuses are taxable. Credit card ones ... currently I don't think that's nailed down but there is fine print CYA on offers stating that it could be a thing.

Credit card bonuses for meeting a minimum spend are not taxable; they are considered a rebate. Credit card and bank referral bonuses are taxable and you will get a 1099 misc. Bank bonuses are taxed as interest and you'll get a 1099 int.


HPstache

  • Magnum Stache
  • ******
  • Posts: 2856
  • Age: 37
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #984 on: May 02, 2022, 02:26:32 PM »
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 .  More details on DOC.

Was this the one that had to be opened in a branch?

Yes, I have my appt today.  I'm willing to do a lot for $1,500 :)

sonofsven

  • Handlebar Stache
  • *****
  • Posts: 1971
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #985 on: May 02, 2022, 08:02:44 PM »
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 .  More details on DOC.

Was this the one that had to be opened in a branch?

Yes, I have my appt today.  I'm willing to do a lot for $1,500 :)

I put that one off and they pulled it early! Slacking off and bonus chasing don't mix.

MasterStache

  • Magnum Stache
  • ******
  • Posts: 2907
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #986 on: May 03, 2022, 06:34:15 AM »
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 .  More details on DOC.

Was this the one that had to be opened in a branch?

Yes, I have my appt today.  I'm willing to do a lot for $1,500 :)

I put that one off and they pulled it early! Slacking off and bonus chasing don't mix.

It's hit or miss. Sometimes on the smaller bonuses they will increase the bonus after a bit. For instance I signed up for the $125 Monifi bonus last year but slacked off signing up P2. About a month later they increased the offer to $275. Of course I had to jump all over that for P2.

HPstache

  • Magnum Stache
  • ******
  • Posts: 2856
  • Age: 37
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #987 on: May 03, 2022, 08:11:38 AM »
It was a 1-1/2 hour appointment since the WF Bank lady was having a terrible time with her computer.  She was shocked at the bonus value but excited for me.  When she inputted the code toward the end, it confirmed I was eligible and the the code was good and active.  Here is hoping in 2 months I am $1,500 richer... my small business could actually use it right now!

Dicey

  • Senior Mustachian
  • ********
  • Posts: 22105
  • Age: 65
  • Location: NorCal
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #988 on: May 03, 2022, 08:15:08 AM »
It was a 1-1/2 hour appointment since the WF Bank lady was having a terrible time with her computer.  She was shocked at the bonus value but excited for me.  When she inputted the code toward the end, it confirmed I was eligible and the the code was good and active.  Here is hoping in 2 months I am $1,500 richer... my small business could actually use it right now!
Sweet!

katsiki

  • Handlebar Stache
  • *****
  • Posts: 2014
  • Age: 43
  • Location: La.
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #989 on: May 04, 2022, 06:24:03 PM »
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 .  More details on DOC.

Was this the one that had to be opened in a branch?

Yes, I have my appt today.  I'm willing to do a lot for $1,500 :)

Thanks for the reply.  Agreed!  Well worth it.  Unfortunately, no WF branches in my state.

sonofsven

  • Handlebar Stache
  • *****
  • Posts: 1971
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #990 on: June 16, 2022, 09:19:43 AM »
@sonofsven I also just cashed out my $500 from Tastyworks and had the same experience with Sofi.  It was a black hole of spam without paying my bonuses
[/quote

Returning to the Sofi bank bonus, I opened a new checking/savings (the new version of sofi money). Previously I never got their bonus because my deposits were not "direct deposits".
After reading about Astra on doc I set up an Astra account (it's not a bank, more of a transfer service) and the first attempt did code as a direct deposit at Sofi.
I still need to do a few more fake dd,'s before I qualify for the bonus,  but I'm hopeful it might work this time.
Make sure to read the Sofi and Astra threads at doc, there are some little details that are important, but the gist is you set up a "recurring routine" at Astra to transfer from a bank account (Discover, in my case), and name it "payroll".

anni

  • Stubble
  • **
  • Posts: 205
  • Age: 28
  • Location: The Beautiful Mid Atlantic
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #991 on: June 27, 2022, 04:53:38 PM »
Silver lining on not being able to use my down payment savings to buy a house this year: I've been moving my savings and direct deposit around all year racking up the bonuses!

$450 from HSBC
$300 from Citi Bank
$300 from SoFi (direct deposit only - but now earning 1.25% APY on most of my savings)
$225 from Chase (direct deposit only)
and waiting on $300 from Truist now :D

holy crap, that's $1,575 and it's only June!!!

Next step is to find a bank branch that can actually sign my I-Bonds identity verification thingie...

jim555

  • Magnum Stache
  • ******
  • Posts: 3230
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #992 on: June 27, 2022, 05:05:37 PM »
Wells Fargo just paid off the $700 bonus on $50K, just in time for another Citibank offer for another $700 on $50K. 

Live Oak $200 on $25K is a new one.
Just an update these all paid off, Schwab paid $625 to keep me after I told them I had another bonus offer and wanted to move the account.

Working on a new $200 for $1,000 spending in 3 months AmEx offer.

sonofsven

  • Handlebar Stache
  • *****
  • Posts: 1971
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #993 on: July 04, 2022, 09:47:27 AM »
The sofi personal loan bonus is back, ends July 5 though. Take out a small loan, receive bonus, pay back loan. It's $600 now.

MasterStache

  • Magnum Stache
  • ******
  • Posts: 2907
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #994 on: July 05, 2022, 06:28:04 AM »
The sofi personal loan bonus is back, ends July 5 though. Take out a small loan, receive bonus, pay back loan. It's $600 now.

Make sure you read up on the impact on your credit score this type of loan will have.

katsiki

  • Handlebar Stache
  • *****
  • Posts: 2014
  • Age: 43
  • Location: La.
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #995 on: July 05, 2022, 12:41:49 PM »
The sofi personal loan bonus is back, ends July 5 though. Take out a small loan, receive bonus, pay back loan. It's $600 now.

Make sure you read up on the impact on your credit score this type of loan will have.

FWIW, that may be overblown.  I saw no impact.  I think it only reported to 1 CB also.

MasterStache

  • Magnum Stache
  • ******
  • Posts: 2907
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #996 on: July 05, 2022, 06:54:54 PM »
The sofi personal loan bonus is back, ends July 5 though. Take out a small loan, receive bonus, pay back loan. It's $600 now.

Make sure you read up on the impact on your credit score this type of loan will have.

FWIW, that may be overblown.  I saw no impact.  I think it only reported to 1 CB also.

It seems to be hit or miss. Read some DPs about 20-30 point drops in credit score and possibly more. Saw some DPs of no impact. I'm still undecided.

secondcor521

  • Walrus Stache
  • *******
  • Posts: 5470
  • Age: 54
  • Location: Boise, Idaho
  • Big cattle, no hat.
    • Age of Eon - Overwatch player videos
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #997 on: July 05, 2022, 08:02:16 PM »
The sofi personal loan bonus is back, ends July 5 though. Take out a small loan, receive bonus, pay back loan. It's $600 now.

Make sure you read up on the impact on your credit score this type of loan will have.

FWIW, that may be overblown.  I saw no impact.  I think it only reported to 1 CB also.

It seems to be hit or miss. Read some DPs about 20-30 point drops in credit score and possibly more. Saw some DPs of no impact. I'm still undecided.

The impact will depend on the rest of the credit report.  Also, getting a sofi loan at the same time as a CC balance goes to high utilization, some people will attribute their score drop to the former when it is more due to the latter.

sonofsven

  • Handlebar Stache
  • *****
  • Posts: 1971
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #998 on: August 06, 2022, 01:28:14 PM »
There's an easy $300 Laurel Road (Key Bank, essentially) bonus,  requires one $2500 dd. Continue to dd $2500/mo and get $20/mo for the next 12 months.
If you have a P2 refer them for a credit card for another $400 (refer before P2 opens bank account, new customers only).

jim555

  • Magnum Stache
  • ******
  • Posts: 3230
Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #999 on: August 07, 2022, 08:41:23 AM »
Working on a new $200 for $1,000 spending in 3 months AmEx offer.
This one paid off.  AmEx was very prompt.