Post by: johnny847 on March 20, 2015, 06:38:32 PM
So I've seen plenty of talk of credit card churning on this forum, but I haven't seen nearly as much chatter on bank account churning. I thought I'd write up my experiences on this.
Numerous banks have signup bonuses for their bank accounts. Typically I go for the $150 or higher ones (I'll explain why I don't go for every single one I see later - it's not just because it's one more account to manage).
What are the requirements?
The typical requirements for a signup bonus are:
- Direct deposit $X
- Sometimes, use their bill pay to pay Y payees at least $Z
- Sometimes, make W debit card transactions
- Sometimes, you must maintain $U for T days
Of course, many bank accounts require a minimum or average balance to avoid fees on the account. Also, some accounts charge a fee if you close your account soon after opening it (the threshold is usually 6 months).
What qualifies as a direct deposit?
I'm lucky to have an employer that allows me to 1) split my paycheck to three separate bank accounts, and 2) change my direct deposit accounts at any time online, thereby not annoying people in person at HR (maybe HR does need to do some human intervention every time I change my DD settings, but I doubt this). Therefore, I pretty much always just do an actual direct deposit.
However, more often than not, an ACH transfer from one of your other accounts will work. To see a list of such qualifying transfers, check here: http://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/ (http://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/)
What kind of return can I expect?
Typically, you can get a $150-$200 fee free return for opening an account, fulfilling their DD and or bill pay and debit card transaction requirements, keeping $2000 in the account, and leaving the account open for six months. So that's a 7.5 - 10% return over 6 months. Which is a 15.56% - 21% annualized return, if I've done my math correctly.
How can I find these offers?
I find out about these bank account bonuses by following www.doctorofcredit.com (http://www.doctorofcredit.com). He has many other worthwhile posts too, mostly about MS and churning CC's. To find the current bonuses, go to http://www.doctorofcredit.com/best-bank-account-bonuses/ (http://www.doctorofcredit.com/best-bank-account-bonuses/).
How can I make $1600 in a year?
This year, I have earned
- $150 from Chase Savings (this has a much higher requirement of maintaining $10k for 90 days. I did this because I was tax loss harvesting VTIAX at the time, otherwise I wouldn't have done it)
- $200 from PNC Virtual Wallet
- $200 from Fifth Third Bank
- $60 from Santander
I have the following that I am meeting the requirements for:
- $200 from Nationwide Bank
- $150 from BMO Harris
- $200 from Suntrust
- $180 from Santander
I also plan on getting a $300 Chase checking bonus again this year (I got it last year). The coupon for this will probably cost about $20. Hence the $1600 in the title.
But, I expect there will be more signup bonuses as the year goes on, so I'll probably make more than that.
I do believe some of these offers are expired. Check out that link I have above with current bonuses.
Things to watch out for
Stay organized! I created a calendar in Google Calendar specifically to track when I opened my accounts, when I met the requirements, by when I expect the bonus, and when I closed the accounts. I also do a check before every paycheck gets cut to make sure my DD settings are correct to meet the requirements.
Some banks will do a hard pull on your credit report to open an account. I would never recommend you do this. The Doctor of Credit blog always tries to tell you if it is a hard or soft pull to open the account.
Some bank account bonuses are specific to a region.
All bank account bonuses are treated as interest and are therefore taxable. I think it's still worth it, but you just need to make sure your tax withholding and/or estimated tax payments take into account this income.
Why not chase all bank bonuses?
Some banks will pull your ChexSystems report. It's kinda like your credit report, but for banks. According to Doctor of Credit, if you have too many recent inquiries on your ChexSystems report, you may get denied for a bank account. Hence, I go after the $150-$200 bonuses only.
Another benefit: Manufactured Spending Opportunity!
Some banks will let you fund the initial deposit with a credit card. Sometimes this will be charged as a cash advance, sometimes not. I highly recommend you set your cash advance limit to zero before doing this. Also, you can check out http://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/ (http://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/) to see if people have been charged cash advance fees in the past for popular cards and banks. Citi almost always charges this as a cash advance.
I've gotten 2500 Chase Freedom points and 2000 Barclaycard Arrival miles from funding bank accounts with a credit card, without cash advance fees.
Two notable bonuses
Santander gives you $20 for $1500 DD and 2 bill pays. Read more here http://www.doctorofcredit.com/santander-20-per-month-bonus-sign-extra20-bundle/ (http://www.doctorofcredit.com/santander-20-per-month-bonus-sign-extra20-bundle/)
Chase often mails out coupons for bank signup bonuses. People sell these on eBay. I've bought one before and used it. You can read more here http://www.doctorofcredit.com/coupon-promo-codes/chase-coupon-codes/ (http://www.doctorofcredit.com/coupon-promo-codes/chase-coupon-codes/)
In the end, is it worth it?
I think so. I use YNAB to keep track of all of these accounts, and Google Calendar to keep track of the dates of everything. I find it to be pretty easy - it doesn't take that much time and changing my DD settings is dead simple. But in the end, of course only you can make the judgement.
Even if you don't churn bank accounts, I'd still recommend getting the Santander one. That's one you can automate very easily (many people just set up automatic transfers of $1500+ and two bill pays).
I probably sound like a fanboy or something of the Doctor of Credit blog. But really, it's a good blog that I have no affiliation with.
P.S. For those of you who have methods of MSing with debit cards, I recommend you sign up for a UFB Airline Rewards checking account. For every $2 you spend with your debit card, you can earn 1 American Airlines mile.
Post by: ryanthequark on March 20, 2015, 08:10:28 PM
I stumbled upon this myself, and with the accounts I have now I should make $650:
$300 from Chase;
$200 from Key Bank;
$100 from Sound Credit Union;
$50 from BECU credit union.
I just closed my BECU account today, having fulfilled the duration requirement. It was nice to have that bonus in my pocket!
Post by: nanu on March 20, 2015, 09:19:16 PM
With CC churning you can get several hundred dollars from each card's sign up bonus if you redeem it for cash/statement credit,
and potentially much more if you actually use the miles to book travel.
Post by: johnny847 on March 20, 2015, 10:30:56 PM
This looks nice, and I've never really given it much thought before, but seems fairly inferior to CC churning.
With CC churning you can get several hundred dollars from each card's sign up bonus if you redeem it for cash/statement credit,
and potentially much more if you actually use the miles to book travel.
That's true, but credit cards always require a hard pull, limiting how many cards you can apply to. Bank accounts sometimes do a ChexSystems inquiry, which has nothing to do with your credit score. Other times they do a soft inquiry on your credit report, again not affecting your credit score.
Also, it's not like you have to do one or the other. I do both. In fact, one feeds the other - I MS'd $1000 on my Arrival+ to help meet the minimum spend while funding the BMO Harris account I am churning.
Post by: idjces on March 20, 2015, 10:33:56 PM
I'd love to be able to apply for all the bank and cc bonuses you guys get
There were quite a few of these available in Australia last year, made maybe $700 between me and my partner. That's a free $700 added to investments, so I won't say no to that :)
Post by: johnny847 on March 20, 2015, 10:36:30 PM
Any idea if you can apply for these when you're not an american resident/citizen?
I'd love to be able to apply for all the bank and cc bonuses you guys get
There were quite a few of these available in Australia last year, made maybe $700 between me and my partner. That's a free $700 added to investments, so I won't say no to that :)
As far as I know, you need a US address on all US bank accounts.
Post by: Cathy on March 20, 2015, 11:07:21 PM
TD Bank, N.A. will open accounts for Canadians with no US address and no connection to the USA whatsoever, and they will do it over the phone without ever meeting you in person.
However, I don't know of any other US banks that do that.
Post by: gomike on March 20, 2015, 11:10:31 PM
Post by: nanu on March 21, 2015, 05:01:39 AM
It's true that you could do both, but CC churning seems much more lucrative for the time spent,This looks nice, and I've never really given it much thought before, but seems fairly inferior to CC churning.
With CC churning you can get several hundred dollars from each card's sign up bonus if you redeem it for cash/statement credit,
and potentially much more if you actually use the miles to book travel.
That's true, but credit cards always require a hard pull, limiting how many cards you can apply to. Bank accounts sometimes do a ChexSystems inquiry, which has nothing to do with your credit score. Other times they do a soft inquiry on your credit report, again not affecting your credit score.
Also, it's not like you have to do one or the other. I do both. In fact, one feeds the other - I MS'd $1000 on my Arrival+ to help meet the minimum spend while funding the BMO Harris account I am churning.
whereas bank account churning seems like a small profit for the amount of work you put in.
That being said, I appreciate the information about something I didn't really know before, and I might try it in the future to see how much work it is and if it's worth the hassle.
Post by: kpd905 on March 21, 2015, 06:42:32 AM
This looks nice, and I've never really given it much thought before, but seems fairly inferior to CC churning.
With CC churning you can get several hundred dollars from each card's sign up bonus if you redeem it for cash/statement credit,
and potentially much more if you actually use the miles to book travel.
You can actually combine them in some cases.
I opened a PNC account for the $300 bonus, and was able to put $2000 into the account with my Barclays Arrival, which helped me hit the bonus on that. So I ended up with $740 with this combo.
I am grabbing a Chase Checking $200 bonus in a week or two.
I will admit that credit cards are much better, but if you are already signing up for 15+ credit cards a year like I am, you can't really get too many more.
Post by: johndcrist on March 21, 2015, 07:22:10 AM
Post by: johnny847 on March 21, 2015, 07:53:30 AM
Considering I have to MS in order to meet the minimum spend for credit card churning (and Amex Serve is disallowing online cc loads starting April 16th), I find that credit card churning and bank account churning take about the same amount of time. However, bank account churning definitely takes more capital, as you typically end up locking up some money to avoid bank fees.It's true that you could do both, but CC churning seems much more lucrative for the time spent,This looks nice, and I've never really given it much thought before, but seems fairly inferior to CC churning.
With CC churning you can get several hundred dollars from each card's sign up bonus if you redeem it for cash/statement credit,
and potentially much more if you actually use the miles to book travel.
That's true, but credit cards always require a hard pull, limiting how many cards you can apply to. Bank accounts sometimes do a ChexSystems inquiry, which has nothing to do with your credit score. Other times they do a soft inquiry on your credit report, again not affecting your credit score.
Also, it's not like you have to do one or the other. I do both. In fact, one feeds the other - I MS'd $1000 on my Arrival+ to help meet the minimum spend while funding the BMO Harris account I am churning.
whereas bank account churning seems like a small profit for the amount of work you put in.
That being said, I appreciate the information about something I didn't really know before, and I might try it in the future to see how much work it is and if it's worth the hassle.
Post by: daverobev on March 21, 2015, 02:15:23 PM
There's no US law that requires a US address for a bank account. There is no legal requirement that a person opening a US bank account have any connection to the USA whatsoever. There is also no requirement to have an SSN or other tax identifying number to open a bank account.
TD Bank, N.A. will open accounts for Canadians with no US address and no connection to the USA whatsoever, and they will do it over the phone without ever meeting you in person.
However, I don't know of any other US banks that do that.
RBC Bank do both a checking and credit card off your Canadian history, without going to the US (I had to go in to my local RBC). Can all be set to a Canadian address.
TD have changed stuff and generally can be a pain - so I've read.
AFAIK most US banks will need a US address. Not a legal requirement, but a requirement nonetheless.
Post by: misschedda on March 25, 2015, 12:52:39 PM
Post by: Bob W on March 25, 2015, 03:04:05 PM
So if I read this right, between my wife and I we could have a very lucrative 3K in annual income for about 20ish hours work per year? So that is like getting paid $150 per hour.
Sweet!
Keep those excellent ideas coming!
*(might only work for a year or two but still 6K in relatively free money is nice)
Post by: daverobev on March 25, 2015, 04:33:57 PM
Post by: johnny847 on March 25, 2015, 04:51:23 PM
Just cashed out a $50 Discover bank bonus today! It's my fourth or fifth banking bonus and I've found them much easier to do than credit card churning (but I do both anyway).
*High five*
This is an awesomeadvertisementpost!
So if I read this right, between my wife and I we could have a very lucrative 3K in annual income for about 20ish hours work per year? So that is like getting paid $150 per hour.
Sweet!
Keep those excellent ideas coming!
*(might only work for a year or two but still 6K in relatively free money is nice)
More or less, yea.
Many bank bonuses say you can only earn one bonus from them per year...meaning you should be able to get it again next year. I know some people get the Chase bonuses every eyar.
Also, just a reminder, money from checking opening is taxable (unlike cc bonuses). You'll get a 1099-MISC for >$600, but even if you don't it should be reported (just like interest).Usually reported on a 1099-INT for any bonus amount, but yup it's taxable.
Post by: kpd905 on March 25, 2015, 06:07:19 PM
You get the bonus if you set up a direct deposit within 60 days. You avoid the fee by keeping at least $1500 in the account.
There is also a $150 savings account code, but you need to tie up $10,000.
I grabbed one of these for each of use, which will get us to $900 for the year: 1 x PNC and 2 x Chase. All for tying up $8000 total for 6 months, or a 22.5% return on cash.
Post by: johnny847 on March 25, 2015, 06:09:39 PM
You can grab a $300 Chase checking bonus if you give them your email here: https://coupon.chaseoffers.com/banking/prep.do?ID=0000017415&jp_cmp=rb/8571557/ext/61945324/115878471Wow I didn't know there was a link to just get one mailed to you! Doctor of credit tells people to go buy them on eBay. I always wondered how you can get targeted to get one mailed to you directly.
You get the bonus if you set up a direct deposit within 60 days. You avoid the fee by keeping at least $1500 in the account.
There is also a $150 savings account code, but you need to tie up $10,000.
Post by: kpd905 on March 25, 2015, 06:18:34 PM
Wow I didn't know there was a link to just get one mailed to you! Doctor of credit tells people to go buy them on eBay. I always wondered how you can get targeted to get one mailed to you directly.
I actually found out about this from Doctor of Credit, so credit goes to him. I'm not sure how often they do this email method.
My fiance has gotten the $300 offers in the mail, but I only ever got $200, so I'm glad this popped up.
Post by: johnny847 on March 25, 2015, 07:53:05 PM
Ah I must've missed that on his blog.Wow I didn't know there was a link to just get one mailed to you! Doctor of credit tells people to go buy them on eBay. I always wondered how you can get targeted to get one mailed to you directly.
I actually found out about this from Doctor of Credit, so credit goes to him. I'm not sure how often they do this email method.
My fiance has gotten the $300 offers in the mail, but I only ever got $200, so I'm glad this popped up.
I'd sign up for this but I still have a Chase checking account open from the bonus I got last year (need to keep it open for six months to avoid them clawing back the bonus).
Post by: rocketman48097 on March 30, 2015, 01:14:59 PM
Post by: surfhb on March 30, 2015, 01:47:34 PM
Post by: johnny847 on March 30, 2015, 02:05:27 PM
I prefer credit card incentives to bank incentives because they aren't taxable. Bank account money is taxable as ordinary income. I did a lot of these one year, 8 years ago, and received $800 in "other income." My standards are much higher now, and given my compensation is much higher, I also have lost the desire to do a lot of these, preferring to focus on expense reduction instead. However, I did have a special offer for $300 from a local bank, that I passed up, that looked tempting given the amount.
Yes but we've already had this discussion on this thread before. There's only so many cc bonuses you can collect. You can generally collect more bank bonuses because many of them don't result in hard inquiries.
And you can sometimes fund bank accounts with cc's and not have it count as a cash advance, meaning you can use these bank account bonuses to help you MS for cc churning as well.
And bank account bonuses don't require you to spend anything. It does usually require you park money there to avoid fees, but just think of it as a temporary savings account that earns a high rate of return b/c of the signup bonus. It's just a tradeoff. For me, I always have to MS to get a CC signup bonus, so there's similar amounts of effort required.
Could some of you fine folks post links to these various bank offers? Maybe start a new thread for these links?Any links posted will go out of date sometime. It's better just to follow
Quote from: johnny847
How can I find these offers?
I find out about these bank account bonuses by following www.doctorofcredit.com. He has many other worthwhile posts too, mostly about MS and churning CC's. To find the current bonuses, go to http://www.doctorofcredit.com/best-bank-account-bonuses/.
Post by: kpd905 on March 30, 2015, 04:36:59 PM
I prefer credit card incentives to bank incentives because they aren't taxable. Bank account money is taxable as ordinary income. I did a lot of these one year, 8 years ago, and received $800 in "other income." My standards are much higher now, and given my compensation is much higher, I also have lost the desire to do a lot of these, preferring to focus on expense reduction instead. However, I did have a special offer for $300 from a local bank, that I passed up, that looked tempting given the amount.
Why can't you do both? I am going to try for $1500 in checking account bonuses and $5000 in credit card redemptions for 2015. That is for both me and my fiance.
Post by: Bob W on March 31, 2015, 11:56:09 AM
I prefer credit card incentives to bank incentives because they aren't taxable. Bank account money is taxable as ordinary income. I did a lot of these one year, 8 years ago, and received $800 in "other income." My standards are much higher now, and given my compensation is much higher, I also have lost the desire to do a lot of these, preferring to focus on expense reduction instead. However, I did have a special offer for $300 from a local bank, that I passed up, that looked tempting given the amount.
Why can't you do both? I am going to try for $1500 in checking account bonuses and $5000 in credit card redemptions for 2015. That is for both me and my fiance.
Love that idea! I'll see your $6,500 and raise you $2,000. lol
Post by: greenjb on October 03, 2016, 06:26:44 PM
Post by: kpd905 on October 03, 2016, 07:18:31 PM
FWIW, I just signed up for a Chase $400 cash back checking account. Don't know if anyone on this thread is still active (or if there's a newer one I didn't see), but I'd love to pick up the discussion and learn what other people are doing.
I just signed up for the $500 Chase checking+savings bonus about 2 months ago, I will now have the wife sign up for it in about 2 weeks. I was also sent a promotion for BMO Harris for another $500 checking + savings that will tie up $10,000 for a few months.
If I get all of these done we'll have made $2200 for the year in checking and savings bonuses.
Our list:
2 x Associated Bank checking ($350)
PNC checking ($200)
Chase Checking + Savings ($500)
Santander Bank ($150)
To do:
Chase checking + savings ($500)
BMO Harris ($500)
Post by: greenjb on October 04, 2016, 10:47:26 AM
FWIW, I just signed up for a Chase $400 cash back checking account. Don't know if anyone on this thread is still active (or if there's a newer one I didn't see), but I'd love to pick up the discussion and learn what other people are doing.
I just signed up for the $500 Chase checking+savings bonus about 2 months ago, I will now have the wife sign up for it in about 2 weeks. I was also sent a promotion for BMO Harris for another $500 checking + savings that will tie up $10,000 for a few months.
If I get all of these done we'll have made $2200 for the year in checking and savings bonuses.
Our list:
2 x Associated Bank checking ($350)
PNC checking ($200)
Chase Checking + Savings ($500)
Santander Bank ($150)
To do:
Chase checking + savings ($500)
BMO Harris ($500)
Where do you live? I live in MD and tried to follow a link to the Chase $500 account, but it just sent me to the main Chase page. I'm guessing it may not be available in my area? I've never heard of BMO Harris, but I hope they send me a promo.
Post by: kpd905 on October 05, 2016, 07:15:37 PM
This is the Chase link: https://www.chase.com/customer/rb_acquisition_354117_xlob09012.html?ID=0000019038
You have to log into your Chase account to see the offer.
Post by: johnny847 on October 11, 2016, 02:04:26 PM
I recently opened an HSBC account for $350. But it was a lot of hassle to open....
http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/ (http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/)
I haven't met the bonus requirements yet.
Post by: greenjb on October 11, 2016, 04:20:38 PM
Since that original post was from a while ago....I made $2800 last year doing this.
I recently opened an HSBC account for $350. But it was a lot of hassle to open....
http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/ (http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/)
I haven't met the bonus requirements yet.
Just curious, what are the banks you used? I live in MD, where I apparently cant' get the $500 Chase account everyone raves about. I'm about 2 weeks from getting the $400 bonus from Citi; thinking about signing my wife up for the same.
Post by: johnny847 on October 12, 2016, 03:52:13 PM
Since that original post was from a while ago....I made $2800 last year doing this.
I recently opened an HSBC account for $350. But it was a lot of hassle to open....
http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/ (http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/)
I haven't met the bonus requirements yet.
Just curious, what are the banks you used? I live in MD, where I apparently cant' get the $500 Chase account everyone raves about. I'm about 2 weeks from getting the $400 bonus from Citi; thinking about signing my wife up for the same.
Last year I got bonuses from:
Santander
Nationwide
Suntrust
Fifth Third
PNC
Regions
Chase
BMO Harris
US Bank
First Tennessee Bank
Discover
Some of these banks are not available in MD. However, I saw quite a few bank account bonuses (such as M&T) that were available in MD but not for me here in GA. Check http://www.doctorofcredit.com/best-bank-account-bonuses/ (http://www.doctorofcredit.com/best-bank-account-bonuses/) for the best bonuses, both nationwide and regional.
Post by: cschx on October 12, 2016, 04:17:20 PM
The funniest part has been meeting all the super friendly bankers who would love to help you help them get another commission...
Post by: ender on October 12, 2016, 07:06:47 PM
/r/churning is great.
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
Post by: forumname123 on October 12, 2016, 07:44:41 PM
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
For every churner they probably get 3 people who will carry a balance for the next 10 years.
Post by: johnny847 on October 13, 2016, 11:39:24 AM
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
For every churner they probably get 3 people who will carry a balance for the next 10 years.
Something like that, yea.
Since all money is fungible, I once said to a friend that those who are paying credit card interest are subsidizing our credit card rewards. She hated me for saying that because she now felt like it was morally wrong to churn cards with that realization.
Post by: kpd905 on October 13, 2016, 04:32:53 PM
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
For every churner they probably get 3 people who will carry a balance for the next 10 years.
Something like that, yea.
Since all money is fungible, I once said to a friend that those who are paying credit card interest are subsidizing our credit card rewards. She hated me for saying that because she now felt like it was morally wrong to churn cards with that realization.
Would she like it better if the credit card companies kept all the profits instead of sharing some with churners?
Post by: Ebrat on October 13, 2016, 08:49:43 PM
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
For every churner they probably get 3 people who will carry a balance for the next 10 years.
Something like that, yea.
Since all money is fungible, I once said to a friend that those who are paying credit card interest are subsidizing our credit card rewards. She hated me for saying that because she now felt like it was morally wrong to churn cards with that realization.
Would she like it better if the credit card companies kept all the profits instead of sharing some with churners?
Don't forget that they also get transaction fees from merchants on all that money we spend to meet the minimum spend requirements
Post by: johnny847 on October 14, 2016, 04:20:09 PM
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
For every churner they probably get 3 people who will carry a balance for the next 10 years.
Something like that, yea.
Since all money is fungible, I once said to a friend that those who are paying credit card interest are subsidizing our credit card rewards. She hated me for saying that because she now felt like it was morally wrong to churn cards with that realization.
Would she like it better if the credit card companies kept all the profits instead of sharing some with churners?
She's got a very inconsistent set of ethical rules to judge what is right and wrong. I've stopped pointing out all of her fallacies because then she just gets all emotional and butthurt.
Post by: Koffee on April 02, 2017, 07:56:26 AM
Sorry to necro this thread, but it came up in a Google search. I did want to comment on it and add to the discussion, even though it was old. (plus I've been reading MMM for a couple years now and never commented)
One thing that the author does not mention is return. A number of commenters mentioned CC churning, but I believe this is an apples to oranges comparison. I do a light (opportunistic) bank account churn. Why? Because its yield exceeds T bills and is FDIC insured.
Here is a list of current offers: https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/
For instance, I am currently doing the Citi $300 bonus from the above list.
Consider:
You have to have $15,000 for 30 days and then you can reduce it to $10,000 for the next 90 days (to avoid fees).
Therefore you have on average $11,250 invested over 4 months.
A $300 bonus is 2.66% of this average amount.
BUT WAIT, that's for only 4 months!!!
Therefore you have to adjust for full year yield.
Therefore 2.66% / (4/12) = 8%!!!
A risk free 8% yield is phenomenal!!!
6 Month CD rates are at about .86 APY. Even the Vanguard total Bond (BND) only returns 2.54%
Therefore, I humbly submit that it is worth considering in light of FDIC insurance, liquidity and yield.
Post by: Car Jack on April 03, 2017, 01:01:07 PM
The number of hoops required and the time required are of utmost importance to me. I just completed the "win" on the Citi checking account. I had the older $400 bonus. My experience and things I learned:
For unknown reasons, they kept sending me forms because my name didn't match my IRS name. I literally pulled the name off of my tax form (middle initial not there, and no suffix). This delayed things 2 months, which kept me from funding but did not disqualify me for the bonus. Finally was able to fund and the required 90 days started from the point the funds cleared with them. First 30 days, $15000 had to stay there. Then another 60 days, $10000 had to stay there. I got the end date directly from them, waited 2 extra days, called to verify balance (the bonus had hit) and closed. Note, I did write a check after the first 30 day period for $4900 to give myself padding and get the money back that didn't need to be there.
What I like about that Citi offer is that I don't have to do 10 debit transactions, use an ATM for things and direct deposit. These are a big hassle to me. If they're not to you, go for it. I picture myself at the gas station with the debit card.....set up the pump. Pump 10 cents of gas. Stop. Repeat 9 more times.
Post by: fh2000 on April 03, 2017, 08:20:26 PM
You either deposit $15,000, or set up paycheck direct deposit then do purchase totaling $250. Not both, correct?
==========================================
To qualify for a $300 cash bonus, open a new eligible consumer checking account in The Citibank Account Package by 4/14/2017.
.Within 45 days after account opening, make a qualifying deposit of $15,000 or more in new-to-Citibank funds into the new checking account or your new or existing Citibank Savings Plus Account or Citi Savings Account and maintain a minimum balance of $15,000 for 30 consecutive calendar days following the date you made your qualifying deposit.
.Within 45 days after account opening, complete 1 qualifying Direct Deposit to your checking account or make 1 or more qualifying purchase transactions with your Citibank Debit Card totaling $250.
=====================================
Post by: ducky19 on April 03, 2017, 08:56:06 PM
Post by: ditkanate on April 04, 2017, 09:38:45 AM
Post by: fh2000 on April 12, 2017, 12:52:30 PM
Below is Citi requirement:
You either deposit $15,000, or set up paycheck direct deposit then do purchase totaling $250. Not both, correct?
==========================================
To qualify for a $300 cash bonus, open a new eligible consumer checking account in The Citibank Account Package by 4/14/2017.
.Within 45 days after account opening, make a qualifying deposit of $15,000 or more in new-to-Citibank funds into the new checking account or your new or existing Citibank Savings Plus Account or Citi Savings Account and maintain a minimum balance of $15,000 for 30 consecutive calendar days following the date you made your qualifying deposit.
.Within 45 days after account opening, complete 1 qualifying Direct Deposit to your checking account or make 1 or more qualifying purchase transactions with your Citibank Debit Card totaling $250.
=====================================
Replying to my own post. So, I opened Citi Regular checking account online. I found out by talking to 2 Citi new account support agents that both of these requirements above need to be satisfied. I am transferring $15,000 from another bank, also setting up payroll direct deposit. The fund will need to stay there for 30 days. I plan to close it once I receive the bonus.
Post by: kpd905 on April 13, 2017, 06:25:31 AM
$300 for making 5 debit transactions, that is it. No direct deposit requirement. I am going to sign up this weekend. The offer expires May 12th.
Post by: ducky19 on April 13, 2017, 07:19:22 AM
Post by: Jaayse on April 13, 2017, 08:35:12 AM
If I stop the auto payments after the 6 months (I do have an IRA elsewhere with investments), then it will tie up only $300-350 depending on whether the 6 months is total time open vs number of months of auto investing, essentially providing around 55% return in best case situation.
I suppose I should look into some other opportunities now. Thank you for the motivation!
Post by: BikeFanatic on April 13, 2017, 01:12:41 PM
Quote
Replying to my own post. So, I opened Citi Regular checking account online. I found out by talking to 2 Citi new account support agents that both of these requirements above need to be satisfied. I am transferring $15,000 from another bank, also setting up payroll direct deposit. The fund will need to stay there for 30 days. I plan to close it once I receive the bonus.
FH2000- wjich 2 requirements do you refer to? I opened a Citi checking, funded with 15,000, I did no direct deposit but did 250 in debit transactions, so I assume I qualify, but I have not received the bonus yet, hmmm....
Post by: fh2000 on April 13, 2017, 01:34:54 PM
QuoteReplying to my own post. So, I opened Citi Regular checking account online. I found out by talking to 2 Citi new account support agents that both of these requirements above need to be satisfied. I am transferring $15,000 from another bank, also setting up payroll direct deposit. The fund will need to stay there for 30 days. I plan to close it once I receive the bonus.
FH2000- wjich 2 requirements do you refer to? I opened a Citi checking, funded with 15,000, I did no direct deposit but did 250 in debit transactions, so I assume I qualify, but I have not received the bonus yet, hmmm....
Here below is the qualification. There are 2 bullet points. For bullet point #2, I am doing the direct deposit. You are doing the $250 debit card transaction, I guess.
On Doctor of Credit site, it was mentioned that direct deposit not required. I just wanted to make sure it does in my case. On our HR site, it is easy to switch direct deposit, which is why I prefer that way.
==================
To qualify for a $300 cash bonus, open a new eligible consumer checking account in The Citibank Account Package by 4/14/2017.
.Within 45 days after account opening, make a qualifying deposit of $15,000 or more in new-to-Citibank funds into the new checking account or your new or existing Citibank Savings Plus Account or Citi Savings Account and maintain a minimum balance of $15,000 for 30 consecutive calendar days following the date you made your qualifying deposit.
.Within 45 days after account opening, complete 1 qualifying Direct Deposit to your checking account or make 1 or more qualifying purchase transactions with your Citibank Debit Card totaling $250.
Post by: Roots&Wings on April 14, 2017, 06:50:28 AM
For direct deposit, I'm hoping ING (now CapOne) still qualifies as "direct deposit" with Citi. If not, I'll either link Paypal and do a direct deposit from Paypal, or change paycheck direct deposit once I get the BMO Harris bonus for 2 direct deposits.
It's interesting each bank has different requirements for "direct deposit". Dr of Credit is awesome for this: http://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
Currently at $1,525 for bank bonuses this year (Chase checking/savings $500, Santander $225, BMO Harris $200, TD Bank $300, and Citibank $300). Will see what else comes up!
Post by: Roots&Wings on April 22, 2017, 05:42:47 AM
Currently at $1,525 for bank bonuses this year (Chase checking/savings $500, Santander $225, BMO Harris $200, TD Bank $300, and Citibank $300). Will see what else comes up!
Now targeting $2,025 this year for bank bonuses with PNC checking $300 bonus (deposit $5k and 10 debit transactions) and Suntrust $200 (deposit $600 and 10 debit transactions). The debit transactions will be a minor inconvenience...thinking maybe just do ten $5 amazon gift cards or similar, which shouldn't take too much time.
Post by: nanu on April 22, 2017, 07:01:14 AM
why $5? you can do $0.50 Amazon reloads, or even just transfer money to people over Venmo/Facebook/Paypal/Google wallet with debit card for freeCurrently at $1,525 for bank bonuses this year (Chase checking/savings $500, Santander $225, BMO Harris $200, TD Bank $300, and Citibank $300). Will see what else comes up!
Now targeting $2,025 this year for bank bonuses with PNC checking $300 bonus (deposit $5k and 10 debit transactions) and Suntrust $200 (deposit $600 and 10 debit transactions). The debit transactions will be a minor inconvenience...thinking maybe just do ten $5 amazon gift cards or similar, which shouldn't take too much time.
See more here: http://www.doctorofcredit.com/bank-accounts/how-to-meet-minimum-debit-credit-transaction-requirements/
Make sure to opt out of pinless debit with Amazon
Post by: kpd905 on April 22, 2017, 07:48:45 AM
Also, data point: Discover bank ACH transfer counted as a direct deposit to PNC. I used it for roughly 1/3 of the required $5k DD.
My wife and I are at $1750 so far this year for bonuses, with $1050 more pending.
Completed
2 x Wells Fargo = $500
BMO Harris Checking + savings = $500
Santander = $150
2 x Associated bank = $300
PNC = $300
Pending
Bank of America $150
Citi checking $300
BMO checking $300
First Bank Financial Centre $300
Post by: Roots&Wings on April 22, 2017, 10:51:44 AM
kpd905, are the BMO savings and Associated bank offers still active? I couldn't locate those.
Post by: kenaces on April 22, 2017, 12:52:35 PM
i was planning on shopping around for new bank as my wife and i are not happy with TDbank. I was looking for better interest but seeing this thread I realize shopping bonus will be more $ for us than best interest as we keep relatively low balance in our checking accounts
only challenge is we have to find bonuses that don't require auto deposit as we are both self-employed
Post by: nanu on April 22, 2017, 03:15:47 PM
i was planning on shopping around for new bank as my wife and i are not happy with TDbank. I was looking for better interest but seeing this thread I realize shopping bonus will be more $ for us than best interest as we keep relatively low balance in our checking accountsI actually keep a very large cash position, both as an emergency fund and for opening bank accounts and getting the bonuses (and for gift card reselling - I need cash to float those).
Churning bank account bonuses provides a very nice return on the investment, with pretty much zero risk...
Post by: kpd905 on April 22, 2017, 03:39:13 PM
kpd905, are the BMO savings and Associated bank offers still active? I couldn't locate those.
There is a BMO checking offer on Doctor of Credit for $200 online sign up, but the savings (and $300 checking) require a mailed flyer. You also have to go to the branch to sign up.
The Associated Bank accounts are only available to residents of Illinois, Minnesota, and Wisconsin: http://www.doctorofcredit.com/il-mn-va-wi-only-associated-bank-150-promotion-when-you-open-a-packers-checking-account-no-direct-deposit-required/
Post by: Roots&Wings on April 23, 2017, 07:30:41 AM
Like nanu, I'm using cash emergency funds for bank bonus churning. It's providing a nice return and working well so far!
Just got another Chase $300 Total Checking (not premier)/$200 savings coupon exp 6/15, which I can't use. If anyone wants the coupon code, feel free to PM (unsure if you physically have to go into a Chase branch with the coupon code or can open online).
Post by: sleepyjen on April 23, 2017, 08:19:26 AM
Post by: Roots&Wings on April 23, 2017, 10:55:48 AM
What's the deposit threshold on that offer? I might take it off your hands.
Chase Total checking $300 Bonus - open new account ($25 minimum initial deposit) + setup direct deposit within 60 days of opening account. Maintain $2,500 in the account to avoid monthly fees. Keep account open for 6 months (otherwise bonus is forfeit).
Chase savings $200 Bonus - open new account and deposit $15k within 10 days and maintain $15k for 90 days. After bonus posts, maintain $300 to avoid fees. Keep account open 6 months (otherwise bonus is forfeit).
I did this back in Jan, received both bonuses, and am now holding until 6 month period is up to close the accounts. You can receive the bonus once per calendar year. Actually really like the Chase checking account, super easy to link and transfer with all my other external accounts, great customer service so far.
Post by: .22guy on April 23, 2017, 02:05:07 PM
Post by: kpd905 on April 23, 2017, 02:36:25 PM
I need to withdraw money and close my Chase accounts. Has anyone had any problems with that? To be honest I feel a little guilty. The rep who opened my account was such a nice guy, I'll feel jerksish telling him I'm closing the account, with the bare minimum of transactions.
Get the balance down to zero and just send a secure message online to close your account. Otherwise if you don't get the balance down to zero they will send you a check for the balance.
Post by: fh2000 on April 26, 2017, 11:39:57 AM
I wonder, if anyone tried to do the same with your spouse? Can I ask my wife to apply and receive her $300 bonus?
Post by: sleepyjen on April 26, 2017, 12:20:34 PM
What's the deposit threshold on that offer? I might take it off your hands.
Chase Total checking $300 Bonus - open new account ($25 minimum initial deposit) + setup direct deposit within 60 days of opening account. Maintain $2,500 in the account to avoid monthly fees. Keep account open for 6 months (otherwise bonus is forfeit).
Chase savings $200 Bonus - open new account and deposit $15k within 10 days and maintain $15k for 90 days. After bonus posts, maintain $300 to avoid fees. Keep account open 6 months (otherwise bonus is forfeit).
I did this back in Jan, received both bonuses, and am now holding until 6 month period is up to close the accounts. You can receive the bonus once per calendar year. Actually really like the Chase checking account, super easy to link and transfer with all my other external accounts, great customer service so far.
Post by: sleepyjen on April 26, 2017, 12:21:59 PM
Just finished Citi checking with only my name on it. Transferred $15,000 and completed a payroll direct deposit. Waiting for my $300 bonus.
I wonder, if anyone tried to do the same with your spouse? Can I ask my wife to apply and receive her $300 bonus?
Post by: johnny847 on April 26, 2017, 05:20:05 PM
My husband and I both just opened Santander checking accounts for the bonus. I don't see why you couldn't.Just finished Citi checking with only my name on it. Transferred $15,000 and completed a payroll direct deposit. Waiting for my $300 bonus.
I wonder, if anyone tried to do the same with your spouse? Can I ask my wife to apply and receive her $300 bonus?
Occasionally a bank bonus's terms say one per household. I don't recall which banks say that.
Post by: sleepyjen on April 27, 2017, 06:14:00 AM
My husband and I both just opened Santander checking accounts for the bonus. I don't see why you couldn't.Just finished Citi checking with only my name on it. Transferred $15,000 and completed a payroll direct deposit. Waiting for my $300 bonus.
I wonder, if anyone tried to do the same with your spouse? Can I ask my wife to apply and receive her $300 bonus?
Occasionally a bank bonus's terms say one per household. I don't recall which banks say that.
Post by: fh2000 on May 03, 2017, 09:47:43 AM
Just finished Citi checking with only my name on it. Transferred $15,000 and completed a payroll direct deposit. Waiting for my $300 bonus.
For Citi bank checking bonus, this is what I have done:
1. deposited $15,000
2. finished one payroll direct deposit.
I called Citi help line and spoke with one CSR. This is what she told me to do in order to receive my $300 bonus.
1. finish 2nd payroll direct deposit.
2. no money withdraw for 3 months. This will take me to the end of June.
3. In another 3 months, the $300 bonus will post. This will take me to the end of September.
Is this the same deal for anyone trying to get Citi bank checking account $300 bonus?
Post by: 2Birds1Stone on May 03, 2017, 10:02:04 AM
Progress.
Account Month Open Bonus
Citi Checking August 11 $400
Chase Savings October 15 $200
Chase Checking October 15 $300
HSBC Checking September 24 $350
TIAA Savings November 29 $250
Capital One MM December 7 $100
M&T Bank Checking December 8 $150
TD Bank Checking December 8 $300
Schwab Brokerage December 20 $100
Discover Savings January 7 $100
Wells Fargo Check January 26 $250
Santandar Checking February 18 $225
BMO Harris March 28 $200
Total $2,925
Post by: MasterStache on May 04, 2017, 06:06:09 AM
I've had a blast doing this.
Progress.
Account Month Open Bonus
Citi Checking August 11 $400
Chase Savings October 15 $200
Chase Checking October 15 $300
HSBC Checking September 24 $350
TIAA Savings November 29 $250
Capital One MM December 7 $100
M&T Bank Checking December 8 $150
TD Bank Checking December 8 $300
Schwab Brokerage December 20 $100
Discover Savings January 7 $100
Wells Fargo Check January 26 $250
Santandar Checking February 18 $225
BMO Harris March 28 $200
Total $2,925
Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.
Post by: ducky19 on May 04, 2017, 07:20:47 AM
Post by: MasterStache on May 04, 2017, 08:18:39 AM
Post by: 2Birds1Stone on May 04, 2017, 08:22:17 AM
I've had a blast doing this.
Progress.
Account Month Open Bonus
Citi Checking August 11 $400
Chase Savings October 15 $200
Chase Checking October 15 $300
HSBC Checking September 24 $350
TIAA Savings November 29 $250
Capital One MM December 7 $100
M&T Bank Checking December 8 $150
TD Bank Checking December 8 $300
Schwab Brokerage December 20 $100
Discover Savings January 7 $100
Wells Fargo Check January 26 $250
Santandar Checking February 18 $225
BMO Harris March 28 $200
Total $2,925
Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.
None of the checking ones did, just debit/DD requirements.
Once you have a Cap One 360 and Discover Savings account you can do ACH "push" transactions into a lot of accounts and it will code as DD.
Most of the savings one had a $10-15k initial funding requirement where you had to keep the money in there anywhere from 2 weeks to 90 days.
Post by: MasterStache on May 04, 2017, 08:29:28 AM
I've had a blast doing this.
Progress.
Account Month Open Bonus
Citi Checking August 11 $400
Chase Savings October 15 $200
Chase Checking October 15 $300
HSBC Checking September 24 $350
TIAA Savings November 29 $250
Capital One MM December 7 $100
M&T Bank Checking December 8 $150
TD Bank Checking December 8 $300
Schwab Brokerage December 20 $100
Discover Savings January 7 $100
Wells Fargo Check January 26 $250
Santandar Checking February 18 $225
BMO Harris March 28 $200
Total $2,925
Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.
None of the checking ones did, just debit/DD requirements.
Once you have a Cap One 360 and Discover Savings account you can do ACH "push" transactions into a lot of accounts and it will code as DD.
Most of the savings one had a $10-15k initial funding requirement where you had to keep the money in there anywhere from 2 weeks to 90 days.
There is a lot of information about what counts as DD, its a bit confusing. I don't have either of those accounts but I did read ACH from USAA counts as a DD for Keybank. Seems to be different for different banks.
Post by: johnny847 on May 04, 2017, 01:19:36 PM
http://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/I've had a blast doing this.
Progress.
Account Month Open Bonus
Citi Checking August 11 $400
Chase Savings October 15 $200
Chase Checking October 15 $300
HSBC Checking September 24 $350
TIAA Savings November 29 $250
Capital One MM December 7 $100
M&T Bank Checking December 8 $150
TD Bank Checking December 8 $300
Schwab Brokerage December 20 $100
Discover Savings January 7 $100
Wells Fargo Check January 26 $250
Santandar Checking February 18 $225
BMO Harris March 28 $200
Total $2,925
Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.
None of the checking ones did, just debit/DD requirements.
Once you have a Cap One 360 and Discover Savings account you can do ACH "push" transactions into a lot of accounts and it will code as DD.
Most of the savings one had a $10-15k initial funding requirement where you had to keep the money in there anywhere from 2 weeks to 90 days.
There is a lot of information about what counts as DD, its a bit confusing. I don't have either of those accounts but I did read ACH from USAA counts as a DD for Keybank. Seems to be different for different banks.
Post by: MasterStache on May 10, 2017, 08:44:38 AM
Post by: dividendman on May 10, 2017, 09:37:33 AM
Post by: Roots&Wings on May 10, 2017, 10:49:56 AM
This is quite fun so far. Just got started two weeks ago. Made $200 already with $500 pending. Haven't funded anything with a CC yet but will certainly look into that.
In case you haven't already, be sure to change your cash advance limit to $0 on whatever credit card you'll be using to fund the account. Some code as "purchase", some as "cash advance". It's not a fun surprise when it's cash advance (newbie mistake I made), but setting to $0 will save you this headache & automatically reject any cash advances.
Post by: MasterStache on May 10, 2017, 11:35:14 AM
This is quite fun so far. Just got started two weeks ago. Made $200 already with $500 pending. Haven't funded anything with a CC yet but will certainly look into that.
In case you haven't already, be sure to change your cash advance limit to $0 on whatever credit card you'll be using to fund the account. Some code as "purchase", some as "cash advance". It's not a fun surprise when it's cash advance (newbie mistake I made), but setting to $0 will save you this headache & automatically reject any cash advances.
Will do. Appreciate the heads up ( :
Post by: johnny847 on May 10, 2017, 06:44:05 PM
Plus, I signed up for a student checking account so there's no min balance requirement or monthly account fees.
Post by: Bimmy on May 11, 2017, 08:06:51 PM
Post by: MasterStache on May 12, 2017, 05:22:50 AM
Just got my $300 Chase bonus. Thanks OP for the post
Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.
Post by: kpd905 on May 12, 2017, 05:48:51 AM
Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.
You do always have to go in branch for Chase offers, unfortunately. Still worth the hassle though.
Post by: MasterStache on May 12, 2017, 06:56:25 AM
Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.
You do always have to go in branch for Chase offers, unfortunately. Still worth the hassle though.
Good to know. There is a Chase Branch only a couple miles from my house.
Post by: Bimmy on May 12, 2017, 09:22:24 AM
Post by: MasterStache on May 12, 2017, 10:23:23 AM
I am also considering their $500 business checking bonus.
Post by: johnny847 on May 12, 2017, 12:05:47 PM
Post by: nanu on May 12, 2017, 01:36:04 PM
Actually, they do have offers when opening an account online, but those are pretty rare.Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.
You do always have to go in branch for Chase offers, unfortunately. Still worth the hassle though.
Post by: kpd905 on May 12, 2017, 06:00:18 PM
How long do you typically wait to close your accounts? I know some have early account closure fees. But for those that don't do you close as soon as you get the bonus? I got the Huntington bonus and there is no fee for early account closure. Debating on whether I should keep it open.
I am also considering their $500 business checking bonus.
I closed my wife's Huntington account 3 days after the bonus posted. I left mine open because I also want to try for the business bonus. I don't want them to see that I opened and closed an account in a week.
Post by: Rosy on May 12, 2017, 07:24:14 PM
OP - I'm another doctorofcredit fan, besides the cc's and bank accounts, he often has cool deals in his newsletter - that's how I found Danny the Deal Guru which brought in another $135 for things like test driving a car. Fun:)
Post by: Aunt Petunia on May 15, 2017, 01:29:15 PM
There is no Chase branch in my state, but I am thinking of visiting them for the $300 checking bonus when I go to visit relatives later this month. I don't want to withdraw $15k from investments to do the savings one (probably just a psychological reason, as I have room to TGH).
In your opinion, is it worth it to pursue bonuses in the $150 range?
Post by: MasterStache on May 15, 2017, 01:41:55 PM
In your opinion, is it worth it to pursue bonuses in the $150 range?
I probably will once I max out higher bonuses.
Post by: kpd905 on May 15, 2017, 05:38:26 PM
Post by: MasterStache on May 16, 2017, 05:09:04 AM
It is almost always less than an hour of time to do these, so $150 is still not bad.
That's how I view it. If it takes 1/2 an hour to earn $150. I earned $300/hr. Pretty darn good rate!
Post by: Aunt Petunia on May 16, 2017, 06:00:01 AM
Post by: MasterStache on May 16, 2017, 06:17:44 AM
Do you look at effective APR as well? e.g the Chase checking bonus ties up $1500 for 6 months to get $300. So 300/1500 x 2 = 40% effective APR. OTOH, the savings bonus ties up 15k for 90 days to get 200, so 200/15000 x4 = 5.3 % effective APR. This makes the checking a no brainer. The savings is still great because it is a safe 5.3%, but it is not likely to beat the market. At what APR would you decide to do the bonus rather than leaving the money in Vanguard? I am thinking around 7% because that is the average market return, but there is the safety factor and also the fact that Vanguard is easier.
The money I am using is from my conventional savings, not from investments. I won't churn any bank accounts that tie up large sums of money for extended periods of time. I have some money set aside for my transition to part-time contract work. I am using this as an easy way to increase that sum.
Post by: Ebrat on May 16, 2017, 07:40:24 AM
I don't have $15k in cash, but I've started to do checking bonuses. Trying to ease into it. I got a local bank bonus in January, the Chase bonus last month, and am currently working on the requirements for another local bank. Hoping to average an account every other month to clear $1200-1500 this year.
Post by: SubL stache on May 21, 2017, 10:27:30 PM
I have already got the Discover savings bonus x 2 $200 (wife).
Last week I earned the $200 Capital One 360 bonus. The other 200$ for my wife is pending as I wait to move more funds around.
My question, is it legal to open this account for my child? I have 2 kids and I could just repeat the same procedure to earn them 200$ each moving the same funds around. Has anyone tried this or know more about the legality of opening a savings account for a 4 and 6 year old?
I could be wrong, but I believe if a minor earns less than $1050 unearned income they don't have to file, so if this is legal it's tax free.
Post by: SubL stache on May 22, 2017, 06:25:21 PM
Post by: billybob on May 23, 2017, 04:44:55 PM
Post by: CanuckExpat on May 23, 2017, 08:56:42 PM
My question, is it legal to open this account for my child? I have 2 kids and I could just repeat the same procedure to earn them 200$ each moving the same funds around. Has anyone tried this or know more about the legality of opening a savings account for a 4 and 6 year old?
You can try. The one time I tried was Santander. The online application stopped me when it saw the age was under 18. I imagine you might run into that with anything that is going to give you a nice bonus?
Post by: sleepyjen on May 24, 2017, 07:30:28 AM
I'm thinking about travel cards next, but I have no experience or knowledge about how miles work. I'm betting there's a thread around here somewhere :)
Post by: MasterStache on May 24, 2017, 07:33:41 AM
I'm on track at this point for $450 from Santander checking accounts, $150 from Chase Freedom, and $200 from a Wells Fargo Cash Wise visa. Woohoo! $800, essentially free.
I'm thinking about travel cards next, but I have no experience or knowledge about how miles work. I'm betting there's a thread around here somewhere :)
There is a wealth of information and many sites dedicated to CC churning (travel cards). You'll find some here and there on MMM, but the more in depth ones can be found elsewhere.
Post by: kpd905 on June 17, 2017, 02:11:57 PM
Anyone else care to share their almost-midyear numbers?
Post by: Luck12 on June 17, 2017, 04:36:50 PM
Post by: meadow lark on June 17, 2017, 05:28:49 PM
Post by: Roots&Wings on June 18, 2017, 05:54:56 AM
Post by: kpd905 on June 18, 2017, 06:25:31 AM
I may have stalled out at $1525. PNC denied me when I tried to open with them, I'm guessing too many accounts. Will try 5/3 Bank next.
How many accounts have you opened in the last year? I have opened 12 personal accounts and two business accounts since last July, and haven't gotten any rejections for too many accounts.
Post by: Roots&Wings on June 18, 2017, 02:55:13 PM
I may have stalled out at $1525. PNC denied me when I tried to open with them, I'm guessing too many accounts. Will try 5/3 Bank next.
How many accounts have you opened in the last year? I have opened 12 personal accounts and two business accounts since last July, and haven't gotten any rejections for too many accounts.
Wow, that's a lot! I've opened 5, started doing this in Jan 2017. After applying online, PNC site said the only account I was eligible to open with them was a credit card.
Do you try to space out your opening dates? Maybe my 5 in 5 months is too many, at least for PNC, or some banks are getting wise to this bonus stuff.
Post by: kpd905 on June 18, 2017, 02:59:07 PM
Post by: SubL stache on June 18, 2017, 07:25:32 PM
Discover x 2 x $100
Capital1 x 2 x $200
Pending: $900
M&T x 2 x $150
TD bank x 2 x $300
Post by: MasterStache on June 19, 2017, 08:42:19 AM
Post by: ducky19 on June 19, 2017, 01:35:11 PM
Post by: kpd905 on June 19, 2017, 05:01:40 PM
I've opened up quite a few accounts now and have earned $1675 YTD. I'm now to the point where I want to close these accounts - is there anything in particular I should know when closing them? Can I do it online, over the phone, or do I have to go to a physical branch?
It is different for every bank. I would try in the following order:
1. Online chat if possible
2. Secure Message
3. Call
I don't think I've seen any banks that require going in branch to cancel.
Post by: JohnGalt79 on June 20, 2017, 11:34:25 PM
I've opened up quite a few accounts now and have earned $1675 YTD. I'm now to the point where I want to close these accounts - is there anything in particular I should know when closing them? Can I do it online, over the phone, or do I have to go to a physical branch?
As mentioned, each is different. This might be helpful... datapoints of methods per bank: http://www.doctorofcredit.com/complete-list-of-ways-to-close-bank-accounts-at-each-bank/
Post by: JL9berg13 on June 24, 2017, 10:13:33 AM
And you can sometimes fund bank accounts with cc's and not have it count as a cash advance, meaning you can use these bank account bonuses to help you MS for cc churning as well.
Sorry for being a noob, but what's MS?
Thanks!
Post by: johnny847 on June 24, 2017, 10:33:43 AM
And you can sometimes fund bank accounts with cc's and not have it count as a cash advance, meaning you can use these bank account bonuses to help you MS for cc churning as well.
Sorry for being a noob, but what's MS?
Thanks!
No need to apologize - we're all here to learn.
Manufactured Spending. As in spending on your credit card without really spending money.
Post by: lexde on June 24, 2017, 01:27:46 PM
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Post by: lexde on June 24, 2017, 01:29:11 PM
I just started earlier this year, I've pulled in $600 so far.I thought TD bank was once per lifetime! How are you managing 2x?
Discover x 2 x $100
Capital1 x 2 x $200
Pending: $900
M&T x 2 x $150
TD bank x 2 x $300
Post by: johnny847 on June 24, 2017, 02:01:56 PM
I just started earlier this year, I've pulled in $600 so far.I thought TD bank was once per lifetime! How are you managing 2x?
Discover x 2 x $100
Capital1 x 2 x $200
Pending: $900
M&T x 2 x $150
TD bank x 2 x $300
Based on how every bonus is x2, I'd guess that Subl stache is counting his/her spouse's bonuses as well
Post by: kpd905 on June 25, 2017, 06:28:22 AM
Anyone who has gotten a PNC Bonus: how long has it taken to post? I'm past the 60 days now and still nothing. I was told by a CSR that I met the requirements so I'm not sure what the hold up is and I'm worried I'm not going to get it. (Did a DOC faux DD using PayPal so I don't want to call and tip them off if possible).
I opened a PNC account on Feb 13, completed $5k DD on March 31, completed the 10 debit transactions, and got the bonus on April 14th.
You completed all of the debit transactions?
Post by: Roots&Wings on June 25, 2017, 07:18:54 AM
I may have stalled out at $1525. PNC denied me when I tried to open with them, I'm guessing too many accounts. Will try 5/3 Bank next.
Also got denied by 5/3 bank applying online, and no branch nearby. At least others are having better luck!
Post by: lexde on June 25, 2017, 02:19:44 PM
I did! And a branch worker even told me that I had completed all of the requirements. I'll have to go in branch next week probably to see what's up.Anyone who has gotten a PNC Bonus: how long has it taken to post? I'm past the 60 days now and still nothing. I was told by a CSR that I met the requirements so I'm not sure what the hold up is and I'm worried I'm not going to get it. (Did a DOC faux DD using PayPal so I don't want to call and tip them off if possible).
I opened a PNC account on Feb 13, completed $5k DD on March 31, completed the 10 debit transactions, and got the bonus on April 14th.
You completed all of the debit transactions?
Post by: gggggg on June 25, 2017, 05:56:14 PM
Post by: CanuckExpat on June 25, 2017, 06:49:48 PM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?
This may not still work, but there is something call “App-O-Rama”: doing all of your applications for the season/quarter all at once very very close together. The idea is that it might not ding your score as much. I'm not sure if this is still relevant.
Post by: lexde on June 25, 2017, 07:04:47 PM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Post by: SubL stache on June 25, 2017, 07:40:01 PM
I just started earlier this year, I've pulled in $600 so far.I thought TD bank was once per lifetime! How are you managing 2x?
Discover x 2 x $100
Capital1 x 2 x $200
Pending: $900
M&T x 2 x $150
TD bank x 2 x $300
Based on how every bonus is x2, I'd guess that Subl stache is counting his/her spouse's bonuses as well
Correct, I sign my wife up for each one I do.
Post by: SubL stache on June 25, 2017, 08:48:30 PM
I just started earlier this year, I've pulled in $600 so far.
Discover x 2 x $100
Capital1 x 2 x $200
Pending: $900
M&T x 2 x $150
TD bank x 2 x $300
Update, I've been paid the M&T bonuses. They have multiple codes out so I signed up for 2 more.
Total Earned 2017 YTD = $900
Total Pending = $900 (M&T x 2 x $150, TD Bank x 2 x $300)
Post by: gggggg on June 25, 2017, 08:51:47 PM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?
This may not still work, but there is something call “App-O-Rama”: doing all of your applications for the season/quarter all at once very very close together. The idea is that it might not ding your score as much. I'm not sure if this is still relevant.
Hmm thanks, I may try that route.
Post by: gggggg on June 25, 2017, 08:56:49 PM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Currently, it's 786. Before I started churning it was 8-something. It has gone up 3 points since last month, so you're right about the month to month thing. I'll keep tabs on it. I would do some bank account churning as well, but my credit union is kind of the "hub" of my financial life, I'm not sure I want to switch my direct deposit up.
Post by: johnny847 on June 25, 2017, 11:00:34 PM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Currently, it's 786. Before I started churning it was 8-something. It has gone up 3 points since last month, so you're right about the month to month thing. I'll keep tabs on it. I would do some bank account churning as well, but my credit union is kind of the "hub" of my financial life, I'm not sure I want to switch my direct deposit up.
I think people fuss too much sometimes about their credit score.
Generally speaking, anything above 760, sometimes as low as 740, will get you the best interest rates on mortgages and the like. So the fact that it dropped from 8XX to 786 is inconsequential.
Secondly, unless you're planning on getting a loan anytime soon, I wouldn't care about your credit score one bit. So long as you don't care about getting loans, your credit score is an asset that can be used to get you credit cards with juicy signup bonuses. So long as you keep getting approved for credit cards and can meet the minimum spend requirements, I'd just keep applying for more cards. If/when you start getting denied for cards is when you know you should slow down.
And if you are getting a mortgage in the near future, you probably shouldn't be cc churning anyways since while the cc signup bonuses can be lucrative, even a small increase in your mortgage rate can easily add up to tens of thousands of dollars which would easily dwarf credit card signup bonuses.
Post by: MasterStache on June 26, 2017, 05:29:21 AM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Currently, it's 786. Before I started churning it was 8-something. It has gone up 3 points since last month, so you're right about the month to month thing. I'll keep tabs on it. I would do some bank account churning as well, but my credit union is kind of the "hub" of my financial life, I'm not sure I want to switch my direct deposit up.
I don't do multiple CCs apps. I generally open one about every 3-4 months. It's easier to keep track of spending that way. Also I have to do a bit of MS since my spending is really low. Less chance of Serve getting shit down as well. I've noticed my score will dip a bit after each CC app. But it always rebounds within a couple months. In fact CC churning has put my score higher than it's ever been. I wouldn't worry about your score, unless you have some big purchase coming up and need to use credit.
Post by: MasterStache on June 26, 2017, 05:30:42 AM
Anyone who has gotten a PNC Bonus: how long has it taken to post? I'm past the 60 days now and still nothing. I was told by a CSR that I met the requirements so I'm not sure what the hold up is and I'm worried I'm not going to get it. (Did a DOC faux DD using PayPal so I don't want to call and tip them off if possible).
Sent from my iPhone using Tapatalk
I'm not quite past the 60 day period yet but it's coming up. No bonus for me yet and I've long ago completed the requirements. I'll report back any changes.
Post by: lexde on June 26, 2017, 05:54:33 AM
Oh I'm the same way. I don't really like switching banks. If you look at DoC though it will tell you what codes as direct deposit so you don't necessarily have to switch your paycheck deposits. Often times, a push from a particular bank or brokerage/money market account will code as direct deposits for the bonus.I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Currently, it's 786. Before I started churning it was 8-something. It has gone up 3 points since last month, so you're right about the month to month thing. I'll keep tabs on it. I would do some bank account churning as well, but my credit union is kind of the "hub" of my financial life, I'm not sure I want to switch my direct deposit up.
Post by: SubL stache on June 26, 2017, 02:28:18 PM
Oh I'm the same way. I don't really like switching banks. If you look at DoC though it will tell you what codes as direct deposit so you don't necessarily have to switch your paycheck deposits. Often times, a push from a particular bank or brokerage/money market account will code as direct deposits for the bonus.I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Currently, it's 786. Before I started churning it was 8-something. It has gone up 3 points since last month, so you're right about the month to month thing. I'll keep tabs on it. I would do some bank account churning as well, but my credit union is kind of the "hub" of my financial life, I'm not sure I want to switch my direct deposit up.
Yes^, I haven't changed my main bank once, that would be way too disruptive to my life for a few hundred dollars.
Post by: Roots&Wings on June 27, 2017, 06:16:57 AM
Now at $1,825 for the year, net less estimated taxes of course. And requested Chexsystem report to see if there's something on there that caused PNC and 5/3 to deny new accounts.
Post by: MasterStache on June 27, 2017, 08:06:53 AM
Wanted to mention the $300 BofA targeted checking (http://www.doctorofcredit.com/targeted-bank-america-300-checking-bonus/). Almost missed this since it's not featured on Best Bank Account Bonus list, but if you have any old BofA credit cards, you'll likely be eligible.
Now at $1,825 for the year, net less estimated taxes of course. And requested Chexsystem report to see if there's something on there that caused PNC and 5/3 to deny new accounts.
I went for the $200 business bonus. It's an easy one to get with only 1K in deposits required. Might go for the $300 offer in a bit. I've got a lot of money spread around right now.
UPDATE: Got my PNC $200 bonus. Almost a full 2 months after account opening.
Post by: MasterStache on June 28, 2017, 08:42:28 AM
Post by: ducky19 on June 29, 2017, 08:19:22 AM
I've opened up quite a few accounts now and have earned $1675 YTD. I'm now to the point where I want to close these accounts - is there anything in particular I should know when closing them? Can I do it online, over the phone, or do I have to go to a physical branch?
As mentioned, each is different. This might be helpful... datapoints of methods per bank: http://www.doctorofcredit.com/complete-list-of-ways-to-close-bank-accounts-at-each-bank/
Thanks for the link! I just found out yesterday that my Associated Bank account was closed by them. Guess that means it's time to open another one (since it's been 90 days), right?
Post by: Paul der Krake on June 29, 2017, 08:25:51 AM
New $200 US Bank bonus. Easy requirements. Can fund initial $500 deposit with CCOpened it two days ago, still in review. Not sure what's taking so long... I need it for their Altitude card.
Post by: MasterStache on June 29, 2017, 10:56:08 AM
New $200 US Bank bonus. Easy requirements. Can fund initial $500 deposit with CCOpened it two days ago, still in review. Not sure what's taking so long... I need it for their Altitude card.
Saw quite a few DPs pending review and several denied. I was somewhat hesitant but was approved right away.
Post by: Paul der Krake on June 29, 2017, 11:04:41 AM
Yeah I don't mind being denied immediately, at least I get an opportunity to plead my case. It's the pending that weighs on my mind for multiple days that I don't like.New $200 US Bank bonus. Easy requirements. Can fund initial $500 deposit with CCOpened it two days ago, still in review. Not sure what's taking so long... I need it for their Altitude card.
Saw quite a few DPs pending review and several denied. I was somewhat hesitant but was approved right away.
Post by: SubL stache on June 30, 2017, 12:03:29 PM
I received my second M&T bonus this week. This is one of the easiest to do and pays out quick, has a 180 day ETF though, promo was just extended to 9/30 FYI.
I was in Tampa on business so I dropped in 5th/3rd Bank and signed up for their checking promotion (must have branch within 50 miles - so online didn't work for me). Unfortunately I couldn't double up with my wife making one too.
Discover $200
CapitalOne $400
M&T Bank $600
Total earned/received = $1,200
TD Bank $600
5th/3rd $200
Total Pending = $800
Post by: lexde on July 01, 2017, 07:28:33 PM
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Post by: kpd905 on July 02, 2017, 11:37:50 AM
M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Post by: lexde on July 02, 2017, 12:19:10 PM
M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Thank you!!
Post by: HAPPYINAZ on July 02, 2017, 04:09:05 PM
Wanted to mention the $300 BofA targeted checking (http://www.doctorofcredit.com/targeted-bank-america-300-checking-bonus/). Almost missed this since it's not featured on Best Bank Account Bonus list, but if you have any old BofA credit cards, you'll likely be eligible.
Now at $1,825 for the year, net less estimated taxes of course. And requested Chexsystem report to see if there's something on there that caused PNC and 5/3 to deny new accounts.
thanks for posting about the $300 bofa bonus. I just checked in with my old bofa card and it shows the offer for me. Anyone know if DD my husbands paycheck will be OK if I open checking account in my name?
Post by: Roots&Wings on July 03, 2017, 05:45:01 AM
M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Thank you!!
+1
Awesome tip, thank you! Did your initial account funding count as the $100 direct deposit or did you have to do a separate $100 transfer? Were you required to mail in the signature card to get the bonus?
Post by: lexde on July 03, 2017, 07:24:50 AM
Funding generally does NOT count as direct deposit. I plan to find $25 from my bank and then push a DD.M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Thank you!!
+1
Awesome tip, thank you! Did your initial account funding count as the $100 direct deposit or did you have to do a separate $100 transfer? Were you required to mail in the signature card to get the bonus?
Post by: Skills Barterer on July 03, 2017, 09:19:40 AM
Post by: Roots&Wings on July 03, 2017, 11:37:46 AM
thanks for posting about the $300 bofa bonus. I just checked in with my old bofa card and it shows the offer for me. Anyone know if DD my husbands paycheck will be OK if I open checking account in my name?
If your husband's company will do the DD to your account, I can't imagine the bank would have an issue since the transaction would still post as a DD. Maybe others will chime in who know more about spouse/joint account issues, or perhaps you can open a separate bofa account for your husband?
Post by: Paul der Krake on July 03, 2017, 12:03:25 PM
Post by: ditkanate on July 03, 2017, 01:06:08 PM
Post by: Roots&Wings on July 03, 2017, 03:46:53 PM
Do you have a url where to check the BoA checking bonus? I clicked around the site but nothing showed up. I have one Alaska credit card with them.
When you login to your BofA account online, it would be in the "Special Offers & Deals" header tab, fourth over to the right from your main Account tab.
Post by: Paul der Krake on July 03, 2017, 03:50:05 PM
Post by: kpd905 on July 03, 2017, 05:47:10 PM
Funding generally does NOT count as direct deposit. I plan to find $25 from my bank and then push a DD.
Yup, do the initial $25 funding and then push $100 from somewhere else. I have used US Bank and Venmo to push the $100 and both worked great, I had the bonus a day after the $100 cleared.
Post by: firelight on July 03, 2017, 07:59:39 PM
Didn't work for me... Asked me to come into branch since I was out of region :(M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Any bonus codes for any of the other region specific bonuses?
Post by: MasterStache on July 04, 2017, 06:31:54 AM
Didn't work for me... Asked me to come into branch since I was out of region :(M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Any bonus codes for any of the other region specific bonuses?
Worked for me and I am out of region as well. Thanks for the tidbit btw. If you click on a direct link you'll be forced to enter your zip code. Instead just go directly to the website and click around to find the checking and sign up that way.
Post by: CanuckExpat on July 04, 2017, 08:20:49 AM
Generally, being nomadic presents small headaches, but this has been a positive.
Post by: lexde on July 07, 2017, 06:18:19 AM
PNC: I signed up in branch for $400 bonus which was properly attached to my account. Per DoC, did the 10 debit transactions and $5K transfer from PayPal. Got the email confirming "direct deposits". 30 days passed, 45 days passed (typical DP was that bonus was paid out 30-45 days after meeting requirements), I went in branch to confirm I'd met requirements, was given an emphatic "yes." 60 days passed, nothing. Was later told by a CSR that the bonus wouldn't attach because of the Paypal transfers. I'm really debating escalating this one since two CSRs told me I had met requirements. But I know that the "loophole" means I probably shouldn't pursue anything.
TD Bank: Signed up for $300 bonus which was properly attached to my account. Per DoC, did the $2500 DD/transfer from Chase. That was over 60 days ago, too.
First Tenn: TBD
M&T: TBD
I don't know if I'm doing something wrong or what. I might just have to start having my SO reroute part of his paycheck. I just want my bonuses, mannn!
Post by: bspaggs on July 07, 2017, 09:34:32 AM
Post by: MasterStache on July 07, 2017, 09:49:57 AM
Post by: lexde on July 07, 2017, 10:09:51 AM
I've read through this thread and hope to try for the PNC $300 bonus. Trouble is I have no direct deposit. What's the best way to get a qualifying DD? I'm guessing not paypal based on the previous poster's experience. Any suggestions? Will venmo work? Thank you!Not paypal apparently! But check out Doctor of Credit for what will qualify, and only look at recent data points. I looked at some that were a few months old and did my DD based on that, so the fresher data points should be more reliable.
Post by: CanuckExpat on July 07, 2017, 10:40:12 AM
Not a lot of money, but it's free and easy, and the other way of looking at is it that it covers about 10% or one month of our annual expenses in retirement so far, so not bad. (just rough ball park estimates on percentage of spending)
Post by: firelight on July 08, 2017, 06:23:52 AM
Mid year check-in: Between wife and I we are at $2600 "total": $1700 received, $900 still pending pay outI hear you! We mentally keep the bank account bonuses as screw up fund and use that amount to not worry too much if we screw up on anything. Eg: we have to break lease and pay two months rent because we misestimated our plans for summer. Cute screw up fund to cover it!! :)
Not a lot of money, but it's free and easy, and the other way of looking at is it that it covers about 10% or one month of our annual expenses in retirement so far, so not bad. (just rough ball park estimates on percentage of spending)
Post by: MasterStache on July 08, 2017, 12:17:09 PM
Mid year check-in: Between wife and I we are at $2600 "total": $1700 received, $900 still pending pay outI hear you! We mentally keep the bank account bonuses as screw up fund and use that amount to not worry too much if we screw up on anything. Eg: we have to break lease and pay two months rent because we misestimated our plans for summer. Cute screw up fund to cover it!! :)
Not a lot of money, but it's free and easy, and the other way of looking at is it that it covers about 10% or one month of our annual expenses in retirement so far, so not bad. (just rough ball park estimates on percentage of spending)
Good way top use it. Our is travel money dedicated for my daughters gymnastics competitions. Probably earn enough for the entire year's worth of travel.
Post by: kpd905 on July 10, 2017, 08:34:14 PM
I've read through this thread and hope to try for the PNC $300 bonus. Trouble is I have no direct deposit. What's the best way to get a qualifying DD? I'm guessing not paypal based on the previous poster's experience. Any suggestions? Will venmo work? Thank you!
Discover checking ACH push worked for me.
Post by: marshdesign on July 12, 2017, 10:23:54 AM
I just got an email from BB&T. anyone into bank account churning and want to make 50 bucks with only $100 deposit? I read all the small print. You have to open a checking account and put in refer a friend code. have at least $100 into account when it is reviewed and 50 dollars will be deposited within 120 days of opening. there are some good 200 and 300 dollars bonus at other banks i am currently doing but require more tied up capital than 100 bucks, so this deal is not too shabby! no direct deposits or debit transactions to deal with. anyone interested in doing this with me? i get 50 and you get 50.
You need to be a new BB&T customer and must be checking account, not savings. I have 3 codes uses left, PM if you want one of the 3 remaining codes.
Post by: Roots&Wings on July 12, 2017, 11:08:59 AM
Post by: firelight on July 12, 2017, 03:38:00 PM
I posted this on a facebook MMM forum but just wanted to place this in here since this is very fitting! I have 3 referral codes left!Is there a state restriction or is it Nationwide? If it is Nationwide, I'd be interested
I just got an email from BB&T. anyone into bank account churning and want to make 50 bucks with only $100 deposit? I read all the small print. You have to open a checking account and put in refer a friend code. have at least $100 into account when it is reviewed and 50 dollars will be deposited within 120 days of opening. there are some good 200 and 300 dollars bonus at other banks i am currently doing but require more tied up capital than 100 bucks, so this deal is not too shabby! no direct deposits or debit transactions to deal with. anyone interested in doing this with me? i get 50 and you get 50.
You need to be a new BB&T customer and must be checking account, not savings. I have 3 codes uses left, PM if you want one of the 3 remaining codes.
Post by: marshdesign on July 13, 2017, 06:00:20 PM
limited to: AL, DC, FL, GA, IN, KY, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WV
Post by: lexde on July 15, 2017, 03:18:57 PM
I'm really getting frustrated with my attempts at churning. It seems like every bonus I've tried for lately has totally failed.As an update, called and TD Bank credited that bonus. PNC will credit too (per the CSR) but are giving me a much harder time about it. First Tenn and M&T are still TBD.
PNC: I signed up in branch for $400 bonus which was properly attached to my account. Per DoC, did the 10 debit transactions and $5K transfer from PayPal. Got the email confirming "direct deposits". 30 days passed, 45 days passed (typical DP was that bonus was paid out 30-45 days after meeting requirements), I went in branch to confirm I'd met requirements, was given an emphatic "yes." 60 days passed, nothing. Was later told by a CSR that the bonus wouldn't attach because of the Paypal transfers. I'm really debating escalating this one since two CSRs told me I had met requirements. But I know that the "loophole" means I probably shouldn't pursue anything.
TD Bank: Signed up for $300 bonus which was properly attached to my account. Per DoC, did the $2500 DD/transfer from Chase. That was over 60 days ago, too.
First Tenn: TBD
M&T: TBD
I don't know if I'm doing something wrong or what. I might just have to start having my SO reroute part of his paycheck. I just want my bonuses, mannn!
Post by: Roots&Wings on July 25, 2017, 06:46:42 AM
M&T is stating it's out of my region. Any workaround to that?
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I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Hi kpd, did you have to create a second M&T account for online banking after opening the other account, or did they automatically link both accounts when you opened the other account?
I opened M&T account #2 (bonus #1 received last week, thanks!), but it's not showing up online for some reason with the first account, and can't enroll account #2 in online banking unless I setup a different username/password.
Post by: lexde on July 25, 2017, 06:48:32 AM
Not who you asked, but M&T updates on Sundays I think. So check back Monday and if your accounts aren't linked by then, call. I asked the same thing on Reddit and the account showed up the following MondayM&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Hi kpd, did you have to create a second M&T account for online banking after opening the other account, or did they automatically link both accounts when you opened the other account?
I opened M&T account #2 (bonus #1 received last week, thanks!), but it's not showing up online for some reason with the first account, and can't enroll account #2 in online banking unless I setup a different username/password.
Post by: Roots&Wings on July 25, 2017, 10:52:28 AM
Post by: kpd905 on July 25, 2017, 06:48:59 PM
Post by: 2Birds1Stone on July 26, 2017, 07:11:31 AM
I'm up to $3,175 over the past 12 months....and this is on top of churning 6 travel reward CC's in the same time frame.
Post by: slappy on July 29, 2017, 06:07:11 PM
I posted this on a facebook MMM forum but just wanted to place this in here since this is very fitting! I have 3 referral codes left!
I just got an email from BB&T. anyone into bank account churning and want to make 50 bucks with only $100 deposit? I read all the small print. You have to open a checking account and put in refer a friend code. have at least $100 into account when it is reviewed and 50 dollars will be deposited within 120 days of opening. there are some good 200 and 300 dollars bonus at other banks i am currently doing but require more tied up capital than 100 bucks, so this deal is not too shabby! no direct deposits or debit transactions to deal with. anyone interested in doing this with me? i get 50 and you get 50.
You need to be a new BB&T customer and must be checking account, not savings. I have 3 codes uses left, PM if you want one of the 3 remaining codes.
If I'm reading correctly, your account also needs to have $100 in it at the time of review?
Post by: TomTX on July 30, 2017, 09:12:24 AM
I'm really getting frustrated with my attempts at churning. It seems like every bonus I've tried for lately has totally failed.
PNC: I signed up in branch for $400 bonus which was properly attached to my account. Per DoC, did the 10 debit transactions and $5K transfer from PayPal. Got the email confirming "direct deposits". 30 days passed, 45 days passed (typical DP was that bonus was paid out 30-45 days after meeting requirements), I went in branch to confirm I'd met requirements, was given an emphatic "yes." 60 days passed, nothing. Was later told by a CSR that the bonus wouldn't attach because of the Paypal transfers. I'm really debating escalating this one since two CSRs told me I had met requirements. But I know that the "loophole" means I probably shouldn't pursue anything.
TD Bank: Signed up for $300 bonus which was properly attached to my account. Per DoC, did the $2500 DD/transfer from Chase. That was over 60 days ago, too.
First Tenn: TBD
M&T: TBD
I don't know if I'm doing something wrong or what. I might just have to start having my SO reroute part of his paycheck. I just want my bonuses, mannn!
Consensus wisdom in the churn community is "Never Call The Bank" - you don't want human eyes on the account that you opened just for the bonus, especially with an iffy direct deposit method (usually they have text stating it needs to be a government or payroll deposit) and bare minimum on transactions.
Post by: MasterStache on July 30, 2017, 10:21:41 AM
Just added CIT Premier and Citizens Checking to my list for another $150/$100 respectively =)
I'm up to $3,175 over the past 12 months....and this is on top of churning 6 travel reward CC's in the same time frame.
Good work! So far I am up to $2300 (not all paid) bank accounts and roughly 6 CCs over just the past 3 months. Half for cash rewards and half for travel. Working on bank accounts for my wife as well. She's not fond of working on more than a couple at a time so it's a slow process for her.
Post by: Paul der Krake on July 30, 2017, 10:47:40 AM
- Suntrust checking $250
- Chase checking + savings $500
- KeyBank checking $300
- CapitalOne money market $200
- US Bank $200 (pending)
- CapitalOne checking $300 (pending)
I rarely do more than one account at a time, doing real direct deposits through work, and I basically don't bother for anything under $200, or $144 after taxes.
Post by: marshdesign on July 30, 2017, 12:17:41 PM
I posted this on a facebook MMM forum but just wanted to place this in here since this is very fitting! I have 3 referral codes left!
I just got an email from BB&T. anyone into bank account churning and want to make 50 bucks with only $100 deposit? I read all the small print. You have to open a checking account and put in refer a friend code. have at least $100 into account when it is reviewed and 50 dollars will be deposited within 120 days of opening. there are some good 200 and 300 dollars bonus at other banks i am currently doing but require more tied up capital than 100 bucks, so this deal is not too shabby! no direct deposits or debit transactions to deal with. anyone interested in doing this with me? i get 50 and you get 50.
You need to be a new BB&T customer and must be checking account, not savings. I have 3 codes uses left, PM if you want one of the 3 remaining codes.
If I'm reading correctly, your account also needs to have $100 in it at the time of review?
Slappy, that is correct, just have 100 at time of review to get the bonus. so a pretty low requirment and capital tie up. decent bank too. I have family that works in corporate. You just have to be in one of the states that they serve.
Post by: Roots&Wings on July 31, 2017, 06:31:57 AM
I rarely do more than one account at a time, doing real direct deposits through work, and I basically don't bother for anything under $200, or $144 after taxes.
Same here, but the M&T $150 bonuses were so insanely easy with a $100 external account transfer instead of changing employer deposit. With those, now at $2,125 for the year, or $1,550 after taxes.
Post by: lexde on August 01, 2017, 09:06:29 AM
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Post by: MasterStache on August 01, 2017, 09:47:32 AM
Post by: Paul der Krake on August 01, 2017, 10:18:04 AM
How many banks actually send tax forms for bonuses at the end of the year? I only did one bonus last year for Hancock and never received a form. Still keeping funds on the side to pay taxes but am curious.Suntrust never sent me a form. Everyone else has.
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Post by: Rosy on August 01, 2017, 12:24:22 PM
I'm up $1750 in the last 12 months, doing this very casually.
- Suntrust checking $250
- Chase checking + savings $500
- KeyBank checking $300
- CapitalOne money market $200
- US Bank $200 (pending)
- CapitalOne checking $300 (pending)
I rarely do more than one account at a time, doing real direct deposits through work, and I basically don't bother for anything under $200, or $144 after taxes.
Almost identical MO here:) I'm looking to do the CapitalOne MM this week unless they will not allow the $200 bonus since I already have a checking/savings accounts opened way back when they were ING.
If they don't, I'm dithering between a 2% CD - 10K for 36mo, or adding another 5K and open that Chase savings for a $200 bonus that I've been avoiding.
Mr. R. opened a Wells Fargo credit card (0% interest for 12 months and $200 bonus - 1K spend in 90 days) - nice find for us since it is his main bank and this will make things less complicated, plus we wanted a zero percent interest card for home improvement purposes.
BOA is on my radar and so is TD.
Post by: marshdesign on August 01, 2017, 03:56:44 PM
Post by: MasterStache on August 02, 2017, 06:34:50 AM
My husband and I just signed up for the wells 200 dollar card too! $400 total for just putting 1,000 on each. Easy!
Check out the Chase AARP card. $200 back with $500 spend. Doesn't count for the 5/24 rule and you don't have to be an AARP member to get the card.
Post by: NinetyFour on August 02, 2017, 06:41:52 AM
Post by: johnny847 on August 03, 2017, 12:46:52 PM
My husband and I just signed up for the wells 200 dollar card too! $400 total for just putting 1,000 on each. Easy!
Check out the Chase AARP card. $200 back with $500 spend. Doesn't count for the 5/24 rule and you don't have to be an AARP member to get the card.
Let's be clear: This card doesn't fall under 5/24, meaning the 5/24 rule doesn't apply for getting approved.
However, ANY card from ANY bank counts towards that 5 or more cards opened in the past 24 months when applying for any card that falls under 5/24, such as the Chase Sapphire Reserve.
Post by: MasterStache on August 03, 2017, 02:21:40 PM
My husband and I just signed up for the wells 200 dollar card too! $400 total for just putting 1,000 on each. Easy!
Check out the Chase AARP card. $200 back with $500 spend. Doesn't count for the 5/24 rule and you don't have to be an AARP member to get the card.
Let's be clear: This card doesn't fall under 5/24, meaning the 5/24 rule doesn't apply for getting approved.
However, ANY card from ANY bank counts towards that 5 or more cards opened in the past 24 months when applying for any card that falls under 5/24, such as the Chase Sapphire Reserve.
Oops, that's what I meant. You just stated it a bit more clear ( :
Post by: kpd905 on August 03, 2017, 07:44:05 PM
However, ANY card from ANY bank counts towards that 5 or more cards opened in the past 24 months when applying for any card that falls under 5/24, such as the Chase Sapphire Reserve.
Except business cards. At least non-Chase business cards.
Post by: johnny847 on August 03, 2017, 08:48:58 PM
However, ANY card from ANY bank counts towards that 5 or more cards opened in the past 24 months when applying for any card that falls under 5/24, such as the Chase Sapphire Reserve.
Except business cards. At least non-Chase business cards.
Oops yeah. Any personal card!
I have seen reports that Chase doesn't actualy look at Chase business cards when counting for 5/24, but ymmv
Post by: kpd905 on August 04, 2017, 05:34:16 AM
I have seen reports that Chase doesn't actualy look at Chase business cards when counting for 5/24, but ymmv
Hmm, that is good to know. I was paranoid that it would be too easy for them to have the info at their fingertips. Maybe I'll have to get the Ink Preferred next.
Post by: rageth on August 06, 2017, 01:59:48 PM
Post by: johnny847 on August 06, 2017, 07:41:49 PM
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
Yup! I absolutely love DoC. It's really the only churning/bonuses blog worth following imo, since he doesn't do affiliate links for credit cards or bank bonuses. (For bank bonuses he asks that they just give his readers a better bonus instead).
Post by: MasterStache on August 07, 2017, 06:17:05 AM
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
Yup! I absolutely love DoC. It's really the only churning/bonuses blog worth following imo, since he doesn't do affiliate links for credit cards or bank bonuses. (For bank bonuses he asks that they just give his readers a better bonus instead).
+1. Thanks for referring DoC. I was never really fond of many of the other travel/CC hacking websites since they have affiliated links. I think they often push cards that benefit them the most.
Post by: marshdesign on August 08, 2017, 05:13:03 PM
Post by: hgjjgkj on August 10, 2017, 09:50:34 PM
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
Post by: Paul der Krake on August 11, 2017, 12:43:37 AM
Bank accounts usually don't do hard pulls. And even if they did, 6/7 inquiries isn't enough to do any real damage to a score.Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
Post by: rageth on August 11, 2017, 08:11:09 AM
Bank accounts usually don't do hard pulls. And even if they did, 6/7 inquiries isn't enough to do any real damage to a score.Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
^This. I've opened 19 accounts for us since February, and only 1 was a hard pull. The one hard pull was for Charles Schwab because it required opening a brokerage account along with checking, but that account is one that I'm going to keep because far and away the best account for international travel. I found all of this information thanks to Doctor of Credit. Doctor of Credit is a wealth of information about which banks are ChexSystems-sensitive, which aren't, which do hard pulls, which can be funded via CC, etc.
Post by: CanuckExpat on August 11, 2017, 08:54:56 AM
Post by: jc4 on August 17, 2017, 08:34:46 AM
https://forum.mrmoneymustache.com/share-your-badassity/swingin-for-the-fences-first-at-bat-can-you-coach-me-(learning-to-churn-acct) (https://forum.mrmoneymustache.com/share-your-badassity/swingin-for-the-fences-first-at-bat-can-you-coach-me-(learning-to-churn-acct))
Post by: gggggg on August 23, 2017, 10:24:02 AM
Post by: max9505672 on August 23, 2017, 10:55:56 AM
I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
Do you guys know how to deposit large amount of money (ex. 4000$) on the same day that you open the account and doing it without physically meeting with a bank employee? Interac transfer usually have a daily maximum amount you can send and I don't see any other option.
Post by: CanuckExpat on August 23, 2017, 11:11:03 AM
I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.
Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.
Post by: max9505672 on August 23, 2017, 11:15:26 AM
There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.I just called my bank and I can transfer maximum 3000$ for each Interac transaction AND maximum 10000$/day. So I could do multiple tranfers up to 10000$, so that's not a problem anymore (in my case). Unless there's a ''settle'' time of more than a couple hours before the money gets transferred officially? I'm asking because 2 banks I want to churn here in Canada require minimum amount of X$ everyday of the month otherwise they'd charge you something like 15$. 15$/(300$-taxes) isn't negligible IMO.
Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.Can you please elaborate on that? Not sure I understand.
Post by: CanuckExpat on August 23, 2017, 11:21:33 AM
There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.I just called my bank and I can transfer maximum 3000$ for each Interac transaction AND maximum 10000$/day. So I could do multiple tranfers up to 10000$, so that's not a problem anymore (in my case). Unless there's a ''settle'' time of more than a couple hours before the money gets transferred officially? I'm asking because 2 banks I want to churn here in Canada require minimum amount of X$ everyday of the month otherwise they'd charge you something like 15$. 15$/(300$-taxes) isn't negligible IMO.Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.Can you please elaborate on that? Not sure I understand.
Didn't realize you were in Canada, sorry, situation can be very different with regards to bank bonuses, fees, and maintaining initial deposits.
Some bank account bonus opportunities in the US at least, also let you do your initial deposit by a credit card without it being considered a cash advance.
Many people also open credit cards for bonuses, in miles or dollars, which require you to do a certain amount of spending on that card. If you can fund a bank account with the card to help meet the minimum spending, plus get a bonus from the bank account, that is ideal.
Post by: max9505672 on August 23, 2017, 11:29:36 AM
I get it! Yes, right, great deal in that case. I'll have to check if it is possible here in Canada.
Didn't realize you were in Canada, sorry, situation can be very different with regards to bank bonuses, fees, and maintaining initial deposits.
Some bank account bonus opportunities in the US at least, also let you do your initial deposit by a credit card without it being considered a cash advance.
Many people also open credit cards for bonuses, in miles or dollars, which require you to do a certain amount of spending on that card. If you can fund a bank account with the card to help meet the minimum spending, plus get a bonus from the bank account, that is ideal.
Any fellow Canadian knows?
Is it also possible to Interac transfer money to yourself (one bank account to another)?
Post by: johnny847 on August 23, 2017, 04:48:27 PM
Is it not recommended to open the account by showing up in person to a branch? Is there any chance that the bank employee you meet will notice that you are opening the account for churning purposes only and could refuse to open the account?I've had this happen once before at a Chase branch. I went to a different Chase branch and it definitely seemed like the banker realized I had gotten four bonuses from them before but I think in the end she wanted her commission/bonus/whatever for opening new customer accounts.
I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
Do you guys know how to deposit large amount of money (ex. 4000$) on the same day that you open the account and doing it without physically meeting with a bank employee? Interac transfer usually have a daily maximum amount you can send and I don't see any other option.
Usually banks say average daily balance, not min daily. But even if they say min daily, most banks will waive the fee for the first month, sometimes two, because they know it takes time to get it all set up to avoid the fees.
Post by: TomTX on August 23, 2017, 05:37:52 PM
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
There are a fair number of $500 CC offers, including one in my .sig
Do that for you, and wife - that's a quarter of the total already. Each of you only have 1 hard pull. Have to spend $4k in 3 months, though.
Post by: TomTX on August 23, 2017, 05:39:32 PM
EDIT: Sorry, didn't realize you were in CanadaIs it not recommended to open the account by showing up in person to a branch? Is there any chance that the bank employee you meet will notice that you are opening the account for churning purposes only and could refuse to open the account?I've had this happen once before at a Chase branch. I went to a different Chase branch and it definitely seemed like the banker realized I had gotten four bonuses from them before but I think in the end she wanted her commission/bonus/whatever for opening new customer accounts.I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
Do you guys know how to deposit large amount of money (ex. 4000$) on the same day that you open the account and doing it without physically meeting with a bank employee? Interac transfer usually have a daily maximum amount you can send and I don't see any other option.
Usually banks say average daily balance, not min daily. But even if they say min daily, most banks will waive the fee for the first month, sometimes two, because they know it takes time to get it all set up to avoid the fees.
Hancock Whitney hit me with the fee the first month, it took a week or so to get an ACH verified to get above the min balance.
However, one online chat and they reversed it.
Post by: fh2000 on August 27, 2017, 08:47:37 AM
My Citi checking opened on 4/2/17. $300 bonus received on 7/11/17
My wifie's Citi checking open 4/26/17. $300 bonus received on 8/8/17.
Shall I wait at least 6 months from opening dates before I close these?
Post by: kpd905 on August 27, 2017, 09:01:44 AM
When can I close Citi checking accounts without bonus getting clawed back?
My Citi checking opened on 4/2/17. $300 bonus received on 7/11/17
My wifie's Citi checking open 4/26/17. $300 bonus received on 8/8/17.
Shall I wait at least 6 months from opening dates before I close these?
You can close them as soon as you get the bonus, per this page: https://www.doctorofcredit.com/citibank-300-checking-bonus-15000-initial-deposit-no-direct-deposit-needed/
Also note that you can get them again after your account has been closed for 180 days.
Post by: startbyservingothers on September 12, 2017, 11:06:17 AM
The best example I can think of in this instance is the Earned Income Credit and Invest Income.
If the total of: All interest received, Bank Account Bonuses, and Gains from sell of stock* add up to be over $3400, then you are denied the EIC. For a few select persons, not getting the EIC would cause them to "lose**" thousands of dollars. I doubt most people here get big EIC returns (EIC mainly benefits people with children and incomes under $40K.), but understanding your tax situation is important regardless of your income. Other credits like the Saver's Credit are smaller in size, but likely apply to a larger percentage of persons here. (When a credit phases out at set income(s), then you either want to be within that income number, or well over it. Otherwise you do a lot of work for very little gain.)
*Gains in a brokerage account. Not gains in a retirement account.
** The EIC (Earned Income Credit) is basically wealth distribution. Let's leave politics out of this thread, as there are other places to discuss.
Post by: Paul der Krake on September 12, 2017, 12:06:29 PM
Post by: slappy on September 12, 2017, 01:58:42 PM
Post by: Cornel_Westside on October 10, 2017, 02:26:55 PM
I think as a result of that I got a Chase Total Business Checking Account offer. It's for 300 dollars if you open it and do 5 operations in the first 60 days, and debit card purchases count (as well as wires, ACH, etc). So I'm just going to get it and do 5 purchases and leave $1500 dollars in it (required to avoid a $12 monthly fee) for I think 3 or 6 months. I didn't see it in doctor of credit, so I thought I'd post it here. Seems like a great offer if they offer it to you. I have to bring my mail offer to a branch, but for half an hour of work it should be easily worth it.
Just found it on doctor of credit here:
https://www.doctorofcredit.com/chase-business-checking-200-bonus-no-direct-deposit-required-2/
It's only for 200 - in the mail it can be more. But anyone can get 200 by depositing 1000.
Post by: johnny847 on October 11, 2017, 10:14:38 PM
Hey guys, just wanted to let you know I just got a checking account bonus offer in the mail. I have a Chase ink business card that gives 5% off of internet so I use that to pay for my internet bill and nothing else. I don't have a business right now but you don't need one to open a business credit card. I may start something related to tutoring in the future. But you can open a business credit card as a sole proprietor if you want. The only downside is more liability in case of theft, so be careful with business cards.
I think as a result of that I got a Chase Total Business Checking Account offer. It's for 300 dollars if you open it and do 5 operations in the first 60 days, and debit card purchases count (as well as wires, ACH, etc). So I'm just going to get it and do 5 purchases and leave $1500 dollars in it (required to avoid a $12 monthly fee) for I think 3 or 6 months. I didn't see it in doctor of credit, so I thought I'd post it here. Seems like a great offer if they offer it to you. I have to bring my mail offer to a branch, but for half an hour of work it should be easily worth it.
Just found it on doctor of credit here:
https://www.doctorofcredit.com/chase-business-checking-200-bonus-no-direct-deposit-required-2/
It's only for 200 - in the mail it can be more. But anyone can get 200 by depositing 1000.
I've gotten $500 coupons for Performance business checking, which requires $50k balance to avoid fees. BUT, fees are waived for first two months. And you get the bonus within the first two months. So then you call to downgrade the account to total business checking, which requires only $1500 to avoid fees.
Post by: lexde on October 12, 2017, 06:23:32 AM
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Post by: Rosy on October 12, 2017, 04:25:56 PM
$300 - Hancock, somehow I never heard of them, but they have a branch down the street and easy, sensible requirements.
I'm happy to see neither of the two banks are requiring direct deposit for this particular bonus, which leaves my real deposit free to use for one more churn next year.
So for this year, I found:
NFCU - 2% APY - 10K CD - 5mo - $100+
Thrivent Sav acct - $50mo - $120
Fifth Checking - $300
Hancock Checking - $300
Perk - switched to a different debit card at Mid Florida CU - free phone replacement, theft-repair insurance - saves $12 mo on each phone-$24 total or $288 annual.
Didn't realize I could have two debit cards. One rewards card - often double rewards:) and one with benefits but no rewards.
Mr. R. - Wells Fargo card - $200 bonus - zero percent interest for 12 mo (great!) and better rewards points
Mr. R. - Mid Florida card - $200 bonus - at a low interest rate (gotta have one of those)
Convinced Mr. R. to drop an old bank account that did nothing and move checking/savings to Mid FL to get 1% APY checking-min bal $1K and a 2% savings acct up to $4K - $100 in interest so far.
(Mine was $150 as of Oct, but I'm not counting it, since it was not a new move for this year)
TOTAL $1,608. - Wow, I'm surprised, I thought we only made like $600 or $800, it all adds up nicely:)
So all in all, even if it can barely be called churning, but there it is, a little extra money in our pocket and better money management overall. We'll see what we can find next year, but I'll continue to be super selective to fit our own criteria, with only the occasional churn if it suits our purpose.
@lexde - did you ever get all of your bonus money that was still pending?
Post by: BTDretire on October 13, 2017, 07:20:15 AM
_______________________________________________
Stipulations are:
Make $2,000 or more in total qualifying Direct Deposits10 OR
Keep a $2,000 minimum daily Select Checking balance OR
Maintain $10,000 total combined relationship balances linked across deposits, investments, mortgages and loans11 OR
Hold a SunTrust Mortgage with SurePaySM12 OR
Hold a Linked Small Business Checking account13
_________________________________________________
My understanding of those are, I can open Select Checking account, Deposit $2000 in the account, wait 60 days, receive my $200 and close the account.
My question, Just $deposit $2000 for 60 days and that's it? I met all requirements?
Not all that sure about 60 days.
https://www.suntrust.com/Microsites/Checking/checking-offer/index.html
Thanks for verifying.
Post by: lexde on October 13, 2017, 07:52:34 AM
For WF, it posted immediately.
@lexde - did you ever get all of your bonus money that was still pending?
First Tennessee did not work since I was out of the targeted area despite allowing me to sign up with the code.
PNC I had to fight tooth and nail for but ended up getting $300 instead of the $400 I signed up for and didn't have it in me to keep at it for the full bonus.
I'm looking at IberiaBank $300 and 5/3 $300 too. Did you get the 5/3 bank bonus already? If so, how did it go?
Post by: Rosy on October 23, 2017, 07:29:52 PM
I'm looking at IberiaBank $300 and 5/3 $300 too. Did you get the 5/3 bank bonus already? If so, how did it go?
5/3 is on my to-do list for tomorrow, since in FL you can only sign up in branch. I looked and made sure it had been over a year since I closed my account with them.
I have an e-mailed coupon from them, hopefully it will be smooth sailing.
Post by: v8rx7guy on October 23, 2017, 08:14:06 PM
Post by: JohnGalt79 on October 24, 2017, 03:09:30 AM
Just got the ball rolling for my Key bank $300 checking offer and will move on to the $350 Chase checking / savings offer... hoping the bring back the $500 offer at some point before then.
Chase still has the $500 offer for checking/savings... it pretty much never stops. Just search "Chase 500" on eBay - you can buy a coupon there for less than $1.50.
Post by: kpd905 on October 24, 2017, 05:24:45 AM
Just got the ball rolling for my Key bank $300 checking offer and will move on to the $350 Chase checking / savings offer... hoping the bring back the $500 offer at some point before then.
I just got a $500 coupon in the mail, if you PM me your address I'll mail it out to you today. It is good through January 2nd. I already have a Chase account open right now, so I can't use it.
Post by: Roots&Wings on October 24, 2017, 05:44:12 AM
I'm looking at IberiaBank $300 and 5/3 $300 too. Did you get the 5/3 bank bonus already? If so, how did it go?
5/3 is on my to-do list for tomorrow, since in FL you can only sign up in branch. I looked and made sure it had been over a year since I closed my account with them.
I have an e-mailed coupon from them, hopefully it will be smooth sailing.
I'm in FL too, and for the life of me (and 5 different internet browsers) cannot get the $300 offer to show up (only $200). Huge favor for anyone in FL with the $300 offer displayed, if I PM you my email, would you be willing to put it into the "email my coupon" box?
Just opened Hancock Whitney $300 checking and SunTrust $300 checking (will try the downgrade from signature advantage to select before fees hit). Waiting for PNC $400 offer to show up again, missed it at 3 local branches.
Post by: lexde on October 24, 2017, 05:59:46 AM
PM me your email address.I'm looking at IberiaBank $300 and 5/3 $300 too. Did you get the 5/3 bank bonus already? If so, how did it go?
5/3 is on my to-do list for tomorrow, since in FL you can only sign up in branch. I looked and made sure it had been over a year since I closed my account with them.
I have an e-mailed coupon from them, hopefully it will be smooth sailing.
I'm in FL too, and for the life of me (and 5 different internet browsers) cannot get the $300 offer to show up (only $200). Huge favor for anyone in FL with the $300 offer displayed, if I PM you my email, would you be willing to put it into the "email my coupon" box?
Just opened Hancock Whitney $300 checking and SunTrust $300 checking (will try the downgrade from signature advantage to select before fees hit). Waiting for PNC $400 offer to show up again, missed it at 3 local branches.
Edit never mind just use this when you go in!
http://www.hustlermoneyblog.com/wp-content/uploads/2017/10/Fifth-Third-Bank-US.pdf
Post by: Roots&Wings on October 24, 2017, 06:46:30 AM
OK, I'm looking at Opening a Suntrust account online.
_______________________________________________
Stipulations are:
Make $2,000 or more in total qualifying Direct Deposits10 OR
Keep a $2,000 minimum daily Select Checking balance OR
Maintain $10,000 total combined relationship balances linked across deposits, investments, mortgages and loans11 OR
Hold a SunTrust Mortgage with SurePaySM12 OR
Hold a Linked Small Business Checking account13
_________________________________________________
My understanding of those are, I can open Select Checking account, Deposit $2000 in the account, wait 60 days, receive my $200 and close the account.
My question, Just $deposit $2000 for 60 days and that's it? I met all requirements?
Not all that sure about 60 days.
https://www.suntrust.com/Microsites/Checking/checking-offer/index.html
Thanks for verifying.
Also just saw this. BTD, I just opened Suntrust signature advantage ($300 bonus) and plan to call to downgrade to select ($2k account balance to avoid fees) before the signature advantage fees hit. It might end up being $200 select bonus, but others have had success, will see.
I'm ACHing $500 from another bank account + $1500 from Vanguard, which should meet both the $500 direct deposit and $2k minimum to avoid fees, and will then complete the 10 debit card transactions, and close after 180 days.
Post by: Jaayse on October 24, 2017, 04:20:15 PM
$500 - opened chase checking and savings
$500 - opened capital one 360 MMA and savings
$500 - opened chase sapphire preferred and used repaid work expenses to get the spending
$150 - opened a T IRA 1 year 2% CD with Navy Federal for a $50 opening bonus and $100 bonus for a reoccurring $50 deposit in it every month for 6 months
So yes, in much less time than a year I made over $1600 by being organized! Moving to Italy has slowed this down, but I did it all from between April and August.
Post by: johnny847 on October 25, 2017, 11:05:10 PM
$200 BMO Harris Checking
$300 Chase Total Checking
$500 Chase Performance Business Checking
$200 Discover Savings
$200 Discover AAA Savings
$200 Discover AAII Savings
$200 Fifth Third
$200 First Tennessee
$350 HSBC (I opened this last year, got the bonus this year)
$200 PNC Virtual Wallet with Performance Spend
$400 Regions LifeGreen Checking
$300 Wells Fargo Business Checking
$200 Wells Fargo Everyday Checking
Post by: kpd905 on October 26, 2017, 06:15:59 AM
$200 Discover Savings
$200 Discover AAA Savings
$200 Discover AAII Savings
Nice to see that you got all 3 bonuses, I've seen recent data points confirming this. How long did you keep the $20k in each account? And did you do any internal transfers between accounts or just ACH pushes from a separate account?
Post by: johnny847 on October 26, 2017, 08:52:11 AM
$200 Discover Savings
$200 Discover AAA Savings
$200 Discover AAII Savings
Nice to see that you got all 3 bonuses, I've seen recent data points confirming this. How long did you keep the $20k in each account? And did you do any internal transfers between accounts or just ACH pushes from a separate account?
Only a day.
I pulled the same $15k in and out, then pushed $5k to each of those, for $20k cumulative deposits for each (I didn't have $20k to spare for this). This was all from a separate account. I think I saw DP on DoC that external transfers weren't necessary, but I'd stick with external transfers
Post by: Roots&Wings on October 26, 2017, 11:03:33 AM
Post by: CanuckExpat on November 18, 2017, 07:58:49 AM
You used to be able to buy coins from the US Mint and then deposit the coins in your bank account. Those were the days.
It pays to have your finger on the pulse. Used to be "easy" and lucrative to MS, now it appears to be the Golden Age Of Bank Account Bonuses (https://www.doctorofcredit.com/golden-age-bank-account-bonuses-dont-miss/)
Or perhaps it was. We were in for several thousand for the year in bank account bonuses (or like 20% of our retirement spending or something) and then all of a sudden we both started getting declined
Easy come, easy go
I never really got bank bonuses. Sure you get $200, but you tie up 20k for six months. That’s a 2% return
You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example (https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus): You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).
That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)
Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
Post by: tj on November 18, 2017, 09:37:23 AM
Post by: kpd905 on November 18, 2017, 10:00:59 AM
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days. The deal ends on Monday for anyone interested.
Post by: dragoncar on November 18, 2017, 12:20:36 PM
Post by: Paul der Krake on November 26, 2017, 02:41:09 PM
Also, wouldn't that create a clusterfuck of tax liabilities? Say I use my friend John's address in New York City to get a local bank bonus, surely the bank reports the 1099 to New York State and the city, then what? I'm not a resident of NYC, so I don't owe anything, but I assume that would trigger some wonky things if I either didn't file NYS taxes, or filed and said that it doesn't apply to me.
Post by: tj on November 26, 2017, 05:54:54 PM
Postal forwarding services such as ipostal1.com or using friends' addresses in a different state in order to qualify for bonuses: genius idea or textbook address fraud?
Also, wouldn't that create a clusterfuck of tax liabilities? Say I use my friend John's address in New York City to get a local bank bonus, surely the bank reports the 1099 to New York State and the city, then what? I'm not a resident of NYC, so I don't owe anything, but I assume that would trigger some wonky things if I either didn't file NYS taxes, or filed and said that it doesn't apply to me.
I would not be using someone else's address to open a bank account. I don't know if it's legally considered defrauding a bank, but it certainly doesn't sound like a genius idea.
Post by: CanuckExpat on November 26, 2017, 09:27:05 PM
Post by: tj on November 27, 2017, 09:53:44 AM
You'll probably run into an ID / address verification problem anyways. When it doesn't match up with your credit or CHEX report they might ask for ID
That too.
Whenever I've moved from one address to another and it hadn't been reflected on the consumer reports, I had to show a utility blll or some proof of my address.
Post by: ThatGuy on November 27, 2017, 09:14:41 PM
Someone asked if a DD from their spouses employer would work for the DD into their account. I've been opening accounts for my dad and sister and using my paycheck as their DD and it's worked every time so far. Just to clarify, they know the accounts are being opened in their name and they're receiving the bank bonuses. I just do all the leg work so they have a little spending money.
Bank bonuses are fun but sometimes it's tedious and I take a break from it. From what I've read here you guys are hard core. Thanks for the tips, just thought I would add what little I've learned.
Post by: Paul der Krake on November 27, 2017, 09:40:45 PM
Someone asked if a DD from their spouses employer would work for the DD into their account. I've been opening accounts for my dad and sister and using my paycheck as their DD and it's worked every time so far. Just to clarify, they know the accounts are being opened in their name and they're receiving the bank bonuses. I just do all the leg work so they have a little spending money.Yup, same here. My wife is the only employee of her small firm (everyone else is a partner). It was already awkward when she elected to max out her 401(k) and everyone instantly knew, there's no way she's going to request direct deposit changes every other month.
Fortunately, my megacorp automated payroll allows my paycheck to be split across 6 accounts, so I never have to play the ACH roulette.
Post by: Roots&Wings on December 15, 2017, 11:01:43 AM
- Chase checking: $300
Chase savings: $200
Santander checking: $225
BMO Harris checking: $200
TD bank checking: $300
Citibank checking: $300
Bank of America Checking: $300
M&T Checking - ezchoice: $150
M&T Checking - mychoice: $150
SunTrust Checking - Signature Advantage, downgrade to Select: $300
Hancock Whitney Access checking: $300
Discover savings: $200
Discover AAII + AAA savings: $400
BBVA Compass ClearChoice Free Checking: $200
First year doing bank bonuses. Looking forward to churning some of these next year, hopefully with $400 Regions and PNC checking offers, when available. Learned a lot from this thread, thanks again!
Post by: katsiki on December 15, 2017, 04:36:14 PM
Someone asked if a DD from their spouses employer would work for the DD into their account. I've been opening accounts for my dad and sister and using my paycheck as their DD and it's worked every time so far. Just to clarify, they know the accounts are being opened in their name and they're receiving the bank bonuses. I just do all the leg work so they have a little spending money.Yup, same here. My wife is the only employee of her small firm (everyone else is a partner). It was already awkward when she elected to max out her 401(k) and everyone instantly knew, there's no way she's going to request direct deposit changes every other month.
Fortunately, my megacorp automated payroll allows my paycheck to be split across 6 accounts, so I never have to play the ACH roulette.
Thank you both for pointing that out! I have been trying to find that answer... Now, I can get DW a chase bonus using my DD.
Post by: tj on December 16, 2017, 03:04:33 PM
2017 Recap:Chase checking: $300
2017 Total: $3,525
Chase savings: $200
Santander checking: $225
BMO Harris checking: $200
TD bank checking: $300
Citibank checking: $300
Bank of America Checking: $300
M&T Checking - ezchoice: $150
M&T Checking - mychoice: $150
SunTrust Checking - Signature Advantage, downgrade to Select: $300
Hancock Whitney Access checking: $300
Discover savings: $200
Discover AAII + AAA savings: $400
BBVA Compass ClearChoice Free Checking: $200
First year doing bank bonuses. Looking forward to churning some of these next year, hopefully with $400 Regions and PNC checking offers, when available. Learned a lot from this thread, thanks again!
Congrats! Glad I was able to in some way introduce you to the fun. I think I only did Discover x1 this year. :)
Post by: soccerluvof4 on December 18, 2017, 03:29:57 AM
Post by: Roots&Wings on December 18, 2017, 07:32:54 AM
soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.
Pick an offer and go! Good luck to all of us late starters!!
Post by: ThatGuy on December 19, 2017, 01:52:02 PM
Thanks tj! Talking to seasoned veterans definitely helped :)
soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.
Pick an offer and go! Good luck to all of us late starters!!
NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/
Post by: tj on December 19, 2017, 09:08:15 PM
Thanks tj! Talking to seasoned veterans definitely helped :)
soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.
Pick an offer and go! Good luck to all of us late starters!!
NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/
At this point, NW is a corporate monster. DoC is a couple of dudes. They don't have affiliate links in the effort to remain unbiased, so they have better content IMO :)
Post by: ThatGuy on December 20, 2017, 07:54:28 PM
Thanks tj! Talking to seasoned veterans definitely helped :)
soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.
Pick an offer and go! Good luck to all of us late starters!!
NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/
At this point, NW is a corporate monster. DoC is a couple of dudes. They don't have affiliate links in the effort to remain unbiased, so they have better content IMO :)
DoC does have affiliate links but they point out that they're affiliate links. Either way it doesn't matter to me, I'm just looking for bank and credit card bonuses where ever I can find them.
Post by: Jaayse on December 21, 2017, 11:48:28 AM
Post by: Duke03 on December 22, 2017, 10:49:34 PM
Post by: HoustonSker on December 23, 2017, 10:44:24 AM
I did my first bank account churning today. Thank God for Chase Bank...they are the gift that keeps on giving. I did the checking for $300 bonus and the savings for a $200 bonus. I'll be back to do the business checking for another $300 and will also take my wife up there to rinse and repeat. I had a question on getting my wife a checking account. She doesn't work so in order to get a direct deposit my employer allows me to split my check into several accounts as little as $25 a month. Does anyone know if that will fit their direct deposit requirement so she will get the $300 bonus. Funny thing is I had the private client guy drooling from the mouth once they started asking investing and net worth questions. I simply had to smile and tell him as a fee conscious investor I didn't see how he'd be able to help me.....
I can’t say with certainty regarding Chase, but I routed my direct deposits to a BoA account that was under my wife’s name and received the bonus. Cheers
Post by: cantgrowone on January 02, 2018, 02:49:06 PM
Post by: Tainted Nate on January 02, 2018, 03:34:51 PM
Post by: lexde on January 02, 2018, 06:58:04 PM
How do you continue this year after year? There are only so many banks out there.Most banks have a 12 month limit on bonuses so you can “churn” the bonus each year.
Post by: aperture on January 02, 2018, 07:33:14 PM
Post by: Lan Mandragoran on January 03, 2018, 07:09:19 AM
Thoughts? Am I missing something? I don't need an emergency fund of like 20k, and that seems to be a good amount to start doing this.
Post by: secondcor521 on January 03, 2018, 08:32:12 AM
Has anyone else been told by discover that they "are not able to approve the Discover Bank deposit account you recently requested, based upon the information you provided in your application." I can't think of what the application asked that they would disagree with, I have a high income (over 100k) and good credit (818). This is very strange to me and the first time I've ever been turned down for anything financially.
Probably something in your ChexSystems report. It's like your credit report, but it's only on your banking activity. Some banks will turn you down for a new account if your ChexSystems report shows that you've opened a lot of accounts recently because they don't want to deal with churners.
I think you can order a copy and see what's on there.
Post by: CanuckExpat on January 03, 2018, 09:53:36 AM
Seems to me alot of these bonuses, are not as good or equal to just putting it in an index fund on average. Saw a chase one for 300$, but thats 25k required to be sitting for 3 months.
Thoughts? Am I missing something? I don't need an emergency fund of like 20k, and that seems to be a good amount to start doing this.
I think the same concern was discussed upthread (https://forum.mrmoneymustache.com/share-your-badassity/bank-account-churning-how-to-make-$1600-in-a-year-by-being-organized/msg1777214/#msg1777214). Comes down to specific offers, and whether you would already be holding cash or not:
You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example (https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus): You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).
That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)
Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
Post by: HipGnosis on January 03, 2018, 09:12:59 PM
I can't freely agree to annualizing the ROI, because that assumes you have another offer available every time you finish an offer.I never really got bank bonuses. Sure you get $200, but you tie up 20k for six months. That’s a 2% return
You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example (https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus): You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).
That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)
Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
But... your statement has me thinking that bank churning should be considered every time someone asks where to put money for a relatively short term.
Post by: Tainted Nate on January 06, 2018, 12:02:38 PM
Post by: Paul der Krake on January 06, 2018, 01:25:18 PM
Post by: johnny847 on January 24, 2018, 09:43:18 AM
I can't freely agree to annualizing the ROI, because that assumes you have another offer available every time you finish an offer.I never really got bank bonuses. Sure you get $200, but you tie up 20k for six months. That’s a 2% return
You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example (https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus): You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).
That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)
Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
But... your statement has me thinking that bank churning should be considered every time someone asks where to put money for a relatively short term.
The point is not that you will realize a 20% return (and you won't unless you happen to find another bank bonus with the exact same rates), but that you'd have to find an investment that returns 20% in a year to be able to match the 5.5% return over 90 days of that particular bank bonus.
The stock market can certainly return 20% in a year, but a bank bonus has the benefits of a guaranteed return and FDIC insurance on the principal.
(By the way, the best consistent bank bonus out there is $300 for a total checking account from chase, which only requires $1500 for six months. 20% return 6 months!)
Post by: lexde on January 24, 2018, 10:10:06 AM
One thing I've learned from all of this churning is that PNC bank absolutely sucks.+100
Post by: katsiki on January 24, 2018, 10:22:08 AM
Post by: Michael in ABQ on January 24, 2018, 10:45:05 AM
I'm responding to a relevant comment from another thread here (to stay on topic there):You used to be able to buy coins from the US Mint and then deposit the coins in your bank account. Those were the days.
It pays to have your finger on the pulse. Used to be "easy" and lucrative to MS, now it appears to be the Golden Age Of Bank Account Bonuses (https://www.doctorofcredit.com/golden-age-bank-account-bonuses-dont-miss/)
Or perhaps it was. We were in for several thousand for the year in bank account bonuses (or like 20% of our retirement spending or something) and then all of a sudden we both started getting declined
Easy come, easy go
I never really got bank bonuses. Sure you get $200, but you tie up 20k for six months. That’s a 2% return
You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example (https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus): You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).
That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)
Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
This HSBC offer is now $350 if you deposit $10,000 and leave it there 90 days. I went ahead and applied as I was hoping to move my $10k emergency fund over there, collect the bonus, then move it to a high-yield savings account. I went through the whole online process and it said my application was denied. I have frozen all of my credit bureau accounts but not ChexSystems so I'm guessing that might be why. Frankly I don't want to go through the hassle of unfreezing and refreezing all of those just to take advantage of this offer.
Post by: Roots&Wings on January 24, 2018, 11:02:02 AM
With Chase, do you go to a new branch each year?
One downside of Chase bonuses is having to go to the branch and the 45 minute in-depth personal interview to open. The banker recognized me immediately (same one from last year). Hopefully they'll offer online next year.
Post by: CanuckExpat on January 24, 2018, 11:54:30 AM
Post by: MasterStache on January 24, 2018, 12:55:23 PM
I've had no problems with PNC either. But ran into issues with 1, maybe 2 banks that I absolutely will never do business with again.
Post by: Paul der Krake on January 24, 2018, 01:55:47 PM
Post by: joe7886 on January 25, 2018, 06:27:31 AM
I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.
Post by: MasterStache on January 25, 2018, 09:00:30 AM
I just started doing this in 2017 and got 2 bonuses. I'd like to do more but prefer not to change my direct deposits at work. Is there a bank that I should open an account (preferably with a bonus) that I can use to transfer money to other banks and get additional bonuses?
I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.
Chase works pretty well as does Discover. It just varies with each bank as to what counts as a DD. I have used PayPal, Serve (before it got shut down), various checking accounts and even a money market account for DD.
Post by: fmzip on January 25, 2018, 01:55:05 PM
I see some of these people do this and it's acting as direct deposit....
Post by: Michael in ABQ on January 25, 2018, 02:18:10 PM
I'm just looking to park this cash somewhere and earn at least 1% or more with no gimmicks, any recommendations?
Post by: fmzip on January 25, 2018, 02:24:06 PM
Slightly off-topic but any recommendations for the best place to park a $10,000 emergency fund? I see that Lake Michigan Credit Union offers a 3.00% checking account on up to $15,000 but it requires direct deposit, 10 debit transactions a month, and four online logins. I don't want to have to worry about getting hit with some fee or seeing the interest rate drop to 0.1% just because I forget to do those things one month. I also feel like it's somewhat unethical to go make 10 $0.50 Amazon gift card purchases each month just to hit that target.
I'm just looking to park this cash somewhere and earn at least 1% or more with no gimmicks, any recommendations?
https://www.doctorofcredit.com/high-interest-savings-to-get/
Post by: katsiki on January 25, 2018, 02:24:46 PM
Slightly off-topic but any recommendations for the best place to park a $10,000 emergency fund? I see that Lake Michigan Credit Union offers a 3.00% checking account on up to $15,000 but it requires direct deposit, 10 debit transactions a month, and four online logins. I don't want to have to worry about getting hit with some fee or seeing the interest rate drop to 0.1% just because I forget to do those things one month. I also feel like it's somewhat unethical to go make 10 $0.50 Amazon gift card purchases each month just to hit that target.
I'm just looking to park this cash somewhere and earn at least 1% or more with no gimmicks, any recommendations?
Insight card - 5% on $5,000. If you have a SO, you can easily do 2 accounts. More info here: https://www.doctorofcredit.com/insight-5-apy-prepaid-card-5000/
Post by: MasterStache on January 25, 2018, 02:39:02 PM
How does one make a paypal payment to a bank account???
I see some of these people do this and it's acting as direct deposit....
Link the account to PayPal and do a money transfer. Pretty straightforward.
Post by: fmzip on January 25, 2018, 07:20:26 PM
How does one make a paypal payment to a bank account???
I see some of these people do this and it's acting as direct deposit....
Link the account to PayPal and do a money transfer. Pretty straightforward.
But how do I get money into my paypal without selling something on Ebay for example?
EDIT Got it....click the "add funds" then I'd send the funds to the new account ;)
Post by: CanuckExpat on January 26, 2018, 11:22:22 AM
I just started doing this in 2017 and got 2 bonuses. I'd like to do more but prefer not to change my direct deposits at work. Is there a bank that I should open an account (preferably with a bonus) that I can use to transfer money to other banks and get additional bonuses?
I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.
Check here: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
Post by: NinetyFour on January 28, 2018, 07:14:38 AM
I just started doing this in 2017 and got 2 bonuses. I'd like to do more but prefer not to change my direct deposits at work. Is there a bank that I should open an account (preferably with a bonus) that I can use to transfer money to other banks and get additional bonuses?
I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.
Check here: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
I have been able to send money from Capitol One to the other bank accounts and those have counted as direct deposits. I have never had to change my direct deposit for my paychecks. Definitely check the link Canuck left above. DOC is awesome for all of this info.
Post by: toganet on February 01, 2018, 08:10:33 AM
I'm noticing more and more of my applications are getting denied. It could be that my ChexSystems account now shows too many open accounts, or the good times have ended. Easy come, easy go
I work at a bank, specifically in the tech side of account opening. Without giving anything away, I will say there are various factors that banks will use in addition to, or in place of, ChexSystems to inform their decision-making on whether to allow an account to be opened.
Sometimes, though, a simple mismatch in your address or other information can be enough for them to direct you away from the online process and into a branch, where a human can work around those issues -- or confirm they don't want to do business with you.
Post by: jim555 on February 01, 2018, 08:26:58 AM
Post by: Rosy on February 02, 2018, 07:13:15 PM
2. Fifth Third - just got a targeted offer in the mail $250 - must do in Feb. Planning on keeping that one for good.
Hoping for one more easy bank bonus offer sometime this year, that's enough for me.
Also, still looking for a credit card - good for miles, no foreign exchange fees, at least 1.5pts and at least 12 mo zero percent, spend no more than $1000 in three months and a bonus of at least $200.
Not sure if such a thing exists - but that's what I'm looking for ...
Post by: kpd905 on February 03, 2018, 12:38:44 PM
I just got an offer in the mail HSBC, deposit $10,000 for 90 days, get $350.
That one is available online as well, along with a $200 bonus that only ties up $1500.
https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/
I put in the $10,000 for the $350 bonus about 50 days ago, so I'll report back if they pay out. Last time I tried one of their bonuses they never paid.
Question for all of you who do your own taxes with some software, do you manually input every single bank bonus? Or can we just put in the total amount of interest income and be done?
Post by: secondcor521 on February 03, 2018, 05:10:59 PM
Question for all of you who do your own taxes with some software, do you manually input every single bank bonus? Or can we just put in the total amount of interest income and be done?
Historically I have. It seems to me that if you have to fill out schedule B they want a line-by-line payer-by-payer detailed list. But if the total you put in is at least equal to the total of your 1099-INTs I can't imagine that they'd hassle you.
Post by: Padonak on February 03, 2018, 05:53:12 PM
I'm noticing more and more of my applications are getting denied. It could be that my ChexSystems account now shows too many open accounts, or the good times have ended. Easy come, easy go
I work at a bank, specifically in the tech side of account opening. Without giving anything away, I will say there are various factors that banks will use in addition to, or in place of, ChexSystems to inform their decision-making on whether to allow an account to be opened.
Sometimes, though, a simple mismatch in your address or other information can be enough for them to direct you away from the online process and into a branch, where a human can work around those issues -- or confirm they don't want to do business with you.
How about those who travel and use a mailbox instead of a physical address, but the mailbox looks like a real address with apartment/unit number? For example, services like traveling mailbox. Are there problems opening accounts with an address like that? How about existing customers who switch from a real address to a virtual one, for example if they work as a traveling nurse or backpack overseas for a few years?
Post by: toganet on February 05, 2018, 11:25:56 AM
I'm noticing more and more of my applications are getting denied. It could be that my ChexSystems account now shows too many open accounts, or the good times have ended. Easy come, easy go
I work at a bank, specifically in the tech side of account opening. Without giving anything away, I will say there are various factors that banks will use in addition to, or in place of, ChexSystems to inform their decision-making on whether to allow an account to be opened.
Sometimes, though, a simple mismatch in your address or other information can be enough for them to direct you away from the online process and into a branch, where a human can work around those issues -- or confirm they don't want to do business with you.
How about those who travel and use a mailbox instead of a physical address, but the mailbox looks like a real address with apartment/unit number? For example, services like traveling mailbox. Are there problems opening accounts with an address like that? How about existing customers who switch from a real address to a virtual one, for example if they work as a traveling nurse or backpack overseas for a few years?
Each bank will treat these circumstances slightly differently based on their own market position, business rules, and risk aversion. With addresses in particular it can get pretty complicated.
Think of it this way -- the bank is trying to make a judgment call about whether the applicant is going to be a "good customer,*" and uses things like credit rating, chexsystems (which is really a way to know if the applicant has defaulted on checking accounts at other banks) and the "secret sauce" provided by third parties like RSA and Lexis Nexis (Big Data).
* A good customer for a bank is someone who is going to generate more income (fees & interest) for the bank than they cost in fraud risk and servicing.
Post by: CanuckExpat on March 23, 2018, 11:37:38 AM
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days. The deal ends on Monday for anyone interested.
My $350 bonus posted today. It was a long wait, and I figured it wasn't coming, but it showed up.
The deal is alive again until the end of the month: https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus
HSBC seems to be hit or miss for paying out
Post by: lexde on March 23, 2018, 11:42:48 AM
3/7/18: 10x amazon purchases run as credit.
3/8/18: $2100 transfer from schwab brokerage
3/22/18: $500 bonus posted.
Post by: v8rx7guy on March 23, 2018, 12:15:57 PM
Key Bank $300
Chase Checking $300
Chase Savings $200
Wells Fargo Checking $200
2018:
Wells Fargo Business Checking $500 (!!!)
Total: $1,500
Post by: couponvan on March 23, 2018, 12:32:01 PM
Post by: lexde on March 23, 2018, 12:34:22 PM
I am thinking of having my college kid do this for us as a part-time job. We have excess funds sitting in cash, but our hourly rate is high. His is low and he's a math geek.It honestly doesn’t even take math skills. Just time and funds you can park in an account for 6 months. Go to Doctor of Credit and check out the best bonuses (including applicable regional ones) and read the comments to see if they’re worth doing. Easy peasy!
Post by: MasterStache on March 23, 2018, 12:46:26 PM
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days. The deal ends on Monday for anyone interested.
My $350 bonus posted today. It was a long wait, and I figured it wasn't coming, but it showed up.
The deal is alive again until the end of the month: https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus
HSBC seems to be hit or miss for paying out
I am reluctant to try the HSBC bonus. Wayyyyy to many data points of it being a PITA. I have been hitting a lot of the bonuses this year under my wife's name.
Post by: Paul der Krake on March 23, 2018, 02:51:31 PM
Post by: MasterStache on March 23, 2018, 04:20:36 PM
Twist: all the data points are from HSBC employees trying to discourage churners.
Haha, that's a lot of employees.
Post by: kpd905 on March 23, 2018, 05:21:47 PM
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days. The deal ends on Monday for anyone interested.
My $350 bonus posted today. It was a long wait, and I figured it wasn't coming, but it showed up.
The deal is alive again until the end of the month: https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus
HSBC seems to be hit or miss for paying out
How long was that for your bonus to post? We just hit 90 days this week, wondering when I might see my $350.
Post by: CanuckExpat on March 23, 2018, 07:34:49 PM
How long was that for your bonus to post? We just hit 90 days this week, wondering when I might see my $350.
Looks like opening deposit Nov 14th 2017. Bonus posted Mar 22 2018
Post by: MasterStache on March 24, 2018, 07:26:32 AM
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days. The deal ends on Monday for anyone interested.
My $350 bonus posted today. It was a long wait, and I figured it wasn't coming, but it showed up.
The deal is alive again until the end of the month: https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus
HSBC seems to be hit or miss for paying out
How long was that for your bonus to post? We just hit 90 days this week, wondering when I might see my $350.
Most data points I see are saying roughly 120 days.
Post by: tralfamadorian on April 07, 2018, 11:22:33 AM
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Post by: HAPPYINAZ on April 08, 2018, 02:14:22 PM
I did my first bank account churning today. Thank God for Chase Bank...they are the gift that keeps on giving. I did the checking for $300 bonus and the savings for a $200 bonus. I'll be back to do the business checking for another $300 and will also take my wife up there to rinse and repeat. I had a question on getting my wife a checking account. She doesn't work so in order to get a direct deposit my employer allows me to split my check into several accounts as little as $25 a month. Does anyone know if that will fit their direct deposit requirement so she will get the $300 bonus. Funny thing is I had the private client guy drooling from the mouth once they started asking investing and net worth questions. I simply had to smile and tell him as a fee conscious investor I didn't see how he'd be able to help me.....
yes, you can use your direct deposit into her account to meet the requirements. We did this for my account with Chase. I am self employed, but my husband can split his paycheck into several accounts, so we divided his into two accts (his and mine) with Chase and met the bonus requirements.
Post by: MasterStache on April 09, 2018, 05:49:32 AM
I don't know why it took me so long to add checking account churning to my list. For this year so far:
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Yep, the downside is that the bonuses are taxable. I try to do a mix of both. I like the $500-$1000 spend for $200 statement credit cards as well. Very easy to hit a few of those throughout the year.
Post by: dragoncar on April 23, 2018, 04:57:04 PM
I don't know why it took me so long to add checking account churning to my list. For this year so far:
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Yep, the downside is that the bonuses are taxable. I try to do a mix of both. I like the $500-$1000 spend for $200 statement credit cards as well. Very easy to hit a few of those throughout the year.
Just did chase business, it was a PITA. They were really nice it just took forever with the upselling and “let me introduce you to the team” BS (she literally introduced me to every employee in the branch- luckily many were at lunch)
For $300, by really $200 after tax and $140 after opportunity cost, the hourly rate is getting pretty low
Post by: MasterStache on April 24, 2018, 05:18:49 AM
I don't know why it took me so long to add checking account churning to my list. For this year so far:
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Yep, the downside is that the bonuses are taxable. I try to do a mix of both. I like the $500-$1000 spend for $200 statement credit cards as well. Very easy to hit a few of those throughout the year.
Just did chase business, it was a PITA. They were really nice it just took forever with the upselling and “let me introduce you to the team” BS (she literally introduced me to every employee in the branch- luckily many were at lunch)
For $300, by really $200 after tax and $140 after opportunity cost, the hourly rate is getting pretty low
That kind of sucks. The branch near me was busy so no introductions thankfully. Man you have a high tax rate. My wife does our taxes and our tax rate was under 10%. Keep in mind she works full time and I semi-fired around July. I am not sure how she pulled that one off.
I am actually struggling to keep up on some of the bank bonuses this year as I don't have enough in savings to hit all the ones I would like.
Post by: tralfamadorian on April 24, 2018, 06:05:35 AM
My easiest so far has been Memory Bank. From opening to bonus to close was ~1 week.
Post by: CanuckExpat on June 29, 2018, 09:26:08 AM
https://www.doctorofcredit.com/fidelity-sign-up-for-investing-spending-accounts-get-200-bonus
Post by: katsiki on June 29, 2018, 11:47:03 AM
Seems like a slam dunk, if you don't mind waiting nine months to double $200:
https://www.doctorofcredit.com/fidelity-sign-up-for-investing-spending-accounts-get-200-bonus
This is a great card for world travelers as well!
Post by: kpd905 on June 29, 2018, 12:02:44 PM
Seems like a slam dunk, if you don't mind waiting nine months to double $200:
https://www.doctorofcredit.com/fidelity-sign-up-for-investing-spending-accounts-get-200-bonus
It was such a slam dunk that they have already ended the promotion. Glad I got both of ours opened.
If anyone is interested in the Citi checking bonuses ($200, $400 or $600), you need to sign up by tomorrow. Info is here: https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
Post by: lexde on June 29, 2018, 12:22:43 PM
Chase Biz - $300.00
Valley National - $200.00
WF Personal - $200.00
Need to open:
Suntrust - $200.00
Post by: lexde on June 29, 2018, 12:27:22 PM
I went in and was a little pushier which I think helped. I was in and out after about 45 minutes, but I have many chase cards (personal and biz) as well as a pre-existing relationship. I just told them “I want this product, here is my sign up code, I don’t want any extras, and I have another appointment in an hour so we need to get this done.” They’d rather sign you up than not, so putting a strict time limit on banks for things like this tends to help.I don't know why it took me so long to add checking account churning to my list. For this year so far:
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Yep, the downside is that the bonuses are taxable. I try to do a mix of both. I like the $500-$1000 spend for $200 statement credit cards as well. Very easy to hit a few of those throughout the year.
Just did chase business, it was a PITA. They were really nice it just took forever with the upselling and “let me introduce you to the team” BS (she literally introduced me to every employee in the branch- luckily many were at lunch)
For $300, by really $200 after tax and $140 after opportunity cost, the hourly rate is getting pretty low
Post by: MasterStache on June 29, 2018, 03:27:24 PM
Seems like a slam dunk, if you don't mind waiting nine months to double $200:
https://www.doctorofcredit.com/fidelity-sign-up-for-investing-spending-accounts-get-200-bonus
It was such a slam dunk that they have already ended the promotion. Glad I got both of ours opened.
If anyone is interested in the Citi checking bonuses ($200, $400 or $600), you need to sign up by tomorrow. Info is here: https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
I passed on the Citi. Ties up too much money for too long for me.
Post by: MasterStache on June 29, 2018, 03:30:10 PM
I went in and was a little pushier which I think helped. I was in and out after about 45 minutes, but I have many chase cards (personal and biz) as well as a pre-existing relationship. I just told them “I want this product, here is my sign up code, I don’t want any extras, and I have another appointment in an hour so we need to get this done.” They’d rather sign you up than not, so putting a strict time limit on banks for things like this tends to help.I don't know why it took me so long to add checking account churning to my list. For this year so far:
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Yep, the downside is that the bonuses are taxable. I try to do a mix of both. I like the $500-$1000 spend for $200 statement credit cards as well. Very easy to hit a few of those throughout the year.
Just did chase business, it was a PITA. They were really nice it just took forever with the upselling and “let me introduce you to the team” BS (she literally introduced me to every employee in the branch- luckily many were at lunch)
For $300, by really $200 after tax and $140 after opportunity cost, the hourly rate is getting pretty low
I went and signed up for the $750 Huntington Business a couple days ago. Literally was in and out in 20 minutes. I didn't ask but the banker told me I can downgrade the account if I don't like the fees. I plan on doing that very thing once I get the business.
Post by: v8rx7guy on June 29, 2018, 03:45:39 PM
Chase Business Checking: $300 (probably going to use this account for my business from here on out)
CapitalOne 360: $200 (not a very good return on $10K, but it also yields 1.6% and I'll probably keep my EF here from here on out)
I also tried the Elements Financial checking for $200 but either they are no longer "seeing" CapitalOne deposits as Direct Deposits, or I have screwed something up because it's been two weeks and no Bonus posted...
Post by: Duke03 on June 29, 2018, 05:32:25 PM
Post by: katsiki on June 29, 2018, 05:56:28 PM
If anyone is interested in the Citi checking bonuses ($200, $400 or $600), you need to sign up by tomorrow. Info is here: https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
Thanks for mentioning this! I was stalling on this for some reason... It was an easy application process.
Post by: tralfamadorian on June 29, 2018, 05:56:55 PM
Anyone do the chase business checking account that doesn't really have a business LOL? I've got several business cc one being with them and have thought about it. I do have a business that I make about 10k a year off but I run it as a sole proprietor and don't have tax numbers ect.
You do have a small business so you do qualify for business accounts. Some banks have asked only for my SSN. Some ask for the business EIN. Some want both. Getting an EIN from the IRS is free and instant.
https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
Post by: v8rx7guy on June 29, 2018, 06:29:08 PM
Post by: lexde on June 29, 2018, 06:36:10 PM
Anyone do the chase business checking account that doesn't really have a business LOL? I've got several business cc one being with them and have thought about it. I do have a business that I make about 10k a year off but I run it as a sole proprietor and don't have tax numbers ect.Yes. Just say you’re in resale. If you’ve sold something on eBay/Craigslist, congrats! Resale. Your SSN is your TIN for sole proprietorship. Just tell them the business is your full name. They don’t ask too many questions other than what they need to plug in to open the account. I.e. what kind of business, expected profits, current assets, how long it’s been open, etc.
Post by: kpd905 on June 29, 2018, 07:45:35 PM
How much has everyone made so far for 2018, since we are now at the halfway point?
We (two player mode) are currently at $2900 paid, with another $3081 pending.
I am shooting for $7,000 this year from banks, and $20,000 total from banks + credit cards + tradelines + other random stuff.
Post by: Paul der Krake on June 29, 2018, 08:01:20 PM
I just opened the Chase Business checking using just my social security number as a sole proprietor.I'm at a paltry $800 total for 2018 (most of it not paid out yet). Haven't seen many good offers in my state, I don't bother with anything under $200.
How much has everyone made so far for 2018, since we are now at the halfway point?
We (two player mode) are currently at $2900 paid, with another $3081 pending.
I am shooting for $7,000 this year from banks, and $20,000 total from banks + credit cards + tradelines + other random stuff.
Post by: MasterStache on June 30, 2018, 05:15:13 AM
I just opened the Chase Business checking using just my social security number as a sole proprietor.
How much has everyone made so far for 2018, since we are now at the halfway point?
We (two player mode) are currently at $2900 paid, with another $3081 pending.
I am shooting for $7,000 this year from banks, and $20,000 total from banks + credit cards + tradelines + other random stuff.
Dang that's awesome! If I had more money to play with I would probably be a bit higher. I've had a lot of side work come my way so I've been busy as hell this year. Not as much time to pursue every bonus.
Looks like we are at $1700 paid with another 2K pending. As far as CC's not sure. We did just get back from Florida and had our flights (4 people) hotel and rental car all paid for with CC rewards. Saved us roughly 2K at least.
We are selling more tradelines this year. I think these are drying up with some CC companies cracking down.
Post by: Roots&Wings on July 02, 2018, 05:54:12 AM
I just opened the Chase Business checking using just my social security number as a sole proprietor.
How much has everyone made so far for 2018, since we are now at the halfway point?
We (two player mode) are currently at $2900 paid, with another $3081 pending.
I am shooting for $7,000 this year from banks, and $20,000 total from banks + credit cards + tradelines + other random stuff.
Seriously impressive kpd! You might smash your overall $20k goal.
2018 YTD: $3,330 total in bank accounts ($1500) and credit card bonuses ($1830). Might not get the $100 Incredible bonus because my employer screwed up DD and won’t hit by 7/15. I’ll try Vanguard and Discover ACH’s to see if those might trigger bonus, can’t believe there are still no data points for what qualifies as a direct deposit with Incredible bank.
Post by: Orin! on July 05, 2018, 01:24:56 AM
Chase total checking $300
Discover savings $200
Discover savings player #2 $200
Discover savings player #3 $200
National Valley Bank $200
National Valley Bank player 2 $200
Suntrust $500
Memory bank $100
PNC $200
TD $150
Hancock $300
Elements $200
5 3rd $250
Fidelity $200
Total $3000
Post by: v8rx7guy on July 05, 2018, 09:32:18 AM
I have made $3000 in bank account bonuses in the last two months. Florida is great. Props to doctorofcredit.com
Chase total checking $300
Discover savings $200
Discover savings player #2 $200
Discover savings player #3 $200
National Valley Bank $200
National Valley Bank player 2 $200
Suntrust $500
Memory bank $100
PNC $200
TD $150
Hancock $300
Elements $200
5 3rd $250
Fidelity $200
Total $3000
Did you actually set up direct deposit for your elements checking bonus? Mine is not posting using Capitalone360 transfers...
Post by: Orin! on July 05, 2018, 09:55:17 AM
I have made $3000 in bank account bonuses in the last two months. Florida is great. Props to doctorofcredit.com
Chase total checking $300
Discover savings $200
Discover savings player #2 $200
Discover savings player #3 $200
National Valley Bank $200
National Valley Bank player 2 $200
Suntrust $500
Memory bank $100
PNC $200
TD $150
Hancock $300
Elements $200
5 3rd $250
Fidelity $200
Total $3000
Did you actually set up direct deposit for your elements checking bonus? Mine is not posting using Capitalone360 transfers...
I did not set up an actual DD on any of these except the first Chase account.
On Elements, which seems to have triggered it was a ACH push from Discover checking account. I did two of them of $501 and $502 and four days later it posted.
Post by: v8rx7guy on July 05, 2018, 09:59:31 AM
I have made $3000 in bank account bonuses in the last two months. Florida is great. Props to doctorofcredit.com
Chase total checking $300
Discover savings $200
Discover savings player #2 $200
Discover savings player #3 $200
National Valley Bank $200
National Valley Bank player 2 $200
Suntrust $500
Memory bank $100
PNC $200
TD $150
Hancock $300
Elements $200
5 3rd $250
Fidelity $200
Total $3000
Did you actually set up direct deposit for your elements checking bonus? Mine is not posting using Capitalone360 transfers...
I did not set up an actual DD on any of these except the first Chase account.
On Elements, which seems to have triggered it was a ACH push from Discover checking account. I did two of them of $501 and $502 and four days later it posted.
Is there a difference between an ACH push and an external deposit? My two transfers have been tagged "External Deposits" on the Elements website
Post by: Orin! on July 05, 2018, 10:40:51 AM
I have made $3000 in bank account bonuses in the last two months. Florida is great. Props to doctorofcredit.com
Chase total checking $300
Discover savings $200
Discover savings player #2 $200
Discover savings player #3 $200
National Valley Bank $200
National Valley Bank player 2 $200
Suntrust $500
Memory bank $100
PNC $200
TD $150
Hancock $300
Elements $200
5 3rd $250
Fidelity $200
Total $3000
Did you actually set up direct deposit for your elements checking bonus? Mine is not posting using Capitalone360 transfers...
I did not set up an actual DD on any of these except the first Chase account.
On Elements, which seems to have triggered it was a ACH push from Discover checking account. I did two of them of $501 and $502 and four days later it posted.
Is there a difference between an ACH push and an external deposit? My two transfers have been tagged "External Deposits" on the Elements website
My Discover ACH push marked as an “external deposit” as well.
I first did an external push from a different bank at the end of May. A month went by and no bonus posted as I just threw some more at it from a different avenue and then it triggered. I really like my Discover checking account. It does pushes and pulls. I heard ally and Capitol 1 360 do the same.
In the end I don’t know if my first push trigger the elements bonus or the second. But I read people got their bonus shortly after so I threw Discover at it and then it posted four days later.
Post by: mckaylabaloney on August 21, 2018, 10:49:33 AM
Post by: Zacharias on August 21, 2018, 11:36:22 AM
Finally making the leap into this. I've been reluctant for a while, for dumb reasons -- which actually helps me better understand my family and friends who are skeptical of my credit card churning habits. But anyway, I'm doing it now. Opened a Citizens Bank account yesterday -- if all goes well, I should get $400 (less 1-3ish months worth of an unavoidable $25 fee) for a single $1000 DD.
Welcome to the club. I did the same bonus and the good news is that if they follow the same procedure as with my account, the first 3 months of maintenance fee is waived. I received the bonus roughly 90 days after meeting the requirements and was able to close the account without any fees assessed.
Post by: mckaylabaloney on August 21, 2018, 12:09:23 PM
Finally making the leap into this. I've been reluctant for a while, for dumb reasons -- which actually helps me better understand my family and friends who are skeptical of my credit card churning habits. But anyway, I'm doing it now. Opened a Citizens Bank account yesterday -- if all goes well, I should get $400 (less 1-3ish months worth of an unavoidable $25 fee) for a single $1000 DD.
Welcome to the club. I did the same bonus and the good news is that if they follow the same procedure as with my account, the first 3 months of maintenance fee is waived. I received the bonus roughly 90 days after meeting the requirements and was able to close the account without any fees assessed.
Oh, that's great news! I've seen conflicting reports on how many months are waived and whatnot, so hopefully I will have the same experience as you. $400 for ~1 hour of work is insane.
What did you have to do to close the account?
Post by: kpd905 on August 21, 2018, 01:33:16 PM
Post by: bernardnb on August 21, 2018, 02:40:48 PM
Welcome to the club. I did the same bonus and the good news is that if they follow the same procedure as with my account, the first 3 months of maintenance fee is waived. I received the bonus roughly 90 days after meeting the requirements and was able to close the account without any fees assessed.
Did you use a true DD or one of the bank transfers that have qualified as a DD in the past? I used a transfer from Chase, which there were several data points on that working, but was getting nervous it won't trigger.
I'm coming up on 90 days, so good to hear that you received yours around then. Had seen some posts on DoC that people were getting their bonuses in the 2nd month.
Post by: katsiki on August 21, 2018, 07:00:19 PM
Does the 6 months to avoid an early termination fee start when the account is opened? Ie not when fully funded, bonus posts, etc.
Post by: secondcor521 on August 21, 2018, 07:23:39 PM
Can someone answer my dumb question about chase bank bonuses? :)
Does the 6 months to avoid an early termination fee start when the account is opened? Ie not when fully funded, bonus posts, etc.
Generally, yes, it's from when the account is opened. I generally call the bank while I've got the account open and they'll tell you the exact date that you must keep the account open through. Often I'll do it through the online message center so I can save a screen shot of their reply. Then there's no question if they erroneously try to charge an account closure fee, although I've never had an erroneous fee charged to me by Chase.
Post by: katsiki on August 21, 2018, 07:25:02 PM
Very helpful as always.
Post by: Zacharias on August 22, 2018, 08:27:06 AM
Oh, that's great news! I've seen conflicting reports on how many months are waived and whatnot, so hopefully I will have the same experience as you. $400 for ~1 hour of work is insane.
What did you have to do to close the account?
I sent a secure message through their website using the Contact Us > Banking Questions > General Comments/Concerns and then selected account closure as the topic. They are slow to respond but it gets done without needing to go in branch.
Post by: Zacharias on August 22, 2018, 08:31:18 AM
Did you use a true DD or one of the bank transfers that have qualified as a DD in the past? I used a transfer from Chase, which there were several data points on that working, but was getting nervous it won't trigger.
I'm coming up on 90 days, so good to hear that you received yours around then. Had seen some posts on DoC that people were getting their bonuses in the 2nd month.
I used a transfer from my Amazon Payment account. Regarding the differing time table I'm not sure how they determine 2 or 3 months for the bonus. My wife and I opened accounts 1 day apart and sent our transfers on the same day but her bonus posted in month 2 while mine was month 3.
Post by: Gatzbie on August 26, 2018, 10:00:40 AM
Resource I found to meet direct deposit requirement (many other banks listed on here):
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#US_Bank
Post by: Pizzabrewer on August 26, 2018, 10:22:24 AM
Bonuses paid:
$300 Bank of America checking
$300 TD Bank checking
$150 Discover savings
$150 Discover savings #2 (spouse)
$200 Capital One money market
$200 Capital One money market #2
Pending:
$400 Citizens checking
$200 M&T checking
up to $250 Bank of America--submitted a number of referrals which should yield $25 per successful referral
Totals: $1300 paid, $600-850 pending
Looking to do soon:
Santander
Citizens #2
TD Bank #2
M&T #2
Small local bank offering 4% APY reward account up to $15k to hold loose cash between deployments.
Post by: Paul der Krake on August 26, 2018, 10:46:00 AM
Due to 401k kicking in soon (75% of paycheck will be going bye bye). Will meet direct deposit goal for checking account bonus at US bank but not enough to avoid monthly fee. Anyone familiar with alternate methods for direct deposits besides paycheck deposit by employer? Considering using PayPal as it might count.USBank has a way to keep the account fee free regardless of deposit if your credit score is high enough
Resource I found to meet direct deposit requirement (many other banks listed on here):
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#US_Bank
https://www.usbank.com/bank-accounts/checking-accounts/credit-score-checking-account.html
Post by: Duke03 on September 04, 2018, 11:39:35 AM
Post by: v8rx7guy on September 04, 2018, 12:31:18 PM
I see citi bank is offering a $400 bonus for a 15k deposit after 60 days. Does anyone know how long you have to keep the account open? I couldn't find it anywhere in the small print. I know chase makes you keep the account open for 6 months.
https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/#Early_Termination_Fee
No early Termination Fee from what I can see
Post by: v8rx7guy on September 04, 2018, 12:33:17 PM
Post by: Duke03 on September 04, 2018, 01:39:48 PM
I just added up all of my bonuses, I am at $2,300. This is both personal and business checking accounts, there are some seriously lucrative business checking bonuses out there.
Nice! I plan on doing the citi bonus for both my wife and I plus start looking into some small business accounts. My goal is to try and cover our Christmas spending with bank bonuses.
Post by: kpd905 on September 04, 2018, 02:31:49 PM
I see citi bank is offering a $400 bonus for a 15k deposit after 60 days. Does anyone know how long you have to keep the account open? I couldn't find it anywhere in the small print. I know chase makes you keep the account open for 6 months.
Citi will take 90-120 days to actually pay you the bonus, so you need to keep the account open until they do. Luckily, you can drop your balance to $10k after 60 days to keep it fee free, rather than keeping the whole $15k in there.
Post by: Gatzbie on September 08, 2018, 11:17:01 AM
Due to 401k kicking in soon (75% of paycheck will be going bye bye). Will meet direct deposit goal for checking account bonus at US bank but not enough to avoid monthly fee. Anyone familiar with alternate methods for direct deposits besides paycheck deposit by employer? Considering using PayPal as it might count.USBank has a way to keep the account fee free regardless of deposit if your credit score is high enough
Resource I found to meet direct deposit requirement (many other banks listed on here):
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#US_Bank
https://www.usbank.com/bank-accounts/checking-accounts/credit-score-checking-account.html
Awesome. Thank you for letting me know about this opportunity. Going to call in and check on this as I'm pretty sure I would qualify.
Post by: Livingthedream55 on September 25, 2018, 07:40:06 AM
If I set up a recurring deposit from Ally to Santander (to fulfill current $300 new account bonus offer) will that "count" as a Direct Deposit?
I'm still working but setting up DD's through work is cumbersome.
Thanks
Post by: Slee_stack on September 25, 2018, 02:15:21 PM
I've travel hacked for quite some time, but never looked too closely at bank account bonuses.
Seeing this topic a few times on MMM forums here, I'm inspired to make a few extra bucks. Thanks OP and anyone else posting!
Post by: ThatGuy on September 25, 2018, 05:00:02 PM
Apologies if this is elsewhere in this thread - but I didn't read the 8 pages of posts!
If I set up a recurring deposit from Ally to Santander (to fulfill current $300 new account bonus offer) will that "count" as a Direct Deposit?
I'm still working but setting up DD's through work is cumbersome.
Thanks
This will help in the future, unfortunately there aren't any data points for the transfer you're asking about.
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
Post by: degrom7 on September 25, 2018, 06:40:58 PM
I just dipped my toe into the Bank Account churning waters. I'm starting with the Chase $300 Business Checking offer.
I've travel hacked for quite some time, but never looked too closely at bank account bonuses.
Seeing this topic a few times on MMM forums here, I'm inspired to make a few extra bucks. Thanks OP and anyone else posting!
If I have a personal checking account with them, will I qualify for the business checking bonus?
Post by: katsiki on September 25, 2018, 07:36:34 PM
Yes.I just dipped my toe into the Bank Account churning waters. I'm starting with the Chase $300 Business Checking offer.
I've travel hacked for quite some time, but never looked too closely at bank account bonuses.
Seeing this topic a few times on MMM forums here, I'm inspired to make a few extra bucks. Thanks OP and anyone else posting!
If I have a personal checking account with them, will I qualify for the business checking bonus?
Post by: Michael in ABQ on September 29, 2018, 06:23:41 PM
From now through October 31, when you refer someone who becomes a Unitus member and meets the requirements, you’ll get $50 and they’ll get $50.
Requirements
- Join Unitus. Then, within 60 days:
- Open a Unitus Checking account and debit card
- Complete one debit card transaction
Membership must be established between September 4 and October 31, 2018. Minimum deposit of $50 is required to open an account plus a $10 one-time membership fee and $5 Prime Share deposit. We will deposit the $50 to your Unitus Checking account within 60 days of the opening of the account once a debit card transaction is completed within 60 days. Account must be open and in good standing for payment. Unitus may discontinue the promotion at any time. Must be 18 years or older. Account restrictions apply.
They also offer a savings account that pays 2.50% on balances up to $2,500 then it drops lower for balances above that.
If anyone is interested shot me a PM. I just stick your name and email in a form and I assume you'll get a link to sign up.
Post by: Rosy on September 30, 2018, 06:59:52 AM
Then I browse their website myself - sometimes they offer fee-free accounts for people of a certain age or military or goodies like the 2.5% acct up to a low limit like you posted that might be of interest depending on your situation.
Bottom line, why take a potential hit on your credit for fifty bucks on which you are also required to pay taxes to the IRS. There are a lot of good offers out there, sometimes they come with obscure requirements and hoops to jump through and sometimes they come with a bunch of goodies and you just found yourself a new favorite bank to stick with.
In other words, I'd love it if the bonus were $200 and we'd both get $50 for the referral:)
Post by: tralfamadorian on September 30, 2018, 07:12:13 AM
Post by: Rosy on September 30, 2018, 08:04:44 AM
The only bank I ever had issues getting a bonus from was Regions - took me three months to finally receive it after I showed proof (I'd printed the offer and kept a copy and was able to show I did all that was required).
I kept e-mailing them and went to my local branch three times - I saw it as a contract breach and I wouldn't have hesitated to report them, which I was getting ready to do.
Post by: Duke03 on October 01, 2018, 05:57:10 PM
Post by: kpd905 on October 01, 2018, 07:22:23 PM
Post by: Duke03 on October 01, 2018, 08:28:23 PM
Post by: chaskavitch on October 02, 2018, 01:22:53 PM
So far I've gotten a King Soopers Master card, the Ally associated card, and a Bank of America Master Card in the last 4 months. Before that I'd opened a Discover card a year and a half ago, so I really didn't think that would register as "too many". Ah well.
Post by: Duke03 on October 02, 2018, 01:41:51 PM
Dang. Wells Fargo just denied my application because I've opened too many new cards in the past 12 months. On the bright side, they're the only ones who have done a hard credit check, so that's nice.
So far I've gotten a King Soopers Master card, the Ally associated card, and a Bank of America Master Card in the last 4 months. Before that I'd opened a Discover card a year and a half ago, so I really didn't think that would register as "too many". Ah well.
Did you try Recon? My advice is to tap the brakes a bit and let 2 or 3 months go by before you apply for your next account. Remember it's a marathon not a 100 meter dash.
Post by: chaskavitch on October 02, 2018, 01:47:50 PM
Dang. Wells Fargo just denied my application because I've opened too many new cards in the past 12 months. On the bright side, they're the only ones who have done a hard credit check, so that's nice.
So far I've gotten a King Soopers Master card, the Ally associated card, and a Bank of America Master Card in the last 4 months. Before that I'd opened a Discover card a year and a half ago, so I really didn't think that would register as "too many". Ah well.
Did you try Recon? My advice is to tap the brakes a bit and let 2 or 3 months go by before you apply for your next account. Remember it's a marathon not a 100 meter dash.
I don't actually know what that is, but I haven't read this entire thread yet if that's where the answer is. I've just been applying for cards back to back to try to get bonuses by paying all of the copays for my maternity bills :) I figured if I can squeeze a little bit of extra back out of the ridiculous prices of ultrasounds and blood work, I may as well.
Post by: Eilonwy on October 03, 2018, 09:41:07 PM
I bought a new (used) car awhile back, paying by check. The next day, my husband got a call from our bank, because we didn't have enough funds to cover the check. By sheer luck, I had put some money in our savings, which I didn't normally use because of the poor interest rate, and they were easily able to transfer the money, so there were no bad consequences or hassle, not even having to go to the bank.
I'm generally a pretty organized person, but I'd been moving a lot of money around and forgot to write down a transfer, and so I thought I had enough in my account.
We've been with this local bank for, I dunno, decades. If we hadn't been, if my husband hasn't insisted we keep a local bank that valued our business, we might not have gotten that call and it could have resulted in much expense and hassle.
I'm still doing some churning -- currently waiting on a $400 from Citibank. But much more cautiously, and making money is no longer my only banking priority.
Post by: CanuckExpat on October 04, 2018, 12:28:35 PM
Post by: Rosy on October 04, 2018, 04:09:03 PM
Dang. Wells Fargo just denied my application because I've opened too many new cards in the past 12 months. On the bright side, they're the only ones who have done a hard credit check, so that's nice.
So far I've gotten a King Soopers Master card, the Ally associated card, and a Bank of America Master Card in the last 4 months. Before that I'd opened a Discover card a year and a half ago, so I really didn't think that would register as "too many". Ah well.
Do you read the doctorofcredit.com blog at all? Not only does he discuss each one of the bonuses offered, but he also has a separate section on the big banks - on Wells Fargo and Bank of America and Chase et al where he discusses what to look out for and what each bank is sensitive to.
Recon referred to reconsideration. You can always call the bank and ask for a reconsideration of their decision to turn you down for a credit card - sometimes it works. Wells Fargo can be a bit touchy that's for sure.
It may be a good idea to back off a bit for a short time - maybe pay the co-pay with an existing zero percent interest card.
If the hospital/lab gives you 90 days to pay you could open a new card within say 80 days (try to hit the statement cycle of your new bank at a good time) then pay with your new card.
That may be a long enough break to open one more new card this year without running into issues. There are a lot of good offers out there at the moment - good luck.
Post by: MasterStache on October 05, 2018, 05:19:27 AM
I have a cautionary tale...
I bought a new (used) car awhile back, paying by check. The next day, my husband got a call from our bank, because we didn't have enough funds to cover the check. By sheer luck, I had put some money in our savings, which I didn't normally use because of the poor interest rate, and they were easily able to transfer the money, so there were no bad consequences or hassle, not even having to go to the bank.
I'm generally a pretty organized person, but I'd been moving a lot of money around and forgot to write down a transfer, and so I thought I had enough in my account.
We've been with this local bank for, I dunno, decades. If we hadn't been, if my husband hasn't insisted we keep a local bank that valued our business, we might not have gotten that call and it could have resulted in much expense and hassle.
I'm still doing some churning -- currently waiting on a $400 from Citibank. But much more cautiously, and making money is no longer my only banking priority.
Hmm, my main bank usually deducts any transfers immediately from my account. I highly advise keeping a spreadsheet with pertinent info on it. It's a huge life saver for me. I also have a day planner on which I log any necessary transfers, etc. for that day. I try to have a record of every transaction that I can defer to if I have issues.
Post by: chaskavitch on October 07, 2018, 08:11:54 AM
Dang. Wells Fargo just denied my application because I've opened too many new cards in the past 12 months. On the bright side, they're the only ones who have done a hard credit check, so that's nice.
So far I've gotten a King Soopers Master card, the Ally associated card, and a Bank of America Master Card in the last 4 months. Before that I'd opened a Discover card a year and a half ago, so I really didn't think that would register as "too many". Ah well.
Do you read the doctorofcredit.com blog at all? Not only does he discuss each one of the bonuses offered, but he also has a separate section on the big banks - on Wells Fargo and Bank of America and Chase et al where he discusses what to look out for and what each bank is sensitive to.
Recon referred to reconsideration. You can always call the bank and ask for a reconsideration of their decision to turn you down for a credit card - sometimes it works. Wells Fargo can be a bit touchy that's for sure.
It may be a good idea to back off a bit for a short time - maybe pay the co-pay with an existing zero percent interest card.
If the hospital/lab gives you 90 days to pay you could open a new card within say 80 days (try to hit the statement cycle of your new bank at a good time) then pay with your new card.
That may be a long enough break to open one more new card this year without running into issues. There are a lot of good offers out there at the moment - good luck.
We do have the Chase Freedom Unlimited card, which is 1.5% back all the time, so I've been using that one for all of my copays. Better than nothing :)
I've looked at Doctor of Credit, but not in the last few months. I'll check again and see what they've got up. I'm hoping to get a rewards card with a bigger barrier of entry (spend $3000 in the first 90 days, rather than the $500/$1000 ones I've been doing) soon before my due date, so I can put my OOP max on there. Otherwise I don't really spend $3000 on my cc in 3 months, so I can't apply for those big ones.
Post by: kpd905 on October 07, 2018, 11:45:15 AM
We do have the Chase Freedom Unlimited card, which is 1.5% back all the time, so I've been using that one for all of my copays. Better than nothing :)
I've looked at Doctor of Credit, but not in the last few months. I'll check again and see what they've got up. I'm hoping to get a rewards card with a bigger barrier of entry (spend $3000 in the first 90 days, rather than the $500/$1000 ones I've been doing) soon before my due date, so I can put my OOP max on there. Otherwise I don't really spend $3000 on my cc in 3 months, so I can't apply for those big ones.
Are you under 5/24? If so, grab the Chase Sapphire Preferred if you don't have it already. You'll end up with $590 cash back or $737 toward travel expenses after spending $4,000 and adding an authorized user in 3 months.
Using the 1.5% back card is better than nothing, but not by much. The CSP can give you 14.75-18.4% back, depending on what you do with the points.
Post by: chaskavitch on October 07, 2018, 11:50:53 AM
We do have the Chase Freedom Unlimited card, which is 1.5% back all the time, so I've been using that one for all of my copays. Better than nothing :)
I've looked at Doctor of Credit, but not in the last few months. I'll check again and see what they've got up. I'm hoping to get a rewards card with a bigger barrier of entry (spend $3000 in the first 90 days, rather than the $500/$1000 ones I've been doing) soon before my due date, so I can put my OOP max on there. Otherwise I don't really spend $3000 on my cc in 3 months, so I can't apply for those big ones.
Are you under 5/24? If so, grab the Chase Sapphire Preferred if you don't have it already. You'll end up with $590 cash back or $737 toward travel expenses after spending $4,000 and adding an authorized user in 3 months.
Using the 1.5% back card is better than nothing, but not by much. The CSP can give you 14.75-18.4% back, depending on what you do with the points.
I've opened 4 cards in the last 2 years, which will drop to 3 before I'm due. I'm already an authorized user on my husband's Sapphire Preferred card, so I never even thought of applying for one myself. I kind of think of it as "our" card.
Post by: kpd905 on October 07, 2018, 05:20:41 PM
Post by: MasterStache on October 10, 2018, 05:27:00 AM
You can definitely get one for yourself then. Otherwise if you foresee any travel in the next year (not sure with baby coming), then the Barclays Arrival+ currently has a 60,000 point bonus for spending $5,000. After hitting the spend you'd have $700 toward any travel expenses, you just book the travel expense with this card and then zero out the expense with a statement credit.
Just make sure it will post as a travel related expense. Some rental companies, like VRBO, don't post as a travel expense.
Post by: kpd905 on October 10, 2018, 10:34:33 AM
Just make sure it will post as a travel related expense. Some rental companies, like VRBO, don't post as a travel expense.
True, I believe VRBO and AirBnB can post as Rental instead of Travel, so then the points could not be used toward that expense.
Post by: MasterStache on October 10, 2018, 01:03:27 PM
Just make sure it will post as a travel related expense. Some rental companies, like VRBO, don't post as a travel expense.
True, I believe VRBO and AirBnB can post as Rental instead of Travel, so then the points could not be used toward that expense.
Actually I think AirBnB does post as travel. We used Barclays for a travel reimbursement, I believe, renting through AirBnB. It's very confusing.
Post by: HAPPYINAZ on October 10, 2018, 02:58:23 PM
Post by: SilverAg47 on October 13, 2018, 09:04:47 AM
Post by: dragoncar on October 15, 2018, 03:14:04 PM
I love their example- $1000 bonus if you move $100k
Post by: tralfamadorian on October 15, 2018, 03:40:48 PM
I saw an ad for ally bank - 1% bonus for new money even existing customers. I already use ally for high yield savings so... anyone planning to do this somehow moving money around?
I love their example- $1000 bonus if you move $100k
I saw this and also already use them for my default savings account. 1% and must be held in the account until 1/15/19. So that's a bonus 4% APR in addition to the standard 1.9% they have currently in their saving accounts so a total of 5.9%.
Most of the standard churning savings account bonuses are at least 12% so I will not be moving extra money to Ally but will enjoy the bump for the normal savings I deposit there on a regular basis.
1st half of the year churned accounts closed:
Chase Checking $300
Chase Savings $200
Memory Bank Checking $100
Wells Fargo Checking $200 (only bonus qualified for and not received)
Elements Financial Checking $200
Fulton Bank Simply Checking $150
SoFi Wealth $25
Total: $975
2nd half of the year in progress
Sandy Spring Bank $150
Capital Bank $200
TD Bank $300
Post by: dragoncar on October 15, 2018, 08:24:51 PM
I saw an ad for ally bank - 1% bonus for new money even existing customers. I already use ally for high yield savings so... anyone planning to do this somehow moving money around?
I love their example- $1000 bonus if you move $100k
I saw this and also already use them for my default savings account. 1% and must be held in the account until 1/15/19. So that's a bonus 4% APR in addition to the standard 1.9% they have currently in their saving accounts so a total of 5.9%.
Most of the standard churning savings account bonuses are at least 12% so I will not be moving extra money to Ally but will enjoy the bump for the normal savings I deposit there on a regular basis.
I signed up ... it looks like they just take the highest-value savings account so you don't necessarily need to move money around for it to work, but if you keep multiple savings accounts it makes sense to consolidate. I suspect they will just use the minimum daily balance between 10/31 and 1/15/19.
Post by: geekette on October 16, 2018, 12:24:54 PM
I saw an ad for ally bank - 1% bonus for new money even existing customers. I already use ally for high yield savings so... anyone planning to do this somehow moving money around?I just tried to open an account and got a "You’ll hear from us in 3 to 5 business days." Hmmm... I don't know if I got the hand in the face because my DH (who I listed as co-owner) probably has his credit locked, or because I guessed wrong what state I lived in 45 freakin' years ago. I know my family moved around that time, I just don't remember the exact timing.
I love their example- $1000 bonus if you move $100k
Today has been a frustrating day (this is just the last straw).
Post by: dragoncar on October 16, 2018, 08:12:07 PM
I saw an ad for ally bank - 1% bonus for new money even existing customers. I already use ally for high yield savings so... anyone planning to do this somehow moving money around?I just tried to open an account and got a "You’ll hear from us in 3 to 5 business days." Hmmm... I don't know if I got the hand in the face because my DH (who I listed as co-owner) probably has his credit locked, or because I guessed wrong what state I lived in 45 freakin' years ago. I know my family moved around that time, I just don't remember the exact timing.
I love their example- $1000 bonus if you move $100k
Today has been a frustrating day (this is just the last straw).
(un)fortunately, if you have CreditKarma or similar open, you can answer almost all of those verification questions.
I signed up a long time ago, but I didn't think there was any kind of credit/identity check beyond providing your SSN, but maybe things have changed. I remember it being pretty instant
I still find it surprising you don't know which state you lived in 45 years ago. You must move a lot
Post by: geekette on October 16, 2018, 10:41:04 PM
I did verify with my mom that I guessed right, so it must have been my DH’s frozen credit that caused the problem.
Post by: degrom7 on October 17, 2018, 08:49:58 PM
Post by: kpd905 on October 18, 2018, 05:20:00 AM
Post by: degrom7 on October 18, 2018, 05:59:43 AM
Income from bank bonuses is considered interest, so you'll pay federal and state tax, but no self-employment/FICA tax.
So I can count this as income in a solo 401k?
Post by: tralfamadorian on October 18, 2018, 06:51:34 AM
Income from bank bonuses is considered interest, so you'll pay federal and state tax, but no self-employment/FICA tax.
So I can count this as income in a solo 401k?
No.
Post by: lexde on October 25, 2018, 01:34:44 PM
Post by: kpd905 on October 25, 2018, 07:42:23 PM
@lexde I don't know what state you are in, but have you done Citi, Chase, Capital One and Wells Fargo already?
Post by: lexde on October 25, 2018, 07:44:37 PM
We recently broke $5k for the year, with another $2k currently pending, though some of those might pay out in 2019.Citi is on my list now. I’ve done Chase (biz and personal), WF (biz and personal), Suntrust, Hancock Whitney. I’m probably around $1600 already this year and may go for a few others too before the year is done. :-) took a break when my eFund got wiped and I couldn’t park cash. Now it’s back so I’ll be starting up again!
@lexde I don't know what state you are in, but have you done Citi, Chase and Wells Fargo already?
Post by: Pizzabrewer on October 25, 2018, 10:11:28 PM
KPD, how was your experience with Citi? There are lots of horror stories on D of C about them. I don't like the idea of tying up money for that long to begin with and I'd hate to be skunked on the bonus after waiting 5 months.
Post by: MasterStache on October 26, 2018, 05:36:26 AM
Seems like most of the good bonuses are gone for now. I got out of bank account churning for a few months but changed employers and can change my legitimate DD accounts instantly and on my own now so I’m looking forward to being able to get a lot more of these done soon! :-) Congrats to everyone who has broken $1k this year!
Yeah, I'm experiencing a bit of a lull as well. I'm not going to complain as we broke the 5K threshold this year. I might try the Discover savings bonus as it seems to be pretty easy.
Post by: jim555 on October 26, 2018, 06:10:43 AM
Post by: kpd905 on October 26, 2018, 10:24:12 AM
KPD, how was your experience with Citi? There are lots of horror stories on D of C about them. I don't like the idea of tying up money for that long to begin with and I'd hate to be skunked on the bonus after waiting 5 months.
I would definitely go with Citi only after all other options have been exhausted. Many people end up having to call in multiple times or file CFPB complaints just to get their bonus.
I received the $200 bonus recently without any trouble, so that was pretty surprising. My wife's account should potentially get the bonus within a month, so we'll see if we have to fight for that one.
Post by: MasterStache on November 05, 2018, 12:55:42 PM
Post by: therethere on November 05, 2018, 01:01:04 PM
Post by: katsiki on November 07, 2018, 01:54:55 PM
Post by: Onion on November 07, 2018, 03:55:16 PM
You can read about on DoC
I just started them and have $400 bonus pending
Post by: IsThisAGoodUsername on November 07, 2018, 06:19:26 PM
Also, I just received in the mail today a flyer from Key Bank for $400 sign up bonus! When it rains, it pours!
Post by: kpd905 on November 07, 2018, 06:39:25 PM
I also got my HSBC bonus automatically at about the 145 day mark without asking for it.
Maybe both of these banks are sick of all the complaints they've been getting for years.
@Onion The only downside of the TIAA one is you have to initially fund it with $5,000. I guess you can pull it out right away though, so I am going to open up two of those accounts.
Post by: katsiki on November 08, 2018, 07:05:35 AM
Post by: Duke03 on November 08, 2018, 07:18:37 PM
Post by: Roots&Wings on November 09, 2018, 07:06:59 AM
Also opened BMO and TIAA with $5k Discover transfer, which might also meet the direct deposit requirement, but planning to transfer $1k from Capital One as backup.
Post by: geekette on November 12, 2018, 09:40:06 AM
Not strictly a bank bonus, but if anyone hasn't yet done the $100 Personal Capital sign up bonus (https://www.doctorofcredit.com/personal-capital-100-amazon-giftcard-for-linking-an-investment-account-referral-bonus/) for Amazon gift card, that was incredibly easy. I'm going for an extra $100 since my 401k and investment brokerage accounts are separate.Do you have a referral link? I'd rather go with someone from here than a random person from the DoC comment thread.
Post by: Roots&Wings on November 12, 2018, 10:50:17 AM
Not strictly a bank bonus, but if anyone hasn't yet done the $100 Personal Capital sign up bonus (https://www.doctorofcredit.com/personal-capital-100-amazon-giftcard-for-linking-an-investment-account-referral-bonus/) for Amazon gift card, that was incredibly easy. I'm going for an extra $100 since my 401k and investment brokerage accounts are separate.Do you have a referral link? I'd rather go with someone from here than a random person from the DoC comment thread.
No sorry, I used the original FM's link on DoC (got the bonus), and also trying Laura H's link in comments for the extra account bonus (hasn't posted yet).
Post by: Rosy on November 17, 2018, 12:29:03 PM
Usually, I've been around $1250 or a bit less.
The 5/3 checking was the easiest so far - no DD required.
Post by: soccerluvof4 on December 06, 2018, 01:50:15 PM
So far I am at $1450 and I plan on doing one more - so I might possibly hit $1600 plus in one year.
Usually, I've been around $1250 or a bit less.
The 5/3 checking was the easiest so far - no DD required.
Which one is the 5/3 checking?
Post by: CanuckExpat on December 06, 2018, 02:21:04 PM
Post by: soccerluvof4 on December 06, 2018, 02:36:47 PM
Fifth third bank?
ahhh , that make sense! Thanks
Post by: AlexMar on December 06, 2018, 03:32:41 PM
You aren't "making" money. You are legally stealing it. Just because something is legal, doesn't make it right.
Post by: lexde on December 06, 2018, 03:52:06 PM
Post by: lexde on December 06, 2018, 03:59:23 PM
Post by: CanuckExpat on December 06, 2018, 04:04:35 PM
(https://pics.me.me/opinions-are-like-assholes-ilike-to-compare-mine-to-yours-31821180.png)
Post by: MasterStache on December 06, 2018, 04:36:45 PM
Fifth third bank?
ahhh , that make sense! Thanks
They have an easy bonus. My spouse has had a 5/3 account for years and unfortunately added me to it a couple years ago, thus no bonus for me. Apparently she has to shut her account down to remove me from it ) :
Post by: tralfamadorian on December 06, 2018, 04:37:44 PM
This thread is kind of disgusting. Leave your morals at the door I guess, right? Running around ripping off businesses "because you can" is the hot new thing? These companies are offering the bonuses to earn your business. Not so you can take the bonus and run. Everyone here knows and fully understands the point of these offers and the spirit of it, but yeah, just leave your morals at the door I guess. Just like the credit card churning fools.
You aren't "making" money. You are legally stealing it. Just because something is legal, doesn't make it right.
lolz
Poor Bank of America! American taxpayers only bailed them out with $45 billion dollars while 10% of us were unemployed and 6.3 million homes were foreclosed upon in a recession due entirely to their own industry's greed.
I mean, 10 years later and they're still just barely limping along. Did you know their CEO only made $21,284,994 last year? Poor guy. I heard all the real rich people were laughing at him when he could only afford a condo instead of a chalet in Aspen. You convinced me; I'm a total ass for keeping their $200 when it could stay with where it rightfully belongs.
Post by: MasterStache on December 06, 2018, 04:41:41 PM
This thread is kind of disgusting. Leave your morals at the door I guess, right? Running around ripping off businesses "because you can" is the hot new thing? These companies are offering the bonuses to earn your business. Not so you can take the bonus and run. Everyone here knows and fully understands the point of these offers and the spirit of it, but yeah, just leave your morals at the door I guess. Just like the credit card churning fools.
You aren't "making" money. You are legally stealing it. Just because something is legal, doesn't make it right.
lolz
Poor Bank of America! American taxpayers only bailed them out with $45 billion dollars while 10% of us were unemployed and 6.3 million homes were foreclosed upon in a recession due entirely to their own industry's greed.
I mean, 10 years later and they're still just barely limping along. Did you know their CEO only made $21,284,994 last year? Poor guy. I heard all the real rich people were laughing at him when he could only afford a condo instead of a chalet in Aspen. You convinced me; I'm a total ass for keeping their $200 when it could stay with where it rightfully belongs.
Don't feed the troll ( :
Post by: AlexMar on December 06, 2018, 05:45:36 PM
This thread is kind of disgusting. Leave your morals at the door I guess, right? Running around ripping off businesses "because you can" is the hot new thing? These companies are offering the bonuses to earn your business. Not so you can take the bonus and run. Everyone here knows and fully understands the point of these offers and the spirit of it, but yeah, just leave your morals at the door I guess. Just like the credit card churning fools.
You aren't "making" money. You are legally stealing it. Just because something is legal, doesn't make it right.
lolz
Poor Bank of America! American taxpayers only bailed them out with $45 billion dollars while 10% of us were unemployed and 6.3 million homes were foreclosed upon in a recession due entirely to their own industry's greed.
I mean, 10 years later and they're still just barely limping along. Did you know their CEO only made $21,284,994 last year? Poor guy. I heard all the real rich people were laughing at him when he could only afford a condo instead of a chalet in Aspen. You convinced me; I'm a total ass for keeping their $200 when it could stay with where it rightfully belongs.
You are acting in bad faith. You KNOW you are acting in bad faith - but you know, it's ok and all because they are like, rich and stuff. You think you are some sort of mustachian robin hood or something?
You aren't "keeping" their $200 without ill intent, you are signing up with bad intentions. Knowing you are taking the bonus and closing the account. You know that's not what the bonus is for, but you do it anyways, over and over. You can't help yourself because you know you can get away with it. Like the last cookie in the jar when nobody is watching.
It's not even questionable that you are morally bankrupt. You have fully admitted to it. Which probably explains why you are the type of person wasting so much energy and time churning banks accounts for a couple hundred bucks. Good luck in your FIRE journey, you'll need lots of it.
This sub forum is great fun. Lots of good stuff to brag about - minimal garbage bill, finding some great furniture, etc... You guys though.... "Oh man, I'm getting good at ripping off banks!!! I'm awesome!!!!" ::sigh::
Post by: Roots&Wings on December 07, 2018, 06:20:20 AM
Bonuses this year have paid for solar panels for net zero electricity, pretty happy about that.
Post by: katsiki on December 07, 2018, 06:23:29 AM
Rats! I was hoping to "steal" more money from a bank. I am a mustachian robin hood. Haha
Post by: MasterStache on December 07, 2018, 06:32:32 AM
Banks continue to solicit my business and throw money at me, it's crazy. Latest is Seacoast Bank mailer for $500, signing up for that one soon. And Hancock Whitney $300 to close out the year. Have to check out 5/3 too.
Bonuses this year have paid for solar panels for net zero electricity, pretty happy about that.
Um those solar panels are "ill intent." ( ;
Post by: Roots&Wings on December 07, 2018, 06:51:42 AM
Banks continue to solicit my business and throw money at me, it's crazy. Latest is Seacoast Bank mailer for $500, signing up for that one soon. And Hancock Whitney $300 to close out the year. Have to check out 5/3 too.
Bonuses this year have paid for solar panels for net zero electricity, pretty happy about that.
Um those solar panels are "ill intent." ( ;
I know really? Taking money away from those poor coal fired power plants...
Post by: MasterStache on December 08, 2018, 10:50:21 AM
https://www.doctorofcredit.com/targeted-fl-ga-il-in-ky-mi-nc-oh-tn-wv-fifth-third-1500-business-checking-bonus/ (https://www.doctorofcredit.com/targeted-fl-ga-il-in-ky-mi-nc-oh-tn-wv-fifth-third-1500-business-checking-bonus/)
Post by: Unique User on December 14, 2018, 06:12:17 AM
Post by: wbarnett on December 26, 2018, 11:09:48 AM
Quote
You aren't "keeping" their $200 without ill intent, you are signing up with bad intentions. Knowing you are taking the bonus and closing the account. You know that's not what the bonus is for, but you do it anyways, over and over. You can't help yourself because you know you can get away with it. Like the last cookie in the jar when nobody is watching.
It's not even questionable that you are morally bankrupt. You have fully admitted to it. Which probably explains why you are the type of person wasting so much energy and time churning banks accounts for a couple hundred bucks. Good luck in your FIRE journey, you'll need lots of it.
This sub forum is great fun. Lots of good stuff to brag about - minimal garbage bill, finding some great furniture, etc... You guys though.... "Oh man, I'm getting good at ripping off banks!!! I'm awesome!!!!" ::sigh::
This is an absurd argument. A financial institution is offering an incentive to use its product. There is a contract that stipulates the mechanism to gain that incentive ($X upfront, number of transactions, direct deposit, etc.) and the minimum duration of the account. If those contract requirements are met, the incentive is realized. That's it. There are no good or bad intentions with an executed contract - only compliance or breach.
Feeling bad for the banks is silly - they offer these incentives with eyes wide open. The institutions get a boost to their top line in various ways -- an increase in account growth, total deposits, etc. It is mutually beneficial. I have chosen a credit card based on the points it confers -- is that morally untenable too? Mr. Money Mustache doesn't think so: http://www.mrmoneymustache.com/2014/10/13/credit-card-churning-for-mustachians-or-sucka-consumers/ .
Banks are literally giving away money to attract customers on a short-term basis. Optimizing this makes good financial sense, since it's a guaranteed rate of return and fairly simple to implement. It seems Mustachian in every way. If you don't want free money, that's fine. More for us. But spare us the faux outrage.
** I know we shouldn't feed trolls, but this person's post history doesn't point to being a troll. Just misinformed about contracts.
Post by: toganet on December 27, 2018, 08:24:31 AM
That being said, it's well-known that there are folks who abuse the intent of these promotions, and it's generally part of the calculated risk. As long as the accounts aren't used for fraud, and as long as the cost of the bonuses does not result in an overall loss, they will continue.
Post by: kpd905 on December 31, 2018, 07:47:45 PM
Post by: MasterStache on January 01, 2019, 12:06:21 PM
Post by: Roots&Wings on January 02, 2019, 06:15:18 AM
Post by: sol on January 02, 2019, 07:26:22 AM
Post by: Paul der Krake on January 02, 2019, 10:21:24 AM
Post by: apkanne on January 03, 2019, 02:00:18 PM
Post by: dragoncar on January 05, 2019, 11:04:14 PM
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry. Depending on the bank and their risk appetite, you may even end up on a what's essentially a "naughty list" that could make things difficult for you down the road.
That being said, it's well-known that there are folks who abuse the intent of these promotions, and it's generally part of the calculated risk. As long as the accounts aren't used for fraud, and as long as the cost of the bonuses does not result in an overall loss, they will continue.
I agree that banks don’t like it, but consumers don’t like it when banks charge them fees and foreclose on their homes. Banks point to their contracts in those cases, and the excuse that they are running a business not a charity. Well consumers also act within their own best interests.
I think it would be immoral to try to get the signup bonus WITHOUT meeting the terms. To do exactly what the terms say... I don’t see how that could be immoral. Banks are the parties to contracts with power and leverage. They set the terms, which are not negotiable for a consumer (try going to a bank and opening an account but modify the terms and conditions... good luck). For them to turn around and complain that somehow the terms weren’t equitable is ridiculous.
Post by: wbarnett on January 06, 2019, 09:49:14 PM
I believe we were just north of $5500. I don't expect another year like that.
That's pretty amazing!
Post by: MasterStache on January 07, 2019, 05:33:48 AM
Yesterday's news coverage (https://mobile-reuters-com.cdn.ampproject.org/v/s/mobile.reuters.com/article/amp/idUSKCN1OV1SX?amp_js_v=a2) suggests the gravy train may be slowing down, as banks start cutting back on bonus offers.
I know credit companies have been making it harder for churners, but so far I am starting out this year pretty well with bank bonuses. I'm sure it will get more difficult but there are a lot of banks out there wanting your business.
Post by: toganet on January 07, 2019, 09:50:10 AM
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry. Depending on the bank and their risk appetite, you may even end up on a what's essentially a "naughty list" that could make things difficult for you down the road.
That being said, it's well-known that there are folks who abuse the intent of these promotions, and it's generally part of the calculated risk. As long as the accounts aren't used for fraud, and as long as the cost of the bonuses does not result in an overall loss, they will continue.
I agree that banks don’t like it, but consumers don’t like it when banks charge them fees and foreclose on their homes. Banks point to their contracts in those cases, and the excuse that they are running a business not a charity. Well consumers also act within their own best interests.
I think it would be immoral to try to get the signup bonus WITHOUT meeting the terms. To do exactly what the terms say... I don’t see how that could be immoral. Banks are the parties to contracts with power and leverage. They set the terms, which are not negotiable for a consumer (try going to a bank and opening an account but modify the terms and conditions... good luck). For them to turn around and complain that somehow the terms weren’t equitable is ridiculous.
The main problem is that churning accounts looks awfully similar to the types of activities fraudsters and other criminals do, which banks are legally required to take action to prevent. So churning creates extra work for folks at the banks, and makes it harder to do their jobs well due to the "noise" it creates. Still, banks need to compete for customers, and bonuses such as these are one way to do it. So far the folks setting policies inside these companies have been winning the arguments over the folks responsible for financial crimes, but that may not always be the case.
Post by: soccerluvof4 on January 07, 2019, 12:33:04 PM
Post by: katsiki on January 07, 2019, 03:33:13 PM
Living in Wisconsin does anyone have a suggestion as to what would be a good bank to start doing this with?
I am pretty sure @kpd905 can answer that for you perfectly.
Post by: kpd905 on January 08, 2019, 10:47:56 AM
I would probably start with PNC, because they are Early Warning Systems (EWS) sensitive, meaning that they might not approve you after you open a bunch of other accounts.
You can get $300 after $5,000 of direct deposits in 60 days, plus 10 debit transactions. You can also fund $2,000 with a credit card to start, so it might be good to have a sign up bonus to hit there. Data on which cards can be used, and which methods work as a direct deposit are here:
https://www.doctorofcredit.com/pnc-up-to-300-checking-bonus-no-state-restriction/
If you don't already have a Chase account, you could grab one of those too. They only let you get one every two years now, so you may as well start that timeline ASAP. No credit card funding with Chase, but you get $300 after one direct deposit of any amount.
https://www.doctorofcredit.com/chase-600-checking-savings-bonus/
A good list to find all the current bonuses is here: https://www.doctorofcredit.com/best-bank-account-bonuses/
Other good ones to grab are BMO Harris, Associated Bank, Elements Financial (Check sensitive, so might not get approved after opening a bunch of other accounts), First Bank Financial Centre, First National Bank of Wisconsin. Not all of these have bonuses now, but they come and go. There are also nationwide bonuses from Citi, Wells Fargo, and Bank of America right now.
Doctor of Credit seems to post a bank bonus for Wisconsin about once a week, so you can make a lot.
Post by: Car Jack on January 08, 2019, 12:33:37 PM
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry.
As someone who helped an elderly relative while they were in the hospital after being run over by a roofing truck while she was walking to the bus stop.......while it's perfectly legal for Bank of America, where she's banked since the 60's to charge a $5 teller fee because she's old, old school and went in to transfer $25 from her savings to her checking, let me just say that this practice is generally viewed as an overall negative by folks like me.
I have no guilt pulling $400 in credit card bonuses and selling BoA tradelines. F them.
Post by: chaskavitch on January 08, 2019, 01:27:51 PM
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry.
As someone who helped an elderly relative while they were in the hospital after being run over by a roofing truck while she was walking to the bus stop.......while it's perfectly legal for Bank of America, where she's banked since the 60's to charge a $5 teller fee because she's old, old school and went in to transfer $25 from her savings to her checking, let me just say that this practice is generally viewed as an overall negative by folks like me.
I have no guilt pulling $400 in credit card bonuses and selling BoA tradelines. F them.
I'm sorry for your relative, but I'm also kind of glad it's not just me that BoA is stupid to.
I opened a savings account with them (online) because they offered me $100 for making two $250 direct deposits. Easy peasy.
Except they charge you a $3 transfer fee to REMOVE funds from your checking to an outside bank. And they don't charge that until days after the transfer has finalized, so your account has -$3 in it. Then, they don't accept transfers IN smaller than $10, and once you've got enough in there, they don't accept transfers OUT that don't leave $50 in the account. And you can't get help over the phone, you have to go to a branch in person. Which is an hour away.
I have no idea how to get my $30 out of this savings account. Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account? Can I even do that? I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"
Post by: secondcor521 on January 08, 2019, 05:05:20 PM
I have no idea how to get my $30 out of this savings account. Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account? Can I even do that? I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"
Call them, tell them to close the account and they should be able to mail you a check for the $30. If you're not willing to call, then you might (but probably won't) be able to close it via a chat message or "contact us" email.
Post by: chaskavitch on January 09, 2019, 06:37:32 AM
I have no idea how to get my $30 out of this savings account. Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account? Can I even do that? I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"
Call them, tell them to close the account and they should be able to mail you a check for the $30. If you're not willing to call, then you might (but probably won't) be able to close it via a chat message or "contact us" email.
I did! The rep I talked to said she couldn't close it because there was a balance, and I had to go to a branch to withdraw the money. And as far as I can tell from their website, there is no email address or chat available, just phone numbers. Under "Best way to contact us", there's a little icon that says "Sorry, chat is not available for this topic" for every topic I click on, haha. But no best way to contact them, yay!
Why in the world do they make it so hard? /sigh I understand they make it hard because they want to keep your money, but really, this is a little ridiculous. If I can open a bank account or a credit card with a huge limit without talking to a single real person, it's just obtuse to make me go to a physical location to close it.
I'll call them again, after I search the website some more, it's just a matter of finding the time.
Post by: therethere on January 09, 2019, 08:50:47 AM
Post by: $200k on January 09, 2019, 11:16:07 AM
Post by: therethere on January 09, 2019, 11:28:50 AM
Post by: $200k on January 09, 2019, 01:42:07 PM
Yes, you'd both be ineligible for the bonus until the xxx required time after closure.
Thanks for the info!
Ok, so I just checked my records and I actually opened the account in June 2017. The newest Chase offers say that you only qualify for the bonus every two years, which means I can re-apply in about 6 months.
In your comment above, are you saying that my checking account should also be closed for a certain number of days before I try reapplying? Or were you just referring to the time limitation between bonuses that Chase sets (in this case, 2 years).
I should probably just cancel the account now, so that when June 2019 rolls around, I am free to apply.
Post by: therethere on January 09, 2019, 02:03:20 PM
Here's Chase: : Checking offer is not available to existing Chase checking customers. Savings offer is not available to existing Chase savings customers. Both offers are not available to those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. If either the checking or savings account is closed by the customer or Chase within six months after opening, we will deduct the bonus amount for that account at closing.
Post by: CanuckExpat on January 09, 2019, 08:44:22 PM
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.
All good things come to an end.
Post by: soccerluvof4 on January 10, 2019, 04:25:29 AM
Ha, that is true. If you want to see all of the accounts that I have opened in Wisconsin, you can go to the page 5 of the journal in my signature. I believe we got paid for 32 bonuses last year.
I would probably start with PNC, because they are Early Warning Systems (EWS) sensitive, meaning that they might not approve you after you open a bunch of other accounts.
You can get $300 after $5,000 of direct deposits in 60 days, plus 10 debit transactions. You can also fund $2,000 with a credit card to start, so it might be good to have a sign up bonus to hit there. Data on which cards can be used, and which methods work as a direct deposit are here:
https://www.doctorofcredit.com/pnc-up-to-300-checking-bonus-no-state-restriction/
If you don't already have a Chase account, you could grab one of those too. They only let you get one every two years now, so you may as well start that timeline ASAP. No credit card funding with Chase, but you get $300 after one direct deposit of any amount.
https://www.doctorofcredit.com/chase-600-checking-savings-bonus/
A good list to find all the current bonuses is here: https://www.doctorofcredit.com/best-bank-account-bonuses/
Other good ones to grab are BMO Harris, Associated Bank, Elements Financial (Check sensitive, so might not get approved after opening a bunch of other accounts), First Bank Financial Centre, First National Bank of Wisconsin. Not all of these have bonuses now, but they come and go. There are also nationwide bonuses from Citi, Wells Fargo, and Bank of America right now.
Doctor of Credit seems to post a bank bonus for Wisconsin about once a week, so you can make a lot.
Thanks!! Big help! I just got into the CC churning and have one card CIP i just finished covered the 5k spend and am Halfway through the CPU . I got a mailer for Savoy so think I will order that today so if they makes any difference into which bank (s) i should do? appreciate the help. I do check Doctor of Credit as well. Still find alot of this confusing so probable will take me a little more time to get this all figured out and make sense of it all.
Post by: MasterStache on January 10, 2019, 05:19:37 AM
We made "only" $1400 in 2018, that was about half of our 2017 total..
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.
All good things come to an end.
Well $1400 is better than $0. So far I haven't seen much in terms of denial (only a couple from chex system). And a couple banks I am hitting up for the 3rd time.
Post by: slappy on January 10, 2019, 09:30:34 AM
We made "only" $1400 in 2018, that was about half of our 2017 total.
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.
All good things come to an end.
I've had issues with denials as well.
Post by: therethere on January 10, 2019, 09:35:27 AM
Post by: MasterStache on January 11, 2019, 05:16:43 AM
How many accounts did you open in a year before you started seeing denials? I was about to pickup on doing this a more organized way and was planning around 1 new account every 3 months.
You just have to pay attention to which banks are chex sensitive. There are no hard and fast rules about how many bank accounts you can open.
Post by: Pizzabrewer on January 11, 2019, 08:19:21 AM
How many accounts did you open in a year before you started seeing denials? I was about to pickup on doing this a more organized way and was planning around 1 new account every 3 months.
You just have to pay attention to which banks are chex sensitive. There are no hard and fast rules about how many bank accounts you can open.
Agreed there are no hard and fast rules but 1 account every 3 months shouldn't cause a problem at all.
I just added up my bank account bonuses and interest for 2018: $2640. Not as much as some here but not bad.
Post by: JenniferW on January 12, 2019, 01:07:42 AM
Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits? These becomes more problematic if say I am churning several other bank accounts at same time. Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?
Post by: MasterStache on January 12, 2019, 04:57:34 AM
I just signed up with Chase Total Checking, to do my very first churn. They only require a single direct deposit which is easy, but to waive the $12 per month fee I need to do monthly deposits of $500 for 5 months before I close the account at 6 months.
Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits? These becomes more problematic if say I am churning several other bank accounts at same time. Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?
You can set up auto deposit and withdrawal. I've done that with other banks that have the same monthly DD requirements (ie. Keybank). You don't need to keep shoving $500 in every month. Just deposit it and take it right back out a couple days later. That way you'll only need a dedicated $500 to keep the account fee free until you can close it.
Some banks will also let you downgrade to a fee free account.
Post by: kpd905 on January 12, 2019, 05:39:06 AM
I just signed up with Chase Total Checking, to do my very first churn. They only require a single direct deposit which is easy, but to waive the $12 per month fee I need to do monthly deposits of $500 for 5 months before I close the account at 6 months.
Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits? These becomes more problematic if say I am churning several other bank accounts at same time. Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?
You can also let $1500 sit in the account to avoid the fee, if you have the extra cash handy.
Post by: Roots&Wings on January 15, 2019, 11:13:57 AM
Post by: katsiki on January 15, 2019, 12:55:37 PM
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus (https://www.doctorofcredit.com/targeted-bank-america-300-checking-bonus/), nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.
I was targeted a second time also. How often can you do the BOA checking promo?
Post by: kpd905 on January 15, 2019, 02:39:57 PM
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus (https://www.doctorofcredit.com/targeted-bank-america-300-checking-bonus/), nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.
I was targeted a second time also. How often can you do the BOA checking promo?
As long as your previous account was closed over 6 months ago, you are good to go.
I am unfortunately not targeted for the $300 on either of our accounts, but I think I'll open two for the $100 bonus for now.
Post by: chaskavitch on January 20, 2019, 09:04:40 AM
I have no idea how to get my $30 out of this savings account. Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account? Can I even do that? I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"
Call them, tell them to close the account and they should be able to mail you a check for the $30. If you're not willing to call, then you might (but probably won't) be able to close it via a chat message or "contact us" email.
I did! The rep I talked to said she couldn't close it because there was a balance, and I had to go to a branch to withdraw the money. And as far as I can tell from their website, there is no email address or chat available, just phone numbers. Under "Best way to contact us", there's a little icon that says "Sorry, chat is not available for this topic" for every topic I click on, haha. But no best way to contact them, yay!
Why in the world do they make it so hard? /sigh I understand they make it hard because they want to keep your money, but really, this is a little ridiculous. If I can open a bank account or a credit card with a huge limit without talking to a single real person, it's just obtuse to make me go to a physical location to close it.
I'll call them again, after I search the website some more, it's just a matter of finding the time.
Hahahaha. I called again last Wednesday, after a $12 monthly fee was taken out, and the rep I talked to said "oh, yeah, we can just send you a cashier's check for that and close the account." /headdesk. Not worth it to me to argue for the $12 being refunded because it's only partially my fault I didn't close the account early enough.
At least it's closed now and I only lost $15 of my $100 bonus.
Post by: MasterStache on January 20, 2019, 04:39:45 PM
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus (https://www.doctorofcredit.com/targeted-bank-america-300-checking-bonus/), nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.
I was targeted a second time also. How often can you do the BOA checking promo?
As long as your previous account was closed over 6 months ago, you are good to go.
I am unfortunately not targeted for the $300 on either of our accounts, but I think I'll open two for the $100 bonus for now.
Doing the same for us, again (-:
Post by: v8rx7guy on January 20, 2019, 10:23:05 PM
Post by: Roots&Wings on January 21, 2019, 08:31:09 AM
2019 YTD opened $1,250 in bonuses + got a $100 travel credit (Southwest gift card). Someone was successful at churning the $300 TD bonus (https://www.doctorofcredit.com/td-bank-300-checking-bonus-ct-dc-de-fl-md-ma-nc-nh-nj-ny-pa-ri-sc-vt-va/), giving that a try. I've had luck with some supposedly Chex sensitive banks (e.g. BMO, BB&T). Suntrust $500 bonus will be next hopefully.
Post by: Roots&Wings on January 24, 2019, 06:51:44 AM
Post by: MasterStache on January 24, 2019, 07:18:39 AM
Unsure why this $200 BB&T checking bonus isn't on DoC bonus list that I can find, https://www.bbt.com/sites/bbtdotcom/sp/personalchecking/1808/ppc/brightbanking/default.html, but that's one I just signed up for. 2 direct deposits of $100 or 3 online bill pays of $25, and maintain $1.5k to avoid fees until bonus posts. Doesn't seem to be state limited (aside from unavailable in PA and NJ), and not Chex sensitive.
https://www.doctorofcredit.com/bbt-200-400-checking-bonus-direct-deposit-optional-ymmv-al-dc-fl-ga-in-ky-md-nc-nj-oh-pa-sc-tn-tx-va-wv/ (https://www.doctorofcredit.com/bbt-200-400-checking-bonus-direct-deposit-optional-ymmv-al-dc-fl-ga-in-ky-md-nc-nj-oh-pa-sc-tn-tx-va-wv/)
Already opened an account for player 2 since there is a household limit.
Post by: v8rx7guy on January 29, 2019, 11:10:39 AM
Post by: 2Birds1Stone on January 29, 2019, 12:40:26 PM
Post by: terran on January 29, 2019, 02:49:23 PM
Is it weird that I only get 1099-INT/MISC's for Checking account bonuses, not Savings account bonuses? Can someone verify this?
Yes, that's weird. Are you sure they're not combined? Chase, for example, seems to combine anything on one SSN, even business/personal accounts.
Post by: Roots&Wings on January 30, 2019, 06:33:10 AM
Post by: MasterStache on January 31, 2019, 08:41:53 AM
Not all banks send them out. I didn't get 1099's from several last year.+1. It's important to keep track of everything.
Post by: FLStache on February 05, 2019, 02:00:45 PM
Thanks!
Post by: katsiki on February 05, 2019, 02:34:32 PM
So I was pretty aggressive last year with bank account and credit accounts while fully employed. Now I'm FIRE'd and looking for advice as to how handle the income question. Do I only include what I'll report to the IRS at year end (probably less than $12,000) or can I just put the amount I plan to transfer over from my investment accounts to cover my yearly expenses (~$60,000)?
Thanks!
I would do the latter. Assuming a good credit score, they will not (generally) look into income any way.
Post by: FLStache on February 05, 2019, 04:39:56 PM
Post by: secondcor521 on February 05, 2019, 06:23:31 PM
So I was pretty aggressive last year with bank account and credit accounts while fully employed. Now I'm FIRE'd and looking for advice as to how handle the income question. Do I only include what I'll report to the IRS at year end (probably less than $12,000) or can I just put the amount I plan to transfer over from my investment accounts to cover my yearly expenses (~$60,000)?
Thanks!
I would do the latter. Assuming a good credit score, they will not (generally) look into income any way.
I would report the highest income level I could justify, but transfers from saving are not income by any definition I know of, so I wouldn't include the $60K. Sometimes credit card companies ask about household income, so if there is anyone else in your household earning income you can include that income on your application or credit limit increase request.
Post by: MoseyingAlong on February 05, 2019, 07:00:08 PM
So I was pretty aggressive last year with bank account and credit accounts while fully employed. Now I'm FIRE'd and looking for advice as to how handle the income question. Do I only include what I'll report to the IRS at year end (probably less than $12,000) or can I just put the amount I plan to transfer over from my investment accounts to cover my yearly expenses (~$60,000)?
Thanks!
I would do the latter. Assuming a good credit score, they will not (generally) look into income any way.
I would report the highest income level I could justify, but transfers from saving are not income by any definition I know of, so I wouldn't include the $60K. Sometimes credit card companies ask about household income, so if there is anyone else in your household earning income you can include that income on your application or credit limit increase request.
I actually think there is an argument to include transfers into your checking account that you plan to spend. It would be the same argument that rental companies use to qualify prospective tenants. As long as they are regular and on-going, especially if they are retirement account distributions.
Let's not get into the fact that it is a little ridiculous that a couple months of regular income is often weighed more heavily than a hefty investment portfolio.
Post by: FLStache on February 21, 2019, 02:44:37 PM
Post by: CanuckExpat on February 22, 2019, 08:32:35 PM
https://www.wellsfargo.com/jump/checking/february-prospect-test-a/
https://www.doctorofcredit.com/wells-fargo-400-checking-bonus/
I can't figure out a way to make the direct deposit requirements myself, any ideas?
Post by: Roots&Wings on February 25, 2019, 05:57:25 AM
Nice offer from WF, $400:
https://www.wellsfargo.com/jump/checking/february-prospect-test-a/
https://www.doctorofcredit.com/wells-fargo-400-checking-bonus/
I can't figure out a way to make the direct deposit requirements myself, any ideas?
Paypal transfer worked for me for direct deposit with WF. It coded as "Paypal Transfer" but still triggered the bonus. Lucky you to get the $400 bonus!
Post by: katsiki on February 25, 2019, 07:53:38 AM
Nice offer from WF, $400:
https://www.wellsfargo.com/jump/checking/february-prospect-test-a/
https://www.doctorofcredit.com/wells-fargo-400-checking-bonus/
I can't figure out a way to make the direct deposit requirements myself, any ideas?
Paypal transfer worked for me for direct deposit with WF. It coded as "Paypal Transfer" but still triggered the bonus. Lucky you to get the $400 bonus!
From the comments on DOC link, it looks like other methods work as well. I am usually excluded from WF by state, so will probably go for it.
Post by: lexde on February 25, 2019, 07:56:04 AM
@CanuckExpat - Chase works. If you go here, this is a list of ACH transfers that will trigger the DD: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Wells_Fargo
Post by: bacchi on February 25, 2019, 10:09:40 AM
Just signed up for the WF $400 from the DOC newsletter I got this morning.
@CanuckExpat - Chase works. If you go here, this is a list of ACH transfers that will trigger the DD: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Wells_Fargo
Eh?
Quote from: doc
Chase: 1(didn’t work)
Will an ACH from a business account work?
Post by: Roots&Wings on February 25, 2019, 11:14:43 AM
Weird, they also show Paypal as not working, but did for me this year. The DoC data points anymore seem to be all over the map. One inconvenience with WF was needing to physically mail in a W9 form, unless you do the paperwork in branch or maybe they've changed that too since earlier this year.
Post by: lexde on February 25, 2019, 11:19:31 AM
DOC Motto: "Be the data point you wish to see in the world."Just signed up for the WF $400 from the DOC newsletter I got this morning.
@CanuckExpat - Chase works. If you go here, this is a list of ACH transfers that will trigger the DD: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Wells_Fargo
Eh?Quote from: docChase: 1(didn’t work)
Will an ACH from a business account work?
Post by: 2Birds1Stone on February 25, 2019, 11:25:00 AM
Post by: Pizzabrewer on February 25, 2019, 12:19:39 PM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Post by: secondcor521 on February 25, 2019, 04:24:33 PM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
Post by: Pizzabrewer on February 26, 2019, 01:04:03 AM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
From the discussion on DoC it appears Wells Fargo is pretty strict on what counts as a DD. It sounds like it does have to be payroll and not the bank to bank transfer that usually suffices.
Post by: MasterStache on February 26, 2019, 05:34:16 AM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1. I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.
Post by: Pizzabrewer on February 26, 2019, 06:38:40 AM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1. I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.
Again, the comments indicate that won’t work. It needs to be a true DD—payroll, social security, etc.
Post by: MasterStache on February 26, 2019, 09:28:56 AM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1. I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.
Again, the comments indicate that won’t work. It needs to be a true DD—payroll, social security, etc.
The question was about having to keep the $3K in there, not about what counts as DD.
In terms of what you are addressing, I received a WF bonus roughly 3 months ago with no true DD. 2 in fact as I did one for player 2 as well.
Post by: MasterStache on February 28, 2019, 11:53:46 AM
Post by: lexde on February 28, 2019, 12:05:03 PM
As long as the deposit counts as a DD per DoC's website I don't see why it wouldn't work. It's just transaction coding, the individual dollars themselves are not tracked. I do like to stagger amounts, though. $1525 and $1508 or something like that, just so that it's not quite as obvious what you're doing.Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
Post by: CanuckExpat on February 28, 2019, 07:59:09 PM
Post by: secondcor521 on March 01, 2019, 11:55:24 AM
I intended to take advantage of the Columbia Bank $300 business checking and $200 personal checking deal. I opened the personal checking account with the $200 code, which is correct. But I opened a personal savings account with the $300 code, which is the wrong type of account for the bonus.
I don't know them well but so far it seems this bank doesn't care much about churners.
Questions:
Should I close down the useless-for-churning savings account right away, or wait 6 months? I'm leaning towards waiting 6 months.
Should I go back to the same branch to open the business checking account, or a different one (that is about 10 miles further away from my house)? I'm leaning towards a different one.
Mostly I like to avoid awkward conversations.
Links:
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-200-checking-bonus/
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-300-checking-bonus/
Post by: v8rx7guy on March 01, 2019, 12:55:16 PM
Post by: 2Birds1Stone on March 02, 2019, 05:27:07 AM
Sent from my SAMSUNG-SM-G930A using Tapatalk
Post by: soccerluvof4 on March 02, 2019, 09:21:35 AM
Post by: JenniferW on March 02, 2019, 09:44:52 AM
So it there or isnt there away to do this with out a payroll check or SS etc... Being fired I dont have a payroll check and to young yet for SS. Still waiting but I think i got burned by PNC on this.
What about self employment? I'm disabled and work about an hour a day reselling used stuff I buy from flea market on ebay. I make about $25 per hour.
Post by: kpd905 on March 03, 2019, 07:01:36 AM
So it there or isnt there away to do this with out a payroll check or SS etc... Being fired I dont have a payroll check and to young yet for SS. Still waiting but I think i got burned by PNC on this.
ACH transfers from tons of different banks count as direct deposit for PNC. Here is the list:. https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#PNC
What have you tried so far?
Post by: Roots&Wings on March 05, 2019, 11:43:22 AM
I apparently missed the word "organized" in the thread title. I made a mistake, and want your advice on how to handle it.
I intended to take advantage of the Columbia Bank $300 business checking and $200 personal checking deal. I opened the personal checking account with the $200 code, which is correct. But I opened a personal savings account with the $300 code, which is the wrong type of account for the bonus.
I don't know them well but so far it seems this bank doesn't care much about churners.
Questions:
Should I close down the useless-for-churning savings account right away, or wait 6 months? I'm leaning towards waiting 6 months.
Should I go back to the same branch to open the business checking account, or a different one (that is about 10 miles further away from my house)? I'm leaning towards a different one.
Mostly I like to avoid awkward conversations.
Links:
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-200-checking-bonus/
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-300-checking-bonus/
Did you decide anything? Having a separate business checking account from a personal account with the same bank is perfectly legitimate (for anyone with a business). If you'd find the conversation awkward though, you could certainly go to a different branch. I'd also lean towards keeping the savings account open if the goal is avoiding any awkwardness.
Post by: secondcor521 on March 05, 2019, 04:07:31 PM
I apparently missed the word "organized" in the thread title. I made a mistake, and want your advice on how to handle it.
I intended to take advantage of the Columbia Bank $300 business checking and $200 personal checking deal. I opened the personal checking account with the $200 code, which is correct. But I opened a personal savings account with the $300 code, which is the wrong type of account for the bonus.
I don't know them well but so far it seems this bank doesn't care much about churners.
Questions:
Should I close down the useless-for-churning savings account right away, or wait 6 months? I'm leaning towards waiting 6 months.
Should I go back to the same branch to open the business checking account, or a different one (that is about 10 miles further away from my house)? I'm leaning towards a different one.
Mostly I like to avoid awkward conversations.
Links:
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-200-checking-bonus/
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-300-checking-bonus/
Did you decide anything? Having a separate business checking account from a personal account with the same bank is perfectly legitimate (for anyone with a business). If you'd find the conversation awkward though, you could certainly go to a different branch. I'd also lean towards keeping the savings account open if the goal is avoiding any awkwardness.
I've decided to leave the savings account open for the six months assuming I can make it fee-free.
I emailed the banker who opened the accounts and she's willing to open a business checking account, but there is a niggling detail - she says the business has to be registered with the Secretary of State, and mine is not. There may be a way around this that I won't bother explaining here because it is nitpicky. At this point I'll probably email her back and see what happens.
Thanks for asking!
Post by: chaskavitch on March 10, 2019, 07:11:53 AM
The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days. So what can you do now? Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"
My credit score is over 800, and our household income is >$100,000, what more do they want? Possibly more monthly credit spending than I listed? Geez.
Post by: chasesfish on March 10, 2019, 07:18:19 AM
Should have deferred comp payment kick in come July to the tune of $1500/mo to start
Post by: Aunt Petunia on March 10, 2019, 07:37:29 AM
Sad day. I just got rejected for the Capitol One Savor card. I was really looking forward to that bonus.I got rejected for the same one, and the reason was because I had recently opened another Capitol One card. I was able to open one in my spouse's name.
The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days. So what can you do now? Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"
My credit score is over 800, and our household income is >$100,000, what more do they want? Possibly more monthly credit spending than I listed? Geez.
Post by: kpd905 on March 10, 2019, 07:56:07 AM
Posting to follow. Trying to figure out how to do this without a paycheck direct deposit.
Should have deferred comp payment kick in come July to the tune of $1500/mo to start
A lot of the banks will consider ACH transfers from another bank as a direct deposit. This list shows data points for each bank: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
If you have an account with Chase or Discover, those can often be used to spoof the DD requirement. Some of the best ones are Alliant Credit Union and Schwab, from what I've seen.
There was a reddit user a while back who posted a list of ~60 bank account bonuses that he and his wife and gotten in the last 1.5-2 years, and he used ACH transfers for every direct deposit requirement.
Post by: chasesfish on March 10, 2019, 08:13:24 AM
Post by: chaskavitch on March 10, 2019, 04:11:27 PM
Sad day. I just got rejected for the Capitol One Savor card. I was really looking forward to that bonus.I got rejected for the same one, and the reason was because I had recently opened another Capitol One card. I was able to open one in my spouse's name.
The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days. So what can you do now? Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"
My credit score is over 800, and our household income is >$100,000, what more do they want? Possibly more monthly credit spending than I listed? Geez.
Thanks for the info! I'll see if I can convince him, if they actually rejected me for opening/closing a card too recently.
Post by: Duke03 on March 10, 2019, 06:15:02 PM
Sad day. I just got rejected for the Capitol One Savor card. I was really looking forward to that bonus.
The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days. So what can you do now? Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"
My credit score is over 800, and our household income is >$100,000, what more do they want? Possibly more monthly credit spending than I listed? Geez.
Capitol One hates people with great credit and ones that never carry a balance. They will hard deny you every time. They only want customers they can make money off of. AKA ones with credit scores from 650 to 720 and ones that carry a balance month to month. Also they've been known to approve people that had cards with them in the past that carried balances ect….I know it sucks and they wont approve me either, but I really can't hate on them for calling a churner a churner lol and they know they don't make a penny off or churners.
Post by: 2Birds1Stone on March 10, 2019, 07:58:42 PM
Post by: JenniferW on March 10, 2019, 08:39:45 PM
Post by: Michael in ABQ on March 10, 2019, 09:55:31 PM
My first churning card was Capital One Savor. I applied with credit score of 790. My utilization was about 6% when I applied. Zero late payments / derogatories. Average credit history 3 years 11 months when I applied. I was approved instantly if I recall. The time I applied I believe I had like zero or 1 hard inquiry in past year.
Pretty much identical story here. I'd been debt free for about two years when I decided to take advantage of an easy $500. No issue getting approved.
Post by: slappy on March 11, 2019, 08:56:49 AM
Sad day. I just got rejected for the Capitol One Savor card. I was really looking forward to that bonus.
The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days. So what can you do now? Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"
My credit score is over 800, and our household income is >$100,000, what more do they want? Possibly more monthly credit spending than I listed? Geez.
Same happened to me. Credit score of 824, household income just under $100k.
Post by: hops on March 11, 2019, 10:01:44 AM
My first churning card was Capital One Savor. I applied with credit score of 790. My utilization was about 6% when I applied. Zero late payments / derogatories. Average credit history 3 years 11 months when I applied. I was approved instantly if I recall. The time I applied I believe I had like zero or 1 hard inquiry in past year.
Pretty much identical story here. I'd been debt free for about two years when I decided to take advantage of an easy $500. No issue getting approved.
My wife applied for the Savor as her first solo credit card (prior to that she was an authorized user on mine). Credit score around 800, student loans always paid on time, no balance on any of our credit cards. She was approved instantly and given a very high credit limit. Income north of $200k.
Post by: katsiki on March 11, 2019, 08:25:30 PM
Got the 7-10 response on application on 2/28. Nothing yet one way or the other.
Post by: MasterStache on March 15, 2019, 08:08:47 AM
Edit to add I actually use the business account for business expenses. I have no intention of closing it anytime soon.
Post by: ducky19 on March 15, 2019, 01:00:42 PM
I just had an offer for $400 from Wells Fargo that I'm churning for a checking account. Also currently churning a Commerce Bank one with no direct deposit requirements for $200. I usually get at least $800 a year from these types of bonuses, but looks like this year might shape up to be better than that!
Post by: tralfamadorian on March 15, 2019, 01:32:21 PM
Once a quarter I pick out three offers to churn from a list that I maintain from the daily doctor of credit email. I found that I can typically open three new accounts in one day before I start getting rejected. The previous quarter's accounts are usually in a holding pattern at that time as requirements typically ask for 1-3 months of deposits. At the same time quarter-before-that usually has a couple of accounts that required six months account duration to close without a penalty that are just sitting.
So, it's only once every three months that I spend an hour or so opening the new accounts and adding the direct deposits to my payroll, removing the previous quarter's accounts from payroll and closing the quarter-before-that's accounts.
It's not perfect; some accounts you can sweep the deposited funds out early, close as soon as the bonus arrives, the direct deposit has to extend to 5-6 months, etc but it's nice to know that if I get busy, it will all be fine if I just go in at the beginning of the quarter and check my spreadsheet for any early closures/long deposit periods. Typically I clear $500-750/quarter. Not a bad hourly wage!
Anyway, those of use who have been doing this awhile know all these details but I thought it might be helpful for any newbies lurking about.
Post by: JenniferW on March 15, 2019, 03:43:25 PM
I think I've gotten into a groove that works for me with bank account churning.
Once a quarter I pick out three offers to churn from a list that I maintain from the daily doctor of credit email. I found that I can typically open three new accounts in one day before I start getting rejected. The previous quarter's accounts are usually in a holding pattern at that time as requirements typically ask for 1-3 months of deposits. At the same time quarter-before-that usually has a couple of accounts that required six months account duration to close without a penalty that are just sitting.
So, it's only once every three months that I spend an hour or so opening the new accounts and adding the direct deposits to my payroll, removing the previous quarter's accounts from payroll and closing the quarter-before-that's accounts.
It's not perfect; some accounts you can sweep the deposited funds out early, close as soon as the bonus arrives, the direct deposit has to extend to 5-6 months, etc but it's nice to know that if I get busy, it will all be fine if I just go in at the beginning of the quarter and check my spreadsheet for any early closures/long deposit periods. Typically I clear $500-750/quarter. Not a bad hourly wage!
Anyway, those of use who have been doing this awhile know all these details but I thought it might be helpful for any newbies lurking about.
Just curious, how many thousands of dollars do you need to manage these many accounts? I've only done one checking account so far and that was Chase Total Checking -- very easy to do and got $300. All I have to do is deposit $500 each month into that account and there are no fees whatsover.. have to do this for 6 months.
Trying to do my next checking account and after looking through many on doctor of credit I just don't see one is like Chase. They require large sums of cash to sit in the account, have like $3000 monthly direct deposit requirements or want you to do a dozen or more debit card transactions each month. Definitely not interested in all the debit card transactions because I like using my credit card I am currently churning for as many purchases as possible. So does it come down to just having large sums of cash? Have to keep in mind I will be losing 2.25% interest rate I'd have by leaving that money in Ally.com.
I dunno what to do.
Post by: apkanne on March 15, 2019, 04:21:36 PM
Just curious, how many thousands of dollars do you need to manage these many accounts?
Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.
As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL
Post by: JenniferW on March 15, 2019, 06:35:51 PM
Just curious, how many thousands of dollars do you need to manage these many accounts?
Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.
As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL
Thanks. It just seems like a lot of work for some very little money. Most of those rewards are like $150 or less. If I spend $40 at a gas station in many small transactions it's like losing $30 there alone because all of the items there at the gas station cost 4 times as much as what I am used to spending. I make all my food from scratch and have a price book. I might stick with just churning credit cards for a while :)
Post by: kpd905 on March 15, 2019, 07:07:15 PM
@JenniferW The bonuses pay $100+ per hour easily, so a lot of work for a little money depends on what your salary is I guess. Debit requirements can be done by reloading $0.50 at a time to your Amazon account, in about 2 minutes total. Otherwise you can use a debit card to send money to someone via Venmo or Facebook Messenger for free, so that also takes about 2 minutes to fulfill the requirements. I don't mess around with leaving my couch to use my debit card.
Post by: tralfamadorian on March 15, 2019, 07:20:52 PM
I think I've gotten into a groove that works for me with bank account churning.
Once a quarter I pick out three offers to churn from a list that I maintain from the daily doctor of credit email. I found that I can typically open three new accounts in one day before I start getting rejected. The previous quarter's accounts are usually in a holding pattern at that time as requirements typically ask for 1-3 months of deposits. At the same time quarter-before-that usually has a couple of accounts that required six months account duration to close without a penalty that are just sitting.
So, it's only once every three months that I spend an hour or so opening the new accounts and adding the direct deposits to my payroll, removing the previous quarter's accounts from payroll and closing the quarter-before-that's accounts.
It's not perfect; some accounts you can sweep the deposited funds out early, close as soon as the bonus arrives, the direct deposit has to extend to 5-6 months, etc but it's nice to know that if I get busy, it will all be fine if I just go in at the beginning of the quarter and check my spreadsheet for any early closures/long deposit periods. Typically I clear $500-750/quarter. Not a bad hourly wage!
Anyway, those of use who have been doing this awhile know all these details but I thought it might be helpful for any newbies lurking about.
Just curious, how many thousands of dollars do you need to manage these many accounts? I've only done one checking account so far and that was Chase Total Checking -- very easy to do and got $300. All I have to do is deposit $500 each month into that account and there are no fees whatsover.. have to do this for 6 months.
Trying to do my next checking account and after looking through many on doctor of credit I just don't see one is like Chase. They require large sums of cash to sit in the account, have like $3000 monthly direct deposit requirements or want you to do a dozen or more debit card transactions each month. Definitely not interested in all the debit card transactions because I like using my credit card I am currently churning for as many purchases as possible. So does it come down to just having large sums of cash? Have to keep in mind I will be losing 2.25% interest rate I'd have by leaving that money in Ally.com.
I dunno what to do.
I skip the ones that require debit card transactions (too much work) or too much capital (I want an adjusted APR of 50%+). All the savings account bonuses seem to cluster in the mid-low teens in return so I've only done a couple and don't plan on more. Maybe at some point I'll run out of low hanging fruit and will not be able to find 3 new ones every quarter without loosening my requirements but for now it hasn't been an issue.
I've done the TD Bank ($2,500 deposit) and PNC ($5k over 60 days) but most have clustered around $200-$300/deposit according to my spreadsheet. I divert ~$600-$900 in payroll direct deposits into the new accounts. As the result, the deposits to my normal payroll checking account are a little lean but at the same time that this is occurring, there are the deposits plus bonuses from the quarter-before-last accounts being sent to that regular checking.
I just looked through my balances on the six accounts currently open. 3x$0, 1x$5, 1x$1,500, 1x$2,500. There's some cash tied up but that $4,000 is also "earning" $650 this quarter aka 65% APR. A little more work that throwing it in an Ally saving account and forgetting about it but also earning a boatload more than $22 (2.2% APR).
Post by: tralfamadorian on March 15, 2019, 07:49:38 PM
@tralfamadorian I wonder if you just got unlucky in the past and picked Chex sensitive banks when you got rejected, because I have only been rejected for two banks now out of 80+ in the last 2-3 years.
That is entirely possible @kpd905 . One quarter I had two rejections in a row on account #4 and #5 then the next quarter was rejected on #4. They were local banks and credit unions so maybe that was more of the reason and it was just bad luck.
But it's ended up being a good number for me. It keeps the number of accounts low enough to be manageable. I don't MS and the deposit requirements have been easy to cashflow with my payroll. And, as I mentioned in the post previous, it ends up being a nice number for a secondary emergency fund.
Post by: therethere on March 18, 2019, 08:51:04 AM
Just curious, how many thousands of dollars do you need to manage these many accounts?
Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.
As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL
Thanks. It just seems like a lot of work for some very little money. Most of those rewards are like $150 or less. If I spend $40 at a gas station in many small transactions it's like losing $30 there alone because all of the items there at the gas station cost 4 times as much as what I am used to spending. I make all my food from scratch and have a price book. I might stick with just churning credit cards for a while :)
For the few I do that require debit card transactions... I just go on Amazon and buy #x of $1.xx gift cards. $1.08, $1.00, $1.10, etc.
Post by: MasterStache on March 19, 2019, 05:12:51 AM
Just curious, how many thousands of dollars do you need to manage these many accounts?
Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.
As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL
Thanks. It just seems like a lot of work for some very little money. Most of those rewards are like $150 or less. If I spend $40 at a gas station in many small transactions it's like losing $30 there alone because all of the items there at the gas station cost 4 times as much as what I am used to spending. I make all my food from scratch and have a price book. I might stick with just churning credit cards for a while :)
For the few I do that require debit card transactions... I just go on Amazon and buy #x of $1.xx gift cards. $1.08, $1.00, $1.10, etc.
+1
I usually do $.50 Amazon gift card reloads. We'll end up buying something off amazon eventually anyways.
Post by: JenniferW on March 20, 2019, 03:34:55 PM
Post by: MasterStache on March 21, 2019, 05:10:25 AM
Heh, if they had some simple AI analyzing transaction history, it should be very easy for them to determine that the account was just opened for churning. I mean 20 fifty cent recharges of amazon gift card in one day, is pretty silly looking transaction history. :P
Eh I don't know if I've ever done 20 in a day. I do 10 every month for a local credit union bonus. I am sure banks are far more concerned about large transactions. ( :
On a positive note I just received my 3rd Citizens bank bonus. Definitively churnable for anyone within their footprint.
Post by: therethere on March 21, 2019, 08:49:17 AM
Anyone try it?
Post by: MasterStache on April 07, 2019, 05:52:18 AM
On a related note player 2 is quickly approaching being under 5/24, so opening some Chase cards is in our future plans.
Post by: apkanne on April 08, 2019, 11:22:57 AM
Has anyone had luck opening out of state bank accounts with an address that isn't current? My family is on the east coast and was wondering if it would fly if I put down my info and their address. I mean, it's not like I'm going to use the account for anything. I'm not that desperate yet, but I am running out of bank bonuses that can use credit card funding. I expect a little later in the year it might be helpful.
Anyone try it?
I sometimes see data points on DoC about opening out of state accounts. It works for M&T Bank easy just use the right Zip on the first page, then your real info later. I would probably not want to pretend i'm living somewhere else... Usually they need your drivers license, and I could see you needing to go in branch for one of these if they thought it was sketch. If you are visiting your cousins, i've seen the DP's to show going in branch to open in person can work YMMV
Post by: CanuckExpat on April 12, 2019, 08:48:53 PM
Post by: MasterStache on April 13, 2019, 03:58:04 AM
Sounding pretty good: https://www.doctorofcredit.com/pnc-up-to-300-checking-bonus-no-state-restriction/
The 12 month language kills it for me. Just got the bonus about 6 months ago. I did see that I am eligible for the Chase checking bonus again next month. ( :
Post by: billy b on April 19, 2019, 06:22:28 PM
Post by: billy b on April 19, 2019, 07:16:50 PM
Post by: gamzarme on April 20, 2019, 12:49:40 PM
Eh I don't know if I've ever done 20 in a day. I do 10 every month for a local credit union bonus. I am sure banks are far more concerned about large transactions. ( :
On a positive note I just received my 3rd Citizens bank bonus. Definitively churnable for anyone within their footprint.
How churnable? The DoC page and the bank offers pages states I can't have had the account within the past 6 months "Primary signer on the new account may not be or have been a primary or secondary signer on any Citizens Bank personal checking accounts within the previous six months."
Post by: 2Birds1Stone on April 20, 2019, 12:56:56 PM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1. I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.
Well, I managed to fuck this one up royally. Missed the $1 min balance part, and withdrew my paychecks completely a few days after each deposit......I have a feeling I won't be getting the $400 now....
Post by: MasterStache on April 21, 2019, 08:36:37 AM
Eh I don't know if I've ever done 20 in a day. I do 10 every month for a local credit union bonus. I am sure banks are far more concerned about large transactions. ( :
On a positive note I just received my 3rd Citizens bank bonus. Definitively churnable for anyone within their footprint.
How churnable? The DoC page and the bank offers pages states I can't have had the account within the past 6 months "Primary signer on the new account may not be or have been a primary or secondary signer on any Citizens Bank personal checking accounts within the previous six months."
Very churnable. In fact I just got a 2nd bonus for player 2. Grand total I've hit up Citizens bank for 5 bonuses over the last couple years. By far the most profitable. I will probably take a break lest I get blacklisted ( :
Post by: MasterStache on April 21, 2019, 08:37:27 AM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1. I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.
Well, I managed to fuck this one up royally. Missed the $1 min balance part, and withdrew my paychecks completely a few days after each deposit......I have a feeling I won't be getting the $400 now....
Doh! Since you did legit DD, you may be able to call and plead your case.
Post by: couponvan on April 22, 2019, 01:32:20 PM
Post by: Aunt Petunia on April 23, 2019, 04:55:47 PM
On a related note I did the rest of the funding for the chase account from discover online savings. On my statement it coded as person to person, but at the bottom it says that they waived the fee because I have $975 in direct deposits, so does that mean I have met the dd requirement for the bonus or should I still try to do the Robin Hood thing?
Post by: katsiki on April 23, 2019, 05:04:37 PM
Post by: billy b on April 23, 2019, 09:36:34 PM
Post by: Aunt Petunia on May 01, 2019, 02:51:17 AM
Currently so far this year I have received
Discover $200
Chase $300
Working on
Wells Fargo $400
Bank of the West $250
BMO Harris $300
Post by: billy b on May 19, 2019, 04:11:28 PM
Post by: Aunt Petunia on May 19, 2019, 07:28:15 PM
Wolfe, I plan on doing the Wells Fargo $400 checking, how do you plan on fake dd? It looks like people are using paypal, so would I need to open a second paypal account for it to work? I also heard google pay may work.
I used real dd for that one. Sorry I can't be of any help.
Post by: CanuckExpat on May 19, 2019, 08:26:04 PM
Wells Fargo $400 checking, how do you plan on fake dd
Distributing funds from a Vanguard brokerage account. Think it's working so far
*fingers crossed*
Post by: billy b on May 19, 2019, 10:09:50 PM
Post by: JenniferW on June 03, 2019, 09:56:21 AM
Post by: NotJen on June 03, 2019, 10:04:28 AM
I got an American Express card to churn. $300 reward for $3000 in 90 days. Problem is my auto insurance doesn't take American Express. It would be a $430 charge. Any way around this? Is there some service that will pay as Visa/Mastercard using American Express for a small fee? Concerned I might not be able to meet the $3000.. I couldn't even pay my electric bill with it.
If they take PayPal, you can use your AmEx through that. Otherwise, you’re probably out of luck.
If you really don’t think you can meet the minimum spend in time, buy gift cards for the grocery store, or prepay some other expenses that take credit cards for no extra charge (like internet or cell phone bill).
Post by: billy b on June 03, 2019, 03:58:43 PM
Post by: CanuckExpat on June 04, 2019, 08:44:57 AM
I got an American Express card to churn... Problem is my auto insurance doesn't take American Express...I couldn't even pay my electric bill with it.
Have you tried Plastiq (https://apps.plastiq.com/cardholder_ui/create?userId=1259524&validationCode=VC9hD6RS7UYkIE3bM0jBd&referralCode=1175942) ?
Post by: zoochadookdook on June 06, 2019, 08:59:16 AM
Bank wise I have around 25k to spread on bonus returns. I just did the discover $200 HYSA bonus and ACH pushed it to a pnc account for the $300 bonus as well as the $100 aspiration bonus.
I'm looking for the best accounts to utilize this money towards going forward. Any advice on references/searching/comparison charts?
Also I'm looking for the best CC(s) to churn for my upcoming student loans ($13,200 interest starts the 15th this month)
I plan on paying them with vanilla visa cards
My current CC scenario
What is your credit score?
750
What cards do you currently have or have you had in the past (including closed cards), along with dates of when you were approved for the cards? Please include month and year for any card approved in the last 3 years.
I have 3 CIP cards (approved 2018 august, November, February 2019), freedom, freedom unlimited. Have 1 pending CIU app.
How much natural spend can you put on a new card(s) in 3 months?
I have $13200 in student loans to start paying in 10 days. I will use vanilla visas. Plus another 300/month utilities/200 others. I'm looking for a few cards quickly right now.
Are you open to applying for business cards? If not, why? See this postand this wiki question to learn more.
Yes although I already have 3 CIP (sole prop, llc, self llc)
How many new cards are you interested in getting? Are you interested in getting into churning regularly (if you aren't already)? Or are you just looking to get a new card(s) for now but not get into churning long-term?
Multiple
Are you targeting points, Companion Passes, hotel or airline statuses, First Class, Biz, Economy seating(s) or cash back?
Cash points are priority currently.
What point/miles do you currently have?
Chase UR
Any advice? Not sure if I should delve off the chase train right now and get another 2 apps in. Realistically I want to pay the entire 13200 off this month.
Post by: therethere on June 06, 2019, 09:09:52 AM
Also I'm looking for the best CC(s) to churn for my upcoming student loans ($13,200 interest starts the 15th this month)
I plan on paying them with vanilla visa cards
My current CC scenario
How do you plan to use the vanilla visa cards to pay down your student loans? Can they be deposited into a bank account or something? Otherwise, you'll have to go through Plastiq with a 2.5% fee. I could give you a referral for some fee-free dollars if you go that way.
There is a Chase checking and savings offer (15k min in savings for 3 months, then 5k for 3 more months) and one direct deposit required. It's for a $600 bonus.
Post by: zoochadookdook on June 06, 2019, 09:22:54 AM
Also I'm looking for the best CC(s) to churn for my upcoming student loans ($13,200 interest starts the 15th this month)
I plan on paying them with vanilla visa cards
My current CC scenario
How do you plan to use the vanilla visa cards to pay down your student loans? Can they be deposited into a bank account or something? Otherwise, you'll have to go through Plastiq with a 2.5% fee. I could give you a referral for some fee-free dollars if you go that way.
There is a Chase checking and savings offer (15k min in savings for 3 months, then 5k for 3 more months) and one direct deposit required. It's for a $600 bonus.
Also a $350 HSBC savings bonus. It's either 10k or 15k you'd have to look it up.
My loan provider accepts vanilla visa as payment. At 1% charge ($5/500 loaded) it's a no brainer with pretty much all earning 1+back. I used plastiq to pay my last tuition bill and meet my 3rd CIP 5k limit; it used to code back as 3% on the CIP and then some guy went out and bought a telsa/they changed it. Since my CIU card is coming ($500 back when spending 3k in 3 months) I still have another $10000 to put on CC bonuses.
Sadly enough I already have a chase personal checking/saving and business checking account. I'm actually considering closing them and just waiting to be bonus eligible again; they've been my convenient "cash in hand" to run a business through college bank though. I'll have to look at the HSBC; heard they were a hassle in some cases.
Post by: therethere on June 06, 2019, 09:33:39 AM
I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?
Post by: zoochadookdook on June 06, 2019, 09:44:03 AM
Yes, HSBC is a hassle it did take a lot of time to get my money out. They deposited the bonus twice and then when I transferred the money out they took back one of the bonuses. Causing it to overdraft and shutting down the ability to transfer money. Then it automatically attempted the transfer again the next day and caused another overdraft. Customer service reps said they couldn't "see" the lock on transfering money and therefore couldn't do anything? It was a huge PITA now that I remember it took almost a month to get my money out again. Yeah sorry for that recommendation. I was thinking of the dollar value ones.
I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?
Ouch; yeah I'd rather do a few 200/month ones vs the headache that is that. Sucks about Chase though....I'll have to look into how long after closing the accounts i'd have to wait to be eligible again....
Great Lakes Loans is my provider. All I did was call them and see what methods of payment they'd take. Because a vanilla visa is basically preloaded funds/debit they can accept it. Fairly simple. I think I have to call in every time to pay with them but I can use multiple in one call.
Post by: katsiki on June 06, 2019, 06:14:04 PM
Yes, HSBC is a hassle it did take a lot of time to get my money out. They deposited the bonus twice and then when I transferred the money out they took back one of the bonuses. Causing it to overdraft and shutting down the ability to transfer money. Then it automatically attempted the transfer again the next day and caused another overdraft. Customer service reps said they couldn't "see" the lock on transfering money and therefore couldn't do anything? It was a huge PITA now that I remember it took almost a month to get my money out again. Yeah sorry for that recommendation. I was thinking of the dollar value ones.
I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?
@therethere
Check out this thread:
https://forum.mrmoneymustache.com/share-your-badassity/making-extra-student-loan-payments-with-a-rewards-credit-card/
I actually thought Great Lakes stopped allowing this.. Good to know it is available.
Post by: 2Birds1Stone on June 07, 2019, 05:01:49 AM
On to the next one!
Post by: zoochadookdook on June 07, 2019, 06:53:51 AM
Yes, HSBC is a hassle it did take a lot of time to get my money out. They deposited the bonus twice and then when I transferred the money out they took back one of the bonuses. Causing it to overdraft and shutting down the ability to transfer money. Then it automatically attempted the transfer again the next day and caused another overdraft. Customer service reps said they couldn't "see" the lock on transfering money and therefore couldn't do anything? It was a huge PITA now that I remember it took almost a month to get my money out again. Yeah sorry for that recommendation. I was thinking of the dollar value ones.
I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?
@therethere
Check out this thread:
https://forum.mrmoneymustache.com/share-your-badassity/making-extra-student-loan-payments-with-a-rewards-credit-card/
I actually thought Great Lakes stopped allowing this.. Good to know it is available.
I should note they said they would not accept CC's-just vanilla pack visa/debit (that's considered a debit).
Post by: Pizzabrewer on June 07, 2019, 07:48:32 PM
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.
Be careful with this, AmEx takes a dim view of manufactured spending via gift cards/prepaid cards.
Post by: tj on June 09, 2019, 01:35:18 PM
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.
Be careful with this, AmEx takes a dim view of manufactured spending via gift cards/prepaid cards.
They don't see itemized receipts.
Post by: Pizzabrewer on June 10, 2019, 01:08:47 PM
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.
Be careful with this, AmEx takes a dim view of manufactured spending via gift cards/prepaid cards.
They don't see itemized receipts.
Actually they often do if the merchant transmits what's called "Level 3 data" to AmEx. Even if that's not the case, AmEx does monitor for multiple large purchases from the type of stores that sell Visa gift cards. Buying one $100 card is probably safe, buying six $500 cards in the space of a couple of weeks will get you noticed.
If you google "AmEx MS" or "AmEx level 3 data" there's plenty of discussions to be found.
Here's a good starting point: https://www.flyertalk.com/forum/american-express-membership-rewards/1901612-can-t-buy-gift-cards-meet-min-spend-how-does-amex-know-you-bought-gift-card-2.html
(https://www.flyertalk.com/forum/american-express-membership-rewards/1901612-can-t-buy-gift-cards-meet-min-spend-how-does-amex-know-you-bought-gift-card-2.html)
Post by: Aunt Petunia on June 24, 2019, 02:23:26 PM
The cc bonuses get used as a statement credit so I count them as income, but I can also see how it could get taken off the spending side instead.
Post by: therethere on June 24, 2019, 02:33:26 PM
Do you guys count bank and cc bonuses as income for the purpose of calculating savings rate? I see the bank bonuses as similar to market returns, so I don't count them. Husband said I should count them because I did work to get them.
The cc bonuses get used as a statement credit so I count them as income, but I can also see how it could get taken off the spending side instead.
I count CC bonuses against my travel expenses. I figure I would take less vacations or less extravagant vacations if I didn't have points.
For bank accounts I count them as income. Since you have to pay taxes on them.
Post by: CanuckExpat on July 27, 2019, 10:14:22 PM
FYI, I got my $400 from Wells Fargo, using a combination of Vanguard and Fidelity money management as my direct deposits.
Vanguard works, but I wouldn't push your luck too much; Can end up with trouble on the Vanguard side.
Post by: chasesfish on July 28, 2019, 04:39:07 AM
If you haven't seen it, the Citi offers are looking tempting: https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
FYI, I got my $400 from Wells Fargo, using a combination of Vanguard and Fidelity money management as my direct deposits.
Vanguard works, but I wouldn't push your luck too much; Can end up with trouble on the Vanguard side.
Thank you. Just started this stuff and have setup a Chase Sapphire bonus, Capital One Savings, and Discover Savings. This Citi one looks easy
Now if I can just get a Chase Business Ink card approved...
Post by: billy b on July 28, 2019, 05:10:50 AM
Post by: chasesfish on July 28, 2019, 05:43:15 AM
Hey chasesfish, I was not able to open the chase ink business as well 6 months ago, I used my ebay name as my business name in the application, then chase asked to documents, so I sent ebay statement but that was not good enough and they wanted some official paper from the city office or something. Reading more about it later it sounds like I should have just used my name as business name bame and I may have been good?
I've been debating registering a corporation, now that I'm in a state that's reasonable (~$110), if I can get the Ink Card it repays the cost
Post by: Padonak on July 28, 2019, 08:57:21 AM
Post by: kpd905 on July 28, 2019, 09:06:42 AM
@Padonak They are interest income, so it will be your marginal rate, but no payroll taxes (FICA) are taken out. It is not capital gains, but you could still offset the income by tax loss harvesting, just like you could offset some of your W2 income with tax loss harvesting.
Post by: IsThisAGoodUsername on July 28, 2019, 09:10:58 AM
I have a newb question: how are bank account bonuses taxed? Google says they are taxed as interest income, but is tax rate the same as your marginal tax rate on earned income or is it capital gains tax? Can this income be offset by tax loss harvesting?
You'll get a 1099-INT from the bank at the end of the year, so it'll be counted as income, which will be taxed at your marginal tax rate.
Post by: Padonak on July 28, 2019, 09:29:20 AM
I am new to bank account churning, started earlier this year.
-Opened Chase accounts with a $600 bonus offer for opening checking and savings accounts. Already received $300 for checking. The rest of the bonus should post in a couple of months.
-Opened a Santander checking account, $300 bonus offer, hasn't posted yet.
-Going to open a BofA checking account, $300 targeted offer.
Will probably try to open a Wells Fargo business account with $1000 bonus later this year.
I get most of the information from Doctor of Credit which is a great web site to find the best credit card and bank account offers.
Post by: katsiki on July 28, 2019, 11:50:31 AM
Hey chasesfish, I was not able to open the chase ink business as well 6 months ago, I used my ebay name as my business name in the application, then chase asked to documents, so I sent ebay statement but that was not good enough and they wanted some official paper from the city office or something. Reading more about it later it sounds like I should have just used my name as business name bame and I may have been good?
I've been debating registering a corporation, now that I'm in a state that's reasonable (~$110), if I can get the Ink Card it repays the cost
I have an LLC with EIN and have used it for business CC's. However, it is not necessary (at least with Chase). You can do sole prop with SSN (in most states to my knowledge).
With Chase, you can get multiples of business cards and get referral bonuses too. :)
Open with EIN, open w/ SSN, open with spouse SSN, etc.
I am considering doing another LLC under spouse. Not sure it is worth it unless I get more organized with bonuses though.
Post by: Grafter on July 28, 2019, 02:07:12 PM
Hey chasesfish, I was not able to open the chase ink business as well 6 months ago, I used my ebay name as my business name in the application, then chase asked to documents, so I sent ebay statement but that was not good enough and they wanted some official paper from the city office or something. Reading more about it later it sounds like I should have just used my name as business name bame and I may have been good?
Yeap, that is what I did and was successful in getting approved for a CIC (as far as data points go, this was earlier this year).
Post by: chasesfish on July 29, 2019, 04:42:35 AM
Post by: CanuckExpat on August 18, 2019, 02:32:39 PM
Smaller payout than other bank account bonuses, but no tying up funds or direct deposit
Rate on the savings account isn't bad either: 2%
Post by: Will on October 12, 2019, 05:30:08 PM
SoFi money savings account, open via referral link (https://www.sofi.com/share/money/2650038), Sign up and deposit $100, get $50 bonus.
Smaller payout than other bank account bonuses, but no tying up funds or direct deposit
Rate on the savings account isn't bad either: 2%
Yeah, I did this, and it was amazingly easy. They will send you free checks, refund VISA ATM fees, pay a decent interest rate, and I got my $50 after a couple of days. There are no fees or minimums either, and you can close it right away if you want (but why would you?).
They also had an offer for their investing services. Again, free money to invest, no obligations.
Feel free to use the links in my signature to get $50 for yourself, and then I will get some cash too!
Post by: ender on October 18, 2019, 06:39:33 AM
I think I'll do this; it's $600 for minimal work it looks like.
Post by: brandonw on October 22, 2019, 08:41:21 AM
If you do the Citi accounts, plan on waiting 120-150 days to get the bonus. You can drop the account balance after 60 days down to the minimum to avoid fees.
@Padonak They are interest income, so it will be your marginal rate, but no payroll taxes (FICA) are taken out. It is not capital gains, but you could still offset the income by tax loss harvesting, just like you could offset some of your W2 income with tax loss harvesting.
Has anyone had success with the Citi accounts bonuses? I'm thinking about doing it for my wife and I but heard horror stories about Citibank and them not posting bonuses and bad customer service.
Post by: IsThisAGoodUsername on October 22, 2019, 09:24:49 AM
Post by: jim555 on October 22, 2019, 03:15:35 PM
I started the Citi $500 for $15,000 one. They charge $25 a month fee if the balance is below $10,000. Will let you know what happens.If you do the Citi accounts, plan on waiting 120-150 days to get the bonus. You can drop the account balance after 60 days down to the minimum to avoid fees.
@Padonak They are interest income, so it will be your marginal rate, but no payroll taxes (FICA) are taken out. It is not capital gains, but you could still offset the income by tax loss harvesting, just like you could offset some of your W2 income with tax loss harvesting.
Has anyone had success with the Citi accounts bonuses? I'm thinking about doing it for my wife and I but heard horror stories about Citibank and them not posting bonuses and bad customer service.
Post by: therethere on October 22, 2019, 03:19:00 PM
Post by: chasesfish on October 22, 2019, 04:09:41 PM
Post by: Calimerostache on October 22, 2019, 10:28:37 PM
Deposited $15k on July 2nd
Bonus posted on October 10th
Post by: Aunt Petunia on October 23, 2019, 03:53:10 AM
Post by: brandonw on October 23, 2019, 01:23:46 PM
My referral link. Goes straight to the FI 2030 fund :) https://www.sofi.com/share/money/2728227/
Post by: Will on October 23, 2019, 05:44:35 PM
It was mentioned above a couple times, but I wanted to mention the SoFi bonus again. I opened my account yesterday with $100 deposit and $50 bonus came through today. The interest rate right now is 1.8% APY which isn't bad at all so I'll probably leave it open. Another side bonus is each referrals is a $100 bonus. I'm opening one for my wife now so my original $50 bonus, plus her $50, plus $100 referral = total of $200 in bonuses. No account minimums and no minimum time to keep the account open. Easiest $200 bonus I've done by a long shot. If anyone has any questions feel free to reach out but it's very simple and straight forward.
My referral link. Goes straight to the FI 2030 fund :) https://www.sofi.com/share/money/2728227/
I won't be mad at you if you used my referral link to open yours, Brandon. ;) But are you really getting $100 for each referral? I'm only getting $50.
Post by: brandonw on October 23, 2019, 06:57:30 PM
I won't be mad at you if you used my referral link to open yours, Brandon. ;) But are you really getting $100 for each referral? I'm only getting $50.
I used the referral link from the post above to open mine. The online chat rep said that each referral could be $50 or $100. When I went to get my referral code it said $100 for each referral. I have no idea how they distinguish the difference between who gets which. Maybe someone can chime in with their referral bonus amount?
Helpful hint- Your own referral link is only available on the app, not on the regular website. You have to download the app to get it. Found this out after searching 15 mins and finally giving up before asking a rep.
Post by: Calimerostache on October 23, 2019, 09:19:14 PM
I Did:
2 chase account $600 each
1 citi: $400
1 Wells Fargo: $400
THis was really easy. I consider the hourly rate to be very good.. just need to have a little bit of EF to make the minimum requirement.
Have not done anything with CC so that might be the next move
Post by: PBJ1 on October 31, 2019, 12:27:36 AM
Post by: therethere on October 31, 2019, 08:51:59 AM
Post by: Calimerostache on October 31, 2019, 09:00:17 AM
Lots of them are around 180 days before you can close them . Just read the fine prints. Doctor of credit always shows them clearly .
Post by: brandonw on October 31, 2019, 09:21:09 AM
Post by: kpd905 on October 31, 2019, 05:48:46 PM
There is a pretty nice list of banks that we grab two bonuses from pretty much every year: Chase (now 2 years), BMO Harris, PNC, Associated Bank, Bank of America, Wells Fargo.
Post by: therethere on November 01, 2019, 08:35:25 AM
Post by: kpd905 on November 01, 2019, 06:12:54 PM
I'm surprised you can do Wells Fargo every year. My DH was denied in August. I assumed it was because he opened/closed one for a bonus in 2017. Maybe I had my dates wrong and it was too close.
It just has to be 12+ months from your last bonus.
Post by: samirol on November 02, 2019, 01:52:49 PM
Post by: Spitfire on November 04, 2019, 11:04:50 AM
I signed up for SoFi Money and Sofi Invest too! The SoFi Money promotion gives you a $50 bonus for signing up using a referral link and gives the person giving the referral $100. The invest side is $50 and $50. There are no minimums or maintenance fees and only requires $100 to open so it is very easy to get other people to sign up! I've signed up 6 family members and friends in 2 days! I make $100 per person and they all make $50! If you want my referral code (I would appreciate it!) and you can start with your significant other and make some cash!
Just signed up with your link! Maybe we can do a pay it forward (or pay it pay it backwards?) thing in this thread and someone can use mine next. Really cool referral program.
https://www.sofi.com/share/money/2749329/
Post by: v8rx7guy on November 04, 2019, 11:08:10 AM
Post by: samirol on November 08, 2019, 05:59:02 PM
BBVA $250 checking + savings bonus, no household restriction either, requires $500 direct deposit
This shows what will count as a direct deposit
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#BBVA
Post by: kpd905 on November 08, 2019, 06:16:00 PM
https://www.doctorofcredit.com/bbva-compass-200-checking-50-savings-bonus-nationwide-available-online-2/
BBVA $250 checking + savings bonus, no household restriction either, requires $500 direct deposit
This shows what will count as a direct deposit
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#BBVA
Going to grab this one this weekend, along with the Discover savings $200 bonus.
The Discover bonus requires $25,000 in deposits, but cumulative deposits work. Even better, someone figured out recently that once you get your money in there, you can schedule to transfer it out, then cancel the transfer, and that counts as your money leaving and coming back. So load $5,000, do the transfer/cancel thing four times and you are done. Looks like they pay a day or two after meeting the requirements too.
Link to DoC post is here: https://www.doctorofcredit.com/discover-savings-150200-bonus-1500020000-deposit-new-exp-103117/
Post by: samirol on November 09, 2019, 03:36:16 PM
My referral link:
https://www.sofi.com/share/invest/2683446
Post by: Aunt Petunia on November 09, 2019, 03:41:51 PM
I signed up for SoFi Money and Sofi Invest too! The SoFi Money promotion gives you a $50 bonus for signing up using a referral link and gives the person giving the referral $100. The invest side is $50 and $50. There are no minimums or maintenance fees and only requires $100 to open so it is very easy to get other people to sign up! I've signed up 6 family members and friends in 2 days! I make $100 per person and they all make $50! If you want my referral code (I would appreciate it!) and you can start with your significant other and make some cash!
Just signed up with your link! Maybe we can do a pay it forward (or pay it pay it backwards?) thing in this thread and someone can use mine next. Really cool referral program.
https://www.sofi.com/share/money/2749329/
I used your link, here is mine:
https://www.sofi.com/share/money/2758462/
Post by: brandonw on November 12, 2019, 06:25:37 AM
Post by: aloevera on November 12, 2019, 04:19:38 PM
Sofi invest is now $100 when you put in $1000. This has a quick payout and can be immediately taken out
My referral link:
https://www.sofi.com/share/invest/2683446
I used this one because i missed Aunt Petunia's post. Mine is https://www.sofi.com/share/invest/2762581
Post by: brandonw on November 12, 2019, 06:16:49 PM
My referral link is on previous page
Post by: looshi on November 12, 2019, 07:58:23 PM
https://www.doctorofcredit.com/check-if-youre-targeted-chase-900-checking-savings-bonus/ (https://www.doctorofcredit.com/check-if-youre-targeted-chase-900-checking-savings-bonus/)
Apparently, if you are targeted you can forward it to others. I'm looking to find someone who can forward it to me and will return the favor to others here.
Post by: v8rx7guy on November 12, 2019, 08:25:15 PM
Post by: zoochadookdook on November 13, 2019, 02:29:51 PM
It's one of the best ones and although they've been my main card/account provider for years I'd like to get that one again.
Post by: therethere on November 13, 2019, 02:33:07 PM
Post by: zoochadookdook on November 13, 2019, 02:41:36 PM
It's either 1 year from closure or two years from open. I can't quite remember. It's simply stated in the termsconditions. There was just a targeted $900 Chase checking/savings offer out in the last few days. Sign into your Chase account and see if it's in the "Just for You" offers.
Great! I've been logging in with my business credentials for years (personal are linked) so maybe it will show when I figure out what those credentials are!
I'm between like 5 accounts I'm eying right now on the side so happy to have found this!
Post by: secondcor521 on November 13, 2019, 03:04:59 PM
It's either 1 year from closure or two years from open. I can't quite remember. It's simply stated in the termsconditions. There was just a targeted $900 Chase checking/savings offer out in the last few days. Sign into your Chase account and see if it's in the "Just for You" offers.
Two years from open. Cite:
https://www.doctorofcredit.com/new-chase-checking-savings-bonus-restrictions-once-every-two-years/
Post by: trc4897 on November 14, 2019, 11:59:08 AM
https://www.sofi.com/share/money/2751288/
https://www.sofi.com/share/invest/2751288/
Post by: trc4897 on November 14, 2019, 12:05:02 PM
-SoFi Money ($50)
-Sofi Invest ($50)
-Chase Checking ($300)
-Key Bank Checking ($400)
-Huntington Bank Checking ($150)
That's $950 just from opening some new accounts this month, with only an hour or so of "work"!! Can't believe I haven't done this before. I'll try to find some others to capitalize on before the year is over.
Post by: Buffaloski Boris on November 18, 2019, 06:52:24 PM
Has anyone been targeted for the $900 Chase offer?
https://www.doctorofcredit.com/check-if-youre-targeted-chase-900-checking-savings-bonus/ (https://www.doctorofcredit.com/check-if-youre-targeted-chase-900-checking-savings-bonus/)
Apparently, if you are targeted you can forward it to others. I'm looking to find someone who can forward it to me and will return the favor to others here.
I haven’t been targeted for that one. Love to get the code.
Post by: therethere on November 19, 2019, 08:49:45 AM
Post by: 2Birds1Stone on November 19, 2019, 08:52:24 AM
Sent from my SM-N950U using Tapatalk
Post by: Aunt Petunia on November 19, 2019, 11:44:48 AM
Chase no longer codes ACH as DD. Santander and Vanguard failed for me.
Sent from my SM-N950U using Tapatalk
Discover savings worked for me earlier this year, but not for DH. I think because it was my name on the Discover account it coded as P2P on his. Mine coded as a DD.
Post by: aloevera on November 19, 2019, 11:53:01 AM
Chase no longer codes ACH as DD. Santander and Vanguard failed for me.
Darn. I hoped Wealthfront or Venmo would work for that, both came in as ACH. Guess I need to give an Uber ride at some point.
I recently did SoFi (money and invest so $150 plus referrals), Fifth Third ($250) and Chase ($300).
Post by: kpd905 on November 20, 2019, 05:32:14 AM
I am going to open two PNC accounts this week and try ACH transfers from Fidelity for the $5,000 direct deposit requirements. Might try Discover as well, just in case. Some of the data points on DoC are a bit dated for these. I usually just use my employer DD, but hope to speed things up a bit. Breaking $6000 for the year would be nice.
Post by: 2Birds1Stone on November 20, 2019, 03:05:23 PM
Sent from my SM-N950U using Tapatalk
Post by: Cornel_Westside on November 20, 2019, 03:37:28 PM
We just broke $5000 for the year from checking bonuses. We have another $650 currently pending, but not sure how quickly these will pay out.Wow. I looked at your old post with your history of all the bonuses you got and it's so many. Do you split up your paycheck into a bunch of different deposits each month to get all those bonuses? I've been just doing one after the other and it clearly isn't efficient compared to your methods. Or are there other ways of getting the bonus you use with ACH for moving money and seeming like direct deposits?
I am going to open two PNC accounts this week and try ACH transfers from Fidelity for the $5,000 direct deposit requirements. Might try Discover as well, just in case. Some of the data points on DoC are a bit dated for these. I usually just use my employer DD, but hope to speed things up a bit. Breaking $6000 for the year would be nice.
Post by: kpd905 on November 20, 2019, 05:22:34 PM
We just broke $5000 for the year from checking bonuses. We have another $650 currently pending, but not sure how quickly these will pay out.Wow. I looked at your old post with your history of all the bonuses you got and it's so many. Do you split up your paycheck into a bunch of different deposits each month to get all those bonuses? I've been just doing one after the other and it clearly isn't efficient compared to your methods. Or are there other ways of getting the bonus you use with ACH for moving money and seeming like direct deposits?
I am going to open two PNC accounts this week and try ACH transfers from Fidelity for the $5,000 direct deposit requirements. Might try Discover as well, just in case. Some of the data points on DoC are a bit dated for these. I usually just use my employer DD, but hope to speed things up a bit. Breaking $6000 for the year would be nice.
I can split my employer DD to go in up to ten accounts, and I sometimes get pretty close to that. I have almost exclusively used real employer DD in the past, but there are tons of data points showing that ACH transfers can work for most banks.
Doctor of Credit maintains the list of data points here: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
r/churning also has a weekly Bank Bonus thread that sometimes offers additional data points.
Post by: Kayla on November 21, 2019, 06:21:06 PM
Here's my referral link for Sofi get $50 for depositing $100: https://www.sofi.com/share/money/2776262/ (https://www.sofi.com/share/money/2776262/)
Post by: MasterStache on November 22, 2019, 06:31:42 AM
We just broke $5000 for the year from checking bonuses. We have another $650 currently pending, but not sure how quickly these will pay out.
I am going to open two PNC accounts this week and try ACH transfers from Fidelity for the $5,000 direct deposit requirements. Might try Discover as well, just in case. Some of the data points on DoC are a bit dated for these. I usually just use my employer DD, but hope to speed things up a bit. Breaking $6000 for the year would be nice.
Awesome! It's been a great year for me as well. Looking to be just shy of 6K in total. Figured I would slow down this year but I guess that didn't happen. Already have close to 1K that will post in 2020 provided I meet all the requirements. The business accounts have really helped. I got targeted for the $500 BofA business checking promotion. I've got until the end of the year to decide if I want to do the $750 Huntington Business checking again. A little leery since I have open and closed so many Huntington accounts over the last couple of years.
Post by: anonymouscow on November 26, 2019, 03:31:10 PM
I used the previous link to sign up, here is my referral link.
Post by: Calimerostache on November 27, 2019, 05:06:54 PM
Reporting that I just finished my churning for the year : $2,000
I Did:
2 chase account $600 each
1 citi: $400
1 Wells Fargo: $400
THis was really easy. I consider the hourly rate to be very good.. just need to have a little bit of EF to make the minimum requirement.
Have not done anything with CC so that might be the next move
Just to report that as i was trying to transfer out the money from chase back to my regular account, Chase locked my online account.
I had to go in branch to unlock my account. The agent was very nice and clearly understood what I was doing. (As he said: "as someone who likes to make money myself....)
He explained, that Chase put some controls on people who make large transfer within the first 180 days.
Not a big deal, but if you want to avoid having to go in branch, wait more than 180 days before you start reallocating your funds.
Post by: chasesfish on November 29, 2019, 04:28:17 AM
They were questioning me on "why are you making such a large transfer". My response is "I'm an existing card holder and you sent me an offer requesting I deposit this amount of money".
My other bank has notoriously long hold times, the Chase rep also refused to wait on hold the first time.
Just know you're signing up for an hour or two of work
Post by: jojoguy on December 09, 2019, 05:09:29 AM
Post by: tj on December 25, 2019, 06:47:59 PM
Ally Bank: $1000 (for $100k deposit)
Arizona Federal Credit Union: $100
MidFirst Bank $300
Simple $250
Marcus $500 (for $50k deposit)
Bank of America $100
TCF Bank $200
E*Trade $200 (for $25k deposit)
Should pay out in 2020:
OneAZ Credit Union $500
Citi $400
Merrill Edge $500 for transfering an IRA
Post by: Fishing4FI on December 30, 2019, 12:05:56 PM
Post by: Padonak on January 01, 2020, 01:14:05 PM
https://www.doctorofcredit.com/ct-de-ma-mi-nh-nj-ny-oh-pa-ri-vt-citizens-600-checking-savings-bonus/
[CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT] Citizens Bank $600 Checking & Savings Bonus (Last Day)
Has anyone tried getting it? Would you recommend it?
Post by: slappy on January 01, 2020, 02:27:15 PM
I am considering this bank account bonus:
https://www.doctorofcredit.com/ct-de-ma-mi-nh-nj-ny-oh-pa-ri-vt-citizens-600-checking-savings-bonus/
[CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT] Citizens Bank $600 Checking & Savings Bonus (Last Day)
Has anyone tried getting it? Would you recommend it?
I just did this one last month. It was fairly easy and the bonus credited quickly. The account opening was a bit of a pain and ended up taking a couple days. I had to fax in a copy of my license. But other than that, it was pretty easy.
Post by: Fishing4FI on January 03, 2020, 11:00:30 AM
Currently I have a TD Bank $300 pending and I just opened a PNC account for $300 bonus next which should take a couple months. For the record, I don't do anything crazy, I only use real W-2 DDs.
How'd everyone else do in 2019?
Post by: dizzy on January 03, 2020, 12:45:55 PM
I'm thinking to curb it a bit in early 2020 tho bc aiming to buy a house later.
Post by: bbates728 on January 03, 2020, 12:48:18 PM
That said, how do you all balance the reward for leaving money in an account vs what you would otherwise earn just having it in VTSAX or similar? What do you generally look for?
Post by: MasterStache on January 03, 2020, 02:32:01 PM
Hi all! I am just beginning on this process and started with the Chase business account for $500. Hoping to get DW to do the same in the coming weeks.
That said, how do you all balance the reward for leaving money in an account vs what you would otherwise earn just having it in VTSAX or similar? What do you generally look for?
I don't really look at it that way. But I bounced around 10-15K this year and earned around 6K in bank bonuses. I would say that is a pretty damn good return. This year I do intend on investing all my bonus money.
Post by: IsThisAGoodUsername on January 03, 2020, 03:31:02 PM
That said, how do you all balance the reward for leaving money in an account vs what you would otherwise earn just having it in VTSAX or similar? What do you generally look for?
I only hit bank account bonuses with my emergency fund (which would otherwise be sitting in Ally earning [checking the current rate...] 1.6%). Before going for a SUB, I calculate my effective interest rate on the endeavor:
(Net Bank Account Bonus Amount / Minimum Bank Account Balance) / (# of days required to keep the account open / 365)
Sometimes it's as low as 8 or 9%, but sometimes it's as high as 40-50% for an account sign up bonus. Why would I settle for 1.6% when I can get much much more?
Between bank bonuses and credit card rewards/bonuses (straight cashed out as I'm not interested in travelling), I netted about $6,400 for the year.
Post by: dragoncar on January 05, 2020, 09:50:59 AM
Post by: EliteZags on January 06, 2020, 12:10:33 PM
copying the details from the thread on SlickDeals:
https://slickdeals.net/f/13601359-sofi-invest-100-bonus-after-1000-deposit-additional-25-bonus-available-for-optional-crypto-trade?v=1#
Quote
SoFi Invest - $100 bonus after $1000 deposit (additional $25 bonus available for optional crypto trade)
SoFi Invest (different from SoFi Money) has a bonus where they will give you $100 worth of your favorite stock to start building your portfolio when you fund your SoFi Invest account with at least $1,000. You can easily cash it out and withdraw the money after the bonus posts within 10 days. Many members are reporting seeing the bonus within 1-2 days :-)
Follow these steps to get the bonus:
[ol]
•Find a friend who is a SoFi member and ask them for their referral link to signup for SoFi invest.
•Choose your favorite stock (choose a stable stock like Microsoft if you want to cash out the $100 bonus right away)
•Transfer in $1,000 to your SoFi active investing accountthis triggers your free 'Stock Bit' (i.e. the $100 of free stock).
•You'll see the $100 of free stock (i.e. the Stock Bit) in your account "within ten days", although most SoFi members are reporting receiving the bonus after only 1-2 days :-) You can cash out immediately and pocket the bonus.
•[optional] You can also make an additional $25 (making the bonus $125) for executing a crypto trade of at least $10. You just transfer an additional $10 into the Crypto account and purchase crypto - I bought and sold right away (only lost about 30 cents from the $25 bonus). If you do this, you'll need to make sure you transfer in $1010 to cover the $10 for the crypto trade.
[/ol]
A 10% return on investment after only 10 days is extremely good in my opinion. This is much easier than waiting 90 days for a $50k investment like the other banking deals on SD (CIT, etc.). For those that don't want to transfer in $1000, Sofi Money also has a $25 signup bonus for transferring in $100 after being referred by an existing SoFi member.
My personal experience: I've been doing banking bonuses for years and this was by far one of the easier deals I've done recently. My $100 posted within a couple days and my $25 crypto bonus was instant. Usually, we all have to wait 90 days when doing bank bonuses with the likes of Chase, Marcus, Capital One, etc. - this bonus was hassle-free in comparison to other banks (no calls to CSRs, etc.). The 10% ROI within a week is nice too....fast and easy.
(New members MUST be referred by a current member to receive the bonus. Do not sign up via their website or the link below). A friendly reminder that SD does not allow referrals of any kind, so please do not ask or offer any referrals in this thread guys.
https://www.sofi.com/invest/
Updates:
[Nov 2019]:
- SoFi Money members now get 20% off all Lyft rides if we connect our SoFi Money card to the Lyft app and set it as our default payment method. I tried it recently and the 20% 'cashback' post instantly when the charge is made.
[Dec 2019]
- SoFi Money refferal bonus was changed from $50 to $25
- SoFi Invest refferal bonus is now paid out in 'stock bits' (i.e. $100 worth of stock) instead of just straight cash
Summary of current SoFi bonuses (need referral link from current member):
1. SoFi Invest ($100): transfer in $1,000 to your SoFi active investing account and get $100 in stock. This is stackable with the SoFi Money signup bonus.
2. SoFi Money ($25): get $25 after you fund your Money account with at least $100. This is stackable with the SoFi Invest signup bonus.
3. Crypto ($25): execute a crypto trade of at least $10 and get $25 of free crypto
4. 20% Cashback on all Lyft rides by using your SoFi Money debit card as the default payment method
Important note for those trying to stack bonuses: If you plan on signing up for both SoFi Money AND SoFi Invest bonuses, remember that you will need to click through their respective referral links individually before opening each product. You will not get the bonus if you create a SoFi Invest (or SoFi Money) account from your own account's dashboard - you need to click on a referral link for each individual product (i.e. SoFi Money and/or SoFi Invest) to get their respective bonuses, regardless of whether or not you are already a SoFi member. If you only have a single referral link, you can simply change the "sofi.com/share/invest/..." to "sofi.com/share/money/..." (or vice versa) to generate links for either Invest or Money. The important part is keeping the member number of the person who referred you at the end of each URL.
I just setup the Invest acct took about 5min including the funding.
I'll post my referral links anyone can use:
https://www.sofi.com/share/invest/2811074 (https://www.sofi.com/share/invest/2811074) (for Invest acct $100 bonus)
https://www.sofi.com/share/money/2811074 (https://www.sofi.com/share/money/2811074) (for Money acct $25 bonus)
Post by: EliteZags on January 08, 2020, 11:42:42 AM
waiting to link checking acct to fund Money acct for $25 bonus there
Post by: Aunt Petunia on January 09, 2020, 02:39:02 PM
2019 $4575
Banks:2325 total
Wells Fargo 400
Discover Online Savings 200
Bank of the West 250
Chase Checking 300
Chase Checking (DH) 0-bonus did not work
BMO Harris 0-bonus did not work
Varo 75
Chime 50
Chime (DH) 100 (50 for him and 50 referral for me)
Salem Five 250
US Bank 300
Sofi money 150 (50 signup and 2 referrals at 50 each)
Sofi money (DH) 50
Credit cards: total 2150
Chase Disney (DH) 200
Capital One Quicksilver (me) 150
Capital One Savor (DH) 500
Chase Ink Business Cash me 500 + 150 referral
Chase Ink Business Unlimited DH 500 + 150 referral
Other: 100
Coin Brokerage $50 each
2020 received so far
Sofi Invest me 100
Sofi Invest DH 200 (100 sign up and 100 referral)
Pending
TIAA Yield Pledge 250
BBVA Compass 250
Chase Ink Business Cash DH 500
Chase Ink Business Unlimited me 500
Strategies: I just use real direct deposits from my job. I lost out on 2 bonuses by using fake dd's when I could have just used real ones. That's why most of the checking bonuses were for me only. For credit cards we take turns and look for ones with $500 bonus for $3000 spend. DH does the shopping so when it's my turn to be the cardholder I buy him gift cards to use. I also put our power bill, insurance, etc on whichever card we are working on. We don't do any true manufactured spending.
Post by: Padonak on January 09, 2020, 04:33:19 PM
I am considering this bank account bonus:
https://www.doctorofcredit.com/ct-de-ma-mi-nh-nj-ny-oh-pa-ri-vt-citizens-600-checking-savings-bonus/
[CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT] Citizens Bank $600 Checking & Savings Bonus (Last Day)
Has anyone tried getting it? Would you recommend it?
I just did this one last month. It was fairly easy and the bonus credited quickly. The account opening was a bit of a pain and ended up taking a couple days. I had to fax in a copy of my license. But other than that, it was pretty easy.
Thanks, I have signed up for this account.
Found another deal which looks pretty good
https://www.doctorofcredit.com/al-dc-fl-ga-in-ky-md-nc-nj-oh-pa-sc-tn-tx-va-wv-bbt-600-checking-bonus/
[AL, DC, FL, GA, IN, KY, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WV] BB&T $600 Checking Bonus
Anybody tried it? Any comments?
Post by: MasterStache on January 13, 2020, 06:14:23 AM
I am considering this bank account bonus:
https://www.doctorofcredit.com/ct-de-ma-mi-nh-nj-ny-oh-pa-ri-vt-citizens-600-checking-savings-bonus/
[CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT] Citizens Bank $600 Checking & Savings Bonus (Last Day)
Has anyone tried getting it? Would you recommend it?
I just did this one last month. It was fairly easy and the bonus credited quickly. The account opening was a bit of a pain and ended up taking a couple days. I had to fax in a copy of my license. But other than that, it was pretty easy.
Thanks, I have signed up for this account.
Found another deal which looks pretty good
https://www.doctorofcredit.com/al-dc-fl-ga-in-ky-md-nc-nj-oh-pa-sc-tn-tx-va-wv-bbt-600-checking-bonus/
[AL, DC, FL, GA, IN, KY, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WV] BB&T $600 Checking Bonus
Anybody tried it? Any comments?
I completed a different BB&T bonus last year therefore I don't qualify, otherwise I might try it.
Post by: ender on January 14, 2020, 06:01:32 AM
Does that even matter to wait? We could just move some of our emergency fund there so it's not like we need a huge amount of money tied up at Chase.
Post by: bearman on January 24, 2020, 09:48:28 PM
Post by: samirol on January 24, 2020, 10:09:30 PM
Post by: DadJokes 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.
Post by: kpd905 on January 26, 2020, 01:17:42 PM
Post by: jafr1284 on February 06, 2020, 09:55:38 AM
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.
Post by: secondcor521 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.
Post by: 2Birds1Stone on February 06, 2020, 11:16:35 AM
I typically rely on existing datapoints in the DoC comments on a specific offer for how something will code.
Post by: Will 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?
Post by: DadJokes on February 07, 2020, 07:18:50 PM
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.
Post by: 2Birds1Stone on February 08, 2020, 07:47:06 AM
Post by: Aunt Petunia 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.
Post by: bacchi on February 08, 2020, 04:37:58 PM
Post by: MasterStache on February 08, 2020, 05:06:49 PM
Post by: chasesfish 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
Post by: EliteZags on February 12, 2020, 10:55:23 AM
Post by: DadJokes 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.
Post by: 2Birds1Stone on February 12, 2020, 11:27:23 AM
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.
Post by: EliteZags on February 12, 2020, 12:08:36 PM
Post by: therethere 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).
Post by: DadJokes on February 12, 2020, 01:38:22 PM
That wasn't to keep it fee-free. It was to get the bonus.
Post by: kpd905 on February 15, 2020, 06:49:26 AM