cancel
Showing results for 
Search instead for 
Did you mean: 

SANTANDER BANK BONUS

Established Contributor

SANTANDER BANK BONUS

Santander has a new 225.00 sign up bonus for opening a checking account....it states a 500 DIRECT DEPOSIT amount is what alerts the bonus to be deposited......CAN a deposit with a credit card COUNT as the direct deposit requirement? .......I called Santander and of course the teller says NO....however, we here on myFICO know some tricks.....HELP PLEASE

Message 1 of 14
13 REPLIES
Super Contributor

Re: SANTANDER BANK BONUS


meatman1 wrote:

Santander has a new 225.00 sign up bonus for opening a checking account....it states a 500 DIRECT DEPOSIT amount is what alerts the bonus to be deposited......CAN a deposit with a credit card COUNT as the direct deposit requirement? .......I called Santander and of course the teller says NO....however, we here on myFICO know some tricks.....HELP PLEASE


I believe they have to be payroll deposits, or social security deposits.

 

"Direct deposits include deposits made by your employer or a federal or state government agency or retirement benefits administrator and generally payments made by corporations or other organizations. They do not include deposits to your account that are made by an individual using online banking or an Internet payment provider such as PayPal."

FICO8 EQ 721 TU 772 EX 777 Total revolving credit 500k
Message 2 of 14
Community Leader
Senior Contributor

Re: SANTANDER BANK BONUS


meatman1 wrote:

Santander has a new 225.00 sign up bonus for opening a checking account....it states a 500 DIRECT DEPOSIT amount is what alerts the bonus to be deposited......CAN a deposit with a credit card COUNT as the direct deposit requirement? .......I called Santander and of course the teller says NO....however, we here on myFICO know some tricks.....HELP PLEASE


Credit card funding of bank accounts never meets any DD requirement for any bank.  What does occasionally meet a DD requirement is an ACH transfer, though virtually all banks will say that it needs to be a paycheck, SS check, etc.

 

Your use of the phrase "of course" in the text in blue above is insightful.  Virtually all banks that offer savings/checking promotions will say no.  Because you know in advance that they will say no, there is no advantage to calling them and asking.  Quite the opposite, in fact: it puts you (and others) at risk by making the bank more vigilant to close loopholes.  The following DoC article is very helpful here:

 

http://www.doctorofcredit.com/dont-call-the-bank/

 

DoC has a helpful article about this particular bonus, as he does for virtually all bank bonuses being offered:

 

http://www.doctorofcredit.com/santander-225-checking-bonus-nationwide/

 

In his overview page for all BBs, he writes:

 

"Main downside about this offer is [Santander is] cracking down on what counts as a direct deposit, it’s still very easy to do though and easy to keep fee free."

 

On the other hand, some people are having luck with ACH transfers for this bonus even given what DoC says. 

 

Should you decide you are interested in learning more about the hobby of bank bonus chasing, I suggest you begin here:

 

http://www.doctorofcredit.com/a-beginners-guide-to-bank-account-bonuses/

Message 3 of 14
Established Contributor

Re: SANTANDER BANK BONUS

.....So it says that American Express Serve will work as an ACH deposit, appearing as a DIRECT DEPOSIT to Santander...meaning I can buy a Serve card..load it with the 500 needed and turn around, deposit that in Santanders account and that will qualify me for the 225 bonus? that easy? TELL ME ITS SO..

Message 4 of 14
Community Leader
Senior Contributor

Re: SANTANDER BANK BONUS


meatman1 wrote:

.....So it says that American Express Serve will work as an ACH deposit, appearing as a DIRECT DEPOSIT to Santander...meaning I can buy a Serve card..load it with the 500 needed and turn around, deposit that in Santanders account and that will qualify me for the 225 bonus? that easy? TELL ME ITS SO..


When you say that "it says" -- can you be more specific?  What says?

Message 5 of 14
Established Contributor

Re: SANTANDER BANK BONUS

Meaning I looked at the links from Dr Credit you supplied. It looks to me, that is what he was stating
Message 6 of 14
Community Leader
Senior Contributor

Re: SANTANDER BANK BONUS

Can you give me the link you mean?

Message 7 of 14
Established Contributor

Re: SANTANDER BANK BONUS

CreditGuyinDixie....these are the links you supplied me....Its where I seen the AMEX SERVE thing.

-------------------------------------------------------------------------------------------------------------------------------------------

Credit card funding of bank accounts never meets any DD requirement for any bank.  What does occasionally meet a DD requirement is an ACH transfer, though virtually all banks will say that it needs to be a paycheck, SS check, etc.

 

Your use of the phrase "of course" in the text in blue above is insightful.  Virtually all banks that offer savings/checking promotions will say no.  Because you know in advance that they will say no, there is no advantage to calling them and asking.  Quite the opposite, in fact: it puts you (and others) at risk by making the bank more vigilant to close loopholes.  The following DoC article is very helpful here:

 

http://www.doctorofcredit.com/dont-call-the-bank/

 

DoC has a helpful article about this particular bonus, as he does for virtually all bank bonuses being offered:

 

http://www.doctorofcredit.com/santander-225-checking-bonus-nationwide/

 

In his overview page for all BBs, he writes:

 

"Main downside about this offer is [Santander is] cracking down on what counts as a direct deposit, it’s still very easy to do though and easy to keep fee free."

 

On the other hand, some people are having luck with ACH transfers for this bonus even given what DoC says. 

 

Should you decide you are interested in learning more about the hobby of bank bonus chasing, I suggest you begin here:

 

http://www.doctorofcredit.com/a-beginners-guide-to-bank-account-bonuses/

Message 8 of 14
Community Leader
Senior Contributor

Re: SANTANDER BANK BONUS

OK.  It sounds like you clicked on some link in particular.  Then somewhere on that page, you found the advice about the Amex Serve, or you found another link, which in turn took you to another page, and eventually you found this particular advice.

 

What I am asking you to do is to retrace your steps and find out exactly where you found this, with the wording and the location on the page and the URL.  Once you can supply me with this, then I can look it up and tell you what I think.  The Doctor of Credit site is huge and has tens of thousands of pages on it, and on each page there are many words -- unless you show me where you found it I can't tell you what I think.

 

This is how you communicate on a web forum like this. 

Message 9 of 14
Established Contributor

Re: SANTANDER BANK BONUS

http://www.doctorofcredit.com/santander-225-checking-bonus-nationwide/

 

i WENT HERE, SCROLLED DOWN TO offers at a glance....hit the check HERE button

 

Message 10 of 14