topic Re: Focusing on checking promos in Personal Finance

Focusing on checking promos

Anonymous — Sun, 01 Nov 2020 20:12:18 GMT

Since Aug I've opened USBank, PNC and BBVA accts. Hoping WF offer pops up in Nov so I can get the bonus before the end of the yr. BOTW and BOFA next yr!

Re: Focusing on checking promos

ccquest — Sun, 01 Nov 2020 22:40:01 GMT

Good luck! They posted mine right at the 91 day mark iirc, I just didn't want to start being too crazy on the HR folks with changing direct deposit info every few weeks to earn different SUBs then have to start worrying about qualifying for no account fees each month either.

Re: Focusing on checking promos

Anonymous — Mon, 02 Nov 2020 01:15:32 GMT

The WF scenario is a preference and I'm doing fake dd by way of standard ACH from Chase checking. As back up I'm doing real dd. I go online to change dd and all 3 have no min balance to avoid fees.

Re: Focusing on checking promos

sxa001 — Mon, 02 Nov 2020 03:47:31 GMT

Good job OB on taking advantage of the various SUBs! I honestly didn't even consider this game until recently.

Until I did the BBVA one I didn't realize how easy it was to manage Direct Deposits on our ADP site. It looks like I can have fixed amounts going into multiple different checking accounts, I don't know the limit but it looks like 3 at least. Thinking of trying to some more checking subs next year but going to be very particular, I don't want to open accounts with banks that I don't want to do business with long term.

Re: Focusing on checking promos

Anonymous — Mon, 02 Nov 2020 05:13:04 GMT

I use the same site and I added a 2nd & 3rd acct in one pay period and only the first 2 got the funds. Maybe can only add 1 acct/period? Planning to get 4 more accts and then call it a day. Managing 9 accts is enough for me.

Re: Focusing on checking promos

DaveInAZ — Mon, 02 Nov 2020 15:04:33 GMT

@Anonymous wrote:
I use the same site and I added a 2nd & 3rd acct in one pay period and only the first 2 got the funds. Maybe can only add 1 acct/period? Planning to get 4 more accts and then call it a day. Managing 9 accts is enough for me.

I currently have 16 accounts. I went a bit crazy on bank accounts this year, when Covid hit I thought bank account bonuses might dry up and shifted into high gear. I've already received just over $2500 in bonuses this year with another $450 from 3 accounts that should hit in Nov. While I've only added one account at a time to ADP I've had up to 3 accounts with the option to add another still showing, but I use % splits rather than fixed amounts.

When you add a new account to ADP is the first payday after that a printed check for that account? I work for the local county government so that may be a county thing, but I've figured out to make the new account the smallest % split of 5% so it's a small check they mail to me. But thankfully the county switched to ADP in 2019, before that to make any changes in my payroll DD I had to print a form, sign it, and mail it to the HR dept., which really put a crimp on chasing bank account bonuses.

As for Wells Fargo they pretty much count any ACH deposit as a "direct deposit". I opened an account in early July and did ACH deposits from Marcus savings, Andigo CU, and HSBC and WF coded all of them as "direct deposit", once the ACH has moved from Pending to Posted you can click it to see how WF coded it.

Re: Focusing on checking promos

CreditCuriosity — Mon, 02 Nov 2020 15:12:31 GMT

Be careful doing checking / savings bonus chasing as racking up inquiries on Chexsys/EWS are alot more nasty of the main 3 CRA's being EQ/Exp/TU. Been declined many financial insitutions due to inquires on Chexs/EWS and hence not only missed the sign-up bonus for checking or savings, but also awesome CC's some of them offer as well so a double whammy..

Re: Focusing on checking promos

DaveInAZ — Mon, 02 Nov 2020 15:48:47 GMT

@CreditCuriosity wrote:
Be careful doing checking / savings bonus chasing as racking up inquiries on Chexsys/EWS are alot more nasty of the main 3 CRA's being EQ/Exp/TU. Been declined many financial insitutions due to inquires on Chexs/EWS and hence not only missed the sign-up bonus for checking or savings, but also awesome CC's some of them offer as well so a double whammy..

Well, being careful about opening too many accounts is always good advice, but I sure wouldn't say too many inquiries on Chex/EWS is "alot more nasty" than EX/EQ/TU. In addition to my current 16 accounts I've closed 5 other accounts this year after the bonus paid. So 21 bank accounts opened this year and I've only been denied an account at one bank, a conservative AZ credit union (AZ Central) that I really shouldn't have bothered with. And banks/CUs that use Chex seem to be more inquiry sensitive than banks that use EWS, so I split my new accounts between Chex/EWS banks. And of course new credit accounts hurt your credit score while new bank accounts don't.

And US Bank was one of my "conquests" this year. I opened a checking & savings account in March for a $300/$50 bonus and applied for a Cash+ CC while they were open, instant approval w/$5k CL. I closed the bank accounts in July after bonuses paid, no repercussions on my Cash+.

I've only opened 2 other CCs this year + refi my car loan, credit scores around 750 on all 3.

Re: Focusing on checking promos

Anonymous — Mon, 02 Nov 2020 18:14:44 GMT

Due to my situation and not being able to change DD online I have to be strategic in opening new accounts becuse of the wait time for sending in the paperwork by either email or snail mail. And i also don't want to upset HR by changing it every two months or so, not that i even could being tat it generally takes 2 full months to complete teh process. I totally missed the WF promo as they yanked it last minute so I hope it does return soon. I'm also limited to the FI's I can get in with due to my location.

Re: Focusing on checking promos

randomguy1 — Tue, 03 Nov 2020 19:00:05 GMT

I love my bank bonuses. Since August 2019 until now, I have opened up 30 accounts. I have only been denied a handful of times. Only thing I really avoid are hard pulls. I'm waiting for Wells to come back as well.

AMA

Re: Focusing on checking promos

OmarR — Tue, 03 Nov 2020 19:11:45 GMT

I havent opened as many accounts as some of you guys, but I have done 4 banks for about $2,000 in the last 12 months. I would love to hit Wells Fargo, but I get an error message saying that I am not in their footprint.

Re: Focusing on checking promos

newmomnewme — Thu, 05 Nov 2020 21:44:21 GMT

I'm so glad to see this post here! I just opened PenFed, SECU, and DCU savings to app for cc. Then I started seeing all the SUBs and thought I could make a few bucks by opening a couple bank accounts each quarter based on the SUB deadlines.

BoA - $300

PNC - $400

Chase - $500

HSBC - $450

I haven't seen any others. But I have also been reading the fine print to make sure I can cover the requirements. #winning

Re: Focusing on checking promos

newmomnewme — Fri, 06 Nov 2020 16:03:32 GMT

When I set up the dd for BoA a few weeks ago, I missed a digit in my account number, so my first dd didn't go through!

Now I think I might need to up the amount to meet the SUB requirements....ugh.

Just wanted to post and remind everyone to be careful when submitting dd change forms.

Re: Focusing on checking promos

DaveInAZ — Mon, 09 Nov 2020 16:04:32 GMT

Copy & Paste is your friend. And for those annoying sites that try to prevent that there's an add-on for several browsers called Don't F*ck With Paste, I have it in my Firefox browser.

Re: Focusing on checking promos

newmomnewme — Tue, 10 Nov 2020 00:05:48 GMT

@DaveInAZ 😂😂😂 I love it!!! I refuse to let this SUB get away from me. It looks like the first dd will be a little late, I upped the next few to make sure I meet or beat the requirements! Then on to the next one.

Re: Focusing on checking promos

newmomnewme — Sat, 14 Nov 2020 05:49:07 GMT

@Anonymous I found this today...I am trying to research to see if there are any monthly fees. $1000 over 2 months not bad

Re: Focusing on checking promos

Anonymous — Sat, 14 Nov 2020 05:16:10 GMT

Yes I saw it earlier in the day and will go for it. Way better than the Wells Fargo offer!(the one I'm waiting for)

Re: Focusing on checking promos

randomguy1 — Sat, 14 Nov 2020 13:19:18 GMT

@newmomnewme wrote:
@Anonymous I found this today...I am trying to research to see if there are any monthly fees. $1000 over 2 months not bad

No fees

Also has Zelle and fee free ACH.
Pre-pandemic, Capital One Cafes were great to work in with their free or discounted coffee and nice spaces.

Re: Focusing on checking promos

newmomnewme — Sat, 14 Nov 2020 15:39:19 GMT

Wow!! @randomguy1 and @Anonymous What's the catch? I'm going to check and see if there are any cafes around here. I only have on card with them....I think I had a CapitalOne checking in the 90s.

Re: Focusing on checking promos

Anonymous — Sat, 14 Nov 2020 20:32:49 GMT

is that dependant upon traditional DD, or can ACH deposits work?