topic Re: $600 checking sub in Personal Finance

$600 checking sub

FicoMike0 — Sat, 22 Jun 2024 02:50:34 GMT

I just collected my $600 checking sub from associated! Here's the link,

https://www.associatedbank.com/checking-account-bonus-offer-promotion

I think they paid on day 91, not bad. You have to tie up $10,000 for 60 days. 36% annual, by my cyper'in.

Re: $600 checking sub

DoppelgangerD — Sat, 22 Jun 2024 04:44:14 GMT

@FicoMike0 wrote:
I just collected my $600 checking sub from associated! Here's the link,
https://www.associatedbank.com/checking-account-bonus-offer-promotion
I think they paid on day 91, not bad. You have to tie up $10,000 for 60 days. 36% annual, by my cyper'in.

Nice! This is tempting.

I wonder at what point does "churning" checking and savings accounts turn into an issue with your credit.

I still have not delved deep into how Chex works outside of the basics.

A couple of years ago I did like 4 checking accounts in one year.

Then I stopped for a year or so, then recently did another checking and a couple savings accounts.

Re: $600 checking sub

FicoMike0 — Sun, 23 Jun 2024 00:17:37 GMT

I've done may be 8 in the last 9 months. Some banks are chex, some are ews. Good to mix them up. No effect on credit, but some banks will turn you down on deposit accounts for to many recent accounts. Most of the big banks are ews.

Re: $600 checking sub

Yawgoog — Sun, 23 Jun 2024 00:28:41 GMT

Terms: "New customers opening online are limited to IA, IL, IN, KS, MI, MN, MO, OH and WI. Offer not available for customers who have received a new personal checking account monetary bonus within the last 24 months and have or have had an Associated Bank checking account within the last 12 months."

Re: $600 checking sub

ptatohed — Sun, 23 Jun 2024 08:03:02 GMT

Nice but I aim for the no direct deposit required offers. Working on the Cap 1, 360 savings right now for $1500 and a (targeted) Lending Club $500 right now - no direct deposit required.

Please share when you find a good no direct deposit needed offer!

Re: $600 checking sub

Yawgoog — Sun, 23 Jun 2024 12:42:16 GMT

@ptatohed wrote:
Nice but I aim for the no direct deposit required offers.

Banks count deposits from TreasuryDirect.gov as qualified direct deposits. People usually buy a 28-day treasury bill each month and select the desired bank as the destination when the T-bill matures. The source and destination banks can be different and the destination bank can be changed after the treasury is issued. The minimum investment is $100 and the amount invested can be made in increments of $100. When buying treasuries, the dollar amount listed is the value at maturity. If, for example, you bought a $1000 28-day T-bill, TreasuryDirect will deduct about $996 from your source bank and deposit $1000 to your destination bank when it matures. Automatic reinvestment is allowed, with the interest at each maturity deposited to your primary bank. Treasury interest is exempt from state and local income taxes. Recent treasury auction results are at:

https://www.treasurydirect.gov/auctions/announcements-data-results/

When you open a new bank account, wait about one week before linking to it from TreasuryDirect; otherwise, a security hold may be placed upon the link.

Re: $600 checking sub

FicoMike0 — Sun, 23 Jun 2024 13:48:31 GMT

@Yawgoog Thanks! That's great info. Another way to play the churning game.

I've found every bank I've tried counts ach push from my own fidelity account as a direct deposit. I've also been successful with my amex checking and my robin hood account. The nice thing with using your own account is speed, you can send the deposits as quickly as you like. I've collected a sub in as little as 7 calendar days.

Re: $600 checking sub

FicoMike0 — Sun, 23 Jun 2024 14:09:15 GMT

@ptatohed I'll post if I find a good no dd sub. They re rare. No dd usually requires a large deposit to be held for some time. Then you have to calculate the interest you lose by not having the capital elsewhere. The associated deal required both. I determined I would lose 83.33 (10000@5%) against +600 sub, I went for it. I got a little more by actually keeping the $10000 in an associated money market account, but it wasn't competitive either.

Another drawback for this deal is there's a sub clawback if you don't keep the account open for a year. It's no min, no fee, so, it's just another app cluttering up my phone. Not for everyone.

Re: $600 checking sub

Yawgoog — Sun, 23 Jun 2024 14:22:44 GMT

@FicoMike0 wrote:
@Yawgoog Thanks! That's great info. Another way to play the churning game.
I've found every bank I've tried counts ach push from my own fidelity account as a direct deposit. I've also been successful with my amex checking and my robin hood account. The nice thing with using your own account is speed, you can send the deposits as quickly as you like. I've collected a sub in as little as 7 calendar days.

Some banks have been cracking down on what they accept as qualified direct deposits; Fidelity and other sources no longer qualify with BMO, Chase and Laurel Road, for example. It is less likely that US Treasury deposits would be disqualified because Social Security payments are made by the Treasury. You can achieve speed by buying a 28-day T-bill each week for four weeks with automatic reinvestment; this way, a T-bill will mature every week. When you need to meet a deposit requirement with a bank, you can turn off reinvestment for one or more of the T-bills and change the destination bank.

Lists of methods that qualify for direct deposit are at:

https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

https://dannydealguru.com/direct-deposit-requirements-for-bank-accounts/

Re: $600 checking sub

FicoMike0 — Sun, 23 Jun 2024 15:26:18 GMT

@Yawgoog

More good info.

@ptatohed

Here's a candidate

https://www.bmifcu.org/partner-promotions.html

I may try it. If so, I'll post results.

Re: $600 checking sub

CaneVariant — Mon, 24 Jun 2024 02:45:30 GMT

@Yawgoog wrote:
@FicoMike0 wrote:
@Yawgoog Thanks! That's great info. Another way to play the churning game.
I've found every bank I've tried counts ach push from my own fidelity account as a direct deposit. I've also been successful with my amex checking and my robin hood account. The nice thing with using your own account is speed, you can send the deposits as quickly as you like. I've collected a sub in as little as 7 calendar days.
Some banks have been cracking down on what they accept as qualified direct deposits; Fidelity and other sources no longer qualify with BMO, Chase and Laurel Road, for example. It is less likely that US Treasury deposits would be disqualified because Social Security payments are made by the Treasury. You can achieve speed by buying a 28-day T-bill each week for four weeks with automatic reinvestment; this way, a T-bill will mature every week. When you need to meet a deposit requirement with a bank, you can turn off reinvestment for one or more of the T-bills and change the destination bank.

Lists of methods that qualify for direct deposit are at:

https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
https://dannydealguru.com/direct-deposit-requirements-for-bank-accounts/

Another DP on Fidelity not triggering DD requirements for BMO. If Novo doesn't work it will be on to Treasury Direct and/or real DD. The BMO $500 is too good to pass up.

Re: $600 checking sub

IsambardPrince — Fri, 26 Jul 2024 07:47:04 GMT

@DoppelgangerD wrote:
@FicoMike0 wrote:
I just collected my $600 checking sub from associated! Here's the link,
https://www.associatedbank.com/checking-account-bonus-offer-promotion
I think they paid on day 91, not bad. You have to tie up $10,000 for 60 days. 36% annual, by my cyper'in.

Nice! This is tempting.

I wonder at what point does "churning" checking and savings accounts turn into an issue with your credit.
I still have not delved deep into how Chex works outside of the basics.

A couple of years ago I did like 4 checking accounts in one year.
Then I stopped for a year or so, then recently did another checking and a couple savings accounts.

If you don't do it often you might be able to sink one. But banks hate losing money and they really hate it when it's so obvious what you've just done.

Typically banks like Chase throw $900 welcome offers at you because it's the last thing they'll ever do for you and there's no interest on the accounts, and all sorts of fees.

I threw away a $900 Chase welcome offer in the trash a couple days ago. It's Chase. They could make it $1,000 and it's still going in the trash.

Re: $600 checking sub

FicoMike0 — Sat, 27 Jul 2024 14:37:18 GMT

I have also taken a pass on chase. To get the entire bonus you have to make and maintain a large savings deposit, and there are pesky reqmts to stay fee free.

Re: $600 checking sub

MissLiz — Sun, 28 Jul 2024 00:44:50 GMT

@Yawgoog wrote:
@ptatohed wrote:
Nice but I aim for the no direct deposit required offers.

Banks count deposits from TreasuryDirect.gov as qualified direct deposits. People usually buy a 28-day treasury bill each month and select the desired bank as the destination when the T-bill matures. The source and destination banks can be different and the destination bank can be changed after the treasury is issued. The minimum investment is $100 and the amount invested can be made in increments of $100. When buying treasuries, the dollar amount listed is the value at maturity. If, for example, you bought a $1000 28-day T-bill, TreasuryDirect will deduct about $996 from your source bank and deposit $1000 to your destination bank when it matures. Automatic reinvestment is allowed, with the interest at each maturity deposited to your primary bank. Treasury interest is exempt from state and local income taxes. Recent treasury auction results are at:

https://www.treasurydirect.gov/auctions/announcements-data-results/

When you open a new bank account, wait about one week before linking to it from TreasuryDirect; otherwise, a security hold may be placed upon the link.

@Yawgoog This is super useful! Thank you!

Re: $600 checking sub

Snook_on_the_Line — Sun, 28 Jul 2024 03:01:47 GMT

@FicoMike0

which banks worked with a push from Amex?

Re: $600 checking sub

creditrizz — Wed, 31 Jul 2024 07:51:48 GMT

Thanks for the heads up on these. Going to give them a try as well! Opening a business checking account, even if it's just as a sole proprietorship, will let you initiate DDs that can qualify for most of these banks if you run into issues with ordinary transfers not counting. Some banks charge a monthly fee, but I've seen some that just charge .20 or something per DD ACH transfer.

Re: $600 checking sub

FicoMike0 — Wed, 31 Jul 2024 12:47:28 GMT

@Snook_on_the_Line

I'm pretty sure I did Capone last year from amex

Re: $600 checking sub

IsambardPrince — Wed, 31 Jul 2024 22:20:36 GMT

@FicoMike0 wrote:
I have also taken a pass on chase. To get the entire bonus you have to make and maintain a large savings deposit, and there are pesky reqmts to stay fee free.

I believe there's a requirement for the full $900 SUB with Chase to open a Checking and Savings together, move $15,000 in new to Chase money into the Savings, keep it there for (I forget.) like 6 months I think, where it will earn what I recall to be almost no interest, and then you also have to set up a direct deposit into a Checking account that is very easy to get nuisance fees that are some of the highest I've seen in all of deposit banking.

If you moved $15,000 into Chase and left it there in Savings, your opportunity cost would be almost $400 compared with some of the best online CDs and then more on all the money going into a Checking that pays nothing unless you were moving it right back out into a non-Chase account that earned interest.

The goal of the SUB is to get you into Chase and then it would be work to leave Chase. As an ongoing value proposition, in my opinion. Chase provides slim to none, and that is why the SUB is so fat. They blow the whole wad attracting customers and then your money just sort of sits there and doesn't do anything much. Unless I've missed something.

Then they'll likely tell ChexSystems or Early Warning Systems and maybe others they paid you a bonus, I don't know who they report to buy I'd guess someone, because banks hate losing money and if you're opening accounts and doing the minimum to get the bonus, many flag it somewhere.

Banks tend to view repetitive SUB hunts as worse than going around bouncing checks because when you bounce a check, you owe them a lot of money, when you get SUB after SUB you cost the bank hundreds or thousands of dollars a pop and they see it as something akin to a locust that moves from one field to another eating the crop and leaving.

CDs are predictable and nobody spanks you for having multiples of CDs putting interest back in your pocket. If the bank offers you interest for lending them money it means they'd really rather that you loaned them some money.

Pigs get fat and hogs get slaughtered. Go find yourself some nice High Yield CDs and make all the interest you want.

Re: $600 checking sub

FicoMike0 — Wed, 31 Jul 2024 23:39:35 GMT

They've paid me over $3000 in the last year, with $10000 max tied up for 35 days. that would be a $60000 cd.

Re: $600 checking sub

IsambardPrince — Thu, 01 Aug 2024 07:35:47 GMT

@FicoMike0 wrote:
They've paid me over $3000 in the last year, with $10000 max tied up for 35 days. that would be a $60000 cd.

I don't want to run into a situation where I can't bank with anyone reputable because I've racked up so many notations for welcome bonuses in ChexSystems and EWS.