topic Re: Wells Fargo $350 for New Checking in Personal Finance

Wells Fargo $350 for New Checking

Hipployta — Wed, 28 Aug 2024 11:40:56 GMT

You just have to direct deposit $1000 within 90 days of opening. I received the offer via the app, email, and by mail. I opened the account in mid May, direct deposited $1000 on Aug 1st, immediately transferred the money out, and got the $350 deposited on Aug 21st. On to the next~~

Re: Wells Fargo $350 for New Checking

Gregory1776 — Fri, 30 Aug 2024 06:16:10 GMT

I'm still waiting on my $325

Re: Wells Fargo $350 for New Checking

NoMoreDebt — Sat, 31 Aug 2024 12:45:56 GMT

I'm waiting for my second $325 bonus that should show up in November. Never got a offer for $350

Re: Wells Fargo $350 for New Checking

DaveInAZ — Tue, 03 Sep 2024 23:36:28 GMT

@Hipployta wrote:
You just have to direct deposit $1000 within 90 days of opening. I received the offer via the app, email, and by mail. I opened the account in mid May, direct deposited $1000 on Aug 1st, immediately transferred the money out, and got the $350 deposited on Aug 21st. On to the next~~

FYI, Wells Fargo is the easiest bank bonus to do because any ACH deposit I've done from a bank or credit union codes as a "direct deposit". The day after your ACH posts as "pending" you can click on it and confirm it says direct deposit. The other thing that makes WF one of the easiest bonuses is that if you look at the terms, to qualify for the bonus you can't have received a bonus within the previous 12 months. I got a bonus last year on 5/2/23, this year I applied for an account on 5/6/2024 and got the bonus. Gonna go for round 3 in May 2025.

Re: Wells Fargo $350 for New Checking

Zeiram — Sun, 08 Sep 2024 06:09:05 GMT

@DaveInAZ wrote:
@Hipployta wrote:
You just have to direct deposit $1000 within 90 days of opening. I received the offer via the app, email, and by mail. I opened the account in mid May, direct deposited $1000 on Aug 1st, immediately transferred the money out, and got the $350 deposited on Aug 21st. On to the next~~
FYI, Wells Fargo is the easiest bank bonus to do because any ACH deposit I've done from a bank or credit union codes as a "direct deposit". The day after your ACH posts as "pending" you can click on it and confirm it says direct deposit. The other thing that makes WF one of the easiest bonuses is that if you look at the terms, to qualify for the bonus you can't have received a bonus within the previous 12 months. I got a bonus last year on 5/2/23, this year I applied for an account on 5/6/2024 and got the bonus. Gonna go for round 3 in May 2025.

Eventually they have you on ChexSystems ad having gotten so many bonuses that most banks won't let you open an account anymore.

I got turned down for Capital One 360 $250 bonus today and they wouldn't even say why, and I've never done a checking bonus.

I filed a CFPB complaint demanding to see a reason why so I can fix it. I also did a ChexSystems FACT Act request, but they didn't make it easy. Website refused to give me one. Had to use the automated number.

But AmEx let me open a Rewards Checking today. It's weird. Capital One gives me credit cards.

Re: Wells Fargo $350 for New Checking

DaveInAZ — Sun, 08 Sep 2024 17:33:00 GMT

@Zeiram wrote:
Eventually they have you on ChexSystems ad having gotten so many bonuses that most banks won't let you open an account anymore.

I got turned down for Capital One 360 $250 bonus today and they wouldn't even say why, and I've never done a checking bonus.

I filed a CFPB complaint demanding to see a reason why so I can fix it. I also did a ChexSystems FACT Act request, but they didn't make it easy. Website refused to give me one. Had to use the automated number.

But AmEx let me open a Rewards Checking today. It's weird. Capital One gives me credit cards.

There are two monitoring bureaus that banks can check when opening an account - ChexSystems and EWS, Early Warning System. Chex is used primarily by smaller banks, and Credit Unions. The large banks mostly use EWS. Wells Fargo uses EWS, as does Capital One. I see mixed reports but Amex likely pulls EWS for bank accounts, Experian for credit cards. Different banks have different standards for how many recent bank account openings they allow.

Doctor of Credit (DoC) has lists of which banks pull EWS or Chex https://www.doctorofcredit.com/banks-credit-unions-dodont-pull-early-warning-services/#American_Express

If you regularly open banks accounts for bonuses is best to mix which service they pull. And I doubt CFPB can help you with Cap1 not giving you a reason for declining to open an account. For credit apps banks are required to tell you why they declined you and which report they used to make that decision. But it's entirely a bank's discretion if they wish to open a bank account for you.

Re: Wells Fargo $350 for New Checking

Zeiram — Sun, 08 Sep 2024 21:04:05 GMT

@DaveInAZ wrote:
@Zeiram wrote:
Eventually they have you on ChexSystems ad having gotten so many bonuses that most banks won't let you open an account anymore.

I got turned down for Capital One 360 $250 bonus today and they wouldn't even say why, and I've never done a checking bonus.

I filed a CFPB complaint demanding to see a reason why so I can fix it. I also did a ChexSystems FACT Act request, but they didn't make it easy. Website refused to give me one. Had to use the automated number.

But AmEx let me open a Rewards Checking today. It's weird. Capital One gives me credit cards.
There are two monitoring bureaus that banks can check when opening an account - ChexSystems and EWS, Early Warning System. Chex is used primarily by smaller banks, and Credit Unions. The large banks mostly use EWS. Wells Fargo uses EWS, as does Capital One. I see mixed reports but Amex likely pulls EWS for bank accounts, Experian for credit cards. Different banks have different standards for how many recent bank account openings they allow.
Doctor of Credit (DoC) has lists of which banks pull EWS or Chex https://www.doctorofcredit.com/banks-credit-unions-dodont-pull-early-warning-services/#American_Express
If you regularly open banks accounts for bonuses is best to mix which service they pull. And I doubt CFPB can help you with Cap1 not giving you a reason for declining to open an account. For credit apps banks are required to tell you why they declined you and which report they used to make that decision. But it's entirely a bank's discretion if they wish to open a bank account for you.

I'm just stunned that Capital One said take a hike when I have credit cards (a much riskier product for the bank) and haven't done anything wrong involving cards or a bank account.

But you say AmEx uses EWS too and they said "Welcome, your application was approved." on the same day.

The only time I open a lot of accounts are when my CDs mature or I pull some no penalties to get a better rate at Ally, but I don't think that should cause any negative information to get sent anywhere. Why would banks punish you for depositing CDs with them?

Re: Wells Fargo $350 for New Checking

DaveInAZ — Sun, 08 Sep 2024 22:14:51 GMT

@Zeiram wrote:

I'm just stunned that Capital One said take a hike when I have credit cards (a much riskier product for the bank) and haven't done anything wrong involving cards or a bank account.

But you say AmEx uses EWS too and they said "Welcome, your application was approved." on the same day.

The only time I open a lot of accounts are when my CDs mature or I pull some no penalties to get a better rate at Ally, but I don't think that should cause any negative information to get sent anywhere. Why would banks punish you for depositing CDs with them?

- Yeah, Cap One can be funny with things. My sister had some credit problems in the past and has a car loan with Stantander at 15%. I told her to check Cap One, she has a couple credit cards with them. They gave her a pre-qualified refi offer at 11%, but she hit Apply they turned her down, I didn't think they gave a pre-qual offer and then turn you down, kinda defeats the purpose of pre-qual.

I hadn't checked Chex for over a year. I opened 3 CDs this year with Service Federal Credit Union (Great CU!), so I pulled my Chex report - no inquiries from Service CU in the past 2 years (been with them for 5 years).

Re: Wells Fargo $350 for New Checking

Zeiram — Sun, 08 Sep 2024 22:33:48 GMT

@DaveInAZ wrote:
@Zeiram wrote:

I'm just stunned that Capital One said take a hike when I have credit cards (a much riskier product for the bank) and haven't done anything wrong involving cards or a bank account.

But you say AmEx uses EWS too and they said "Welcome, your application was approved." on the same day.

The only time I open a lot of accounts are when my CDs mature or I pull some no penalties to get a better rate at Ally, but I don't think that should cause any negative information to get sent anywhere. Why would banks punish you for depositing CDs with them?
- Yeah, Cap One can be funny with things. My sister had some credit problems in the past and has a car loan with Stantander at 15%. I told her to check Cap One, she has a couple credit cards with them. They gave her a pre-qualified refi offer at 11%, but she hit Apply they turned her down, I didn't think they gave a pre-qual offer and then turn you down, kinda defeats the purpose of pre-qual.

I hadn't checked Chex for over a year. I opened 3 CDs this year with Service Federal Credit Union (Great CU!), so I pulled my Chex report - no inquiries from Service CU in the past 2 years (been with them for 5 years).

Capital One gives me a great rate for auto loan but the car I have now still works so we'll revisit that. Each month without a car payment is a good month.

If their offer is still out there when I need another one I'll definitely try them. They seem to love giving me loans, but won't explain why I can't deposit money with them.

Re: Wells Fargo $350 for New Checking

DaveInAZ — Sun, 08 Sep 2024 23:32:47 GMT

@Zeiram wrote:
Capital One gives me a great rate for auto loan but the car I have now still works so we'll revisit that. Each month without a car payment is a good month.

If their offer is still out there when I need another one I'll definitely try them. They seem to love giving me loans, but won't explain why I can't deposit money with them.

That's my feeling, each month without a car payment is a good month, I pay my car loan off this December. I usually make extra payments to pay a car loan off sooner, but my car loan from a couple years ago is 2.99% from a local southern AZ credit union, so I haven't minded that so much.

If it bugs you, you might call Capital One banking and ask them why you were declined, perhaps you just made an error on the app.

But Amex Rewards checking is a great account. You might also want to check Amex High Yield savings, it currently pays 4.25%.