$600 checking sub

[CaneVariant]

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@Yawgoog wrote:

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@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.

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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/

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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.

[IsambardPrince]

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@DoppelgangerD wrote:

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@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.

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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.

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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.

[FicoMike0]

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.

[MissLiz]

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@Yawgoog wrote:

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@ptatohed wrote:

Nice but I aim for the no direct deposit required offers. 

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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.

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@Yawgoog  This is super useful! Thank you!

[Snook_on_the_Line]

@FicoMike0 

which banks worked with a push from Amex?

[creditrizz]

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.

[FicoMike0]

@Snook_on_the_Line 

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

[IsambardPrince]

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@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.

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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.

[FicoMike0]

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

[IsambardPrince]

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@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.

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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.