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Bank account bonuses with Social Security?

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Super Contributor

Bank account bonuses with Social Security?

So I was looking at possibly jumping on US Bank's $300 offer but it requires 2 direct deposits totaling $2K by 4/7/2020. The problem with this is Social Security won't actually change the direct deposit until April. How are people with Social Security chasing bank bonuses? It seems odd that all of these offers say you can use Social Security but then Social Security puts a hold on changing your direct deposit. 

US Bank is one of the few FIs I could actually move my banking to and get satisfied - they have Zelle support, they don't charge a ton of fees, and it would help me with my goal of getting a Cash+ card later this year but if I'm going to go through the hassle of switching my direct deposit from my bank that I have now, I would like to get a bonus for it. It just doesn't seem like the timeline is going to line up.

 

So what is the trick here?



01/2019:
02/2020:

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Message 1 of 19
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Re: Bank account bonuses with Social Security?

I know some (not all) other banks treat ACH's as fufilling the direct deposit requirement.

 

Would Google for that and if money shuffling would work.  Alternatively these offers come up all the time, or maybe do something like ride share for a few weeks would be surprised if that money wasn't electronically deposited from Lyft/ Uber.

 

Probably a lot of ways to skin this that I'm not even thinking of to be honest.




        
Message 2 of 19
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Re: Bank account bonuses with Social Security?


@Revelate wrote:

I know some (not all) other banks treat ACH's as fufilling the direct deposit requirement.

 

Would Google for that and if money shuffling would work.  Alternatively these offers come up all the time, or maybe do something like ride share for a few weeks would be surprised if that money wasn't electronically deposited from Lyft/ Uber.

 

Probably a lot of ways to skin this that I'm not even thinking of to be honest.


Yes it does appear that basically any ACH counts as direct deposit for US Bank purposes, I noticed that after I made my post, but US Bank seems to be the easiest. Most don't count ACH. 

It just seems odd to say you can use Social Security to meet deposit requirements when Social Security won't update until the month after your next payment. 

I don't want to have to Zelle from 1stBank to NFCU and then ACH to US Bank and then Zelle back to 1stBank so I can pay my bills. That's a bit too much. 



01/2019:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 3 of 19
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Re: Bank account bonuses with Social Security?

Yeah, checking Doctor of Credit it does seem US Bank is pretty generous in what the count as a direct deposit.

 

But for changing your Social Security direct deposit you're talking about changing it online? That does take a long time to take effect, but if you call your local Soc.Sec. office they can change it much more quickly, I've called and got it changed in as little as 2 weeks before the next payment. I'm lucky, my local office is in Douglas, a small city on the border with Mexico, and I usually get a live person within 5 minutes, for Denver prepare for at least a half hour hold or longer. You just need to answer a few security questions - city of birth, mother's maiden name, etc, and the current bank routing & account # and of course the new bank info.


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Message 4 of 19
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Re: Bank account bonuses with Social Security?


@DaveInAZ wrote:

Yeah, checking Doctor of Credit it does seem US Bank is pretty generous in what the count as a direct deposit.

 

But for changing your Social Security direct deposit you're talking about changing it online? That does take a long time to take effect, but if you call your local Soc.Sec. office they can change it much more quickly, I've called and got it changed in as little as 2 weeks before the next payment. I'm lucky, my local office is in Douglas, a small city on the border with Mexico, and I usually get a live person within 5 minutes, for Denver prepare for at least a half hour hold or longer. You just need to answer a few security questions - city of birth, mother's maiden name, etc, and the current bank routing & account # and of course the new bank info.


Yeah trying to get ahold of someone from Social Security locally is an exercise in futility... When they sent me my CDR in 2018, I had to sit on hold with my case manager at the county mental health office for an hour waiting for someone to pick up and that was on the number that's only given to case managers!

 

Good to know it can be done quicker though. I wonder if it's just the online system thinking you got hacked and they'll like send a letter in the mail or something to verify. Thanks for the heads up. I thought about tagging you specifically earlier since I remembered you being on SS and chasing bank bonuses but figured you would see it. Smiley Happy



01/2019:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 5 of 19
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Re: Bank account bonuses with Social Security?


@Saeren wrote:

So I was looking at possibly jumping on US Bank's $300 offer but it requires 2 direct deposits totaling $2K by 4/7/2020. The problem with this is Social Security won't actually change the direct deposit until April. How are people with Social Security chasing bank bonuses? It seems odd that all of these offers say you can use Social Security but then Social Security puts a hold on changing your direct deposit. 

US Bank is one of the few FIs I could actually move my banking to and get satisfied - they have Zelle support, they don't charge a ton of fees, and it would help me with my goal of getting a Cash+ card later this year but if I'm going to go through the hassle of switching my direct deposit from my bank that I have now, I would like to get a bonus for it. It just doesn't seem like the timeline is going to line up.

 

So what is the trick here?


They do charge ACH fee.

Message 6 of 19
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Super Contributor

Re: Bank account bonuses with Social Security?


@Green456 wrote:

@Saeren wrote:

So I was looking at possibly jumping on US Bank's $300 offer but it requires 2 direct deposits totaling $2K by 4/7/2020. The problem with this is Social Security won't actually change the direct deposit until April. How are people with Social Security chasing bank bonuses? It seems odd that all of these offers say you can use Social Security but then Social Security puts a hold on changing your direct deposit. 

US Bank is one of the few FIs I could actually move my banking to and get satisfied - they have Zelle support, they don't charge a ton of fees, and it would help me with my goal of getting a Cash+ card later this year but if I'm going to go through the hassle of switching my direct deposit from my bank that I have now, I would like to get a bonus for it. It just doesn't seem like the timeline is going to line up.

 

So what is the trick here?


They do charge ACH fee.


Yes I know they do. But Zelle is free and NFCU doesn't charge ACH fee so if I need to use ACH, I can Zelle it to NFCU and then ACH from there.

 

I pretty much have decided I'm going to sit this round out at least because the timing just doesn't work. 



01/2019:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 7 of 19
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Re: Bank account bonuses with Social Security?

In some cases the actual Bank can get you signed up, I would call USB to see if they can help make the process smoother. 

 

This might may or may not be quicker than dealing sirectly with SS, I know it can take forever and a day to get through to them.

 

I don;t understand why it isn't easiest to just do it online in your account though. It's been a while since I helped a Family member with theirs, but it didn't seem very long for it to deposit.






Message 8 of 19
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Re: Bank account bonuses with Social Security?


@Janus wrote:

In some cases the actual Bank can get you signed up, I would call USB to see if they can help make the process smoother. 

 

This might may or may not be quicker than dealing sirectly with SS, I know it can take forever and a day to get through to them.

 

I don;t understand why it isn't easiest to just do it online in your account though. It's been a while since I helped a Family member with theirs, but it didn't seem very long for it to deposit.


If you go online, it lets you pick which month you want it to go into effect but my only two options are April and May which would obviously be too late.



01/2019:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 9 of 19
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Valued Contributor

Re: Bank account bonuses with Social Security?

I kind of know how you feel. I have the same $300 offer at USB.  However, I don't want to rock the boat with my severance pay by switching DD, as my former Employer isn't the best with handling paperwork accurately or in a timely manner. 

 

Pay for my other Employer are going into Chase. And while I'm past the SUB requirements, I don't want to jeopardize anything there as I'd like to continue with them for as long as I can. 

 

I do plan to drop BoA for another Bank once my severance runs out, and USB seems okay. Maybe I should just wait, SUBs come and go and come back again.






Message 10 of 19
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