Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Thanks for your reply, Liz!
And well done for explaining how these offers work... it would have been clearer if I had done this in my original post.
"Usually the fine print is pretty specific in what counts as a direct deposit, and what doesn't. Person to person ACH transfers are usually excluded." - yes, this could be the problem... the offer bank's small print doesn't specifically exclude these... it just says I need to do an ACH.
Thanks for your reply, Liz!
And well done for explaining how these offers work... it would have been clearer if I had done this in my original post.
"Usually the fine print is pretty specific in what counts as a direct deposit, and what doesn't. Person to person ACH transfers are usually excluded." - yes, this could be the problem... the offer bank's small print doesn't specifically exclude these... it just says I need to do an ACH.
If you want to DM me the offer, I can take a look and give you my interpretation, there are also sites that review the offers with their personal experiences in getting the bonus paid out.
Most want a dd of $1000 or more. Since my OH s two parttime jobs net pay are not that high, nor is my parttime job's, only my SSDI would qualify.
But you also have hoops to jump through. Like leave tye deposit for x months, or the dd fir x number of months, wait 6 mos or a year for the interest payments to be made that they promise you.
OP if you are self employed, you can set up a payroll with say ADP, and pay yourself a paycheck. Ypu can adjust the paycheck as to yours and your business needs
Then set it up for dd. That way you dont have to deal with anything other than a 1099 to your SS number to file with your taxes.
Then just change banks as needed and change your dd paychecks to chase all the offers you want.
Otherwise it looks too complicated for you as self employed.
Or follow what they want if you want the bonus interest.
I foubd it not to be worth it for tge hoops I'd have to jump through.
The basic idea is instead of offering a toaster or cooler with a new account, they are offering cash to attract new business and new deposits. Since I'd have yo leave so much in their bank for so long i decided not worth the effort. I dont need more accounts to keep track of and if i dont want to routinely bank there, its really no benefit and goes into the recycle bin.
Many thanks, Liz... I would love to know which sites give feedback re. getting the bonuses actually paid.
Hustler Money Blog is the best that comes to mind. Once I complete my home purchase, I'll likely pick up a few more. I can usually do a few a year. Not a lot of money, but I'm organized enough, can easily change my DD, and have no problem meeting the minimum for the offer as well as my primary checking account (to keep it free). Being in NYC is good as well, since many banks do business here and there's a local branch for me to stop into.
So the one I see all the time is with Chase. I have a code for $600 if I open a checking with DD as well as $15k in a savings account for 3 months.
For the first time ever I'm seriously considering the hassle of doing this for $600. We are aggressively paying down our mortgage and when I consider how much of my time is involved I can't justify NOT doing it for the purpose of aiding in our mortgage payoff plan.
The biggest pain will be monitoring the balance in our main checking account without the DD. I'll have to stay on top of transferring cash over once a month between checking accounts or else risk overdraft as the result of simply paying the mortgage, HOA and utilities.
So the one I see all the time is with Chase. I have a code for $600 if I open a checking with DD as well as $15k in a savings account for 3 months.
For the first time ever I'm seriously considering the hassle of doing this for $600. We are aggressively paying down our mortgage and when I consider how much of my time is involved I can't justify NOT doing it for the purpose of aiding in our mortgage payoff plan.
The biggest pain will be monitoring the balance in our main checking account without the DD. I'll have to stay on top of transferring cash over once a month between checking accounts or else risk overdraft as the result of simply paying the mortgage, HOA and utilities.
You strike me as being organized enough to make it work without it being a huge drain on your mental energy.
The $600 is worth it, that's a big one. I am never eligible for the Chase ones, because they're all for new customers and Chase is where my primary account is.
Many thanks, Liz, flyingsaucermom, and galayhi!
Great info...
I may wait a while until I have more money to comfortably leave in one of these new accounts...
OP if you are self employed, you can set up a payroll with say ADP, and pay yourself a paycheck. Ypu can adjust the paycheck as to yours and your business needs
Then set it up for dd. That way you dont have to deal with anything other than a 1099 to your SS number to file with your taxes.
Thanks, galaxyhi...
I had a quick look at ADP, and it looks like there's a cost to set up the payroll.
When you say "then set it up for dd" - I was hoping to be able to set up a direct debit straight from my business account to whatever new 'offer' bank account I open.
But then both accounts would have my personal name on them... and I'm wondering whether that would cause an issue.
Thanks, galaxyhi...
I had a quick look at ADP, and it looks like there's a cost to set up the payroll.
When you say "then set it up for dd" - I was hoping to be able to set up a direct debit straight from my business account to whatever new 'offer' bank account I open.
But then both accounts would have my personal name on them... and I'm wondering whether that would cause an issue.
Yes, there is a cost for ADP, but when i was an administrative Assistant, i think it was relatively cheap ( for a business with 5-6 employees). You should be able to write off the cost as a business expense, too. The boss would call in whatevers pay would be needed in a dollar amount for each employee. I think it cost minimal, and saved tge boss lots of problems. If he wanted a $1000 paycheck hed call that in. During the lean months the others and I got paid regularly, but his paycheck might only be $300.
It also saves a lot of hassle if you need to prove income, youve got paychecks to prove it with rather than drag out all your business records. That was one reason he did it that way. I think the fee was $10/pay period, but that was turn of the century fees.
It might cause an issue, first because i dont know if a debit payment into the new account is considered the same as a dd ( direct deposit). Second i dont think that will qualify as anybody could just transfer new money and call it a day. Im not sure why they requires a dd unless its to cut out teller transactions and costs to process a deposited paper check.
You could also set up a business account with the business name on it, unless you dont have one. Having a business set up separately from your personal may also be wise from a legal standpoint. Unless you are John Doe , Esquire, where your name has to be the professional name you operate under. I suppose you could still set up a business name as "Creekside Attorney Services, LLC".
Call up the bank and ask questions as to what they will allow, you dont have to give them your name. Ask all your questions at once and then decide if you can qualify, and want to go through the hoops.
As i said i did it once, fir $100 a long time ago. Now they offer $3-500 with dd of $1000/m or more, leaving that in place for at least six months to a year, then youll get the payment as an interest payment at the 1 yr mark.
They've upped the anti on these programs.
As i said earlier, if i would not ordinarily bank there, i see no reason to do it just for $3-500. Especially if it's really out of my way.
Theres 3 banks in my area " courting" me.
Ive also wondered if the $1000 MUST BE ONE dd, or can it ve aggregate total of dds. We could easily quality with an aggregate total. But ive not wanted to check it out and the fine print they provide in the mailer doesn't tell me. You might not yave that problem.
Best of luck as you chase them down...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
