Got an email today….So a Got an email today….So a credit union which I have limited involvement with is offering me the following deal.
*Open a checking account for 6months.
*Have 1 re-occurring direct deposit (no minimum amount) setup
*Make 5 bill pay transactions during the period.
*Make 10 debit card transactions during the period.
*No minimum balance, no fee, no penalty for closing account after 6 months. the $500 is going to be taxed as income on a 1099-INT…
I just need to click a button to sign up for a checking account.
Would you do it, or would you pass?
Here’s the details and fine print
Open an AFCU Free Checking Account today and if you don’t love it more than your current checking account, we’ll give you $500 for giving us a try!* We’re so confident that you’ll find value in all of the intelligent banking features of our checking account, that we’re putting our money where our mouth is.
It’s time to join the thousands of other AFCU members using our Free Checking Account and switch to AFCU. If you make a good faith effort to switch and end up not liking our Checking for any reason, we’ll close the account and give you $500 for your time and effort. Now, you have nothing to lose!
*In order to qualify for the $500 reimbursement for trying an AFCU Free Checking, the AFCU Checking Account must be opened in October 2012 and be open for at least six (6) months prior to requesting the $500 and closing your AFCU Checking Account. The Checking Account must be new, with no prior checking history at AFCU for the member. The reimbursement must be requested during April 2013. The AFCU Checking Account must have been receiving at least one recurring direct deposit, had five (5) online bill payments made through AeroAccess and at least ten (10) debit card transactions to prove that the member made a good faith effort to switch their checking to AFCU after signing the worry-free challenge agreement. The credit union will report the $500 reimbursement as required by law on a 1099-INT form. Taxes, if any, are the sole responsibility of the member.
livinincali
October 2, 2012 @
10:48 AM
It could be worth it, but It could be worth it, but what happens in month 4 when you forget to make that last debit card transaction and you get nothing when you really didn’t want the account in the first place. There’s something to be said for having money spread out between a couple different banks. NCUA/FDIC account insurance is theoretically safe but it can suck during the transition.
spdrun
October 2, 2012 @
10:49 AM
Maybe. Could I make the 10 Maybe. Could I make the 10 debits and 5 bill-pays in the space of one week, then forget the f–king thing? Or would that not qualify as good faith? $500 “interest” on a few grand in a checking account seems like a good deal.
Problem is that I’ve never paid a bill online via direct deposit, other than business sales-tax. I either cut a check, 1990-style, or pay with a credit card.
Coronita
October 2, 2012 @
11:07 AM
I’ll ask…
I was
I’ll ask…
I was thinking
1)Adding $200 into the account (to my knowledge there is no minimum balance you need. I think you can open with $2)
2)Doing a direct deposit of $1/per pay period
3)Doing 10 atm transactions in the first month on 10 sticks of gum separately.
4)Doing 5 bill pays in the first month.
hoa, hoa, utility, utility, utility
The caveat is the following….The credit union wants you to sign up for the checking. They will give you $500 if you cancel the account after trying it for 6 months because you don’t like it… If you keep the account, you won’t get to keep it… That seems kinda odd to me… For $500, I would keep the account and just leave it around.. But if the incentive is for your to cancel the account at the end of 6 months, so be it…
Diego Mamani
October 2, 2012 @
11:22 AM
flu wrote:They will give you [quote=flu]They will give you $500 if you cancel the account after trying it for 6 months because you don’t like it… [/quote]It’s an idiotic policy… what are they expecting, that you’ll feel so guilty that you’ll keep the account open? It reminds me of the days of the dot com boom circa 1999, when online merchants thought it made sense to acquire market share at any cost, and you could buy stuff at 20% off and free shipping. One website I remember was called espanol.com where they offered free CDs and free shipping(!)… they were deluged by opportunists who took their free CD or book and never came back (or worse, came back using a different email address to get more loot). The company run out of cash and went out of business even faster than pet.com
earlyretirement
October 2, 2012 @
12:08 PM
Sure why not. In this low Sure why not. In this low interest rate environment it’s easy money. Personally I like to bank cash at Bank Direct and get American Airlines miles.
Also, lately several banks are doing targeted promotions like that. My Chase savings account recently did something like that. I think I got $200 to deposit $10,000 in new funds and just keep it in the account for at least 90 days.
I already have an American Express Platinum card but a few months ago American Express Gold sent me an offer to get a Gold card. Annual fee waived the first year plus they would give me 50,000 points if I charged $1,500 in the first 3 months. Easily did that and got a $500 Nieman Marcus gift card (or you could have selected several other things or get credit with Amazon.com).
Then a few weeks later, American Express sent out the same offer for their corporate Gold card. Same annual fee waived for the first year. Quickly charged the minimum and got another $500 Nieman Marcus card.
The best part is the points hit ASAP after I charged enough in both cases. So I could immediately order the gift cards and they sent them via UPS next day air to my house. Easiest no-risk $1,000 I ever made.
All kinds of other credit cards are giving out other perks. Most of them will waive the first year’s annual fee so you can immediately cancel it after the first year.
I’ve racked up a TON of frequent flyer miles that way which I typically use to upgrade to first class. Seems to be the best ROI for miles.
I don’t see any downside at all to these kinds of offers.
I do agree these banks can make it a total hassle and I guess they are banking on you forgetting to do one of the things so you don’t get the bonus miles.
For example, I recently got a targeted offer from Citibank. I already have a few cards with them including the American Airlines AAdvantage Platinum Mastercard.
So they said if you sign up for a CitiGold account you will get 30,000 American Airlines miles. You have to do at least 1 direct deposit into your account for 2 months in a row. You also have to charge $750 with the debit card they send you.
Typically you have to have a $50,000 balance to avoid any monthly fees but they give you the first 60 days no monthly fee so you could theoretically get the 30,000 free American Airlines miles only to spend $750 with their debit card and do two direct deposits. Even without depositing the $50,000 into your account the first 2 months.
Funny thing. They didn’t even send me a debit card! They only sent an ATM card. I had to call to get the Debit Mastercard. LOL.
But lots of deals like this out there to get some free cash or miles.
After reading the details, I After reading the details, I switched to a No vote.
Too much hassle. You must close the account and deal with the idiocy of them to give you the money. You must request the $500, you must close the account, you must set up the direct deposit, then cancel the direct deposit, do the bill pays, plunder an ATM.
Any fees on those transactions?
It really stinks of a bait and switch. A lot of people will think they get $500 and never get it.
ocrenter
October 2, 2012 @
10:51 AM
with the extra $500 in your with the extra $500 in your pocket, that entitles you to run a red light x 1.
Coronita
October 2, 2012 @
11:01 AM
ocrenter wrote:with the extra [quote=ocrenter]with the extra $500 in your pocket, that entitles you to run a red light x 1.[/quote]
I’d rather use it to pay half of my previous month cell phone bill…
Diego Mamani
October 2, 2012 @
11:06 AM
I would do it. As for I would do it. As for forgetting to complete the number of debit or bill pay transactions… that’s what computer calendars are for!!
sdduuuude
October 2, 2012 @
3:23 PM
If I were in college, I If I were in college, I would.
Not worth the effort now.
Diego Mamani
October 2, 2012 @
3:43 PM
sdduuuude wrote:If I were in [quote=sdduuuude]If I were in college, I would.
Not worth the effort now.[/quote]$500 for what amounts to no more than 60 or so minutes of my time… sounds worthwhile to me.
flyer
October 2, 2012 @
3:52 PM
Sure, flu. Really don’t see Sure, flu. Really don’t see any downside, as long as you follow their rules.
We get tons of offers as ER mentioned, and since we don’t need to use them for airline miles (since we fly free–or for a small fee), I always jump on any cash offers–why not?!!
scaredyclassic
October 2, 2012 @
4:36 PM
Absolutely. Absolutely.
scaredyclassic
October 2, 2012 @
5:10 PM
Link? Link?
scaredyclassic
October 2, 2012 @
5:58 PM
I open and close chase accts I open and close chase accts 2x year for 125 each. No acts required tho.
October 2, 2012 @ 10:18 AM
Got an email today….So a
Got an email today….So a credit union which I have limited involvement with is offering me the following deal.
*Open a checking account for 6months.
*Have 1 re-occurring direct deposit (no minimum amount) setup
*Make 5 bill pay transactions during the period.
*Make 10 debit card transactions during the period.
*No minimum balance, no fee, no penalty for closing account after 6 months. the $500 is going to be taxed as income on a 1099-INT…
I just need to click a button to sign up for a checking account.
Would you do it, or would you pass?
Here’s the details and fine print
Open an AFCU Free Checking Account today and if you don’t love it more than your current checking account, we’ll give you $500 for giving us a try!* We’re so confident that you’ll find value in all of the intelligent banking features of our checking account, that we’re putting our money where our mouth is.
It’s time to join the thousands of other AFCU members using our Free Checking Account and switch to AFCU. If you make a good faith effort to switch and end up not liking our Checking for any reason, we’ll close the account and give you $500 for your time and effort. Now, you have nothing to lose!
*In order to qualify for the $500 reimbursement for trying an AFCU Free Checking, the AFCU Checking Account must be opened in October 2012 and be open for at least six (6) months prior to requesting the $500 and closing your AFCU Checking Account. The Checking Account must be new, with no prior checking history at AFCU for the member. The reimbursement must be requested during April 2013. The AFCU Checking Account must have been receiving at least one recurring direct deposit, had five (5) online bill payments made through AeroAccess and at least ten (10) debit card transactions to prove that the member made a good faith effort to switch their checking to AFCU after signing the worry-free challenge agreement. The credit union will report the $500 reimbursement as required by law on a 1099-INT form. Taxes, if any, are the sole responsibility of the member.
October 2, 2012 @ 10:48 AM
It could be worth it, but
It could be worth it, but what happens in month 4 when you forget to make that last debit card transaction and you get nothing when you really didn’t want the account in the first place. There’s something to be said for having money spread out between a couple different banks. NCUA/FDIC account insurance is theoretically safe but it can suck during the transition.
October 2, 2012 @ 10:49 AM
Maybe. Could I make the 10
Maybe. Could I make the 10 debits and 5 bill-pays in the space of one week, then forget the f–king thing? Or would that not qualify as good faith? $500 “interest” on a few grand in a checking account seems like a good deal.
Problem is that I’ve never paid a bill online via direct deposit, other than business sales-tax. I either cut a check, 1990-style, or pay with a credit card.
October 2, 2012 @ 11:07 AM
I’ll ask…
I was
I’ll ask…
I was thinking
1)Adding $200 into the account (to my knowledge there is no minimum balance you need. I think you can open with $2)
2)Doing a direct deposit of $1/per pay period
3)Doing 10 atm transactions in the first month on 10 sticks of gum separately.
4)Doing 5 bill pays in the first month.
hoa, hoa, utility, utility, utility
The caveat is the following….The credit union wants you to sign up for the checking. They will give you $500 if you cancel the account after trying it for 6 months because you don’t like it… If you keep the account, you won’t get to keep it… That seems kinda odd to me… For $500, I would keep the account and just leave it around.. But if the incentive is for your to cancel the account at the end of 6 months, so be it…
October 2, 2012 @ 11:22 AM
flu wrote:They will give you
[quote=flu]They will give you $500 if you cancel the account after trying it for 6 months because you don’t like it… [/quote]It’s an idiotic policy… what are they expecting, that you’ll feel so guilty that you’ll keep the account open? It reminds me of the days of the dot com boom circa 1999, when online merchants thought it made sense to acquire market share at any cost, and you could buy stuff at 20% off and free shipping. One website I remember was called espanol.com where they offered free CDs and free shipping(!)… they were deluged by opportunists who took their free CD or book and never came back (or worse, came back using a different email address to get more loot). The company run out of cash and went out of business even faster than pet.com
October 2, 2012 @ 12:08 PM
Sure why not. In this low
Sure why not. In this low interest rate environment it’s easy money. Personally I like to bank cash at Bank Direct and get American Airlines miles.
Also, lately several banks are doing targeted promotions like that. My Chase savings account recently did something like that. I think I got $200 to deposit $10,000 in new funds and just keep it in the account for at least 90 days.
I already have an American Express Platinum card but a few months ago American Express Gold sent me an offer to get a Gold card. Annual fee waived the first year plus they would give me 50,000 points if I charged $1,500 in the first 3 months. Easily did that and got a $500 Nieman Marcus gift card (or you could have selected several other things or get credit with Amazon.com).
Then a few weeks later, American Express sent out the same offer for their corporate Gold card. Same annual fee waived for the first year. Quickly charged the minimum and got another $500 Nieman Marcus card.
The best part is the points hit ASAP after I charged enough in both cases. So I could immediately order the gift cards and they sent them via UPS next day air to my house. Easiest no-risk $1,000 I ever made.
All kinds of other credit cards are giving out other perks. Most of them will waive the first year’s annual fee so you can immediately cancel it after the first year.
I’ve racked up a TON of frequent flyer miles that way which I typically use to upgrade to first class. Seems to be the best ROI for miles.
I don’t see any downside at all to these kinds of offers.
I do agree these banks can make it a total hassle and I guess they are banking on you forgetting to do one of the things so you don’t get the bonus miles.
For example, I recently got a targeted offer from Citibank. I already have a few cards with them including the American Airlines AAdvantage Platinum Mastercard.
So they said if you sign up for a CitiGold account you will get 30,000 American Airlines miles. You have to do at least 1 direct deposit into your account for 2 months in a row. You also have to charge $750 with the debit card they send you.
Typically you have to have a $50,000 balance to avoid any monthly fees but they give you the first 60 days no monthly fee so you could theoretically get the 30,000 free American Airlines miles only to spend $750 with their debit card and do two direct deposits. Even without depositing the $50,000 into your account the first 2 months.
Funny thing. They didn’t even send me a debit card! They only sent an ATM card. I had to call to get the Debit Mastercard. LOL.
But lots of deals like this out there to get some free cash or miles.
https://www.bankdirect.com/products/checkingmileage.aspx
October 2, 2012 @ 3:05 PM
After reading the details, I
After reading the details, I switched to a No vote.
Too much hassle. You must close the account and deal with the idiocy of them to give you the money. You must request the $500, you must close the account, you must set up the direct deposit, then cancel the direct deposit, do the bill pays, plunder an ATM.
Any fees on those transactions?
It really stinks of a bait and switch. A lot of people will think they get $500 and never get it.
October 2, 2012 @ 10:51 AM
with the extra $500 in your
with the extra $500 in your pocket, that entitles you to run a red light x 1.
October 2, 2012 @ 11:01 AM
ocrenter wrote:with the extra
[quote=ocrenter]with the extra $500 in your pocket, that entitles you to run a red light x 1.[/quote]
I’d rather use it to pay half of my previous month cell phone bill…
October 2, 2012 @ 11:06 AM
I would do it. As for
I would do it. As for forgetting to complete the number of debit or bill pay transactions… that’s what computer calendars are for!!
October 2, 2012 @ 3:23 PM
If I were in college, I
If I were in college, I would.
Not worth the effort now.
October 2, 2012 @ 3:43 PM
sdduuuude wrote:If I were in
[quote=sdduuuude]If I were in college, I would.
Not worth the effort now.[/quote]$500 for what amounts to no more than 60 or so minutes of my time… sounds worthwhile to me.
October 2, 2012 @ 3:52 PM
Sure, flu. Really don’t see
Sure, flu. Really don’t see any downside, as long as you follow their rules.
We get tons of offers as ER mentioned, and since we don’t need to use them for airline miles (since we fly free–or for a small fee), I always jump on any cash offers–why not?!!
October 2, 2012 @ 4:36 PM
Absolutely.
Absolutely.
October 2, 2012 @ 5:10 PM
Link?
Link?
October 2, 2012 @ 5:58 PM
I open and close chase accts
I open and close chase accts 2x year for 125 each. No acts required tho.