Has anyone taken advatage of all the bank sign up bonuses?

[futurehomeowner?]

There are 5 local banks that are giving you $200 if you open a checking account. Some have stipulations of direct deposit and a few just require use of the ATM card or deposits. Has anyone gone and opened a bunch of checkings just to get this free money? Seems like an easy way to make a grand.

 

Any reasons why I shouldn't do this?

[jgodfrey82]

Each will be a chex systems inquiry, I dont think that it too big of a deal but I have heard of getting denied a checking account due too many inquiries.

 

I would say go for it, just make reference of the minimums and rules for each otherwise you wont earn the bonus and just wasted time.

Edited October 18, 2014 by jgodfrey82

[loops77]

there is a forum that promotes this..forgot the name. But basically, do your homework first.

Some pull Chex, credit reports..and there are stipulations (must keep account open for such a period..and monthly fees).

[Tyra]

There are 5 local banks that are giving you $200 if you open a checking account.

 

Any reasons why I shouldn't do this?

Just what the others said, some banks won't give a checking account if you have three or more chex system inquires in the last six months. But not all make chex entries. Other than that it works out. I've done Chase for $250 and Cap1 for like $200. I always get offers in the mail and I never used to do it because I thought it would be to much of a hassle but it does not take long. So I did two those two like maybe a year ago. It's the chex thing that stops me from doing as many as there are. Credit unions sometimes care about chex for membership.

http://www.doctorofcredit.com/best-bank-account-bonuses/

[futurehomeowner?]

oh boy I guess there are more than what I was figuring. I didn't think about the national types like chase. There was 1 local bank that has been doing this for a few years but over the last few months it seems like every bank is doing it. I forgot about the chex part. I guess I will call each one and find out what they pull before I do it.

[cv91915]

I used to do this for the sport of it. It got to be a hassle to set up and then cancel direct deposit, and closing each account later usually requires you to go into a branch or mail in a letter via USPS. Also, every account tends to be another 1099 to keep track of and remember to haul into the accountant at tax time.

 

None of that is incredibly difficult or horribly time consuming, but it's annoying enough that it's just not worth it to me for a hundred dollars. Or two hundred.

 

I start listening at 50,000 AAdvantage miles, though. Damn you, Citi.

[futurehomeowner?]

I used to do this for the sport of it. It got to be a hassle to set up and then cancel direct deposit, and closing each account later usually requires you to go into a branch or mail in a letter via USPS. Also, every account tends to be another 1099 to keep track of and remember to haul into the accountant at tax time.

 

None of that is incredibly difficult or horribly time consuming, but it's annoying enough that it's just not worth it to me for a hundred dollars. Or two hundred.

 

I start listening at 50,000 AAdvantage miles, though. Damn you, Citi.

 

The 1099s were one of my concerns as well. I wasn't sure if they actually did give them to you but I figured that they did.