Monday, September 29, 2008

Bank Offers

It seems every week, there is a new bank offering a Bonus for new customers!

I am sure you have seen them? $100 Bonus for new checking customers, $50 Bonus for new Savings Account customers, etc, etc.

And, I bet most of the time you have simply thrown the "junk" mail away or skimmed over the ad in the newspaper.

But, think again! This is a great & easy way I make extra money and get access to some wonderful new accounts you may not have tried before. Just this year, I am up to $575 in free money with another $250 on the way. For very little time and effort, I will have made close to an extra $1,000 for our family this year and now have access to many features and services with many different institutions.

So, here is a bit of helpful information when participating in these deals.
  • Sign up for Free Quicken Software to start. You will be able to enter all Bank Accounts you sign up for, and for FREE it will link all accounts together and give you an overview of where your money is and how you are spending it.
  • Call the Bank to see if they do a Hard Pull or a Soft Pull. Hard Pulls will affect your credit, while Soft Pulls will not. If it is a bank that will only do a soft pull while opening your new account, then this will not have an effect on your credit!
  • Make a copy of the offer. Keep the original advertisement from the paper or the mailing. If you found the deal online, make a screen print of the website page with the terms/conditions to qualify for the free Bonus.
  • Read the terms/conditions so you know the stipulations. Need to make direct deposits? If so, how many, and what is the minimum amount?

Usually, you can then apply online. Once you apply, make sure to follow through on all stipulations on the terms.

How do I do it? Well, my husband had direct deposit set up to our actual checking account. But, his company allows him to have his paycheck direct deposited into 4 different institutes. So, we have our checking, investment accounts and the kids 529 accounts. This leaves one extra, which I use for my Bank Offers.

Since it is all automated online, I simply log in and change the account for the direct deposit to whatever Bank I need it at to qualify for a Bonus.

Then, if we need that money back in our actual checking, I will go online with the new bank and transfer the money to our actual checking account online after the direct deposit hits. I just always make sure I keep the minimum dollar amount needed to keep my account open in there.

If this new account has features I can utilize other places in my life, I set it up for that then. For example, for survey payments, paypal transfers, Online Offers, etc. There are many transactions I complete online that I do want linked to my overall checking. So, I can definitely use these smaller accounts for running my home.

But, please note: once you transfer money from one bank to another online, it appears to take about a week for the money to show up.

Once you have the requirements set up, just sit back and wait for your Bonus to arrive. I DO always mark my calendar when the Bonus should hit on my calendars. Why?

Well, I have had Bonuses not show up, and that is when you may need to get manual credit!

This is the reason you want a copy of the original mailing, newspaper ad or the screen print from online. You will need to submit this to prove you met the requirements.

All in all, it is a very straightforward and easy way to make extra money and becoming a new account holder!

One final note: banks do use a system called Chex System where they track your checking account openings. Some banks may decline your application for a new account if they see you opening bank accounts A LOT and over a short period of time. This does not affect your credit score, but the bank does have the right to decline your application. They are trying to find serious customers when they offer these bonuses.

Interested in Bank Offers, too? Take a look in the side bars. As I find new deals, I will post them for you. Come back anytime to see what is currently available.

Sunday, September 28, 2008

Questions & Comments

Do you have questions on online offers?

Have a comment regarding your experience?

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