Published on May 13th, 2014 | by William Charles2
[Expired] $100 SunTrust Checking Account Bonus With A $500+ Direct Deposit
Deal has now expired, click here for a more checking promos. There are also two other active SunTrust checking promos:
Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide: Possibly only: AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C
- Direct deposit required: Yes, $500. Almost anything will trigger this requirement, but they often request you bring in pay stubs to prove your depositing your full pay check into your account.
- Additional requirements: None
- Hard/soft pull: There is only a chex systems inquiry done, no hard pull.
- Credit card funding: Up to $1,000
- Monthly fees: $7, waivable with direct deposit of $100 or more or minimum daily balance of $500 or more
- Early account termination fee: None, account must be open to receive bonus
- Expiration date: None
- Open an everyday checking acocunt with suntrust bank and earn $100 when you receive a direct deposit of $500 or more
The Fine Print
- Direct deposit must hit the new account within 60 days of account opening
- A qualifying direct deposit is: salary, pension, social security or other regular monthly income by your employer or an outside agency
- Account must stay open when the reward is processed
- $100 will be deposited within 8 weeks of the qualifying direct deposit being made
- Offer only available only when you click the open now button on the promotional page
- Limit to one per house
- Offer subject to change and can be discountined at any time
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Everyday Checking $7 Monthly Fee
You can avoid the $7 monthly fee by having a minimum daily balance of $500 or more, or receiving a payroll direct deposit of $100 or more.
Early Account Termination Fee
There is no mention of an early account termination fee, but just make sure to keep your account open so that you can receive your bonus.
This is a nice little earner, a $100 is nothing to sneeze at but it’s right at my tipping point on whether it’s worth it or not. I never do bank bonuses under $100. At the moment I won’t be participating in this deal, mostly because SunTrust often requires you to verify that you’re depositing your full pay check into their checking account. This is too much effort and requires me submitting paperwork at work, usually you can do an ACH transfer to trigger the bonus. It looks like an ACH transfer would work but it’d need to match the amount shown on my pay stub.
I also don’t live in an area that SunTrust services, which means I’d need to send a letter in to cancel my account which is another layer of hassle. I’ll likely just wait for a better deal to come along. If it turns out this account can be funded with a credit card, I might change my tune.
If you decide to make use of this promotion, let us know in the comments. It’s been added to our current bank account bonus page, but it didn’t make the cut for the best bank bonuses which can be viewed by clicking here.
Hat tip to reader AE for letting us know about this one.