Posted by William Charles on January 13, 2019
Bank Account Bonuses

Published on January 13th, 2019 | by William Charles

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[AL, CT, D.C., MD,  VA, WV, FL, NJ, NY, and PA Only] Valley National Bank $240 Checking Bonus ($20 Per Month)

Offer at a glance

The Offer

Direct link to offer

  • Valley National Bank is offering a sign up bonus of $20 per month for a year when you meet the following requirements:
    • Receive qualifying direct deposits totaling $750 or more per month

The Fine Print

  • For new consumer checking customers only. Minimum to open is $100 with no monthly balance requirement.
  • To receive the $20 monthly reward for the first year, the account must receive a cumulative total of $750 or more in qualifying direct deposits per month.
  • Limit of one cash reward per customer.
  • A qualifying direct deposit is defined as a recurring payroll direct deposit or electronic deposit of pension or government benefit such as Social Security.
  • Transfers from one account to another or deposits made at a branch or ATM do not qualify as direct deposits.
  • The first cash reward will be credited within 35 days of the monthly qualifying recurring direct deposit and may be IRS reportable.
  • After the first year and if direct deposit is discontinued, the monthly reward will not be paid; the account will revert to a VNB All Access Checking account.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

As far as I know this account has no monthly fees to worry about.

Early Account Termination Fee

There is no early account termination fee. Although the terms do say “After the first year and if direct deposit is discontinued, the monthly reward will not be paid; the account will revert to a VNB All Access Checking account.” not really sure what that means.

Our Verdict

The problem with this bonus is only getting $20 per month, previously they had a $200 bonus but you got that bonus all at once. This bonus is an extra $40 over 12 months, but I’d prefer the other bonus personally. Still this might be worth doing for some people, especially if you can split your pay check into multiple accounts easily. I’ll likely add this to our best bank bonus page.

Big thanks to reader, IS250 who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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vipul
vipul

In branch only?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Have heard rumblings of extreme Chex sensitivity will apply and report back.

roger
roger

be sure to tell them that you are only there to bag the bonus, not the cash.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Denied due to Chex William Charles Chuck

IS250
IS250

Did it actually say Chex or just a generic rejection?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Chex

Orin
Orin

+1 also denied Chex too many inquiries

roger
roger

it doesnt say anywhere its only in branch only.

Law
Law

Does anybody know how this bank defines a new customer? I received the $200 bonus last year and closed my account in June. Wonder if I’d be eligible for this one

Daniel
Daniel

I second this question!

John
John

Read the comments to the last bonus they offered. Bonuses were clawed back and the terms of the offer were changed to require a $1000 payroll DD.

Flea
Flea

Yeah, I was one of those people and it’s given me a really bad taste in the mouth about VNB in future, even though a branch is just a few blocks away from me in Manhattan.

Ewejay
Ewejay

I applied for this bonus last June and was declined for Chex. I think I was about eight new accounts in the previous twelve months.

arihalli
arihalli

What does this mean: “After the first year and if direct deposit is discontinued, the monthly reward will not be paid; the account will revert to a VNB All Access Checking account.”…… i thought that the wording stated that REGARDLESS if the direct deposit is discontinued or not, the monthly reward will not be paid in any case? There is no benefit to the card after the first year is there? Thanks

Beefer
Beefer

This means that the offer is no good in one year. So if you wait a 11 months to start it, you get $20

Jags
Jags

They are Chex sensitive, SO and I were both declined last year for the $200 promo.

bax
bax

I’m bothered by the two mentions of PA in the title ;P

Orin
Orin

Lol William Charles pls fix

Gadget
Gadget

And the extra space on first PA. 🙂

WZ
WZ

Another bank that requires “U.S. Citizenship” =(
Any U.S. person/resident alien who has opened an account?

CreditHunter
CreditHunter

This scheme they have here is pretty interesting. Almost sounds as if they’ve caught onto us “dine & dashers” by effectively forcing us to commit a year to their bank in order to receive the full bonus. Well played. I hope other banks don’t follow suit

Sam
Sam

Anything that count as DD? Like paypal or ?

Duke I.
Duke I.

I don’t get approved for checking deals anymore. Years 2014- 2017 was great. Now all of sudden I get messages about identity can’t be verified. If Chase deny me later this year it will be the straw that break the camel’s back. I’ll just stop doing checking deals.

JL
JL

US Citizen or US Permanent Resident only

YK3
YK3

Folks that were denied for Chex- how many accounts do you have in the past 12mo? I’m at 8 and wondering if I should bother with this.

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