Posted by Chuck on June 30, 2016
Checking Accounts

Published on June 30th, 2016 | by Chuck


[Expired] Ends Today: Amalgamated $150 Checking Bonus – Available Nationwide

[Reposting this on 6/30 since the deal ends today.]

Offer at a glance

The Offer

Direct Link  Update: here’s a better link which gives you a choice of charities

  • Open a Convenience+ checking account with Amalgamated Bank and get $150 bonus after receiving a $500 direct deposit within 60-days

Screen Shot 2016-05-10 at 10.28.52 PM

[Update: they’ve now added in wording of “a recurring direct deposit” (underlining is mine). Could be they now want it to come monthly.]

Aside from the $150 bonus for you, Amalgamated Bank will also donate $50 to Color of Change (or one of five other charities).

The Fine Print

  • To qualify for this bonus of $150, you must open a Convenience+ Checking Account between April 15 and June 30, 2016, using the URL provided or by mentioning this special offer when you apply by visiting a branch
  • “Direct deposit” includes ACH credits of payroll, pension or government payments payable to you
  • Bonus will be deposited into your Convenience+ Checking Account within 30 days of getting the direct deposit
  • The value of the bonus may have to be reported to the IRS; consult your tax advisor
  • Offer is limited to one per customer, is subject to withdrawal at any time, and is valid only for accounts in good standing

Avoiding Fees

There is a $10 monthly fee on this account. The only way to get it waived is to have a monthly direct deposit of any amount.

“A qualifying direct deposit is an electronic deposit of your salary, pension, Social Security, or other regular monthly income to your account. Transfers from one account to another, or deposits made at a branch location, ATM or through a mobile device, do not qualify as direct deposit. The monthly service fee will be waived for the first statement cycle to allow you to receive direct deposit to your account. After the first statement cycle the monthly service fee will be assessed unless your account received direct deposit.”

Geographic Availability

Amalgamated Bank allows anyone to open an account with them online. The offer landing page will bring you to an application page for anyone in the USA.

Credit Card Funding

The system gives the option to do the initial account funding with a Visa or Mastercard, credit or debit. Max funding is $500. You can view what coded as a purchase or cash advance here.

If you open a savings account at a different time to the checking account, you can fund that account with another $500. Thanks to reader, Charles.

Hard/Soft Pull

A friend opened the account and reported that he did not get any hard pull. It’s probably a Chex inquiry or a soft pull. More data points here.

Our Verdict

This offer hits most of the right buttons: it’s a soft pull, it’s available online, it’s available nationally, it comes with $500 in credit card funding, and it’s $150 which is decent.

The downside is the direct deposit requirement; it requires an initial direct deposit of $500, and – subsequently – a direct deposit of any amount to keep it fee free. This obstacle is somewhat mitigated by the fact that the bonus is promised to post within 30-days of receiving the $500 direct deposit; you can probably get away with just one or two direct deposits before closing out the account. There’s no mention in the fee schedule of any Early Termination Fee, and we thus assume there is none.

We’ll add this bonus to our list of the best bank bonuses. Check out our full list of bank account promotions here.

Useful posts regarding bank bonuses:

Hat tip and thanks to friend Allen for letting us know about this offer and for providing other necessary information

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Any data on what methods will trigger DD?

So there is no restriction on more than one per household, right?

Is it required a one-time DD larger than 500 USD? is it possible to have two DD larger than 500 USD within a month? since my pay is low, only 490 USD per bi-weekly payroll

Says in the fine print: “At least one qualifying direct deposit of $500 or more must post to your account within 60 days of account opening”.

Sorry not related to above but wanted to share that.. now the bank says even if your DD came on first day of acnt opening we will review the account only after 60 days and then within 30 days the promotional offer will be credited in account.

Was it official on their website or was it from a representative you talked with? I was just about to wait for 30 days before attempting other ACH methods, if the bonus doesn’t show

The executive over phone informed me about the new understanding then I escalated it to their manager about the terms and conditions mentioned with the offer on the website but she also said that many customers have got confused about it but the management has taken that call and we can not do any thing. However, they took my Name and Cell # and said we will discuss it internally and will keep you informed. To my surprise the amount was credited to account within few days of this conversation and within 30 days of first DD 🙂

to Steven

If you have easy access, change your withholding just to qualify for the offer and later change it back. Then, look for another job or a promotion where you are.

I assume that since you are here you are trying to better yourself. Best of luck to you.

Just opened using a Citi Double Cash for $500. I have a cash advance limit of $0 so looks like Citi Mastercards are good.

The pending charge actually shows up as MISCELLANEOUS / SPECIALTY RETAIL STORES.

Thanks for the great content as always DoC!

Did you get immediate approval.
Mine went to “We are processing your applications. We will notify you once we are done.” three hours ago.
Funded with Chase Southwest card.
Chase shows pending activity to “Amalgamated Bank Inc”

Took them 48 hours for them to finally send me an approved application email. Took a total of 6 days for the charge to finally clear and show up as a purchases on the Chase Southwest card. For a whole day the charge was not present as pending or cleared on the Chase account. Like it vanished.
So far so good, I guess.

It gets so annoying to verify by drivers license, they only give the option of 20 years (2036) but mine expires way after that…

If you have a passport, you can always do that instead.

How can your driver’s license expire after that? They are only good for 4 years.

For example, Arizona driver’s licenses don’t expire until the person turns 65.

any ACH pushes will work for this? i dont have an employer payroll dd at the moment

How easy would it be to close the account? I am hoping they would do it on the basis of online request. Any idea?

Did this earlier (I got a mailer in the mail). Used Chase CSP and it posted as a purchase.

While you need one DD within 60 days to trigger the bonus (I used a “real” direct deposit from my payroll), the DDs to keep it free and avoid the monthly fee can be in any amount. I changed my $500 payroll DD to $1 after the first one.

I can confirm that the credit card funding it limited to $500 TOTAL. I tried to open a savings account as well and it forced me to do $500 between the two accounts.

That is one highly one-sided political bank… do a little looking around… make sure one supports the nature of this bank….

All the more reason to drain their cash flow by two bonuses 🙂

Some might not mind taking Amalgamated’s union dues/money – but it’s the additional unwanted $50 donation to the color of change protest group… that might just stop someone from taking the $150 …

Anyway – this bank is just highly outspoken and intensely involved in ideology – if that is a factor to anyone.

i agree i won’t be doing this one just for that reason

These sound like the kind of political causes I regularly give money to.
Now I almost feel guilty taking their money.

You could always put the bank’s money where your mouth is and prove your real fervor by donating directly to the Treasury….. or pay down the debt …

That way one pays for it themselves… instead of voting to force other people to take home less money instead….

I did mention that I directly contribute to causes I support, so putting money where my mouth is isn’t an issue.

I strongly suspect that a political debate is outside the scope of this board.

Thanks DOC! The account was opened very easily. Does anybody know if there is early closing fee?

Do we know yet what counts as a direct deposit for Amalgamated for either the initial $500 or the monthly ongoing DDs?

This is already answered an hour ago

I went through all the comments and the article twice, and I don’t see any mention of banks that count as DD. So either it’s not there or my reading comprehension sucks. All I can find is that they accept “any monthly regular income” which could be anything.

Sorry, I misunderstood. Looks like Serve works as per below comments

what answer is that? although some banks say a valid dd is from payroll, other venues, however, work too

If you’re not going to be helpful why are you wasting your time replying?

Nothing was answered an hour ago, not by you or anyone else.

Den and dan are not the same person (I presume).

lol, believe ken referred to Den. i’ve been asking the same question

anyone knows that ach push from discover will count as a dd? tia

if discover won’t work, go thru a bit of hassle to changing to the payroll, done…

Thanks DOC! Opened with Citi Prestige (cash advance set to $0) and charge went through, currently pending as MISCELLANEOUS / SPECIALTY RETAIL STORE

is this only for US citizens? in application ,at the last they ask if I am a US person?

Resident Alien here, was able to open no problems.

yes but at the end they again ask US Citizen : Yes/No.
Being a resident alien,not sure if we can say Yes.

resident alien is us person, it just means that you pay taxes here. You can say yes to us person. No to US citizen, and it will ask you your state of citizenship and move on to the next.

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