Posted by William Charles on October 11, 2016
Bank Account Bonuses

Published on October 11th, 2016 | by William Charles

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[Expired] [AZ, IA, IL, WI, CO, NM] Bank & Trust $500 Checking & Savings Promotion

This offer has expired, you can view more checking bonuses here.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: AZ, IA, IL, WI, CO, NM only
  • Direct deposit required: Yes, three required no minimum specified
  • Additional requirements: Yes, see below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: Waivable
  • Early account termination fee: 90 days or bonus forfeit and $25 fee.
  • Expiration date: December 31st, 2016

The Offer

See below for direct link in eligiblity

  • Open a new account with Bank & Trust and receive a bonus of up to $500, bonus is broken down as follows:
    • Register for eStatements by March 31, 2017 to receive a $65.00 bonus
    • Have a minimum of 45 debit card purchases post to your new checking account within 90 calendar days to receive a $135.00 bonus [Read: How to meet debit card transaction requirements]
    • Have a minimum of three (3) direct deposits post to your new checking account within 90 calendar days of account opening to receive a $150.00 bonus
    • Open a qualifying savings account within the promotional bonus period and maintain a $5000 average balance for 90 calendar days from the open date of the savings account to receive a $150.00 bonus

bank-trust-500-bonus

Eligiblity

This deal seems to be available across a lot of different state specific ‘bank & trust’ brands. Here are the direct links:

The Fine Print

  • Bonuses only apply when opening a new checking account during the promotional bonus period.
  • The promotional bonus period is 10/1/2016-12/31/2016.
  • If the account is closed by the customer within 90 calendar days after opening we will deduct bonuses received at closing. Closing the account will negate any unearned bonuses.
  • A $25 account closing fee may also apply.
  • Each bonus item is eligible for a maximum of one payment.
  • All bonus dollars will be paid to the newly opened checking account.
  • If multiple checking accounts are opened during the promotional bonus period under the same primary owner name, the bonuses will be paid to the account that was opened first.
  • An IRS 1099 form may be issued.
  • Register for eStatements by March 31, 2017 to receive a $65.00 bonus. The bonus will be paid within five (5) business days after you enroll in eStatements. Existing customers currently enrolled in eStatements will not qualify for the eStatement bonus.
  • Have a minimum of 45 debit card purchases post to your new checking account within 90 calendar days to receive a $135.00 bonus. The bonus will be paid within five (5) business days after your 45th debit transaction posts.
  • Have a minimum of three (3) direct deposits post to your new checking account within 90 calendar days of account opening to receive a $150.00 bonus. The bonus will be paid within five (5) business days after your third direct deposit posts.
  • If multiple checking accounts are opened during the promotional bonus period under the same primary owner name during the promotional bonus period the direct deposit and debit card transaction requirements can occur on any of the new checking accounts.
  • Open a qualifying savings account within the promotional bonus period and maintain a $5000 average balance for 90 calendar days from the open date of the savings account to receive a $150.00 bonus. Qualifying savings accounts under the same primary owner name, where available, include Regular Statement Savings, Passbook Savings, or High Yield Savings. The bonus will be paid to the checking account within five (5) business days after the savings account has been opened for 90 calendar days.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

You need to keep the accounts open for at least 90 days otherwise you’ll forfeit the bonus. There is also a $25 early account termination fee if you close within 90 days according to the fee schedule. The easiest checking account to keep fee free is the free checking account with eStatements, you just need to enroll in eStatements (required for $65 bonus anyway) to avoid the $2.5 fee.

They don’t publish the interest rates on the savings accounts but regular is fee free with $100 balance and passbok is fee free with $500 savings, high yield is free with $10,000 in savings (more than required for the bonus).

Our Verdict

You need to provide your details for a banker to get back to you, but should be able to open in branch pretty easily. Because of the huge size of this bonus I think it’s worth the hassle of the bonus requirements, thankfully keeping the account fee free isn’t such an issue. We’ve added this to our list of the best checking and savings bonuses. They are also offering a $200 money market bonus, but that is only available to existing cardholders.

Please share your datapoints about this bonus in the comments below.

Useful posts regarding bank bonuses:



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AD
AD

Finally a good AZ bonus. Gonna need to know if it’s a hard pull. Nice that they break the bonus up among different activities – if I don’t want to go for the debit one I can just stick with the DD and estatements and savings account.

rd
rd

Seems like a lot of hoops to jump thru..

Andy S
Andy S

Lots of hoops, but excellent payback – how often do you see a 5 Benjamin bonus?
Would be nice to know what qualifies as DD – I only get paid once a month, so it’s going to be a little tricky to time it for 3 DD’s in 90 days.

jack
jack

If multiple checking accounts are opened during the promotional bonus period under the same primary owner name, the bonuses will be paid to the account that was opened first.

That means multiple accounts in same bank or across all the list of bank brands?? Can we open accounts in both Illinois Bank and First Community bank and get bonus from both banks?

misty
misty

Thank you for the alert on this great Bank Bonus.

I do not see any info on Bank & Trust as to what might qualify as a direct deposit
Will an update post?

Thanks again. Great Blog!

Ken
Ken

I think for $500 (and a possible $200 extra for the Money Market) it will be worth even a hard pull. And if they pull EQ or TU even better, because all my pulls are on EX.

MG
MG

Signed up for this and got the call today (I’m in IL). Forgot to ask about hard pull issue. They said it must be opened in branch, but when I mentioned that I didn’t live near one (they don’t have any in the Chicago area) they didn’t say that would be an issue. It’s just that I’ll have to go in branch to open next time I’m in their area.

Ted
Ted

Same here. I was told there will be a ChexSystem inquiry. I didn’t have a chance to ask about hard inquiry before I was told she will get back to me about how to apply (she never did).

jack
jack

I got call back from First Community bank today. Was told that I’ve to be in that area to open the account. Is that true? I’m at 2hr drive from the bank location.

MG- Did u hear from First Community bank or IL Bank?

DP: It’ll be a soft check as per the banker.

alex
alex

can anyone confirm if this is for 1 account per bank or only 1 account across all banks??

Jimmy Shotgun
Jimmy Shotgun

Since many people who live in Illinois are mostly in chicagoland area, the closest branches are in the rockford area about 50 miles away…I might bite the bullet and take a drive out that way and hopefully can close account in a few months via letter so a 2nd trip isnt needed.

Moose Cow
Moose Cow

There’s one in Joliet which is closer than Rockford. Still considering whether it’s worth the time/money for the drive.

Moose Cow
Moose Cow

Nvm, there isn’t one in Joliet, was a different bank. Rockford told me 50 miles too(over phone).

Knew this was too good to be true.

Ramesh
Ramesh

Please let me know what should be the minimum direct deposit amount each time

Mark
Mark

Is this Arizona Bank and Trust or First International Bank and Trust? That’s all Google Maps show for the Phoenix area

Ken
Ken

Emailed the branch a few days ago, and I received a reply today. Opening an account is only a soft pull, not a hard pull. It’s one per person, so a couple living at the same address could both get the bonuses as long as they do not open joint accounts. Going to the branch and applying in person is required. They’re open 9-5 M-F, so I don’t know when I’d be able to make it for my wife, as she doesn’t normally get home till close to 5.

jack
jack

Ken-could u confirm which bank you contacted? By any chance, did u check with them if we need to be in bank service area or any area to open the account?

Mr. PTM

Opened account today in branch (Denver, Centennial Bank and Trust). Very easy. I only opened checking today and will open savings once Citi $400 offer is completed (you’re eligible for savings offer any time during Q4, not just when you open the checking). Was also able to setup online banking same day. Didn’t ask about hard pull, but no mention of it in the documentation I received. I’m guessing it’s only Chex.

DP: minimum deposit on checking is $25 and $100 on savings.

Ken
Ken

How did you fund the account? I’m in Denver too. What documentation did they need from you?

Mr. PTM

Funded with cash. Didn’t even ask about CC since in-branch has always been CA for me in the past.

DL was only ID needed.

Ken
Ken

Opened account yesterday, and it’s cash or check only. I walked outside to their ATM in the 40mph wind to take out $100 from my Schwab account.

Ramesh
Ramesh

Plead let me know the minimum Direct deposit that should be posted each time

Jeff
Jeff

Doesn’t appear to be a minimum, as two people are reporting trial deposits (less than $1) are triggering.

Jeff
Jeff

Opened the checking and savings in Wi, using my Virginia D/L, so you can be from out of state and not live near a branch. No credit card funding at my branch – said credit card machine. Banker said chex would be pulled before I applied. They were not inquiry sensitive, as I am a pro at this. Takes about 2 weeks to get debit card by mail. Was able to sign up for online access using SSN and account details right away.

Jeff
Jeff

Edit: said NO credit card machine

jack
jack

Did u give VA or WI address as mailing address? can we reside in 1 state and still open account in another state?

Ken
Ken

Well, since they use the address from your license I’m just going to assume they meant they used their VA address. He even said you could be from out of state.

jack
jack

Thanks for the confirmation…

Jeff
Jeff

I used my out-of-state address. Yes, they got my address from my drivers lic. Just told them I was visiting family but wanted a local checking and savings account. Said I would mostly be an “online customer”. They had no issue with that.

Received my debit card in the mail today, in VA. Having trouble using it online, and will call tomorrow to see what I need to do to activate it. (no sticker on it saying that I had to call)

Already got my $65 estatement bonus, and $150 DD bonus . PSA: For estatements, you have to enable them online by going into your account settings. I would have thought that when you sign up in branch for an estatement account, clearly named estatement checking when you login, it would have been automatic, but YOU MUST opt in online to avoid the statement fee. For the $150 DD bonus, all I did was have 3 different external bank accounts do my trial credits to setup ACH. (Discover, PNC and a lesser known credit union) Also, had 1 small amount ACH come did in from the CU.. and bam, bonus posted.

Mendel
Mendel

which means, anyone living in any state can open in Branch?

Ken
Ken

That’s what it looks like.

Jeff
Jeff

They made it sound like any US resident could open an account… but, YMMV. The lady had to pull out the books and called someone to verify before letting me open an account, so that would suggest that it doesn’t happen often. Before you make a “trip” you might want to call, but I had no issue, other than taking awhile to process. (around an hour from start to finish)

JT
JT

Could i take advantage of the saving account bonus separately from the rest of the offer?

Thanks!

Jeff
Jeff

I would think so, as long as it is a new account. Call to verify.

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