Posted by William Charles on July 9, 2016
Bank Account Bonuses

Published on July 9th, 2016 | by William Charles

282

[Expired] Bank Of The West – Up To $300 Checking Promotion [AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY]

This deal has now expired. You can view more great bank bonuses here.

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY
  • Direct deposit required: Yes, $250+ 
  • Additional requirements: Optional, 10 or more debit card transactions for an additional $50
  • Hard/soft pull: Soft
  • Credit card funding: $500 max, Visa/MC only
  • Monthly fees: Yes, waiveable
  • Early account termination fee: $25, 91 days
  • Household limit: One per mailing address
  • Expiration date: November 18th, 2016 March 3rd, 2017 April 14th, 2017

The Offer

Direct link to offer

  • Open an easy checking account with Bank of the West and receive a $150 bonus ($200 minimum opening)
    • Receive $100: Enroll in direct deposits and receive a direct deposit of $250 or more (must be a single direct deposit of $250+, two direct deposits which combine to $250+ will not work)
    • Receive $50: Request & use your debit card ten times in each of the first two months following the month the account was opened. Must be at least $3 each.
  • Open a premier checking account with Bank of the West and receive a $300 bonus ($500 minimum opening)
    • Must maintain a combined balance of $50,000 for the first two full calendar months immediately following the month in which the opening deposit posts to the account

bank of the west

 

The Fine Print

  • Account must be in open status and have a positive balance as of 05/31/17 to be eligible to receive any bonus.
  • Bonus will be credited by 06/30/17 to the open Bank of the West Premier Checking account.
  • Limit of one consumer checking bonus per individual and per mailing address. If the customer or other individuals residing at the same address received or may receive any other consumer checking bonus from the Bank between 06/01/15 – 06/29/17, then no one at that address is eligible.
  • Offer does not apply to second or multiple checking accounts.
  • Limit of one consumer checking bonus per individual and per mailing address
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is an early account termination fee of $25 if your account is closed within 91 days of account opening. All of these accounts have a monthly fee (apart from Student checking which is fee free) which can be waived and which is as follows:

Easy Checking Account $10 Monthly

Waived when you do any of the following:

  • Maintain an average monthly balance of $1,000 or more each statement cycle
  • Receive at least one direct deposit of $250 or more each statement cycle
  • Use your bank of the west debit card for 10 or more purchases

Premier Checking Account $30 Monthly

Waived when you do the following:

  • Maintain at least $50,000 combined average monthly balance4 in this Bank of the West Premier Checking account plus other eligible personal Bank checking, money market, savings, CDs, and IRAs, and prior end-of-month account balances in eligible BancWest Investment Services5 investment accounts

Our Verdict

They offered a similar bonus last year ($150 bonuses are the same, but $300 bonus is different). Let’s take a look at the $300 bonus first, the APY you receive depends on the state but it’ll be around 1% less than competing banks. This means you’re basically loosing $41.6 in interest every month you have the account open.

  • Wait till near the end of the month and deposit $49,500 (triggers direct deposit requirement and keeps the account fee free)
  • Wait two months
  • Withdraw funds
  • Wait ~3 months for bonus to post (you’d pay $30 in fees per month, cheaper than the $41.6 in lost interest)

You’d basically end up paying $173.2 in fees/lost interest. You’re much better off just going after the $150 bonus instead. Here is what I’d do:

  • Open easy checking account
  • Add a qualifying direct deposit (or workaround) of $1,060 (enough to keep account fee free, trigger direct deposit requirement and have enough to make the 20 debit card transactions)
  • Make 10 x $3 debit card transactions for the next two following months
  • Wait for bonus to post
  • Withdraw funds & close account if it’s been more than 91 days since opening (should be)

Not a bad deal with the credit card funding, don’t tink the Premier offer is worth doing but the smaller $150 bonus is worth a look. We’ve added it to our best bank bonus page.

Hat tip to reader Catapult



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282 Comments on "[Expired] Bank Of The West – Up To $300 Checking Promotion [AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY]"

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I did a similar promo with them some time ago here (Oregon), and my wife also signed up for the offer, but we only got ONE bonus, as their claim was we were living in the same address, so they might be enforcing the one bonus per household policy. Just something to think about.

“If the customer or other individuals residing at the same address received or may receive any other consumer checking bonus from the Bank between 01/01/15 and 06/29/16, then no one at that address is eligible.”

It would really suck to move into a new place and find out the previous occupant had received a bonus last year.

I am doing an app right now online. I see I can do up to $500 Visa or MC (either debit or credit). In CA if that matters. http://i.imgur.com/BjvKlsG.png

$500 on Cap1 Venture pending as a purchase. Application took about 20 minutes to finish. It’s under review so it’ll probably take a few days.

I noticed the option for receiving the debit card is not selected by default; don’t forget to check that as you need debit transactions to complete the bonus.

Thanks, updated

Looks like you’re able to fund with a credit card now (http://i.imgur.com/r4YmhbP.png). Haven’t seen any data points about cash advance yet.

Note that it’s Visa/MC only.

Thanks, updated

Finally a bonus for New Mexico…

At least in AZ, the bonuses are also available for the 55 Plus Checking. Same as the Easy Checking, but with a free first box of checks and the $10 monthly fee is waived if any account owner is at least 55 years of age.

Opened my account a few days ago and Chase Hyatt posted as a purchase for $500.

Opened in CA. Funded with $500 using Visa. Mastercard is also available. No Amex. Not sure if the account is open yet, but ive completed the process for new application and easy checking $150. Theyve charged my card. Cash Advance right now is set to $1. It is ringing up as purchase. I think this isnt too bad considering the relatively short cancellation period and only $1000 minimum to keep it fee free.

“Account must be in open status and have a positive balance as of 05/31/16 to be eligible to receive any bonus.”
Although this suggests the bonus won’t post before June, if the bonus does post early, I’d be leery of closing the account 91 days after opening (as suggested in the Verdict) at the risk of them pulling it back.
“Bonus will be credited to the open Signature/Easy Checking account/Premier by 06/30/16.” Potentially waiting 5 months for the bonus really kills the $300 offer.

$500 funding on Citi AAdvantage posted as purchase.

Lucky you. Lowered my Citi AA card CA limit to zero just to make sure and then tried to use it to fund the account but was declined because my CA limit is at zero. What’s your secret?

Application is under review in MN. Funded with BofA AICPA $500 as purchase (pending).

Started an application, it went pending 🙁 Did the funding with my Chase AARP, I’ll reply when the transaction posts to verify if it was a purchase or CA…

Aaron

Just got an email confirming my accounts were declined 🙁

Aaron

Opened with Chase. Still pending.

“Wait till near the end of the month and deposit $49,500 (triggers direct deposit requirement and keeps the account fee free)”

I’m missing something–how does this work if the balance to waive fees is $50,000?
Thanks!

Application got denied. First denial for a bank account And I’ve opened many during the past couple years

got denied as well with the chex systems experian like others. I have an inverstment account with them, and my credit score is fine, I do have several bank inquries but none in last 5 months on chex not sure if thats the reason why and they wont give me a specific answer. Asked them to relook at it, as well as said if not, I will be moving my investment account out. waiting to hear back

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