Posted by William Charles on May 11, 2017
Bank Account Bonuses

Published on May 11th, 2017 | by William Charles

245

[Expired] My Banking Direct $150 Checking Bonus [Nationwide Excluding AZ, FL, NY, NJ or OH]

Bonus has now expired. You can view the best checking bonuses here.

Reposting as there is now a clear expiration date.

Offer at a glance

  • Maximum bonus amount: $150
  • Availability: Nationwide, excluding AZ, FL, NY, NJ or OH
  • Direct deposit required: Yes, $500+ for two months to receive full bonus
  • Additional requirements: See below
  • Hard/soft pull: Soft 
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: $30, 180 days
  • Expiration date: None listed May 31st, 2017
  • Household limit: Limit of one

The Offer

Direct link to offer

  • My Banking Direct are offering a sign up bonus of up to $150 on their checking account. Bonus is broken down as follows (requirements must be met within 90 days):
    • Receive $50 for completing 6 debit card point of sale transactions of $10 or more (note: according to the fee schedule these cost $1.5 per transaction. But according to the same fee schedule this is waived for checking customers)
    • Receive $50 when you set up and make 3 online bill payments of $10 or more for two consecutive months (statement cycles according to this comment)
    • Receive $50 when you set up and receive qualifying direct deposits of $500 or more for two consecutive months (statement cycles according to this comment)

my-banking-direct

The Fine Print

  • Not available to residents of AZ, FL, NY, NJ or OH who are not current My Banking Direct customers
  • To earn up to $150 bonus you must open a new My Banking Direct Checking account with a minimum of $1,500. All requirements must be met and all activities must post to the My Banking Direct Checking account within 90 days of account opening to qualify. Debit Card: Get $50 when you complete 6 debit card point of sale transactions of $10 or more. Bill Pay: Get $50 when you set up and make 3 online bill payments of $10 or more for two consecutive months. Direct Deposit: Get $50 when you set up and receive qualifying direct deposits totaling $500 or more for two consecutive months.
  • A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, Social Security or other governmental benefit.
  • Once each condition is met, each bonus will be credited to the My Banking Direct Checking account within 10 business days, and may be reportable to the Internal Revenue Service (IRS).
  • Account must be opened with funds not currently on deposit with the Bank.
  • Offer is not available to existing checking account owners or those whose accounts have been closed within 90 calendar days or closed with a negative balance.
  • Bonuses only eligible on one checking account per household. This offer is subject to change at any time and cannot be combined with any other offer.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has no monthly maintenance fees. According to the comments there is a $30 early account termination fee if closed within 180 days.

Our Verdict

Now that we know it’s a soft pull to open and you can’t fund with a credit card, I’ve added it to our best bank bonus page as I think it’s a good offer. The requirements are a bit tricky but at least you can get some of the bonus without the direct deposit requirement and that’s always a plus.

Useful posts regarding bank bonuses:



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bob
bob

no CC funding. Transfer only

EO
EO

Based on the fee schedule, there is a $30 fee for closing the account within 180 days of opening.

Dave
Dave

Closeout of Account within 180 Days of Opening: $30.00
Any other fees that I can post for you guys?

Dave
Dave

Crap, didn’t know that EO posted that already.

Maury
Maury

Who are the datapoint gods?

Matt K.
Matt K.

Will, did you finally cave to allow clicking link opens a new tab?! 🙂

Laura
Laura

Does “debit card point of sale transaction” mean it it has to be in person (i.e. Can’t be an online transaction?)

Grant

I think that means that the transaction has to be run as a credit card charge, not a debit card charge (with PIN). Most online purchases count as a credit card charge.

Gadget
Gadget

Good question… From what I have seen, most banks that request new users to use their debit want to see “signature-based” debit card transactions where you press “CREDIT” at the register. This bank appears to want PIN-based transactions, where you press “DEBIT” (which makes more sense since there are less fees involved for the bank). Since you can’t enter a PIN for online or phone transactions, those are considered signature-based, from my understanding.

A POS transaction is a point-of-sale transaction: generally a purchase you make at a retailer with your debit card. To complete your purchase, you usually enter your PIN instead of signing for the purchase. Ref: thebalance.com/pos-fees-definition-point-of-sale-fees-315345

Darv
Darv

What about PINless debit card transactions? Some merchants do this, Amazon notably being one.

https://www.amazon.com/gp/help/customer/display.html?nodeId=201132790

Gadget
Gadget

I guess someone who signs up for this promo needs to ask the bank what their definition of Point of Sale transactions really means. Maybe it’s just a matter of using their debit card to BUY something would trigger the bonus; their way of saying ATM withdrawals do not count.

Darv
Darv

Because of the murkiness, I may not do the debit card promotion. Their fee schedule has fees for debit card transactions when using a PIN. Doesn’t seem worth the hassle in this case.

Curmudgeon
Curmudgeon

Link not working currently.

I’ll take the risk of a hard pull hit for this – I’ve already got 19 or 20 inquiries this year, what’s one more? 🙂

Fine print in terms says bonus should appear in account within 10 days of qualifying activity, so I’ll try doing Amazon card reloads for $10 each to see if that meets the requirement. If not, I’ll just buy a bunch of $10 Amazon cards at the grocery store to meet it.

If they pull Experian my monitoring service will let me know and I can update here.

Of course, all this depends on the link coming back up.

Todd
Todd

Can you tell me a little more about these Amazon card reloads?

What is the purpose/what are you accomplishing?

Thank you for your time!

eclipsor
eclipsor

they meet this requirement for the bonus: “Receive $50 for completing 6 debit card point of sale transactions of $10 or more”

Todd
Todd

Gotcha, thanks. I think I was confusing that with another post entirely about amazon payments counting as DD. I need to investigate amazon payments a bit more

S
S

Hi did Amazon gift card purchases work for you then?

milesjjcc

Applied. As explained above by others, have to sign & send the form. It says should receive welcome package in 10 days, but doesn’t say approved anywhere. At once place it says application submitted & in process

milesjjcc

Received below mail:

Thank you for applying for our MYBANKINGDIRECT CHECKING. Please keep the following account application ID for future reference: XXXXX

Over the next two business days, we will submit two trial deposits and one withdrawal to your WELLS FARGO BANK- NATIONAL ASSOCIATION account ending in 6558. Once these transactions post to your account, please click here and enter the following information to complete the account opening process.

Last 4 digits of your Social Security Number
5-digit ZIP code
The application number provided above
The amounts of the two trial deposits

So seems good to go

Roger
Roger

I spoke to the CSR , she told me it was a ChexSystems Pull.
Thanks Doc, merry Xmas 🙂

milesjjcc

Also for people struggling to find routing number, here it is-226071004
Account opened once funding source is confirmed

Laura
Laura

Thanks! I was one of those!

Ian
Ian

The wording of their terms is awkward: “Not for residents of AZ, FL, NY, NJ or OH who are not current My Banking Direct customers”. Does that mean the offer is OK if I’m a resident of FL who is a current MyBankingDirect customer! Or, did they mean the offer is ok if I’m a resident of FL and not a customer? Or, is the offer not good for any resident of AZ, FL, NY NJ, or OH? (All have at least 1 branch of the New York Community Bank).

Eric
Eric

That’s a great point. If you read it literally it means that if we live in those states and are currently a customer we are eligible which doesn’t make much sense. I’m probably going to email them to get a clarification.

S
S

Can you open individual accounts one for own and one for spouse if mailing address is same? Anyone with exp. in getting both bonuses?

Lingua
Lingua

New user digesting all this great info. Thanks doctor!!

Any page/info on bill pay workarounds? Haven’t found one…

Will try to get some points regarding Direct Deposit for this bonus.

Ferris
Ferris

did you find out anything about the direct deposit?

lingua
lingua

Not yet. Low priority as I just started this game in Dec. and have my hands full!

lingua
lingua

fyi Ferris…responded to another comment that cap one 360 worked for DD

Ferris
Ferris

im sad i messed with my payroll for this now ahaha

Lingua
Lingua

also, the 1.5k is minimum to open, then apparently we can pull it? language isn’t clear about keeping it in while meeting reqs.

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