[Expired] [CA, IL, NJ, NY, TX, VA, In Branch] Hanmi Bank $500 Checking Bonus (2% Of Account Balance) – No Direct Deposit Required

Deal has expired, view more bank account bonuses by clicking here.

Update 9/22/19: Reposting as it’s a soft pull to open.

Offer at a glance

• Maximum bonus amount: $500
• Availability: CA, IL, NJ, NY, TX, VA in branch only. [Branch locations]
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown, not sensitive
• Credit card funding: Unknown
• Monthly fees: $6-$7
• Early account termination fee: Six months, bonus forfeit
• Household limit: None listed
• Expiration date: None listed

The Offer

Direct link to offer

• Hanmi is offering a bonus of up to $500 when you open a new checking account. You get a bonus of 2% of your account balance, based on a 3-month average daily balance on the account for the first full 3-months ($25,000 for the full bonus). You must also complete the following requirements:
  • Maintain a minimum average daily balance of $5,000 or more for three months
  • Maintain account for a minimum of six months
  • Enroll in eStatements within 30 days of account opening
  • Make at least 5 debit card transactions during each of the first three full statement cycles
  • Business accounts only: Make a minimum of one ACH debit or ACH credit transaction during each of the first three statement cycles

The Fine Print

• This offer is subject to discontinue when Regular Personal Checking account aggregate balance reaches $10 million or 1,400 accounts, and Regular Business Checking account aggregate balance reaches $20 million or 800 accounts, whichever comes first.
• This offer is valid only for new Regular Personal and Business Checking account customers who open the account with new money.
• New checking customer is defined as a customer who has not had any existing checking account with Hanmi Bank within the past 180 days.
• New money is defined as funds that are not held at Hanmi Bank.
• Customer must be at least 18 years of age.
• To be eligible for cash incentive, the new checking customer must provide a valid U.S. Taxpayer Identification Number (W-9) or a valid W-8BEN.
• Cash incentives will be considered interest and will be reported on a 1099-INT or 1042-S, as applicable. Customers are responsible for any applicable taxes and consulting a tax advisor.
• The 2% cash incentive is determined based on a 3-month average daily balance on the account for the first full 3-months. Starting date for the 3-month period will be the first date of the new month after the account opening; if the account is opened on the first day of a new month, that date will be the first date of the average balance calculation period
• The 2% cash incentive is determined based on a 3-month average daily balance on the account for the first full 3-months.
• Starting date for the 3-month period will be the first date of the new month after the account opening; if the account is opened on the first day of a new month, that date will be the first date of the average balance calculation period.
• The maximum incentive is $500 per customer in each account type (personal, business account).
• Cash incentive will be paid within 60 days after a qualifying account has been opened for three (3) full months.
• If the account is closed within the first six (6) months, cash incentive will be deducted at closing of the account if it has already been paid.

Avoiding Fees

Monthly Fees

• Super Plus Checking account has a $6 fee, but this is waived with a minimum balance of at least $5,000. This account also earns 0.05% APY on balances under $10,000 and 0.1% APY on balances above $10,000.
• Regular checking account has a $7 fee, this is waived with a minimum balance of at least $500

Early Account Termination Fee

Account needs to be kept open for at least six months otherwise the bonus is forfeit

Our Verdict

This basically works out to be a return of 8% annualized (really 8.1% APY if you do the super plus checking account) so it is worth doing. Not clear if you can do both the personal and business account. I’d recommend asking if they have hit the account caps ($10 million or 1,400 accounts for personal and $20 million or 800 accounts for business) before opening the account. This is really more of a savings bonus than a checking bonus, so I’ll add this to the list of the best savings account bonuses.

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