[CA, IL, NJ, NY, TX, VA, In Branch] Hanmi Bank $500 Checking Bonus (2% Of Account Balance) – No Direct Deposit Required
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
Contents
The 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.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
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I am tempted.
**Maintain a minimum average daily balance of $5,000 or more for three months.
i_am_out.gif
Yeah, after much thought. I’m out as well. It’s $100 for $5,000.
Now if it was $500 for $5,000 i’d be all over it like a stripper on a pole.
To save on interest lost, it is best to put $2,250,000 in the first day, and then take it out after one business day. That will yield a $25,000 average balance, and the full $500 without having to tie up $25k for 90 days.
I wish I had $2.25 mil to spend on.
Lol at someone who can throw around 2 million dollars being worried about tying up 25k for a few months.
Time to find a account that lets me push and pull 2.25 mil.
Except that the interest lost in one day on $2,250,000 will be the same amount, and if it’s more than one day due to transfer delays then you’ll lose even more.
That’s why you take it out as cash.
Only branches in Southern California
1 in SF, 1 in Santa Clara too
No, I see one branch in San Francisco and one in Santa Clara.
I see northern california branches listed? San Fran and Silicon valley specifically https://www.hanmi.com/about-us/locations
They do show a branch in San Francisco and one in Santa Clara.
Read somewhere that they should also have a branch in SF.
Oh yeah, and I think another one in Santa Clara… 😉
Sweet. They have a San Diego branch. i Just need to see if it’s a hard or soft pull
So correct me if um wrong but I need to leave 25k in there for 3 months which would have ordinarily earned $250 in a 4% acct. so basically an extra 250
Yes that is correct
*
You’d also have to leave $500 balance for 6 months to avoid the monthly fees and early termination fee and make some debit card transactions.
yup
thats after the first 3 months?
Where are you getting a 4% account?
I use TAB bank
Sounds like MoneyLion, no thank you. LOL
What does that mean?
I think what mjonis is referring to is that this promotion ends when it reaches a certain threshold, which the MoneyLion promotion had as well.
FYI won’t let you open business account without operating agreement. Have had legitimate LLC for 8 years and would not budge on this.
also, pulled chex and showed me my report with 10+ accounts opened recently and asked why…told them for account promotions like this one. had to have manager approval but went through fine.
That is some honesty… Surprised they let you open.
all about how you frame it. the banker that was working with me thought it was smart that i was using accounts like this as a CD. mentioned they have CD promotions throughout the year and that i should look into that too.
Free extra chex report? I’m in!
Which branch did you go to?
If your accounts were OK (no overdrafts, etc.) it’s not really a red flag. Lots of accounts can also mean the depositor has lots of money; that’s a GOOD thing! More than one way to look at this.
Unlike Bank of the West, who has only one way to look at it…
score… I had no idea this bank existed and is close to me… I will be all over 8.1% return!! Orion is limiting me to just 1 account so I’ll just move my cash to this bank for a few months… till the next deal comes along.
Have you tried opening a second account with Orion? I know after 90 days it would be another hard pull though.
You can open a second, just not a second 4% account.
Huh really? I haven’t heard about this, I was planning on opening a 2nd 4% since I’m finally almost at capacity of the 1st one.
The change will take effect early next month. They just sent letters to everyone this week. Doc has a post about it.
Ooo missed that one until now. Sad news. Plan B time. Thanks!
I have 2 Orion accounts… I can either add my wife for one of them and keep the 4% going or jump ship with account #2` and get a $500 bonus after 3 months… Imma jump ship.
Lucky you. I emailed Will this deal but I’m more than 40 m from a branch so I won’t be opening an account.
Very tempting. Won’t be able to go into branch until next week so hopefully they won’t meet the thresholds until after next week!
limit 1400 accounts only.
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.
Checked on the cap. SF branch said, they haven’t reached it yet, and the offer is likely to go on for some time.
I also clarified the max bonus for each account type (personal,business). She said one bonus per SSN/EIN regardless of account type.
Opened an account today. Chex pulled (2 inquiries in the past 12 months, 3 in the last 36) but not credit reports. I forgot to ask about credit card funding.
In branch CC funding will almost certainly post as a CA. You are better off not trying, because it just wastes time, and nobody likes to hear “I’m sorry, that didn’t work”.
I can opt for the $500 ($400+$100) checking bonus from Citi with $15K plus a direct deposit instead. I did hear folks having issues with Citi honoring the bank account bonus so for me it is still in the air where I will put my money after I complete the $1k WF business bank account bonus.
Also I really missed the gravy train on the Orion 4% checking account since I’ve never applied for one. I guess that will the next home base for my funds if I don’t find good bonuses for my money to work on.
Citi is just fine. You can signup online, already making it better than this bank. Expect issues logging in if you have CC’s with them, but that doesn’t impact the bonus. I have been hitting Citi Checking bonuses since 2014. They payout… just follow the rules.
Citi is not just fine. I am doing Citi right now for the 3rd time and Honestly its a nightmare. Made the account, linked it to current online login and voila, everything on my online portal is deleted. Vanished Gone!. Spent 30 mins with a rep, apparently they created a new login ID automatically and only assigned one account under it and now I have to go manually find all my accounts to be added back to the online login. Citi being City.
Yeah… that doesn’t affect the bonus. Just your sanity.
I recommend making separate Citi Banking and Citi Credit Card logins. I know – it shouldn’t need to be that way, but with Citi, it does. Based on my experience, everything gets thrown out of whack when you come back after a bank account closure. I think Citi Banking takes priority, and once that get disrupted, it locks up everything else. Been there – done that.
If you came back for a 3rd time, it can’t be that bad. Fool me once, shame on you? Not even sure what the slam is for number 3.
I haven’t had that experience after churning 2x. Same logins worked fine.
I had to file a CFPB complaint to get my bonus and then had to get my Congressman’s office involved to actually get my money. BEWARE! YMMV
5 debit transactions each billing period for first 3 months?
Yup, sounds like minimum of 5 for each of the 3 statement cycles. So minimum of 15 in total.
Be careful on this one：”Make at least 5 debit card transactions during each of the first three statement cycles”
So do they give out a debit card at the branch, or is it mailed？ how long is the estimated mail delay if they mail it？
Most importantly, what are the statement cycle dates？
Good catch. More than likely, debit cards are mailed, since the chip enabled cards are not usually handed out like lollipops at the teller window. Most banks mail it to you in a week or so. And, I would assume statements are not by calendar month, but a month from opening. Most banks are that way… but you are right… that could be a trap. Certainly worth asking about…
I got mine in branch when I opened the account. Odd thing was I have to wait a day before I can set up my online account and set a PIN. The statement cycle starts when you open the account. I’ll do an Amazon reload today to test out the online banking.
My banker said that statements end on the 20th of the month and begin on the 21st. Tried asking about credit card funding but couldn’t make her understand what I wanted to do. In the end just gave up and funded with a check.
So based on the terms and conditions, those who just opened the account this week and are not able to post 5 debit transactions on the first Sep 20th statement are ineligible.
That what I am worried. My banker told me the same. Since a check deposit takes 6 business days for the balance to be available, there is no way I can use the debit card today. I will wait and see if the first statement closed tomorrow.
This is the Red Flag that will have to be addressed in a CFPB complaint. Everyone here should take notice of this.
Turn out my first statement closed yesterday Sep 20. I take a closer look at my banker email, and she avoids using the word “first statement” even though I clearly ask her to confirm “first”. It was just a general wording that a statement is from Sep 21 to Oct 20, so now I have no proof to CFPB. When we spoke on the phone, she seems to do not understand my question and spoke poor English. I don’t know if she pretends or for real, but this bank is so fucking shady. They start the promotion on Sep 18 while the debit card could only be activated on Sep 20, the date everyone’s first statement cut. They did not tell me in branch about the closing date. Now they can deny bonus from people who sign up early on Sep 18 – 20 because these people can’t use 5 debit in time. They can also deny bonus from people who sign up or deposit fund late because, by the time those people deposit fund, they may have already reached $10 millions goal.
I will close my account as soon as my $25,000 is available. Waste a Chex pull, time, and a week of interest for $25K. 🙁
Should’ve clarified in my original post: banker assured me that the 3 months x 5 debit transactions requirement would start after 9/21 as I wouldn’t be able to fulfill with such a short timeline. I don’t think they’d purposely go out of their way to anger brand new customers but I guess anything’s possible. My parents have been banking with them for decades and although their products are usually subpar, their customer service has always been top notch.
May I ask how much the opening balance was for?
$100 minimum opening balance
Thanks KKC, that’s what I was hoping you’d say.
Since bonus is based on average daily balance for first three months, why wouldn’t you just max out with $25k on Day 1? You are planning to deposit more than $25k at some point?
$25K for one day and averaged over 90 days is only $278.
I set up my PIN and did an Amazon reload. Went through fine. One debit transaction down, four to go.
Are you sure amazon reload will be counted as valid debit card transactions?
From their website:
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.
So unless you open on the first of the month, the clock starts the following month. Anyone know if it is possible to close the account by phone or secure message?