Offer at a glance
- Maximum bonus amount: $300
- Availability: Must be a resident of California
- Direct deposit required: Create one to two recurring direct deposits totaling $500 or more each per month for 6 months
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $8, avoidable
- Early account termination fee: Six months+
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- Metropolitan Bank is offering a $300 bonus. Bonus is broken down as follows:
- Get $50 when you open a checking account with us online using promo code “WELCOME”
- Get $50 for each monthly recurring direct deposit or bill pay set up (max 2 each), up to $200!
- Get $50 for opening a debit card and making a purchase
The Fine Print
- Bonus cash offer is available to existing and new Bank checking account customers who open a new account online with new funds.
- All applicants must not have closed checking accounts or savings accounts with the Bank within 90 days prior or closed accounts with a negative balance within the last 3 years.
- You can receive only one new bonus checking account per customer.
- To receive a bonus when applying online, use promo code: WELCOME.
- To receive the bonus: 1) Open a new qualifying Bank checking account, which is subject to approval;
- To receive additional $50 bonuses: 2) Create one to two recurring direct deposits totaling $500 or more each per month for 6 months made to this account within 30 days of opening your account. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person-to-Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. Each recurring deposit of $500 or more is entitled to receive a $50 bonus;
- To receive additional $50 bonuses: 3) Set up one to two recurring monthly bill pays from your account. Each recurring bill pay is entitled to receive a $50 bonus.
- To receive additional $50 bonus: 4) Get and use a debit card linked to this account.
- This offer is only valid for checking accounts opened online.
- After you have completed all the above requirements, we will deposit the bonus in your new account within 30 days.
- To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership.
- Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
$8 monthly fee, but waived when you maintain a minimum average daily balance of $1,500 per month or a combined average monthly balance of $5,000 in a combination of checking or savings accounts
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
It’s nice that you can get at least some portion of the bonus without a direct deposit.
Hat tip to reader RM
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