Posted by William Charles on August 31, 2019
Bank Account Bonuses

Published on August 31st, 2019 | by William Charles

94

[Expired] [CA only] Fremont Bank $200 Checking Promotion

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

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: Must be a Californian resident
  • Direct deposit required: Yes, $500+
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: UnknownChexSystems sensitive
  • Credit card funding: $100
  • Monthly fees: $18, avoidable
  • Early account termination fee: $50, six months
  • Household limit: One
  • Expiration date: September 30th, 2019

The Offer

Direct link to offer

  • Fremont Bank is offering a bonus of $200 when you open a Freedom checking account and complete the following requirements:
    • Use promo code Freedom200
    • Deposit a minimum of $100 to open the account
    • Make $500 or more in qualifying direct deposits within 60 days of account opening

The Fine Print

  • Offer valid for new Fremont Bank personal checking clients only.
  • Clients who already have a personal checking account with Fremont Bank as a primary or secondary account holder are not eligible for this promotion.
  • The client must not have closed a personal checking account within 180 days of the promotion start date (on or after August 15, 2019).
  • The primary account holder must be 18 years or older at the time of account opening.
  • Offer available only to legal U.S. residents with a U.S address in California.
  • Account bonus is limited to one per household.
  • The offer is non-transferable and may not be combined with any other offers.
  • Offer subject to change and may be discontinued at any time.
  • Offer available to accounts opened online only and does not apply to account opened in a branch.
  • The account bonus will be credited to the new Freedom Checking account within 30 days from the end of the month after the qualifying direct deposit is made.
  • “Freedom 200 Bonus Offer” will appear on the checking account statement when the bonus is credited to the account.
  • The new account must be open and in good standing at the time the bonus is credited to the account.
  • The account bonus will be forfeited if the account is closed before the bonus is posted to the account.
  • If the account is closed within six months of opening an account closure fee may be charged, see Deposit Account Agreement Book for more information.
  • Bonus is considered interest and will be reported to the IRS on Form 1099-INT as required by applicable law. Client is responsible for any taxes.
  • A qualifying Direct Deposit is your salary, pension, Social Security, or other regular monthly income totaling $500 or more electronically deposited to your account during the statement period by your employer or an outside agency. Transfers from one account to another, or deposits made at a branch or ATM, do not qualify as a Direct Deposit.

Avoiding Fees

Monthly Fees

This account has a $18 monthly fee (plus $2 paper statement fee). This is waived if you do any of the following:

  • Recurring $500 direct deposit to your checking account or
  • $2,500 minimum daily balance or $5,000 with Combined Balance Option or
  • Automatic Loan Payment to an existing Fremont Bank personal mortgage loan or Home Equity Line of Credit.

Early Account Termination Fee

According to the fee schedule there is an early account termination of $50 if closed within six months of account opening.

Our Verdict

Last year they offered a bonus of up to $500, but that required a deposit of $50,000. Most people would have done the smaller easier Freedom checking bonus and that was only for $150 but didn’t require a direct deposit. This bonus is slightly higher but does require a direct deposit this time. Still worth doing if you live in the area, from memory last year the bonus was pulled early so I’d recommend signing up now if you’re interested.

Hat tip to Sean K

Useful posts regarding bank bonuses:



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DB
DB

No DPs yet for what’s working/not for the DD req?

Matt
Matt

Applied and went to pending, ugh.

monnu
monnu

applied and went into pending….arghhhhhhhhh

Debit
Debit

Do many banks want the credit reports to be unfrozen?

I got rejected outright by BofA, actually more like they wanted me to come into a branch. And another bank wanted me to unfreeze my report and apply again. Wtf is going on.

MoreSun
MoreSun

Some of them do. While they don’t hard hit your credit report some use those agencies for ID verification type purposes.

Superman
Superman

Same happened to Superman.
“When you open a new bank account (for the sign up bonus or other purposes) they do a soft pull on your credit report. If your report is frozen then they will usually just deny you. For those chasing bank account bonuses this means you’ll need to unfreeze your report each time you do.” https://www.doctorofcredit.com/sould-i-keep-my-credit-report-frozen-a-look-at-pros-cons/

James
James

The obligatory, what counts as direct deposit for this bank. Didn’t see a datapoint in the current doc list.

sonia
sonia

probably serve

Superman
Superman

Two DPs of Chase being used to waive the monthly fee despite the fine print, “Transfers from one account to another…do not qualify as a Direct Deposit.”

Kyle ❤️
Kyle ❤️

Can you share the source of that please 🙂

Superman
Superman

https://www.fremontbank.com/personal/bank/checking/compare-accounts $18** Waived with recurring $500 direct deposit* to your checking account… *A Direct Deposit of your salary, pension, Social Security, or other regular monthly income electronically deposited to your account. TRANSFERS FROM ONE ACCOUNT TO ANOTHER, or deposits made at a branch or ATM, DO NOT QUALIFY AS DIRECT DEPOSIT. [Emphasis mine.]

Kyle ♥
Kyle ♥

I meant the 2 DPs of chase being used to waive the monthly fee. Thought that would be obvious given the original question.

Superman
Superman

Link is posted under “Our Verdict”. Perhaps kirk and Granville could chime in to clarify their experience from last year.

Kyle ♥
Kyle ♥

So you’re statement that Chase will work to waive the monthly fee is not necessarily correct. I checked out every post Kirk had and he does suggest that Chase and Alliant got him an email the same as his real DD, but that does not mean they waive the monthly fee or necessarily count as fake DD as his real direct deposit from a paycheck would have counted, leaving us uncertain if Chase or Alliant would have done so. This may be the best guess we have as of yet though so thank you for sharing.

Second, Granville says nothing about waiving a monthly fee. Although this was likely why he/she did the transfer with Chase, it does not suggest that Chase will work to waive the monthly fee as you stated.

Third, there was one report of pulling funds after the bonus hit and getting away without an early termination fee that might prove useful to also avoid monthly fees. I wouldn’t risk it but maybe could work for others. Source:
https://www.doctorofcredit.com/ca-only-fremont-bank-150-500-checking-promotion-direct-deposit-not-required/#comment-659996

Granville
Granville

Unfortunately I didn’t record all the data. Based on my habit, I only used one bank (Chase) to fulfill the DD requirement as well as the “monthly fee waive” requirements. Hope it helps.

Kyle ❤
Kyle ❤

Granville how long did you keep the account open? Thank you for the input!

Granville
Granville

Opened on 7/29/18. Closed on 1/31/19. Six months.

Kyle ❤️
Kyle ❤️

Cool, well that means I won’t lose anything on fees which makes it worth it to at least try some different things to trigger the bonus. Thank you! I submitted an application and also went pending.

Looney Tunes
Looney Tunes

@Granville, do you remember how soon the bonus posted after making your DD using Chase?

Superman
Superman

$500 transfer from Chase Bank completed 8/23. Bonus posted 10/2.
Link is posted under “Our Verdict”, read carefully. Chase DD was NOT being used for purposes of the bonus, Chase was used in order to waive the monthly fee, and it counted for that purpose.

Looney Tunes
Looney Tunes

@Superman, Was asking Granville because he states: “I only used one bank (Chase) to fulfill the DD requirement as well as the “monthly fee waive” requirements”

See that his DP is that a transfer from Chase was completed on 8/23 and then got the bonus on 10/2, so not sure why you say Chase DD was NOT being used for the bonus but for the fee waiver, so kind of confusing.

Kyle ❤
Kyle ❤

Previous promotion did not require DD for bonus.

Looney Tunes
Looney Tunes

Got it Kyle and Superman, my bad!

Vanson
Vanson

Is this limited to Northern CA/Bay Area, or can anyone in California apply (i.e. central coast/socal)?

GG
GG

pending in socal

sonia
sonia

the requirement is to be a California resident.

Superman
Superman

I read this as legal U.S. resident with a California address, not mandatory to open in branch, and I.D. not necessarily required to be from California.

Ro
Ro

Rejected in SoCal
Got a call where they confirmed the details, but ultimately declined the application. In that call I was told my foreign passport doesn’t work.
I called again, and this time the conversation went towards not having a branch in soCal and so it’s better for the customer not to open an account with them. But the main point is that they do a chex and don’t want multiple inquiries on that. I was asked about 2 recent inquiries they saw on Chex and so was rejected.

Very strict with number of accounts opened in recent times

Hope that helps

sybloc
sybloc

“The client must not have closed a personal checking account within 180 days of the promotion start date (on or after August 15, 2019).”

With Fremont Bank or any bank?

Language like this is frustrating.

Superman
Superman

No, it’s not frustrating under California contact law and you can have closed a Fremont Bank business checking account. (California Civil Code section 1654, Badie v. Bank of America (1998) 67 Cal.App.4th 779, 801 [79 Cal.Rptr.2d 273].)

sybloc
sybloc

What?

Can you please clarify what you posted?

If you were really Superman you’d post using proper punctuation and grammar instead of trolling.

Superman
Superman

*contact = contract, even (for those not fluent in typos). As in the agreement between you and Fremont Bank’s Freedom 200 Bonus Offer. Your state provides an additional protection, as it has its own CFPB, California Department of Business Oversight, Division of Financial Institutions.
To your 2nd point, the naming origin of Superman is of itself a typo, mistaking the S-Shield for the letter ‘S’ instead of as the coat of arms for the House of El.

sonia
sonia

most likely Fremont bank

Josh in San Diego
Josh in San Diego

I applied and got pending as well. I used my passport info though, so they’ll need to see a copy of it. I hate using my DL as the address doesn’t match. I did $100 CC funding and they pre-auth’d that card. I shows pending a $100 charge and $100 credit. #weird

Eff_G
Eff_G

Same here. Funded $100 with CC and was given the pending review status. I did use my DL though, not too sure if it matters. There’s actually a branch in my city too.

Josh in San Diego
Josh in San Diego

Over the phone I was informed they’re more stringent on online apps, so maybe going into a branch might help. I wish I were closer so I could do the same.

Steven
Steven

Mine went pending as well and I’m close to their branches.

Floyd
Floyd

Anyone get approved yet?

sonia
sonia

nope. they have yet to call me

Josh in San Diego
Josh in San Diego

Denied. Chex or Early Warning sensitive. I called them and they gave me the run around, saying my CC funding failed (it didn’t), but they finally admitted it was the number of accounts I’ve opened this year. She did say I can reapply but I don’t see the point. They were just trying to blame the funding for the refusal, not admit it was my other checking accounts.

Josh in San Diego
Josh in San Diego

My CC confirmed they charged my card $100, then refunded it moments later. Shocker.

James
James

Tried to fund $100 w/ Amex Hilton Biz and it did not go through. Used CFU instead and accepted just fine.

Jim
Jim

Applied 9/1, went to pending. Since then, no email or phone call from the bank. I’ve reached out via email. CC funding is still pending on my CC activity.

Looney Tunes
Looney Tunes

Same here, been over a week and nothing from them. Guess we could call to find out for sure.

Probably one to write off and move on.

Jason
Jason

I applied on 09/01/2019 and finally got a call on 09/10/2019. The rep sounded very reassuring on the phone and went over my entire application, bonus requirements, billpay, overdraft opt out etc. At the end of the call, she brought up my Chex score and mentioned I had 18 inquiries. She wanted to walk through what each of them were for. I simply stated that I like to compartmentalize my finances with different banks, and she seemed to accept that response.

She is submitting the application for approval today, and will be giving me a call tomorrow. I will update!

Kyle ❤️
Kyle ❤️

If you don’t mind me asking, what is your location?

Jason
Jason

I’m in San Diego

Kyle ❤️
Kyle ❤️

Did you get approved?

sonia
sonia

just got a call from the banker. they reconfirm everything on the app and then ask additional questions. takes 15-20 min… but I believe I’ll get approved

sonia
sonia

uhhh ok. so I received an email saying my application was denied… the customer rep that called me regarding my application was such a hype man making me think I was going to be approved T_T
I opened maybe 10 or so bank accounts within the last 12 months, so Fremont bank might be Chex sensitive

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