Posted by William Charles on May 19, 2014
Bank Account Bonuses

Published on May 19th, 2014 | by William Charles

5

[CA Only] Logix Bank $150 Checking Promotion

Offer at a glance

  • Maximum bonus amount: $150
  • Availability: CA only, in branch
  • Direct deposit required: Optional (+$50)
  • Additional requirements: Open account (+$50), do three online Bill Pays (+$50)
  • Hard/soft pull: HARD, report of soft pull
  • Credit card funding: ?
  • Monthly fees: $2.95, waivable
  • Early account termination fee: $0
  • Expiration date: None specified

The Offer

Direct link to offer

  • Receive up to $150 for setting up a new bank account with Logix
    • Receive $50 when you open your next account with $250 (received the next day)
    • Sign up for direct deposit within 60 days of account opening and receive another $50
    • Pay 3 bills via web bill pay of $50 or more within 60 days of account opening and receive $50

The Fine Print

  • Direct deposit and bill pay bonuses will be deposited within 30 days after the requirements are completed
  • Limit one per household
  • Current checking account holders are excluded
  • Accounts must be opened in branch to receive this offer [Branch locator], you also must bring this coupon with you.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

All accounts are fee free for the first two months because you’re given gold status automatically. You can view the full schedule of fees by clicking here.

Advantage checking $2.95 Monthly Fee – Waivable

This account has a monthly fee of $2.95 which can be waived if you:

  • receive a direct deposit of $100 or more OR
  • opt for e-Statements
  • $750 daily checking balance
  • Gold or platinum level of relationship rewards

Early Account Termination Fee $0

There is no early account termination fee mentioned in the schedule of fees, although we could’ve easily missed it.

Our Verdict

I live in the service area for this deal (it’d involve a bit of a drive as it must be opened in branch) but because of the hard pull to open the account I won’t be completing this deal. I’d prefer to use my hard credit pulls on credit card applications, as the sign up bonuses are usually much bigger than $150. If I was going to open this account, here is what I’d do:

  • Open an advantage checking account (lowest requirements to keep fee free), fund the initial opening amount with a credit card if possible up to the maximum amount. Ensuring I use a credit card with the CA limit set to $0. If credit card funding is not available I’d fund it with the minimum amount of $250 (+$50)
  • Opt for e-statements to keep the account fee free
  • Divert $250 of my paycheck to the new account to trigger the direct deposit requirement (+$50). There isn’t any information on other methods that’d trigger the direct deposit requirement so I’d have to do this to make sure.
  • Pay 3 bill pays over $25 each (+$50)
  • Wait for all the bonuses to post then close the account

Because of the hard pull this deal didn’t make it to our page on the best checking account bonuses. We did add it to our ever growing list of all checking account bonuses currently available. Make sure you contact us if you know of any other checking account bonuses.

Direct link to offer | Screenshot of offer



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Ron
Ron

They count an ACH transfer from another bank as a direct deposit to get that $50 bonus. I used Santander and it counted. Also, they give you 6 months before they start charging a fee of $5 unless you keep a minimum balance of $500 between your accounts.

floofer
floofer

Opened a Logix CU Advantage Checking account an hour ago with the $150 promotion. It took about an hour. The banker said he did a soft inquiry on my Experian account to check my score.

No hard pull alert the Experian app. Not sure if there’s a delay, if there’s a new policy, or if it depends on the branch.

For funding, the banker said he could use the cash advance machine on my debit or credit card. I didn’t lower the CA limit on my card so I didn’t try.

I went to a branch in Southern California.

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