Posted by William Charles on March 14, 2019
Bank Account Bonuses

Published on March 14th, 2019 | by William Charles

30

[DE, NJ & PA only] BMT (Bryn Mawr Trust) $520 Personal Checking Bonus

Offer at a glance

  • Maximum bonus amount: $520
  • Availability: Must be a resident of Pennsylvania, New Jersey or Delaware.
  • Direct deposit required: Yes, two direct deposits of $500+ for full bonus 
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding:  None
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: $520 per household
  • Expiration date: April 30th, 2019

The Offer

Direct link to offer

  • BMT (Bryn Mawr Trust) is offering a bonus of up to $520 when you open a new checking account. Bonus is broken down as follows ($130 bonus per requirement met):
    •  Open a new checking account (excluding Fresh Start Checking) with a minimum opening  deposit of $130 or more
    • Make at least  13 debit card transactions of at least $25 each within 90 days of account opening
    • Receive two qualifying direct deposits of at least $500 each within 90 days of account opening
    • Open a money market account with at least $2,500

 

The Fine Print

  • Offer applies to new customers only.
  • Open any BMT consumer checking account excluding Fresh Start Checking and receive $130 account bonus with an initial opening account deposit of $130 or more. Additional balance requirements and associated fees may apply based on the type of checking account selected. Accounts opened online must fund the account with $130 within 10 calendar days to be eligible for the $130 activity bonus.
  • Customers must make a minimum of thirteen (13) debit card purchases over $25.00 each within 90 days of account opening to qualify for a $130 activity bonus deposit into the account. A qualifying debit card purchase is defined as any BMT Debit Card purchase made at point-of-sale using your signature or PIN, or a purchase made electronically or online using your BMT Debit Card number, including recurring payments.
  • Customers must receive two (2) qualifying direct deposits of $500 or more within 90 days of account opening to qualify for a $130 activity bonus deposit into the account. A qualifying direct deposit is defined as a recurring deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited by an employer or an outside agency into the checking account. Transfers between BMT or other accounts, person to person transfers, or electronic deposits for goods sold are not eligible.
  • Customers must open any personal BMT Money Market account with a minimum opening deposit of $2,500 to qualify for a $130 activity bonus. Additional balance requirements and associated fees may apply based on the type of Money Market account selected. Fees may reduce earnings.
  • Limit one maximum activity bonus up to $520 per household.
  • The qualified activity bonus deposit will be deposited into the checking account and received after 90 days and before 120 days of account opening date. Prior promotional participants are not eligible.
  • A new customer is defined as not having a BMT deposit account in the past 24 months.
  • Current checking account clients or employees of BMT and their family, household members, its parents, subsidiaries, and affiliated companies are not eligible for activity bonuses.
  • Must be a resident of Pennsylvania, New Jersey or Delaware.
  • The value of activity bonuses may be reported to the IRS on form 1099-INT.
  • The recipient is responsible for any federal, state, or local taxes on this offer.
  • Offer can be withdrawn at any time. Rates and terms are accurate as of 03/01/19. Offer Expires 04/30/19.

Avoiding Fees

Monthly Fees

BMT checking has no monthly fees to worry about.

Early Account Termination Fee

I wasn’t able to find any fee schedule so I’m unsure if there is an early account termination fee or not.

Our Verdict

This is a fantastic bonus, it’s obviously huge ($520 total) but that is made better by the fact that you can get most of the bonus without a direct deposit as well and the fact that there is no monthly fee to worry about. Downside is that it looks like you need to schedule a call to open the account. My guess is that this offer will be shut down fairly quickly or they will try to reneg on the deal. I’d sign up quickly if you’re interested.

Hat tip to PracticalEmployee

Useful posts regarding bank bonuses:



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NBG
NBG

Most of us will not be eligible if we did the past bonus. As it says “A new customer is defined as not having a BMT deposit account in the past 24 months”.

IS250
IS250

Was there an ETF?

NBG
NBG

No ETF if closed after the bonus posts.

K
K

Does anyone have any experience with issues getting the bonus/how long it takes to get paid?

This is a bit of a drive for me. I live in Northern NJ and gamble so I go to Parx in Bensalem and Atlantic City a lot, but the locations are still inconveniently 40 minutes or more from both of those locations, so it is out of my way from my usual Saturday casino trips.

I would probably only get $390, but it is still worth it. I just want to make sure it goes swimmingly.

Frito Pendejo
Frito Pendejo

IIRC, the bonus didn’t post automatically on the fine print deadline. I had to call and ask for it. The whole process is entirely manual, had to sign actual paperwork in the branch to sign up and talk on the phone a few times to get the bonus and close it out. No ETF that I remember. I think I waited a few months to close it.

K
K

Yeah, it says you can sign up online but I was out of the range with my zip code. I would definitely call ahead and confirm I am still eligible before going there.

In the past Key Bank has said that very few fit the zip code qualifications, but anyone can apply in branch. When I went it turned out that was a lie.

bax
bax

Will try to find out if having recently closed BMTC business accounts precludes me from getting this promo.

Frito Pendejo
Frito Pendejo

I did the last one but might have my wife try it.

JC
JC

Does anyone know if an IRA CD with the bank is considered a deposit account? Reason I am asking is I previously had an IRA CD with Bryn Mawr Trust that came from another bank they acquired that I closed in January 2018, and wonder if that would make me ineligible for this promotion?

Mlight
Mlight

Any DP’s on direct deposits via bank transfers?

Jags
Jags

Is this really 1 per household or can wife and I both sign up?

NBG
NBG

I did last time and it worked. I think it would work as long as the last names are different. The same with Citadel checking, Fulton Bank.
But, definitely do it on separate days/different branch

Richie
Richie

This Cant be done Online?

K
K

I was rejected because of my zip code. I have a feeling you probably have to live very close to a branch. If so it can be done online.

Mac
Mac

You can apply online, but the radius is tiny. I live 9.7 miles from a branch, and cannot apply online with my home zip code.

Jake
Jake

Am I reading this right, in that the 13 debit card transactions has to be at least $25.00 each? Meaning, you must spend a total of $325 on the debit card between those 13 transactions?

K
K

Correct.

Kevin
Kevin

What would be the best thing to buy? Amazon gift cards?

NBG
NBG

DP: I called the bank to ask if i am eligible as i had a account back in 2017. They checked their database and said it has to be 24 months from close date. So they do check that at the time of opening.

Kumar
Kumar

Can b@nk transfers be considered as DD? If so which?

Jack - NJ
Jack - NJ

Does the phone call require you to go down to branch, or is it all over the phone?

Bobo
Bobo

Just rang them — you gotta go into the office to do this, can’t do it over the phone or online. 🙁

JP
JP

Okay so this is the process according to one of the branches I called. They can send over documents to fill out and then you scan them back to them. once they process it they will need you sign the papers in person. They can either come out to your place of choice (reasonable distance) or you go in the branch. All of the residents of the states mentioned are eligible, you just gotta go meet them in person at least once.

IS250
IS250

Opened in branch:
1) Chex: Yes, not sensitive in branch. 20+ in the last 8 months. Also no hard pull.
2) APY for the money market account is actually 2%. It’s a promotional offer (along with this $520 bonus) and this APY is good until February 2020. This promotional money market account requires a minimum balance of $2500 otherwise a $15 fee (compared to their personal money market which is only $2000 minimum balance).
3) No instant issue debit card
4) DD: This is most likely manually reviewed. You and the banker each get a bonus fulfillment form. The banker/branch that you opened the account with will fill out the form if you’ve met the requirements to get one of the four parts of the bonus. They will then submit that form between 90-120 days and you’ll get your total bonus according to how many requirements you fulfilled. So faking a DD will likely be tough. I’m using my employer DD so won’t have a DP for you guys.
5) No starter checks and checks aren’t free
6) You can’t fully opt out of overdraft service. They will just disable “courtesy pay”
7) No ETF. Just wait for the bonus to post
8) ACH external transfers are $3
9) Eligiblity: Explicity written in the branch flyers and printouts that one per household/primary address and can’t have had an account/got a bonus in the last 24 months.
10) Be sure to opt out of paper statement to avoid $2 fee. BMT checking is eligible for this bonus so go with this account since no requirements or other fees.

Edit: Just make sure not to have a $0 balance in the BMT checking account even though no minimum balance required. It says they will close accounts if $0 balance and no activity for 45 days.

IS250
IS250

William Charles Should add this to the best bank bonus page.

Matt
Matt

I got a bonus last year from them. If my spouse opens an account would they qualify for the bonus or does it depend on product type?

joe
joe

So I’m trying to understand, how does the banker verify the direct deposit? Does he ask you in advance for proof of direct deposit or employment information? Or do they follow up with you after it already posted?

Matt
Matt

If you had Royal Bank America bonus within the last two years, this will count against you for the bonus as they were bought by BMT bank recently.

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