Posted by William Charles on July 12, 2017
Bank Account Bonuses

Published on July 12th, 2017 | by William Charles

41

[Expired] First Citizens Bank $200 Checking Bonus, Direct Deposit Not Required [AZ, CA, CO, DC, FL, GA, KS, MD, MO, NC, NM, OR, OK, TN, TX, VA, WA, WV]

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: AZ, CA, CO, DC, FL, GA, KS, MD, MO, NC, NM, OR, OK, TN, TX, VA, WA, WV
  • Direct deposit required: Optional, $500+
  • Additional requirements: Direct deposit of $500 or 10 debit card transactions
  • Hard/soft pull: Hard
  • Credit card funding: Yes, up to $1,000
  • Monthly fees: $16-$20, waiveable 
  • Early account termination fee: $25, 180 days
  • Expiration date: June 30th, 2016 September 30th, 2017

The Offer

Direct link to offer

  • Receive a sign up bonus of $200 when you open a premier or prestige checking account with First Citizens Bank, open a new debit card and meet one of the following requirements within 60 days of account opening:
    • Receive a qualifying direct deposit of $500 or more
    • Make ten debit card purchases

first citizens

The Fine Print

  • You may receive a $200 bonus credit when you open a new Premier or Prestige checking account, obtain a new debit card on the account, and meet one of the following qualifiers within the first 60 days of account opening: (i) receive a qualifying direct deposit or (ii) make 10 debit card transactions. A “qualifying direct deposit” is a $500 or larger recurring electronic deposit (e.g., direct deposit of your paycheck, pension payment, Social Security payment or other regular monthly income) that is automatically credited to your account by an employer, government agency or other third party.
  • Account must be opened between July 1, 2017 and September 30, 2017. Standard account opening prerequisites apply. Minimum deposit required to open a Premier or Prestige account is $100; however, there is no minimum balance requirement to qualify for the bonus. Bonuses to qualified accounts will be credited, at Bank’s sole discretion, any time within 90 days after all qualifiers have been met. Account must be open and in good standing at the time Bank credits the account. Offer is valid only on accounts where all account owners on the account are new customers. A “new customer” is one who is not a current or prior customer of First Citizens Bank. The Annual Percentage Yield (APY) on Premier and Prestige checking accounts is .01% as of July 1, 2017. APY is variable and may change after account opening. Fees could reduce the earnings on the account.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

 

Avoiding Fees

Premier Checking Monthly Fee $16

The monthly fee of $16 is waived if any of the following conditions are met:

  • $5,000 combined daily balance in Premier Checking, Together Card, Regular Savings, Bonus Savings, e.savings, Tiered Money Market Savings, Premium Tiered Money Market Savings, CDs, IRAs or an Investor Services Accounts OR
  • Direct deposits totaling $4,000 or more per month OR
  • An EquityLine of at least $25,000 OR
  • A home EquityLoan OR

Prestige Checking Monthly Fee $20

The monthly fee of $20 is waived if any of the following conditions are met:

  • $25,000 combined daily balances in Prestige Checking, Together Card, Regular Savings, Bonus Savings, e.savings, Tiered Money Market Savings, Premium Tiered Money Market Savings, CDs, IRAs or an Investor Services Accounts OR
  • Direct deposits totaling $6,500 or more per month OR
  • An EquityLine of at least $100,000 OR
  • A home EquityLoan

Early Account Closure Fee $25

This early account closure fee is waived if you keep the account open for a minimum of 180 days.

Our Verdict

This bank has offered sign up bonuses of $150 for checking accounts with the same requirements in the past, $200 is more tempting but the main issue I have is that it’s a hard pull to open the account. Given that you could open a credit card with a higher cash bonus instead, I’d recommend giving this bonus a miss. Which is a shame, because it would be a killer deal if it wasn’t for that hard pull. We haven’t added it to our best of list due to the hard pull.

Big thanks to reader, Jason who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

Hat tip to reader Darron



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Matt
Matt

Avoiding the fees looks a little difficult. I’d probably just pay the fees and pay the early closure fee as soon as the bonus posts. But if it actually took 90 days, that could be fees of $25+16+16+16+tax.

The end result would be maybe ~$105, which wouldn’t be worthwhile for me.

mk712
mk712

Also it’s most likely reported on a 1099, so you’d pay taxes on the $200. Assuming a 20% tax rate that drops the profit to ~$65. But then you also need to add the $1000 CC funding on a 2% CC, and that brings you back up to $85. Still not worth it though.

mk712
mk712

Oh, read that too fast, you already took taxes into account.

BH

$25 Closure FEE? … where? — not specified in their fine print, details, on First Citizen’s actual New Account setup page.

Any actual verification / proof, of $25 Closure FEE?

Ron
Ron

It is under their Personal Accounts Disclosure page, pick your state and see if it is the same $25 account closure fee as it is in California:

https://www.firstcitizens.com/personal/banking/disclosures

kevin
kevin

this is so bad. They made a hard pull of my credit and declined my application.

Will never use first citizen. Rubbish bank.

Just keep away from this bank.

Bill
Bill

What was the reason for denial?
Was it due to ChexSystems inquiries? Credit report inquiries?

sam
sam

I am from California bay area. I applied for this and so did my brother, but they denied both applications. Maybe because there is no physical branch here.

Superman
Superman

FCB allows credit card funding. I made initial deposit with credit card for $1,000. Applying in-branch or over the phone for their Optimum Rewards Visa or Checkline Reserve line of credit at the time of account opening will result in a single hard inquiry on Equifax.

Superman
Superman

After opening the new checking account and obtaining a new debit card, I received several disappointing notices. Each of my five bill pays had received a bounced payment, my direct deposit had been returned to payroll, and my account closed due to ChexSystems. The search continues for a bank that doesn’t let down its clients.

Ron
Ron

Opened an account with them online yesterday, got everything setup for use today after they sent me their approval e-mails and then I was prevented from accessing my online account.

I called them and they said they were closing my account because of something found with Chexsystems. I just got my Chexsystem report last week and there is nothing negative in it so it has to be because of the inquiries made by other banks/ credit unions I’ve opened this year. My credit is excellent with all the major credit reporting agencies.

Since they also ran a hard credit pull to sign up with them, that will further count against me somewhere down the line. Not worth it. Will never deal with these clowns again.

Joe
Joe

Hey. They are doing the same with me. (Jokers) How did they return your initial deposit?

Also, rep. confirmed that accounting closing is only possible in branch or via mail (with a notarized letter).

Alex
Alex

Has anyone received their bonus yet? I met the requirements a little over 2 months ago using 5 payments of $1 each. No bonus yet. Anyone have any luck?

Devin
Devin

I did receive my bonus, but good luck closing the account! I brought my balance to $0 and called to close it and they told me I am required to go in branch. When I told them I did not live near a branch they gave my a number to fax a letter to. Several days later I called customer service to see if they received my letter and they said they did, but they are mailing out a letter where my signature needs to be notarized and sent back in order for them to close the account. I have done many bank bonuses that have been published on here and this is the first time I have ever had to go through so many hoops in order to close it! This one is a pain, but I appreciate all the other easy free money I have received from this site.

zjts
zjts

Is this list accurate as of 4-4-2016? thx

trackback

[…] special thanks goes out to Doctor Of Credit for letting us know about this new offer (previously $150 bonus with 5 debit card transaction […]

Jason
Jason

this pro. enxtend to sep.31 now.still avalibile

LC
LC

banks that do hard pulls need to have a wake up call. Theres no reason to pull someones credit “hard” rather than “soft” for a simple checking account.

DD
DD

But what credit bureau? If it’s something like EQ which never gets pulled in CA, seems reasonable!

Gadget
Gadget

I did this bonus in 2014, and it was EQ then for me, and all other DP’s I have seen since have been EQ. I’m considering having my S.O. do it, but also saw several people say they were denied for Chex. Hoping to see some positive DP’s this time before biting.

Mark
Mark

They are INQ sensitive for Chex

Dani
Dani

Which card could I use and would I need to set CA to $0. The old reviews from 2015 are scary.

Meng
Meng

Just put 5K in premier for six months and you are good to go. Sound legit?

Meng
Meng

But a hard pull for opening an account. Seems not worth it to me.

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