Posted by William Charles on March 22, 2020
Bank Account Bonuses no image

Published on March 22nd, 2020 | by William Charles

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[Targeted] First Citizens Bank $300-$500 Checking Bonus, Direct Deposit Not Required [AZ, CA, CO, DC, FL, GA, KS, MD, MO, NC, NM, OR, OK, TN, TX, VA, WA, WV]

Update: it does say Eligible customers received a direct communication with the offer and must present the accompanying offer code at account opening. So marking this as targeted for now

Some people have had their accounts closed the day after opening

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: AZ, CA, CO, DC, FL, GA, KS, MD, MO, NC, NM, OR, OK, TN, TX, VA, WA, WV
  • Direct deposit required: Optional
  • Additional requirements: See below
  • Hard/soft pull: Recent DP all say soft pull, older DPs say hard pull
  • ChexSystems: Unknown, sensitive
  • Credit card funding: Yes, up to $1,000
  • Monthly fees: None-$18, avoidable
  • Early account termination fee: Bonus forfeit, 12 months
  • Household limit: One
  • Expiration date: None listed

The Offer

Direct link to offer

  • First Citizens Bank is offering a checking bonus of up to $500.
    • Earn $500 when you open a new Premier checking bundle and complete the following requirements:
      • Maintain a combined Checking and Savings average deposit balance of $15,000 or more for 90 days
      • Establish a direct deposit of at least $4,000 per month or make 10 debit card transactions within 90 days of account opening
      • Open a new savings account
    • Earn $300 when you open a Free checking account bundle and complete the following requirements:
      • Establish a direct deposit of at least $1,000 per month or make 10 debit card transactions within 90 days of account opening
      • Enroll in eStatements
      • Open a new savings account

The Fine Print

  • Eligible Accounts: This offer is valid only on accounts where all account owners are new checking customers. A new checking customer is one who is not a current or prior owner customer of a First Citizens Bank checking account. Eligible customers received a direct communication with the offer and must present the accompanying offer code at account opening.
  • Bonus Payment Details: To receive bonus payment you must bring all new deposits within 30 days of Account Opening and maintain said balance for at least 90 days after account opening. One offer per household, account funding must be new money not currently held by First Citizens Bank. Free Checking and Savings offers not available to existing First Citizens checking and savings customers, or to customers who have closed, or had their accounts closed within 90 days. If either the new checking or new saving account is closed by the customer within 12 months after opening, we will deduct the bonus amount for those accounts at closing.
  • Bonuses to the eligible qualified accounts will be credited, at the bank’s sole discretion, any time within 120 days after all qualifiers have been met. The account must be open and in good standing at the time the bank credits the account. The value of the promotional bonus credit may be considered taxable income and may be reported against the Social Security Number of the primary account holder on an Internal Revenue Service (IRS) Form 1099. Questions concerning any tax effect of this promotion should be directed to a qualified tax advisor. Limit one bonus per customer.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Free Checking Account

This account has no monthly fees, but you must be opted into eStatements otherwise it auto converts to another account

Premier Checking Account ($18 Monthly Fee)

This monthly fee is waived if you do any of the following:

  • $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 Account
  • ACH Direct Deposits totaling $4,000 or more into your Premier Checking account
  • An EquityLine of at least $25,000
  • A consumer loan with original loan amount of $10,000 or more

eSavings (No Monthly Fee)

This account has no monthly fee to worry about

Early Account Termination Fee

There is an early account termination fee of $25 if the account is closed within 180 days. In addition if the account is closed within a year the bonus is forfeit

Our Verdict

The best savings account earns 0.05%, so that is basically nothing. The premier checking bonus is basically an additional savings bonus of $200 for $15,000 (that is also enough to keep both savings & checking account fee free) worth doing for people with the funds available, especially with interest rates dropping across the board. Main issue is that older datapoints say it’s a hard pull to open the account. Even if it does turn out to still be a hard pull, I think more and more people are less worried about this these days and I’ll be adding this to our list of the best checking account bonuses.

Hat tip to LivingInTheAir

Useful posts regarding bank bonuses:



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Max
Max

Is that possible to downgrade the account after receiving bonus?

ben regelshore
ben regelshore

Seems to not be a great tie up for one year “If either the new checking or new saving account is closed by the customer within 12 months after opening, we will deduct the bonus amount for those accounts at closing.”

Max
Max

I didn’t mean closed, just downgrade from premier to free checking

Gadget 🕵️ Bank Bonus Geek

Most banks do allow you to downgrade, and the rule of thumb is to wait until bonus posts before doing it. So given that they are quazi-Chex sensitive, and the promo language seems targeted, you might be waiting a while to see a datapoint.

edman
edman

i signed up under p2, did a 1000 transfer from chase and now i have another 1000 transfer happening for month 2 from discover. the big question is…is this targeted only? i dont remember there being a code to enter. so im just taking a risk on this one. i sent a dm cause i have my first mortgage and i had an account that has been closed since last year so i thought with the since 90 day fine print i could get this going under me. but they said its only for new customers. so little bit of a gamble on this one.

Sean Paul
Sean Paul

Targeted?

“Eligible customers received a direct communication with the offer and must present the accompanying offer code at account opening.”

Midnight
Midnight

That line does make it seem like it is targeted. That would be dissapointing.
I didnt see a place to enter a code during application.

Richard
Richard

I talked with a local First Citizens branch banker who checked with his marketing department. He told me that this is a targeted promotion and that you need a personal code. He said that codes were in a direct mailing that was sent to existing SunTrust and BB&T customers.

On the other hand however, since some have said that there is no place to enter a code during the application, it seems reasonable to question what I was told.

Gadget 🕵️ Bank Bonus Geek

The thing that seals the deal that this isn’t going to fly (or payout, rather) is that the OPEN NOW link on the promo page, and the regular checking bank page, the link points to the same place. If there was some embedded code, I might have more faith, but from what I can see, there is not.

I am surprised they gave you that much background info on who was targeted. That info is usually pretty hush-hush, but is plausible since those banks share a similar footprint and part of the Truist merge.

Cjrmets
Cjrmets

I don’t live in FL but my Dad does. What kinda risk do I run using my Dad’s address?

Cjrmets
Cjrmets

They want a photo of my Florida drivers license. Guess I won’t be able to do this after all

Andrew
Andrew

in Fine Print, “If either the new checking or new saving account is closed by the customer within 12 months after opening, we will deduct the bonus amount for those accounts at closing.”

James
James

Applied and approved. Done a few bank account bonuses recently. Looks to be soft pull. $2,000 CC funding with BOA codes as purchase, they do not take Amex.

edman
edman

i saw on /r/churning that there is no limit on CC funding, could be a good way to hit MSR. also some reported chex sensitivity and account closure after auto approval, but my p2 is still open and active

James
James

I recall seeing $1,000 limit per account, so $2,000 total.

arch
arch

You were able to CC fund $2000 on a single account? DoC says $1000

Jim
Jim

$1,000 on Checking, $1,000 on Savings = $2,000 total. I did it yesterday.

CT
CT

In the fine print it says one per household but you mentioned Household limit: None listed

Bejoy Thomas
Bejoy Thomas

Is there a limit?

Shirley
Shirley

I was one of those who opened an account with them on a previous bonus, setup online access and then was unable to get into my account the next day. Called them and they said it was closed due to chex. This was when I only had 3 previous accounts opened so I’d say they were chex sensitive.

Was able to fund $1,000 with Capital One but it took filing a dispute in order to get the money credited back to my Cap One account, and that took almost 3 weeks.

Nice
Nice

3 previous accounts within what time period?

Shirley
Shirley

I had just started doing these bonuses so this was the 4th one I attempted within say a 3 month period (at least that was what my chex report said after I got rejected by this bank, my first and only rejection I’ve ever gotten).

musicforthedeaf
musicforthedeaf

Did you get a HP?

Shirley
Shirley

As I recall, there was no HP.

Max
Max

3 previous account in the short period of time?

Shirley
Shirley

Just started doing bonuses at that time, so within three months.

John
John

I guess we’ll see what happens with the targeted language, but I just successfully opened an account in MD. MD was on the list of eligible states, by the way.

Ash
Ash

Where does it says its targeted? Also, did u get a HP?

John
John

See comments below: “Eligible customers received a direct communication with the offer and must present the accompanying offer code at account opening.”

John
John

No hard pull.

Ash
Ash

So the $300 offer doesnt need $15k deposit ? If yes, then I reckon it’s a better offer ?

danny
danny

yea this is the one i went with – no DD required and a simple 10 debit card transactions in 90 days to get $300. much easier than tying up 15k imo

Jesse
Jesse

Account went to Under Review while trying for $300 bonus. Moved to WA in Oct. from a non-eligible state. No new bank accounts/credit cards in over a year.

musicforthedeaf
musicforthedeaf

Did you get a HP?

Jesse
Jesse

Nothing on CK when I checked last night after applying, no changes as of today. There was an option to leave Overdraft Protection unchecked. Account was approved today.

Kelly
Kelly

Hi, Jesse~Have you got approved?

Bleh
Bleh

It says for the $500 bonus it requires DD of $4000 PER MONTH for 90 days, does that mean $4000 DD for 3 consecutive months?

And there doesn’t seem to be any DP’s for what counts as DD’s…

Max
Max

You can choose to do the debit card transaction, just need 10 of them. Just go to Amazon can pay for some gift card or reload gift card there.

Jesse
Jesse

I believe that’s only for the $300 bonus. Correct me if I’m wrong.

Monnu
Monnu

Not for h1b though

Jay
Jay

h1b? what’s that?

H.P.
H.P.

H1B is a non-immigrant visa type for skilled workers. What Monnu said is the deal is only available to US citizens.

Jay
Jay

Thanks

CJ
CJ

And PRs

Max
Max

This is partially incorrect

You can get one with h1b if you are resident alien (pass the substantial presence test)

“To open an account online, you must be at least 18 years old, a US citizen or US resident alien and reside within a region First Citizens Bank serves.”

Monnu
Monnu

it asks for INS Permanent Resident card details which means Green card for US permanent resident alien.H1B guys dont have that.

Allu A
Allu A

That’s correct – “You need to be a US Citizen or US Permanent Resident Alien.”

JV
JV

i get “Sorry – We’re Unable To Help You!
We’re unable to process an application for you at this time. Please visit a branch to apply in person.” when i try to apply. Are they open with cornonavirus out there?

Mali
Mali

Received the same message. I think it is just a denial.

roger
roger

I opened a bank acct online in VA . Credit card funding failed. Dont know about Hard pull.

BlissfulApathy
BlissfulApathy

Guess you’ll have to check your reports and report back!

Miles
Miles

Which credit card?

SDubbs
SDubbs

Similar experience with the Chase SW personal.

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