Posted by William Charles on February 25, 2016
Bank Account Bonuses

Published on February 25th, 2016 | by William Charles

81

[Expired] [South FL, NY, NJ Only] Get $125 For Opening A Checking Account With Popular Community Bank

This offer is no longer available.

You can get another $50 for using mobile cash withdrawals currently as well.

Update: According to this comment it has to be a ‘real’ direct deposit and regular ACH transfers do not count.

Reposting this since it was last posted in April of 2014.

Offer at a glance

  • Maximum bonus amount: $125
  • Availability: South FL, NY, NJ Only
  • Direct deposit required: Yes, three deposits of $500 or more
  • Additional requirements: 5 online bill payments
  • Hard/soft pull: Soft
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: $25, six months
  • Expiration date: None listed

Update: This deal is now only available in New Jersey, New York, and South Florida. That means CA & IL are no longer eligible.

The Offer

Direct offer link (bonus is no longer clearly displayed but it is mentioned in the fine print on the linked page)

  • Receive $75 when you make three 3 ACH direct deposits of $500 or more
  • $50 when you make 5 online bill payments or preauthorized withdrawals

popular

The Fine Print

terms of popular bank bonus

  • Only available to those in FL, CA, IL, NY or NJ
  • Bonus requirements must be completed with 90 days of opening account
  • Bonus payment will be made within 60 days of completing the requirements, account must open still
  • Bonus limited to one per customer per lifetime
  • All bank account bonuses require you to pay tax on them
  • Minimum opening deposit of $50 ($25 in NY)

Avoiding Fees

Monthly Fees

Basic Checking $0

This account doesn’t come with a monthly fee

Basic Interest Checking

  • If an average monthly ledger balance of $250 is maintained, the monthly service fee is waived.

Popular 50+ Interest Checking

  • Free if you’re over 50 years of age

Popular Investor Checking

  • If an average monthly ledger balance of $1,000 is maintained, the monthly service fee is waived.

Early Account Termination Fee

Update: There is an early account termination fee of $25 if the account is closed within 6 months.

It doesn’t appear as if there is an early account termination fee, but as it’s easy to have a free account with the basic checking product it doesn’t matter much if there is one if you close the account within six months.

Our Verdict

Update: Deal isn’t as good now since any ACH transfer won’t trigger the bonus according to this comment.

I like the simplicity of this deal, you don’t need to worry about which methods work as a direct deposit – as it doesn’t require a direct deposit, only an ACH transfer.

Here’s how we’d be doing this deal:

  • Open the basic checking account as it does not have a monthly fee
  • Do three transfers of $500 or above from my existing checking account
  • Complete five regular bill pays
  • Wait to receive the bonus (will post within 60 days)
  • With until the six month mark at least before closing the account in case there is an early account termination fee
  • Close the account

The other downside is that not everybody is going to live within the service area. I’ve added it to our list of the best state specific bank bonuses.

Screenshot of this offer | Direct application link

Hat tip to MIAMIGUY305  from Slickdeals

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chuck
chuck

In your experience, how hard is it to close a bank account? Can I do it on the phone? Mail? Does it vary by bank?

John Collins
John Collins

Doctor:

My wife and I opened a joint checking and savings account at Chase to take advantage of the $400 offer. A week later I tried to open a checking account online at First Niagara and they refused me. They said that I had been rejected by Chex. My wife was successful. A week later both of us tried to open accounts at Popular Community. Both of us were rejected by the Chex check. They said we had recently opened another checking account. They picked up Chase and First Niagara on me, even though First Niagara rejected me.

I notice where you open a couple of accounts a month without a problem, but I was not able to. Do you know how long Chex takes to give you a pass on the next account opening?

Kumar A
Kumar A

Got $125 bonus today. Chase ACH push worked.

jcb
jcb

What did you do for bill payments? Can it just be some small CC bill payments?

Daniel
Daniel

Where did you find direct deposit/routing number information? Can’t find it anywhere….

Diamond Vargas
Diamond Vargas

Had to call — it’s 026008811

Diamond Vargas
Diamond Vargas

William, any idea about a minimum dollar amount of the bill payment? Could I pay my electric bill in a few small installments?

Tony
Tony

Wanted to add a datapoint for anyone looking to do this. It worked for me, but was probably the biggest pain of any signup bonus I’ve ever gone for. Capital One 360 ACH worked as direct deposit.

Was mostly a pain because this bank does not have their stuff together. They sent me duplicate forms to sign and send in a couple days apart. I signed and sent back the first set, and they called me two weeks later saying they still haven’t received my docs. I never sent in the second set, figured I’d wait to see if the bonus posted without it.

Bonus posted almost 3 months after opening the account. Probably still happy I did it, but if you’re weighing two options to limit your Chex inquiry, I’d probably pass on this one.

SamSimon
SamSimon

“if you’re weighing two options to limit your Chex inquiry” what do you mean by saying this? thanks

Kay
Kay

$25 early termination before 6 months. Found out today

Daniel
Daniel

Got all of the way to the funding page and then was thrown a general error, application rejected

Will

with the lowest tier, do you mean “popular checking” instead of “basic checking”? that’s what i found on their website

Ian
Ian

Your title is misleading: South FL, NY, NJ Only] Get $125 For Opening A Checking Account With Popular Community Bank, No Direct Deposit Required! To get $125, you need Direct Deposit!

bruce
bruce

$25 funding worked for me and I’m in NJ.

Thnks

Matt
Matt

Tried to log in today but was locked out. Turns out they are closing my account because of 7 chex systems inquiries in the last six months. Annoyed that they didn’t just reject my application to begin with, instead of waiting a couple weeks, including after I had ACH’ed $1500 into my account.

bruce
bruce

If I funded $25 (not in NY at the time didn’t know I had to fund $50) would that disqualify me from the bonus?

David
David

Does the initial deposit count toward the direct deposit?

Dave_B
Dave_B

Probably not.

However, since you can push $500 in, then pull it back out(and repeat), you can deposit the same $500 three times if you’re short on liquid funds.

Ted
Ted

This offer still good? I don’t see offer anywhere on website

Elliot
Elliot

https://www.popularcommunitybank.com/services-for-me/checking//
check out the fine print, offer still available

Ted
Ted

Except you don’t see notation one referred to anywhere in the product descriptions

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