[MD & PA] PeoplesBank $400 Checking Bonus

Update 7/4/22: Bonus has been increased from $200 to $400. Direct deposit requirement increased. Hat tip to reader alopez14

Update 4/17/22: Deal is back and valid until January 31st 2023

Update 3/19/20: Deal is back and valid until June 30th, 2020.

Update 10/05/19: Deal is back and valid until December 31st, 2019.

Update 8/12/19: Deal is available again and valid until September 30th, 2019. Hat tip to reader Dan R

update 2/10/19: Bonus has been increased to $200 from $150.

Offer at a glance

• Maximum bonus amount: $200
• Availability: MD & PA only
• Direct deposit required: Yes, $1,250
• Additional requirements:
• Hard/soft pull:  Soft
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: $100, 90 days
• Household limit: None listed
• Expiration date: March 31st, 2019 June 30th, 2019 September 30th, 2019 December 31st, 2019 June 30th, 2020 12/31/2022

The Offer

Direct link to offer

• PeoplesBank is offering a bonus of $400 when you open a new checking account and complete the following requirements within 45 days of account opening:
  • Receive a direct deposit of at least $1,250

The Fine Print

• One bonus will be credited to an eligible new PeoplesBank checking account opened online for new or existing clients who have not had an existing checking account relationship with the Bank within 24 months.
• To qualify, a minimum of one direct deposit in the amount of $350 or more must occur in the account within 45 days of account opening and the account must be in good standing with a positive balance.
• Qualifying direct deposits include electronic deposits from payroll, Social Security, or retirement benefits and do not include electronic transfers or credits such as account-to-account transfers or those made with internet payment services.
• Bonus will be paid in the form of a statement credit to the account after the 45 day period and may take up to two statement cycles to appear.
• Accounts must be opened online by September 30, 2019 to qualify.
• Limit one bonus per client regardless of the number of accounts opened or titling of accounts.
• Offer does not apply to employees of PeoplesBank and their immediate family members.
• Bonus paid to the client is reportable for tax purposes.
• A premature account closure fee of $100 will be assessed for accounts closed within 90 days of account opening.
• All checking accounts require a $25 minimum opening deposit.

Avoiding Fees

Monthly Fees

This account has no monthly fees

Early Account Termination Fee

According to the fine print they do charge an early account termination fee this fee is $100 if closed within 90 days.

Our Verdict

Previously they had a similar $150 checking bonus but that require making debit card transactions of $50 or more as well. This will be added to our best checking bonuses as it’s a relatively easy bonus to meet the requirements for and there is no monthly service fee to worry about.

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

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