Posted by William Charles on March 24, 2019
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Published on March 24th, 2019 | by William Charles

366

[Expired] MoneyLion – Up To $599 Checking Bonus (17% Of Your Direct Deposit)

According to this comment the bonus has now officially ended. View more bank account bonuses by clicking here.

[Update 3/24/19: If you opened an account with MoneyLion, keep an eye out in the app for other small bonus offers, like $5 for activating your card and more (images here). Hat tip to reader John Doe]

Offer at a glance

  • Maximum bonus amount: Up to $599
  • Availability: Nationwide
  • Direct deposit required: Yes, bonus scales on your direct deposit
  • Additional requirements: Opt in
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: None listed, but bonus will end after $3,000,000 has been distributed

The Offer

Direct link to offer

  • MoneyLion is offering a bonus of up to $599 as part of their ‘pave the wage’ campaign to highlight pay inequality between genders. To receive the bonus you need to:
    • Join MoneyLion
    • Set up a direct deposit of $500+
    • Opt in to bonus
    • Maintain direct deposit for 90 days to get bonus (this needs to be 90% of your initial direct deposit)
    • Bonus you receive will be 17% of your first direct deposit

The Fine Print

  • This promotion is open to all genders.
  • Matching contributions are limited to $3,000,000 in aggregate.
  • Individual matching contributions are limited to $599 per person.
  • Promotional period ends when maximum matching contributions are reached.
  • Must maintain direct deposit into MoneyLion Checking Account for at least 90 days to receive matching contributions.
  • Eligible matching contributions will be deposited into MoneyLion Investment Account.
  • Must be a MoneyLion member in good standing at all times until payment of matching contributions.
  • See the Official Rules for additional terms, conditions and eligibility requirements.
  • Individuals who opt into the promotion between March 1, 2019, and the time at which the Maximum Commitment is reached (the “Promotional Period”), and who do not already have active preexisting direct deposits into a MoneyLion Checking Account will be eligible for one-time matching contributions of 17% of their initial direct deposits of funds into their MoneyLion Checking Accounts, subject to the Maximum Match. Generally, the matching contributions will be made available 90 days after the initial qualifying direct deposit, and will be deposited into a participant’s MoneyLion Investment Account. Once the Maximum Commitment is reached, MoneyLion will have no obligation to make matching contributions for any direct deposit made, regardless of individual applicant eligibility or time of opt-in for the promotion.
  • MoneyLion may provide matching contributions to the first 100 eligible direct deposits within 10 business days of confirmation that eligible funds have been appropriately directly deposited. For all other participants, MoneyLion will provide matching contributions after the participant has maintained MoneyLion Checking Account direct deposits of at least 90% of the value of their initial direct deposits for 90 days after their initial direct deposit. MoneyLion reserves the right to provide matching contributions at earlier times to select participants in its sole discretion.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about if you opt for the basic version. If you go for the Plus membership there is a $29 monthly fee, but you get $1 every day you log into the app.

Early Account Termination Fee

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

Our Verdict

I’m not interested in hosting a debate on gender inequality when it comes to wages, readers have previously proved that they are unable to stay calm and reasonable while having these types of discussions. Because of that any comment not regarding the deal itself will simply be removed. Please be kind to each other and remember this promotion is open to all genders. 

In terms of the deal itself this is obviously a good one with a $599 maximum. My main concern is that the total payout is limited to $3,000,000 and it’s not clear when they will pull the promotion, especially considering there is a 90 day lead time for the bonus to actually post. If you’re going to do this deal my suggestion would be to do it as soon as humanly possible and to set up the direct deposit as soon as possible as well. If everything goes well and it’s a soft pull to open then this could be a great bonus, but I suspect in reality it might actually be difficult to get the full bonus or that the promotion will end before most people can take advantage of it. To get the full bonus you need a direct deposit of at least $3,525.53, keep in mind that the recurring direct deposits need to be at least 90% of this amount as well ($3,172.98).

If anybody has any experience with MoneyLion, please share that experience in the comments below. They have raised $67.5 million in venture capital, so they should have no problems actually paying out the promotion itself. It also looks like MoneyLion plans to launch a rewards program with up to 12% cash back but it’s unclear how that will work.

Hat tip to reader Groat100

Useful posts regarding bank bonuses:



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cowsareverywhere
cowsareverywhere

Wow that’s an easy bonus but not sure if it’s worth trying to fake the DD.

Brandon
Brandon

Not many DPs on this one so I foresee a lot of be your own dp action here to get in asap to get the bonus… for me it’s a pass but I hope everyone who goes for it is successful

Jeffrey
Jeffrey

does anyone think Paypal or credit union pushes would trigger the bonus? well, there may be a way to find out, right? it says one must DD $500. once that happens the 17% offer is generated. So, if a CU $500 push generates the 17% coupon, it is likely the push would work for the 17% offer too, eh?

cowsareverywhere
cowsareverywhere

Alliant CU seems to work for a lot of these but no actual data to confirm though.

Matt D.
Matt D.

Looks like $3525 is about the amount needed to DD to max out the $599…wish my dd wasnt such a pain to change wonder if PayPal or something similar would work. I know nothing about this company but very intriguing offer!

Hari
Hari

I as very lazy to do the math and was scrolling through comments for someone to do that for me. You saved me 😆

fST
fST

lol it’s just $599 / .17 = 3,523.53 🙂

vince
vince

“the math”

John Doe
John Doe

Nice, thanks for the article, Chuck and Will!

I’ll give it a shot!

Eric
Eric

So, in order to maximize the bonus which will be 17% of your deposit, you should deposit $599/.17= $3523.

Hari
Hari

3,523.52 to be exact. I don’t want you to miss out 😆

DD
DD

Combined; Total desposits over 90 days ?

Kevin
Kevin

just the first deposit….

Brandon
Brandon

A $3,523 direct deposit will get you the max payout of 598.91 bonus moneys.

Held for 90 days of course

Mike
Mike

Does MoneyLion give 17% of 1 direct deposit or the total of direct deposits in the
90 day period.?

John Doe
John Doe

first DD.

Emporio
Emporio

For anyone interested: MoneyLion is offered through Lincoln Savings Bank which is headquartered in Cedar Falls, Iowa and has a DepositAccounts.com Health Rating of ‘A’. They have not been identified as a non-Chex Systems bank on the various websites that compile those lists so I would assume that they pull Chex.

I will not share my views of the gender inequality aspect of the account as Doc has instructed. However, regardless of your personal stance on the topic, it strikes me as shameless marketing to arbitrarily label or brand an account based on a social movement/ debate.

cowsareverywhere
cowsareverywhere

Who gives a fuck as long as they pay out. People use Wells Fargo here everyday after all the crazy shit that they do.

Emporio
Emporio

I didn’t say I would refuse the bonus based on principle! I just have a very negative impression of the bank for its reprehensible product marketing.

A M
A M

Reprehensible? Really?

pandy
pandy

It’s absolutely disgusting. Where do I sign up?

Cinnabar
Cinnabar

Gimme that moneyz!

JohnnyBoyJr
JohnnyBoyJr

Same. Sign me up.
But —
banks won’t be making money off of me. They’ve taken enough from me, so it’s time I return the favor. Over the years I’ll take the hundreds (thousands?) of $$$ they’ll give me and laugh all the way to the ban — uh, credit union.

Rolando G
Rolando G

+1 for this guy’s attitude

Dylan
Dylan

I use wells fargo to dump my MOs from MS. If they shut me down, whatever. It’s wells fargo.

steve
steve

thanks for the uplifting language. not many mature people continue in that vein. best wishes in your future endeavors.

NotRonJeremy
NotRonJeremy

Their faked interest in social causes is just there to mask that they’re offering an updated version of the payday loan with a clever way around usury laws:

They have a free product (that we’re interesting in getting a bonus from), but their goal is to get people to upgrade to MoneyLion Plus membership. With MoneyLion Plus you pay $29 a month to get access to a $500 loan at 5.99%. I’ll let you calculate the effective interest rate on that!

Now it’s true that you get to offset that with a $1 credit for each day you open their app, but if I know payday loan customers (and I have a friend who used to manage a title loan company), they’re not big on checking their debt balance on a daily basis and would prefer to just pretend it doesn’t exist between payments being due.

These guys are going to make a killing on this! All this masquerading as a socially responsible company that cares is just there to help mask who they really are at first glance.

Danno
Danno

All of the best money-making opportunities of this type come at a cost to others. Do you honestly believe that credit card rewards, Netspend interest, and banking bonuses are being pried from some CEO’s pocket? Some people make stupid financial decisions, and other more savvy people indirectly pocket a small percentage of that stupidity. That’s literally the game. If it conflicts with your moral compass, you might be missing something.

Jeff
Jeff

Is the $599 bonus on a single DD only or cumulative on all DD’s for 90 days? (weekly if via employer)

John Doe
John Doe

Your first, single DD.

MEGHANATH NAKKA
MEGHANATH NAKKA

what if you are paid bi-weekly. are you going to get 17% of the first two weeks or for the whole month?

Grant

I signed up through the app. They have a referral program to get people to sign up for the MoneyLion Plus membership. $10 for you and $10 for your friend.

For the DD, this is the bank that MoneyLion uses. Does anyone know what DD works there?

Lincoln Savings Bank
508 Main St, Reinbeck, Iowa, 50669

Xander
Xander

They state that the DD needs to be maintained for 90 days could this mean they want to see consistent DDs in that period?

LAG
LAG
LAG
LAG

William Charles
Fine print section seems incomplete… might need to add summary from full terms and conditions. For instance the following excerpt seems particularly important for readers to understand (CAPS mine for emphasis)… appears you need to maintain not only 500+/deposit but also 90% of the initial DD for 90 days, doesn’t sound like you have to maintain the balance just cant decrease the DD

Timing of Matching Contributions

MoneyLion may provide matching contributions to the first 100 eligible direct deposits within 10 business days of confirmation that eligible funds have been appropriately directly deposited.

FOR APP OTHER PARTICIPANTS MoneyLion will provide matching contributions after the participant has MAINTAINED MoneyLion Checking ACCOUNT DIRECT DEPOSITS of AT LEAST 90% of the VALUE of their INITIAL DIRECT DEPOSITS for 90 days AFTER their INITIAL DIRECT DEPOSIT. MoneyLion reserves the right to provide matching contributions at earlier times to select participants in its sole discretion

John Doe
John Doe

I saw this too in the T&Cs.

If I read this correctly, this means: Assuming the first/initial DD is $3,500, then $3,150 must be maintained in the account for at least 90 days?

Jeffrey
Jeffrey

I do not think you need to maintain any balance, as William Charles said. It sounds like you would have to direct deposit ~$3,500 and $3,150 additionally, within 90 days, to get the full bonus.

John Doe
John Doe

I just read it again and you’re right, it’s not about maintaining the balance, but must do follow-up DDs equaling to 90% of the initial DD, for the next 3 months.

Thanks for the clarification.

AlarmingConsequence
AlarmingConsequence

Do you read it as monthly DDs or a different frequency? I assume monthly but who knows!

Sexy_kitten7
Sexy_kitten7

Hm… There appears to be ambiguity in the meaning of “direct deposit” if you can believe that! Are we to understand DD as funds which have been placed directly into the account as you propose? Or as the act of depositing funds directly? If the former, then maintaining the initial balance would satisfy the terms. If the latter, then ongoing deposits would be required.

This ambiguity would be resolved if the drafter had used the singular form of “participant,” but as written I’m completely stumped. And “INITIAL DIRECT DEPOSIT” has to be singular or plural; they can’t have it both ways! If anyone’s keeping score, I suppose the light most favorable to the consumer is door number 1.

JM
JM

The “first 100 eligible direct deposits…” what does this mean?

Ann
Ann

The very first 100 people to do this promo get it with less requirements than later people. It started weeks ago.

Josiah
Josiah

Does anyone know when this promotion started? This seems like you’re not super likely to get it unless this just started in the last couple of days. 3 million is only enough for 5,000 full bonuses to be paid out which is not a lot given that it is nationwide. Thoughts?

Steve

It was posted on reddit 13 days ago: https://www.reddit.com/r/churning/comments/auy8ev/bank_account_bonus_week_of_february_26_2019/ehp3ti7/ which was a couple days after March 1 which is when the terms say it started.

brandon r
brandon r

im signing up right now and see nothing in the app mentioning this 17% bonus and im not getting any email either to enroll in the offer..

Deepali
Deepali

Same, i have downloaded the app and opened account, but no place to opt in for 17% bonus in app or email.

John Doe
John Doe

I actually saw the in-app pop-up but then I decided to take a screenshot of it so I could share it here, then it went away right away after I took the screenshot. So I managed to get a screenshot but didn’t/couldn’t opt in, in the app…

Still waiting for the email as well now.

Here’s what it looks like in-app: https://i.imgur.com/6meyYLU.jpg

William Charles Chuck

John Doe
John Doe

It could take 1-2 days for the in-app notification to show up. See this post too to see how it looks like: https://www.doctorofcredit.com/moneylion-up-to-599-checking-bonus-17-of-your-direct-deposit/#comment-736179

As for the email, I’ve never received it either.

el_pistolero
el_pistolero

only the first DD earns a bonus?

John Doe
John Doe

Yeap.

Willy Brandt
Willy Brandt

I’ll pass on this one, it falls too much into the “too good to be true” category.

Best of luck to all those who try!

TomJ
TomJ

Yeah, same here!

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