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Offer at a glance
- Maximum bonus amount: $220
- Availability: NJ, In Branch only [Branch Locator]
- Direct deposit required: Yes, $500+
- Additional requirements: None
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: None
- Household limit: None
- Expiration date: June 30th, 2020
Contents
The Offer
- 1st Colonial Community Bank is offering a bonus of $220 when you open a new checking account and complete the following requirements:
- Receive direct deposits totaling $500 or more within the first 90 days
The Fine Print
- No minimum balance is required. Bonus is available to new checking account customers only.
- Customers with a current 1st Colonial Community Bank checking account or who had a checking account with us in the last 12 months are ineligible.
- Limit of one account receiving a bonus per customer.
- Requires direct deposits totaling $500 or more within the first 90 days.
- Eligible direct deposits include automatic electronic deposits of the customer’s paycheck or a government or retirement benefit.
- Direct deposits do not include on-line or mobile banking deposits, electronic transfers from other accounts, payments from an internet payment provider, or a merchant advancing payroll using a debit card.
- The account must be open for at least 90 days and in good standing until payment of bonus which will occur 30 days thereafter.
- Bonus is considered interest and will be reported to the IRS on Form 1099-INT. Offer subject to change at any time.
Avoiding Fees
Monthly Fees
There is no monthly fee to worry about.
Early Account Termination Fee
I didn’t see any early account termination fee in the fee schedule
Our Verdict
Seems like a relatively easy bonus to meet the requirements for, you should be able to ask if it’s a hard or soft pull before opening the account as well.
Hat tip to reader Dawn W
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Still had not received it yet as of early this am. I called once and secure messaged once in last 2 weeks. Apparently they are manually applying the bonuses, and mine was “missed”. When I returned the call (why can’t they just reply to secure message?) the agent asked me if I was going to continue using the account, I said yes. I logged in just now and the bonus has posted (it was not there half an hour ago).
OP here, opened in Westville today. This was such an easy account to open. Yes there was a sign saying Chexsystem. I’m like lol/6 [!] nothing was mentioned about my chex at all, so a contrasting DP to Jace. Took 15 minutes in total.
They did ask who my DD would be coming from and how much it would be (I get 1099 from that job and we’re just opening this week, plus it’s commision based so I had no idea) so not sure if they check that, I’m not sure I will mess with a fake DD for this one since it sounds like it might be manual. Might switch my delivery accounts to here tho. She said the $500 could be cumulative.
Bonus will be deposited after 90 days if account is in good standing. Yes, enroll online for e-statements. You can get a debit card for the account but you have to wait 30 days before requesting.
As a side note, this is a great bank if you are going to be a 1st time homeowner in NJ. They are one of handful of banks that participates in the state 1st time homeowner program ($10k forgiveable loan) AND the Fed Home Loan Bank of NY program which gets up to $15k grant. I met with a MLO Richard in their Cherry Hill office few months ago and he was very generous with his time to answer all his questions (unfortunately my student loans prevent me basically from ever qualifying unless I start to make 3-4x my income; I’m good tho since decided to get over myself and move to my bf’s house even if not close to public transit). Richard confirmed that the program worked with the IDA program I was enrolled in for $4k match to $2k of savings. If you are thrifty and low income check them out they will work with you and are familiar with all the programs.
Great post — insightful and comprehensive. Did you call in advance or just drop by the branch? I’ve been trying to contact them at the indicated number but I keep getting voicemail. Any suggestions? Thanks.
Shoot, just seeing this
shoreman yeah I just walked in. I live less than 10 minutes’ walk so no big.
Not sure if you’ll see this, but what is the Fed Home Loan Bank of NY grant program? I googled, but all I found was a dallas bank grant program … I’m in NJ, so the dallas results were weird, unless maybe they merged somehow? And since the Westville bank (which only hs one other branch in Collingswood) is offering the grant program, I guess the NY grants are good for NJ buyers? Tia
https://www.fhlbny.com/community/housing-programs/hdp/homebuyer-information#:~:text=The%20HDP%20offers%20grants%20up,%E2%80%91based%2C%20member%E2%80%91lenders
Thanks so much – passing along to my son!
Set up an account in person with them today. Definitely Chex sensitive, the manager said, “make sure to check the Chex system” at least 3 times to the person opening the account, and there was a plaque on the person’s desk saying “all new accounts are run through the Chex system.” Not sure if it is a hard or soft pull. And I’m also not sure how I made it through since I’ve opened 10+ accounts in the past three months.
Anyways, it was a very painless process. All in all, only 15 minutes to get everything set-up. Funded the account with less than $20, and plan to have an employer DD hit twice. It is fee free, but make sure to enroll in the online statements, or else there is a $3 fee per each statement.
They might be focusing on derogatory information rather than inquiries.
Ah, this is most likely the case then.
an update: Real DDs totaling over 500 in the 60 day timeframe.
bonus posted exactly 120 days after account opening. I sent them an email the day before saying it should be posted the following day, and it was.
all in all, a very painless process.
Here’s how to take advantage of our 20 year celebration offers:
● Call: (856) 858-8403
● Email: [email protected]