Posted by Chuck on June 5, 2018
Bank Account Bonuses

Published on June 5th, 2018 | by Chuck

116

[Expired] [NJ] Columbia Bank $500 Checking Account Bonus

Update 6/11/18: $500 offer is no longer available online. Looks like the $200 bonus is still being offered though. Readers note that $500 offer is still available in-branch.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability:  Must live or work in the State of New Jersey (account can be opened online)
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: Bill Payment
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: Up to $500
  • Monthly fees: None
  • Early account termination fee: Account must be open at time of bonus posting
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

Open a new Columbia Bank Yield Plus Checking and receive up to $500 in bonuses, as follows:

  • $200 just for opening the account
  • $200 for receiving a qualifying direct deposit within 60 days of account opening
  • $100 for making a bill payment within 60 days of account opening

The high-yield interest isn’t interesting since there are lots of accounts with better rates and without the required minimums.

The Fine Print

  • This offer applies to new consumer accounts only. New money only.
  • If you open a new Yield Plus Checking account with funds that are not already on deposit with Columbia Bank, you will receive a $200 cash credit to your Yield Plus checking account within 100 days from account opening. You are permitted to receive only one account opening cash bonus irrespective of the number of accounts you open.
  • You will receive a $200 cash credit to your Yield Plus checking account after we have seen that a qualifying direct deposit transaction has been posted to your Yield Plus account within 60 days after the date you opened the account. Only one $200 credit will be made in total for qualifying direct deposit activity to this account within the first 60 days of account opening. You are permitted to receive only one of these bonuses irrespective of the number of accounts you open.
  • You will receive a $100 cash credit to your Yield Plus checking account after we have seen that a Columbia Bank online bill payment transaction was debited from your Yield Plus checking account. The debit has to occur within 60 days after the date you opened the account. Only one $100 credit will be made in total for the Columbia Bank online banking bill payment activity. You are permitted to receive only one of these bonuses irrespective of the number of accounts you open.
  • To receive any of the aforementioned bonuses, the account must still be open at the time we are ready to credit the funds and at all times the account was in good standing.
  • The cash bonuses will be reported as interest to the IRS on form 1099-INT.

Avoiding Fees

There is no monthly fees on this account.

No early termination fee is mentioned either, thought the account must be open at the time of bonus posting.

Our Verdict

They’ve had a $200 bonus on their Advantage Plus Checking for quite some time. This $500 deal way better and is even easier to do since the Yield Plus Checking does not have the $500 minimum to keep fee-free. If you did the previous deal, you might be able to do this deal as well if your previous account is closed.

As far as I can tell, all you have to do here is:

  • Open the account with $1 – this gets you $200 (might as well open with $500 for the credit card funding)
  • Do one bill pay of any amount – this gets you an additional $100
  • Get one direct deposit post of any amount posted to the account – this gets you an additional $200

Seems like most bank ACH’s have worked to trigger the direct deposit requirement, and the PDF sounds like that as well. You can get $300 even without any direct deposit.

Anyone from New Jersey can open an account online. Might be possible to do this deal from out of state by going in branch.

Oddly, this page shows it as a $300 bonus. I guess they aren’t counting the $200 direct deposit bonus there. The $500 bonus is mentioned clearly on the home page, the landing page, as well as on this PDF. There’s no promo code or anything; apparently, it just gets attached automatically to any Yield Plus account opened.

Deal looks too good to be true, to be honest, I feel like I’m missing something. We’ll add this to our state-specific best checking promotions list as it’s probably the best checking deal of all time if it works as advertised.

Hat tip to reader Harry

Useful posts regarding bank bonuses:



116
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
MoneyMaker
MoneyMaker

Wonder if previous customers would apply..

Patti
Patti

I’d love to know this as well.

Klobb
Klobb

Opened and funded $500 with CSR.

Just note that the terms of the Yield Plus Checking Account Disclosure DO NOT have the full $500 bonus listed. It has $100 for ACH and $100 for Bill Pay only. The remaining $300 in bonus are not on the agreement.

Chris
Chris

It seems like the overdraft has defaulted to be checked, which might lead to a hard pull? Just to confirm. Any dp here?

Novacat05
Novacat05

I unchecked overdraft and did not get a hard hit when I opened an account earlier this year for a $200 bonus from them.

Chris
Chris

It won’t let you continue if you don’t check the box for overdraft. Concerned.

Klobb
Klobb

Chris, you have to check it to confirm you read the disclosure. You can check that you DO NOT consent to overdraft. This does not result in a HP. Simply had to scroll down or read the terms below that check mark 🙂

Tyler
Tyler

The opt-in/opt-out is for overdraft on ATM/Debit transactions. To me that implies you’re still opted in to overdraft protection on paper checks.

NC
NC

Tyler, I agree and am concerned about this as well. Paused my application even though a hard pull may still be worth $500. But important to know before proceeding. Can anyone confirm?

Dan
Dan

Time to fly to NJ 😀

Thomas
Thomas

You have to live or work there

Bill
Bill

You’re living there for a short period of time. Or, you’re doing some contract work from somewhere in NJ. Do they really follow you back to your workplace? Not!

Matt
Matt

My dad lives and works in NJ, does anyone know can I use his address to qualify or will they double check with my employer?

Ewejay
Ewejay

They will not call your dad’s employer. They will do a soft pull of your credit report and pull Chex so you will need to have a NJ address on those. Unless you moved out recently I don’t think your odds are good.

Thomas
Thomas

This is wrong as you just need to work in NJ not live there.

Farley
Farley

Anyone confirmed that ACH still works as DD this time?

The terms seem to explicitly say that’s not gonna work.
「Transfers you authorize us to make electronically between your Columbia accounts or transfers from your account with another bank that you ask us to
initiate on your behalf using our Totalmatic transfer system are not qualifying direct deposits. Some examples of a qualifying direct deposit are your payroll from your employer or federal or state benefits from a government agency」

William Charles

Bonus was literally just posted, how would anybody have any idea if it works this time? It’s usually safe to assume if it worked last time it will work this time and readers will add DP as they have them.

Novacat05
Novacat05

I used Cap One 360 for my initial deposit when I opened an account with them in February and that triggered the DD bonus.

Max Martori
Max Martori

seems like they are chex inquiry sensitive…I got declined

William Charles

What was the specific reason given? How many accounts in the last 12/24 months?

traveler
traveler

Doc, also denied; 26 accounts opened since 6/1/2016. Key factors that adversely affected your score:

•ASSET OWNERSHIP HISTORY

•TIME AT CURRENT ADDRESS

•UNIQUE FI DDA INQUIRY HISTORY

•DDA CLOSURE PAYMENT HISTORY

Bill
Bill

Did you open in branch, or online?
Years ago Santander would not approve online, but had no problem if opened in-person at a branch.

Dd
Dd

Two people same address ok?

Mike M.
Mike M.

Wowza what a bonus. Congratulations residents of NJ!

strema
strema

Yes!! There is finally a benefit to living in NJ besides not having to pump gas!

Novacat05
Novacat05

I just closed my account from a $200 bonus for their Advantage Plus checking account 26 days ago, I might wait till 30+ days and try applying again since it’s a different kind of checking account, maybe I’ll get lucky. My online login no longer works, it did a couple days after I faxed in a letter requesting them to close the account. Also I tried the first step of applying online, picking the “existing customer” option and when I put in my SSN and acct # it says not found… good sign!

I can offer a few DPs at least from my recent experience with these guys:
-DD from Capital One 360 triggered the DD bonus
-Had to print out and mail in signature forms
-When applying you do have to give your work address. They check against some kind of database because I had the zip wrong and it wouldn’t go through. Although they could have simply been checking for a valid mailing address. I don’t believe they do any kind of employer verification, but maybe they do, I would pass since I legitimately work in NJ.
-Had to copy and mail in your license or visit a teller at any branch for them to scan it into your account. I live in PA but work in NJ, that was not an issue. I went to a local branch 15 minutes from work for this.
-It took them FOUR weeks for my online account to be activated. I did get an email notification once that happened. When I logged on the bonus for DD had already appeared, my initial deposit was a CO360 transfer and that triggered it.
-Bill pay was easy to set up, I just did a $100 payment to a Chase CC, no issues there.

If I can’t double dip on this(I’ll certainly try!) I can at least help other readers out, this is a whooper of a bonus and painfully easy!

SP
SP

I did the last one and closed that account in December.

Just opened this right now and funded $500 from Chase United Card.

RC
RC

Doesn’t funding with a Chase CC charge you interest??

SP
SP

No, set your cash advance limit to 0 or as low as you can.

As long as you don’t carry a balance there’s no interest

Novacat05
Novacat05

Except don’t most cards charge interest immediately on cash advances, rather than give you a grace period until your next bill comes due?

SP
SP

Yes, but if you set your Cash Advance Limit to $0, the transaction will get declined instead if it’s being coded as a Cash Advance.

SP
SP

UPDATE:. Applied on 6/6, got declined today due to Chex

bax
bax

I wonder if applying in branch would’ve gotten around Chex-based denial.

@mike
@mike

How long did you receive the bonus for last time? Did u receive the bonus this time?

dizzy
dizzy

I had tried to open this last summer and it never ended up going through….they got my application and I think maybe I had to mail a signature thing but then it stalled after that. I was travelling in a remote place so never followed through on it.

Bonuses like these are a good reminder why I’m probably never switching my DL over to PA since moving back to Philly. Thanks Mom and Dad for collecting my mail, haha

dizzy
dizzy

As a side note, they definitely changed the application process- this time it was easy to open online. Maybe please note that they ask on the app if you are within 10 miles of a branch and to pick which one- I did qualify per that. Routing # is 125108272. Funded $500 w/Spark biz.

hello
hello

the routing # is wrong. the correct one is 221271935.

Mike
Mike

Really tight on the identity questions. I got declined.. twice! I might visit the branch for this one since I live in the town where the bank was founded!

bax
bax

Could applying in-branch avoid the problem of getting declined automatically online due to Chex?

Eric
Eric

If I have a CC with the billing address in NJ (I am in school there) will that work to show on my credit report?

Back to Top ↑